P2JW091000-6-A00100-17FFFF5178F

****** TUESDAY,MARCH 31,2020~VOL. CCLXXV NO.75 WSJ.com HHHH $4.00

DJIA 22327.48 À 690.70 3.2% NASDAQ 7774.15 À 3.6% STOXX 600 314.88 À 1.3% 10-YR. TREAS. À 24/32 , yield 0.667% OIL $20.09 g $1.42 GOLD $1,622.00 g $3.00 EURO $1.1047 YEN 107.80 Oil Prices What’s News In U.S. Hit Low Business&Finance NotSeen he oil crash deepened, Tsending prices to an 18-year low in a stark Since’02 demonstration of how the coronavirus pandemic is crippling fuel demand. A1 Pessimism grows as  U.S. stocks rose,with major indexesall gaining pandemic erodes morethan 3%, despitethe demand, with more mounting toll of the pan- demic on the economy. B1 declines expected GES

 Macy’s, Gap and other IMA BY AMRITH RAMKUMAR retailerswill furlough tens of AND DAVID HODARI thousands of workersstart- GETTY ing this week,highlighting SE/ Theoil crash deepened, the limitsofthe rescue pack- sending prices to an 18-year agefor some businesses. A1

ANCE-PRES lowinastark demonstration  GM is forging ahead FR of how the coronavirus is crip-

with its effort to produce ENCE pling fuel demand and leaving

medical ventilators, while AG consumersunable to take ad- Ford said it is working with vantageatthe pump. GE to make the devices. A7 SMITH/ U.S. crude-oil futures R.

N slumped 6.6%to$20.09abar-

 Companies ranging from YA relMonday, ending the dayat Oracle to Nike are borrow- BR The Navy’s Comfort medical ship sailed into New York City on Monday, where it will be docked to provide 1,000 additional their lowest level sinceFebru- ing record amounts in the hospital beds for non-Covid-19 cases, as scores of pandemic patients have overwhelmed the city’s health system. ary2002.The drop brings investment-grade-bond their slide forthe year to 67%, market to build cash. B1 or $41. Oil entersthe final  TheUAW’s executiveboard trading day of March on pace began aprocess to remove Makeshift Hospitals Sprout forits biggest percentage one of itsmembersafter an drops on record forany month internal inquiryintoallega- or quarter,according to data tions of sexual harassment. B1 going back to 1983. Thelatestdeclines came af-  Johnson &Johnson said As Nation Fears More Cases terPresident Trump said he it had made progressona wasextending hisadministra- vaccine to prevent Covid-19 tion’ssocial-distancing guide- and that the product could A U.S. Navy ship outfitted take steps unprecedented in confirmed cases—officials ex- omytoastandstill continued to linestofight the coronavirus be ready in early 2021. B3 with 1,000 hospital beds pulled modern times to fight the panded hospital capacity in un- producewhipsawmarket foranother 30 days through  Companies arerolling out intoNew York Harbor.Tents global coronavirus pandemic conventional waysinthe days moves,asthe DowJones Indus- the end of April, causing indus- teststhat canquickly detect sprang up in Central Park.The that has infected morethan beforethe pandemic is ex- trial Averageand S&P 500 in- tryanalyststofurther lower the coronavirus outside of JavitsCenter,amammoth con- 164,000 people in the U.S. and pected to reach itspeak. dexeach rose morethan 3% their expectations forfuel con- laboratory settings. B3 vention facility on Manhattan’s over 785,000 globally. “Webelievethat we’redeal- Monday. Those measures have sumption. Thepandemic has With nearly half of states ing with this pandemic at a each rallied morethan 15% halted economic activity and By Jennifer Calfas, nowreporting morethan 1,000 level, intensity and density that sincebottoming aweek agobut global travel, resulting in ahis- World-Wide Chong Koh Ping confirmed infections,governors no one has seen before,” New remain down morethan 20% toric drop in oil demand. and Ann M. Simmons and mayors acrossthe U.S. are York Gov.Andrew Cuomo said from Februaryrecords. Typically when fuel prices working to securemoremedi- inside the 1.8million-square-foot At the beginning of March, plummet, consumersdrive  Governors and mayors west side, opened itsdoorsasa calsupplies,adding restrictions JavitsCenter on Monday. “And the U.S. had reported fewer more, helping the energy sector across the U.S. areworking makeshifthospital. and asking the federal govern- hopefully we’ll learn lessons than 100 confirmed cases of recover. That processcan’t oc- to securemoremedical sup- Those scenes in NewYork ment forbettercoordination. herethat we canthen share Covid-19,the pneumonia-like PleaseturntopageA7 plies,adding restrictions and City Monday were part of a In NewYork—the statewith with people acrossthis nation.” disease caused by the virus.It asking the federal govern- striking newreality in the U.S. the worstoutbreak in the na- Thepandemic that has nowhas morethan 164,000  Gasoline is cheap, but few ment forbettercoordination, as stateand federal leaders tion,with morethan 66,000 ground much of the U.S. econ- PleaseturntopageA4 drivers are buying ...... B10 as the rise in confirmed cases of the new coronavirus brought the nation’stotal to over 164,000. A1,A4, A6-A10 At Museum in Lockdown, a Van Gogh Is Pilfered  ANew York medical cen- Macy’s,Gap Prepare tertold ER doctorsthey have “sole discretion” to placepa- tientsonventilatorsand in- To Idle Most Workers stitutional backing to “with- hold futile intubations.” A3 BY SUZANNE KAPNER fits and loans forsmall em-

 TheTreasuryreleased S ployers that keep people on Macy’sInc., Gap Inc.and theirpayrolls.The legislation newdetails on grantsand PRES loans for airlines and urged otherretailerswill furlough set aside funds forairlines and TED

companies to submit some CIA tens of thousands of employees other companies deemed im-

applications by Friday. A6 SO beginning this week,highlight- portanttonational security,  The government will AS ing the limitsofthe $2 trillion butdidn’t include specific re- begin sending out stimulus rescue packagefor U.S. busi- lief forretailers. Big chains

payments to U.S. house- MUSEUM/ nesses that have been cut off lookingtokeep paying staff holds in the next three from theircustomers. while their stores areshut weeks, officials said. A4 Thefurloughs add to the would have to borrow funds or ONINGER swelling ranks of unemployed spend their savings. GR  TheJusticeDepartment Thieves stole a Van Gogh on Monday from a Dutch museum closed because of the pandemic. A10 and the economic damagere- Macy’s, which in addition to is examining whether law- sulting from the fast-spreading itsnamesakedepartment stores makerstraded ahead of the coronavirus.Several states have operates the Bloomingdale’s market turmoil caused by the orderednonessential businesses and Bluemercurychains,closed virus based on confidential likeMacy’stoclose,and Presi- itsdoorsonMarch 17.Although briefingsthey received. A6 Parents Teach dent Trump has advised that it has continued to sell online,  Saudi Arabia has invited TheFed Takes social-distancing guidelines re- the retailer said it has lost Houthi representatives main in placeuntil April 30. PleaseturntopageA8 and the internationally At Home, and Therescue packageprovides recognized government in UnchartedCourse to direct paymentstoindividuals,  Instacart, Amazon workers Yemen to peacetalks. A10 Get Schooled enhanced unemployment bene- protest over safety...... B1  TheTrump administration iii is completing newrules on Stem Virus Damage tailpipe emissions that Ambitious plans would sharply reduce tar- gets automakersmust reach evaporate; justput over the next five years. A2 JayPowell has movedthe Fedfasterand on ‘Frozen’ again further than ever,transforming its role Ahead of the pack. NOTICE TO READERS BY SUMATHI REDDY BY NICK TIMIRAOS When Fed officials met The World Health Organiza- Sunday morning, March 15, Over the past 3years, we beatthe tion has said it is safe to Daniel Chancellor’s sample WASHINGTON—To meet infections were rising along industry in global server revenue and handle newspapersduring weekly schedule forhis 10- the dislocation the coronavi- the East Coast. Mr. Powell the coronavirus pandemic. became #1 in global server volume. year-old son started out ear- rus pandemic unleashed on and his colleagues left empty The Wall Street Journal’s nestly—reflecting the hopes of the economy, Federal Re- seats in between them at the printing plants anddelivery Learn More: DellTechnologies.com/Servers so manyparentswho suddenly serve Chairman Jerome Pow- central bank’s oval board- services,though, aretaking found themselves isolated at ell has mobilized the central room table, made of Hondu- precautions,frequently home with their children, of- bank to move faster and fur- ran mahogany and granite. cleaning equipmentand fa- tenwhile juggling full-time ther than ever before. Two screens suspended from cilities while reducing human jobs. In the short weeks since the two-story boardroom contact with the newspaper. Mondayincluded blocks for financial markets seized up, ceiling showed 12 reserve Adigital version of the print chores,creativity,outdoor Mr. Powell has placed the PleaseturntopageA8 edition also canbeviewedat time and “lunch and learn.” Fed on wartime footing. He https://www.wsj.com/itp. Thingsstarted unraveling took up the central bank’s Wednesday, with entries in- playbook from the 2008 fi- CONTENTS Markets...... B10 cluding “Just trynot to makea nancial crisis and then THE Business News...... B3 Opinion...... A15-17 Capital Account.... A2 Sports...... A14 mess” and “No, you can’t use some—cutting rates to near CORONAVIRUS Crossword...... A12 Technology...... B4 my phone.” zero, purchasing huge quan- Equities...... B6 U.S. News...... A2-3 By Friday? “Please find tities of government debt PANDEMIC Heard on Street.. B11 Weather...... A12 something to do in another and, breaking a taboo, lend- Life & Arts...... A11-13 World Watch...... A10 room and just let us work. ing to American businesses. Florida rejects push to hereis$100.please,” followed The pace left no time for Server revenue growth > by five hours of screen time. the deliberative policy pro- order statelockdown, A4 (12qtr.comparison) Millions of American par- cess the Fed prefers. Offi- Safetyadvicefor shopping entsheading intoanother cials can spend weeks tweak- at the grocery store,A11 week of schooling their chil- ing a few words in a heavily Source: IDC Worldwide Quarterly Server Tracker,Q32019.Server shipments and revenue dren from home arelearning a parsed statement. This time, Jason Gay: To liveinNew growth arefor the twelvequarter period from Q4 2016 through Q3 2019.Astatistical tie s 2020 Dow Jones & Company, Inc. (within 100 bps forunits) existsfor time period Q4 2016 through Q3 2017. All Rights Reserved difficult lesson: Thekids are the team saw the need for York Cityrightnow,A14 PleaseturntopageA6 immediate action. P2JW091000-6-A00200-1------XA

A2 | Tuesday, March 31, 2020 ****** THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip How to Avoid Another Great Recession

TheU.S. ward wherethey leftoff.The Quicker the Better mediately plunged 30%. Two off.Her hope is that when the those unemployedunder six economyhas differenceisthat this one is yearslater,only half that drop pandemic passes,she canre- months. Incomes and spending fall suffered a shutting down most of the had been recovered, and, ac- open and bring all those staff Research by the Organiza- morefor the long term than body blow country, potentially for cording to one study,athird back.But she has just $7,000 tion forEconomic Coopera- the short-term unemployed. with no mod- months.The longer it drags of businesses had failed to re- in cash on hand and, assum- tion and Development found ern precedent. on, the morebusinesses will Income Spending open. ing she cutsall operating ex- that in the past, recession un- Unemployment, just 3.5% in fail and the moretemporary Short-term unemployed* Thepriority nowisto penses,still has fixedmonthly employment rose less in coun- February,could top10% in layoffs become permanent, Long-term unemployed* avoid NewOrleans’ post-Ka- expenses of rent, utilities and tries whereemployers coming months,higher than with knock-on effectson 10% trina fate. That requires en- insuranceofaround $7,200. thought the downturn was itspeak in the 2008-09 reces- spending and employment Beginning of abling businesses,asbest as “I did makethe decision to seen as transitory. That was unemployment† sion. Some see it surpassing that become difficult to re- 0 possible,tohang on until the paymysupport staff two especially notable in Germany, 20% soon, levels unseen since verse. pandemic emergencyisover. weeks out of pocket and hope which encourages employers the Great Depression. –10 Lauren Knox has owned a this stimulus and relief will to reduceeach worker’s hours But it isn’t aforegone con- hile we don’t know hair salon in Huntsville,Ala., bridgethat gapsoon,” Ms. rather than cut workersalto- clusion that this must wreak much about the eco- since1989.In2011, she was Knox said, referring to the $2 gether. as much damageasthe great W –20 nomic effectsofpan- forced to close for10days trillion-plus relief package TheU.S.has traditionally recession, much lessthe De- demics,weknowalot about when tornadoes tore across signed last week.“I’m up to resisted subsidizing employ- pression. It depends not just the effectsofnaturaldisas- –30 the Southern U.S. She still re- dateonall my bills forApril. erstokeep workers, prefer- on howhigh unemployment ters. membersdividing up the cash But Ican’t continue through ring instead to subsidizethe goes but howlong it stays Theweek after Hurricane –40 the salon had on hand to help Maywithout some assis- unemployedasthey search there. That, in turn,depends Harvey’s landfall in 2017, the tide over her employees. It tance.” foranew job. Theeconomic- on whether businesses and typical Houston business’sin- 0 1 2 helped prepareher forthe rescue package breaks that years year years workers, with the aid of gov- coming cash plummeted 63% pandemic,toanextent. On ost workershave tradition. Besides money for ernment, canstayafloat for relativetoayear earlier,and *Short-term: under six months. Long-term: March3,she had her employ- skills and experience unemployment benefits, it in- morethan six months. †Receipt of UI benefits as long as it takestostopthe 31% had no cash coming in at ees sign aplan of action, in M Note:For unemploymentinsurancerecipients in that arespecific to cludes $350 billion in forgiv- pandemic. all. That is according to a JP- states with six months of benefits. which she said: “Likeany their current jobs.The longer able Small BusinessAdminis- This isn’t likeother reces- MorganChase Institutestudy Source:JPMorgan other disruption in our lives, they spend looking foranew tration loans and $500 billion sions,inwhich businesses and of thousands of anonymized likeatornado,etc., we ride it one,the morethat human in direct loans and seed consumersare unwilling to accounts. intoasignificant or sustained out together.” Aweek ago, to capital depreciates,delivering money forFederal Reserve spend. This time they areun- Importantly,businesses’ drop in employment. protect their and their cus- alasting hit to income and credit, all conditional on mini- able to spend. It resembles a cash outflowsalso signifi- While the bank’sin-house tomers’ health, she closed her thus spending.Separatere- mizing layoffs.Speed is essen- natural disaster such as ahur- cantly shrank,preserving think tank didn’t study Hurri- salon and told her seven sup- search by the JPMorgan tial forthe program to suc- ricane that closes an entire somewhat their cash balances. cane Katrina, that storm’sse- port staff,seven commis- Chase Institutefound that ceed, and that alone maynot affected region. Businesses And within aweek,cash in- verity in 2005 and the slow sioned stylists, and 11 stylists those unemployedsix months be enough. If the pandemic and employees typically treat flowsreturned to normal in paceofrebuilding left lasting who rent asalon chair from or morehad cut spending by lastsmanymoremonths,or anaturaldisaster as transi- both cities.Asurge in tempo- economic scars.Employment her,tostayhome. 13% ayear afterlosing their returns in the fall, last week’s tory and pick up after- rary layoffs didn’t translate in the NewOrleans area im- None,sofar,havebeen laid jobs,compared with 1% for packagemay not be enough.

Forecastsfor expected impact of lockdowns on major economies Countries Look for Right Formula GDP change from previous quarter, forecasts1Q2020–4Q 2020

CHINA U.K. GERMANY ITALY U.S. To Save Lives and Their Economies 60% 58% 50 45 45 40 BY MARCUS WALKER guesswork,” said Simon more people will runout of In practice, the outcome in Tilford, an economist at Forum money. manycountries is likely to in- Thecoronavirus has pro- NewEconomy, aBerlin think Theprivatesector could cut volveamix of savings, slump 20 ducedsomething newineco- tank. itsoutlays to match the com- andsubsidies. 11 nomic history: Never before Theproblem is that the merce that is still permitted. Government packages of fis- have governmentstried to put economyhas no pause button. But that raises the specter of caland liquidity support are 0 swaths of national economies Social-distancing measures can massunemployment and bank- already huge: $2 trillion in the Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 in an induced coma,artificially suspend the buying and selling ruptcies,the destruction of U.S. and hundreds of billions of –20 maintain their vital organs, of most goods and services. countlessnormally viable busi- dollarsinGermany, the U.K. –20 and awakenthem gradually. Butmany costskeep on run- nesses,the scattering of work- and France. European coun- –22 –25 Some past societies,such as ning.Households have rent or forces,and perhaps alasting tries arefocusing on subsidiz- –40 –30 medieval Europe,abandoned mortgages to pay, as well as depression. ing payrolls so companies –41 economic activities as people bills forfood and other neces- “There’saclear common so- don’t layoff their workers. The triedtoescape plagues,and sities.Businesses have pay- cietal interest in preserving U.S. is offering forgivable loans Note:Ataseasonally adjustedannualized rate Source:JPMorgan suffered heavy disruptions to jobs and companies from this to businesses that retain staff, their social order.Inother external shock,” said Christian but also expanding unemploy- thereisdebateoverwhich sec- second bout of lockdowns.No- pandemics, such as the fluof ‘We’reinunknown Odendahl, chief economist at ment benefitsand sending one- tors and companies deserve body knows howmanymonths 1918,economic interactions theCentrefor European Re- time checks to households. handouts,which partsofthe will passbeforenormal com- continued with only limited territory. Inevitably form, athink tank.“Our eco- Manycountries aredelaying privatesector should be asked mercial activity resumes in full. quarantine measures,asau- there’salot of nomic structureisaverycom- taxesand encouraging or pay- to absorb some of the cost If the operation succeeds, thoritiesaccepted contagion plexmachine,and its ingbanks to accept latepay- themselves,and howtoavoid therewill be the question of and deaths as the priceofcon- guesswork.’ organization, the match be- mentsonloans. pumping money intoailing what to do about the large ad- tinuity. tween workersand firms,is Butpolitics has inevitably companies that would have ditional public and private Today, manynationsare difficult to replicateonceit’s meant disagreement about how gone bust anyway. debts. Forgiving loans to busi- morewilling—or feel more gone.” to target the aid, and howfar Thereisalso reluctancein nesses that retained workers able—totry to have it both rolls,debtsand other fixed To avoid such armageddon, to go in subsidizing the private some countries to borrow too could help the privatesector ways. Their hope is to press overheads.Banks owe money the government cansubstitute sector.The U.S.’s aid package much, adecade afterthe global recover, but add to public pause on the economy, save and so must collect it. forsales forawhile, sending came toolatetoavoid a sud- financial crisis pushed up pub- costs. lives, and then press play Theconundrum of howto or lendingenough money to den jump in job losses last lic debts. That concern is par- High public debts, however, again. If it works cleanly,it paywages,rentsand interest coverwages,interest and other week. ticularly acuteinItaly,which arenothing new. Adecade ago, will be atestament to the flex- in the absenceofsales has fixedcosts. In theory, the state “We’reseeing unprece- has the world’sdeadliest coro- European countries tried to ibility of modern capitalism three kinds of answer. could preservetoday’scompa- dented liquidity support in navirus outbreak and fragile fi- paydowndebtswith fiscal andthe ingenuity of modern People and businesses could nies and jobs formonths,pro- many countries,but the col- nances. austerity.The economic pain government. Morelikely,much liveoff their savingsuntil re- vided it canborrow or print lapse of privateconsumption is Bringing economiesout of andpolitical backlashes had will go wrong. strictions end. But manydon’t enough money and target the so big that manyfirms will go theirinduced comas will be still not fully subsided when “We’reinunknown terri- have enough reserves.The lon- aidperfectly,and that people under,” Mr.Tilfordsaid. slow. Countries don’t want re- the pandemic struck,making a tory.Inevitably there’salot of gerthe emergencylasts, the trustnormality will return. In the U.S. and Europe, surgent outbreaks to forcea repeat lesslikely. U.S. WATCH CORRECTIONS  AMPLIFICATIONS

ABORTION Thecharity Samaritan’s Nieman in TheOutlook column Pursebuilt afield hospital for in Monday’sU.S.Newssection. States Blocked From the care of coronavirus pa- Halting Procedures tients in NewYork’sCentral ESPN staffers at ameeting Park near Mount Sinai Hospi- the dayafter the National Federal judges for now tal. Aphotocaption on Page Basketball Association sus- blocked Texas, Ohio and Ala- One in some editions Monday pended itsseason proposed bama from curbing most abor- omittedthat it wasbeing built alternateprogramming to fill tions amid the new coronavirus by the charity and incorrectly gaps leftbylivesportspro- pandemic, after the states cited said it wasnear Mount Sinai gramming.Insome editions the need to preserve medical West to expand the hospital’s Monday, aBusiness&Finance equipment and public health as emergency-room services. article about how the corona- reasons to halt the procedure. virus is affecting the sports Governors across the country S Thelast name of Brent Nei- business incorrectly said the have ordered elective or nones- PRES man, aUniversity of Chicago proposalsweremade before

sential medical procedures post- TED economist, wasmisspelled as theNBA’s suspension.

poned to free up resources to OCIA devote to the fight against the SS /A Readers can alert The Wall Street Journal to any errors in news articles by

virus—and some have included RK emailing [email protected] or by calling 888-410-2667. abortions in those categories. YO TT

Abortion providers are chal- MA lenging restrictions in several Authorities on Mondaywereinvestigating ashooting in Phoenix thatleft apolicecommander dead THE WALL STREET JOURNAL states. In addition to Monday’s and twoofficers wounded on Sundaynight. The suspect wasshottodeath by policeafter astandoff. (USPS 664-880) (Eastern Edition ISSN 0099-9660) court orders, cases also are (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) pending in Iowa and Oklahoma. WASHINGTON, D.C. used by manystatestodecide years, according to people familiar Editorial and publication headquarters: Texas was an initial legal battle- which businesses to close and with the situation. 1211 Avenue of the Americas, NewYork, N.Y. 10036 ground, and U.S. District Judge States Advised to Let which to let stay open during The rules expected to be an- Published daily except Sundays and general legal holidays. Lee Yeakel on Monday issued a Gun Shops Stay Open lockdowns. nounced Tuesdaywould require Periodicals postage paid at NewYork, N.Y.,and other mailing offices. temporary restraining order On Monday, NewJerseyGov. automakers to achieve 1.5% an- Postmaster:Send addresschanges to The Wall Street Journal, against the state. The federal governmentisad- Phil Murphy, aDemocrat,re- nual increases in fleetwide fuel ef- 200 BurnettRd., Chicopee, MA 01020. Judge Yeakel wrotethatdelay- vising states thatgun stores, gun versed course on gun storesbe- ficiency through 2026, using an in- AllAdvertising published in The Wall Street Journal is subject to the applicable ing abortions causes irreparable makers and shooting ranges are cause of the newfederal guid- dustry measurethattakes both rate card, copies of which areavailable from the Advertising Services Department, harm because, as pregnancies critical businesses thatshouldn’t ance, announcing thatthey gas mileage and emissions reduc- DowJones &Co. Inc.,1211 Avenue of the Americas, NewYork, N.Y. 10036. The progress, abortions become less be closed during shutdowns would be allowedtooperateby tions into account, the people said. Journal reserves the rightnot to accept an advertiser’s order.Only publication of safeand eventually illegal. The meanttoslowthe spread of the appointmentduring limited hours. That requirement would be an advertisementshall constitutefinal acceptanceofthe advertiser’s order. judge added thatthe providers’ novelcoronavirus. —Zusha Elinson down from a 5% annual increase Letters to the Editor: Fax: 212-416-2891; email: [email protected] lawsuit is likely to be successful. The addition of firearms-in- in efficiency mandated by the Need assistancewith your subscription? The judge is expected to con- dustry workers overthe weekend WHITE HOUSE Obama administration. Under By web: customercenter.wsj.com; By email: [email protected] sider a longer-term injunction on to afederal listofessential that former standard, auto mak- By phone: 1-800-JOURNAL (1-800-568-7625) April 13. Texas vowed an imme- workforcessuch as doctors, po- NewRules Ease Up ers were expected to produce a Reprints &licensing: diate appeal. liceofficers and energy workers On Tailpipe Emissions roughly 3% increase in fuel effi- By email: [email protected] Abortion-rights advocates ap- came after gun-industry groups ciency in the current model year, By phone: 1-800-843-0008 plauded the rulings and accused lobbied the Departmentof The Trump administration is before more stringent targets WSJback issues and framed pages: wsjshop.com states of attempting to advance Homeland Securityand the completing newrules on tailpipe kick in. Challenges are likely Our newspapers are100% sourcedfromsustainably certified mills. antiabortion political goals dur- WhiteHouse. emissions thatwould slash the from environmentalists and sev- ing a public health crisis. Though advisory in nature, the emissions targets automakers eral states led by California GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS —Elizabeth Findell listofessential workers is being mustreach overthe next five —Timothy Puko P2JW091000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** Tuesday, March 31, 2020 | A3 U.S. NEWS Doctors Told To Decide on Ventilators

hospital leadership recognizes APHY New York medical GR center says it will back this and supportsustouse TO our best clinical judgment.” PHO

ER staff who withhold Dr.Femia wrotethat deci- AN sions about “airway manage- ND ‘futile intubations’ ment” and whether to use a VA ventilator or other respiratory HED BY SHALINI RAMACHANDRAN support devices were at the

AND JOE PALAZZOLO sole discretion of treating phy- REUTERS; sicians,but he told doctorsto Y/

NYU Langone Health, one of “think morecritically about KELL the nation’stop academic who we intubate.”

medical centers, told emer- “For those patientswho you ANDREW

gency-room doctorsthat they feel intubation will not change P: have “sole discretion” to place their ultimateclinical outcome TO OM

patientsonventilatorsand in- (for example cardiac arrests, FR stitutional backing to “with- some chronic disease patients NewYork Armyand AirNational Guardtroops arrivetodisinfect asynagogue in NewRochelle, acommunityhit hardbythe coronavirus. hold futile intubations.” at endoflife, etc) youwill AMarch 28 email from Rob- have support in your decision ert Femia, who heads the New making at the department and York health center’s depart- institutional level to withhold Crisis Tests Community Ties ment of emergencymedicine, futile intubations,” he wrote, underscored the life-or-death referring to the tubes attached decisions placed on the shoul- to ventilatorsthat areinserted BY ERIN AILWORTH dersofbedside physicians as in the mouths of patientsand AND ALEXANDRA BERZON they treat increasing numbers sit abovethe lungs. of coronavirus patients with a Jim Mandler,aspokesman BRONX,N.Y.—On the morn- limited supply of ventilators. forNYU Langone Health, said ing of March 3, Rabbi Binyamin NewYork stateguidelines, Dr.Femia’semail outlined guid- Kraussand his wifewere established in 2015,recommend ancethat had long been in headed home afteraweekend that hospitals appoint atriage place. “Wefelt it wasimportant away,and the coronavirus dis- officer or committee—someone to re-emphasizetoour emer- ease stillseemed adanger far other than the attending physi- gencymedicine staff what these away from NewYork City and cian—todecide who gets aven- guidelines explicitly say, and to itssuburbs. tilator when rationing is neces- assurethem that the decisions School buses were headed sary. Theguidelines saythat that they make at thebedside outtoferrystudentsfromfar- removing the decision from the will be supported,” he said. flung spotsinQueens,Manhat- physician treating the patient Mr.Mandler added that tanand Westchester County in avoids aconflict of interest, al- NYU Langone was “not at the NewYork,Connecticut and Ber- lows an officer or committee point in which these judg- genCounty,N.J., to Salanter Ak- with access to overall ventilator mentsneed to be made within iba Riverdale in the Bronx, availability to makethe call and the current scope of care.” known as SAR, aModern Ortho- preventshealth-worker burn- Some NYU Langone doctors doxkindergarten to eighth- outand stress. said they were unsettled by grade school and ahigh school. Dr.Femia said in his email, Dr. Femia’s email. Theschools arerun by Rabbi which wasreviewedbyThe “Asking [ER] physicians to Krauss, his brother-in-lawand a Wall Street Journal, that ex- makesnap judgmentsabout thirdprincipal. pertsand leadersatNYU Lan- howwell apatientwill do based An alarming call at 6:17 a.m. gone were creating internal on little to no information is a prompted school leaderstohalt guidanceonhow to allocate tremendous burden to placeon buses and cancel school. Thepar- ventilators, which areinshort them,” one doctor said. ent of ahigh-school student had Jonna Revitz, Jon Madof and son Jacob. Two guests at Jacob’s bar mitzvah tested positive. supply acrossNew York City. “Asadoctor,Idon’t know tested positivefor Covid-19,the But the emergencydepartment howtomakethe call,” another second identified case of corona- tions—had turned risky. Earlierthat day, Mr.Garbuz WhitePlains,beforelearning he couldn’t affordtowait, he said. said. Thedoctor said so far virus disease in NewYork state. Early on March 3, ItaBarak’s and several hundred othershad had been exposed to Mr.Garbuz “In EmergencyMedicine, therewas no evidenceofany- “Weare writing to inform daughter,who commutes from attended the synagogue forthe at thejoint bar and bat mitzvah. we do not have the luxuryof one withholding care from pa- youthat thereisasuspected Teaneck,N.J., to SAR, rushed to funeral of Marek Appell, 91, a Jacobtextedhis mother,Jonna time,data, or committees to tients. But what the email calls case of coronavirus in our com- tell her mother that school was Holocaust survivor. Revitz,and said he wascoming help with our critical triage for“seems way tooclose to munity,” theprincipals texted, canceled. Health officials later esti- home. decisions,” he wrote. “Senior playing God.” canceling classes. Laterthat day, NewYork Gov. mated that Mr.Garbuz had had Under the direction of the Thevirus would spread from Andrew Cuomo announced that direct contact with anywhere state, SARofficials quarantined the school to synagogues in New a50-year-old Westchester from 800 to 1,000 people at the everyone from the high school Rochelle, N.Y.,WhitePlains,N.Y., County,N.Y., resident, later iden- two events. on March 4. Days later,the Local 911 Call Centers and Teaneck,N.J., finding awide tified as attorney LawrenceGar- Officials said Mr.Garbuz lowerschool wasadded. circle of people who shared reli- buz,had tested positivefor likely wasn’t the firstperson in By then, the spread of the vi- gious services and celebrations. Covid-19. theareatohavecontracted the ruswas fast under way:29stu- Struggle to Stay Open It preyed on the bonds of family, “Wewerealittle blindsided,” coronavirus disease,only the dents, faculty and parents friends and faith in the tightknit Ms.Barak said. “Weweren’t ex- firstknown case in acommu- tested positiveonMarch 9. Six Modern Orthodoxcommunity pecting it to be ground zero.” days later,itreached 46. BY SARAH KROUSE patible with the county sher- and showedhow perilously con- Thefollowing day, Gov. “Between the firstTuesday iff’s 911 call system. nected everyone wastothe Cuomo said Mr.Garbuz’s 14- ‘We were a little andthe second Tuesday, it all Public-safety call centersare Theincident in acounty school and to each other. year-old daughter,aninth- changed,” Rabbi Krausssaid. confronting an unexpected 911 with 300 positivecases as of LeaGeller,whose five chil- grader at SAR; Mr.Garbuz’s blindsided. We Manyinthe SARcommunity emergency: keeping the people Mondaywas apreviewofthe dren attend the SARschool, said wife, Adina; and his 20-year-old weren’t expecting it who tested positiveweren’t at who answerthe phone healthy. scramble emergencycall-center that aftershe learned classes son had all tested positive. eventswith Mr.Garbuz.Some As the newcoronavirus directorsfear they,too,may had been canceled therewas By 10 a.m. on the dayschool to be ground zero.’ hadattended other bar mitz- spreads in communities across faceasthe pandemic worsens. “tremendous fear about what wascanceled, Mr.Krauss’sdin- vahs and weddingsinthe days the U.S.,911 call centersare TheU.S.911 system isn’t this meant, andwhy,and how ingroom in Yonkerswas filled beforeMr. Garbuz’s diagnosis grappling with how to ensure wired foranationwide emer- come it wasuswhen the rest of with school representatives and wasknown and likely came into their dispatchersdon’t getin- gencylikethe coronavirus pan- the world wasstill going on.” NewYork City health officials. nity whereithad probably been contact with the same guestshe fected—and what to do if they demic,call-center officials say. About60people,including They were focused on Mr.Gar- percolating.New Rochellebe- had. run short on workers trained Dated telephone systems,mis- facultyand family members, at buz,trying to figure out how came the firstcity in NewYork Ms.Revitz hadhosted to field emergency calls. matching radio frequencies the 1,500-student school have manypeople had been exposed with alarge community under around 300 people at Temple Is- When a911 call takerinthe and disparatedispatch soft- tested positivefor coronavirus, to him over the previous week. quarantine. rael in WhitePlains on Feb. 29 Lake County Sheriff’s Office ware mean that call traffic at school officials said. In Thereweremany. At ajoint As SARschool officials pieced forJacob’sbar mitzvah. That north of Chicago tested posi- many centerscan’t easily be Westchester County,9,326 peo- bar and bat mitzvah at the together all the contacts, Rabbi night, therewas arock-climbing tivefor the coronavirus March redirected from acenter that is ple had tested positiveasof Young Israel of NewRochelle Kraussand his brother-in-law, party forthe seventh-grade 20, the emergency call center overloaded with calls or whose Monday, officials said. synagogue, dozens of SARstu- Rabbi Naftali Harcsztark,fielded boys.OnMarch 8, she found out had to quickly close foradeep call takers have fallen ill. Within days,lifewas trans- dentsand othershad clustered calls from parentsand teachers: two guestshad tested positive. cleaning. Personnel answering 911 formed in this Jewish commu- in one room to playgames.Doz- What neighborhood? Which She sent an email to warn oth- It sent some staff to a calls can’t typically work from nity.The social eventsthat ens of adults, including Mr.Gar- classes? What grades? ers. neighboring facility,but that home and oftenreport to facil- strengthened ties—Sabbath syn- buz,gathered in anotherroom JacobMadof,aseventh- “I waslike, ‘Oh my God, what town’ssystemfor dispatching ities shared with emergency agogue services,bar and bat eating horsd’oeuvres and drink- grader,went with afriend’sfam- have Idone,’ ” Ms.Revitz said. firstresponderswasn’t com- workers. mitzvahs and holidaycelebra- ing cocktails. ily to the Westchester,amall in “I felt terrible.” Hospitals Keep Partners From Rooms During Births for Safety

BY LAURA KUSISTO afternoon. and NewYork-Presbyterian Last Tuesday, beforethe AND MELANIE GRAYCE WEST Amongthe new measures both said they would comply governor’s order,Lizzy Ott’s affecting pregnant women, with the order and allowpart- husband, Josh, droveher to Melissa Robertshad just doctorsare canceling appoint- ners who don’t have afever to NewYork-Presbyterian and been told she wasonthe cusp mentsorholding them by vid- be present. Earlier in the said goodbye at the entrance. of going intolabor when she eoconference. Hospitals are week, medical staff at NewY- Her doctor induced labor.Her received the news: Her hus- barringpartnersfromultra- ork-Presbyterian discussed the husband spent 24 hourson band, Brian, wouldn’t be al- sound appointments. Some challenges of protecting moth- FaceTime from home,coach- lowed in the delivery room. women are leaving pandemic ers’ health in the midst of a ing Ms.Ott through labor and Their New Jersey hospital, hotspotslikeNew York City pandemic. eventually an emergencyC- likeothersacrossthe country, and driving back to their Before Mr.Cuomo’s order, section. She gavebirth to a had launched ano-visitorspol- hometowns to givebirth. Oth- MaryD’Alton,obstetrician and boy on Wednesday at around icydesigned to protect pa- ersare trying to switch to gynecologist-in-chief at NewY- 1:15 a.m. tients and staff from the new home births or asking to be ork-Presbyterian/Columbia “It felt likewalking a coronavirus.Itset off afrantic induced to trytogivebirth University Irving Medical Cen- plank,” said Ms. Ott, 38 years daylast week forthe Rob- beforethe pandemic worsens. ter, said the hospital had be- old, who runs an organic baby ertses.They called several Hospitals in NewYork,New lieved it needed stricter proce- bedding and pajamas business hospitalstofind one that Jersey andCalifornia—some dures forkeeping out infected in Brooklyn, N.Y.,ofnot having

would take alast-minutepa- of the places worst-hit by the T people.Last week,she said, her husband at the hospital. tient and allowMr. Roberts to epidemic—have at points OT some mothersbecame acutely Without partnersinthe ma-

accompany her. stopped allowing partners to LIZZY ill from coronavirus in the la- ternity ward,NewYork-Presby- “You want to be thereand be with women during labor. Lizzy Ottinaselfie with her newborn lastweek. Her husband bor and deliveryunit and were terian nurses spend moretime youwant to support, even if Among them were two of the wasn’tallowedinthe hospital. admittedtointensive-care. in labor rooms and the gyne- it’sjust her squeezing the country’slargest hospital sys- Morethan 30 health-care cologystaff arearound more bones of my hand intosaw- tems,NewYork-Presbyterian On Saturday, NewYork Gov. who is giving birth. That left workerswereexposed, she forsupport work,likeholding dust,” said Mr.Roberts, who and Mount Sinai Health Sys- Andrew Cuomo signed an ex- some families who had fled said. an iPhone so that motherscan spokefromSt. Peter’sUniver- tem, both based in NewYork ecutiveorder that said one the city because of the policy “Ifwehaveoverreacted, I FaceTime abirth, said Laura sity Hospital in NewBruns- City,which areonthe front person, who doesn’t have afe- agonizing about whether to would prefer to be on that Riley, obstetrician and gyne- wick, N.J., while his wife was lines treating a wave of coro- veratthe time of labor and return, upending their plans side of the equation and pro- cologist-in-chief at NewYork- in labor.Ms. Roberts delivered navirus patientsovertaking delivery,can be present as a twiceinamatterofdays.Rep- vide safety to our mothers,” Presbyterian/Weill Cornell ahealthyboy on Wednesday the city’s emergency rooms. support person forapatient resentatives forMount Sinai Dr. D’Alton said. Medicine. P2JW091000-6-A00400-27FFFF5178F

A4 | Tuesday, March 31, 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. THE CORONAVIRUS PANDEMIC Pelosi Lays Plans forAnother Stimulus Bill

ing her forces behind a testsand help forpension newstimulus bill. They don’t sufficient, they argue. Let’s than that, it could finally phase-four stimulus bill—and funds at risk because of the rule out supporting one even- wait and see. start to do what Mr.Trump believes thereissome bipar- economic jolt. tually,but argueitiswiser to Those areall reasonable and Democratic leadershave tisan support forthe effort. Beyond that, the legisla- digest the giant economic arguments. Yetsoisthe case said forthree yearsthey “Twotrillion dollarsmight tion would have abigger rescue just passed beforede- foranadditional stimulus want to do,although without seem likealot of money,and goal: fund improvementsin ciding on more. package. success:Put together areal, it is,” she said in an interview America’sinfrastructure, in- Thejust-passed package bipartisan plan to improve Mondaymorning.“But the cluding itshealth and digital will be in full forcewithin ntruth, the $2 trillion bill America’sinfrastructure. CAPITAL JOURNAL challengeissogreat.” As she infrastructure, both badly three to four weeks,senior just passed is morean Thus could today’sproblem By Gerald F. Seib spoke,Mrs.Pelosi wasplan- taxedinthe current crisis.In- administration officials say. I economic rescue plan turn intoanopportunity later ning conferencecalls later in frastructureprojectsproduce Themachineryfor dishing than an actual stimulus pack- this year,for both parties. the day, with other House instant economic activity and out small-businessloans will age. It is designed to stop the That scenario includes one Just as newfrontsare leadersand then with all jobs,but areindanger of be in placebyFriday, and the bleeding in households struck particularly intriguing possi- opening up in the health bat- Democratic members, to lay shutting down as stateand money canflowbynext by layoffs,tide over small bility: making abig national tle against the coronavirus, plans. local governmentsuse what- week.Within the two weeks businesses forced to close push into5Gtechnologypart so tooisthe next front in the ever money they have to cope afterthat, financial-aid during the time the country of anynew package. Thecur- policydebateoverhow to nthe Pelosi view, the first with the skyrocketing costs is shutting down and keep rent crisis has pushed Ameri- contain the economic car- two bills passed amid the of coping with the coronavi- money flowing in credit mar- cans further online,and there nage. Specifically,the ques- I crisis were simply about ruspandemic. Today’sproblem kets and to certain imperiled is probably no reversing that tion is this: Is it already time dealing with the health emer- “Wemust have morere- big companies and busi- trend now. Moredistance forWashing- gency—buying medical sup- sources—it’sabsolutely es- could turn intoan nesses. learning,moreworking from tontoprepare plies,for example—and the sential—for stateand local opportunitylater this Yetthe experiencein home and moretelemedicine another big thirdwas designed to miti- government,” Mrs. Pelosi China, which is acouple of all areonthe national agenda economic- gate the deep damagedone said. “That’swherethe first year,for bothparties. months ahead of the U.S. in now—and arobust 5G net- stimulus pack- by an economyshutting line of defense is.” She adds the arcofthe pandemic,sug- work suddenly looks more age? down. Now, she says,itis that she talked in recent days gestsaneed will exist foron- important than ever. It might time to start thinking beyond with Federal ReserveChair- going help as consumerspile “Lesson learned here: seem an odd question just that, to economic recovery. man Jerome Powell: “He said checks to averageAmericans up debt. Likewise,statesface We’regoing to be doing alot days afterCongresspassed So she envisions aphase- with interest ratessolow, will be moving out, and new abudget crunch, particularly moreonline,” says former and President Trump signed four bill that would payfor think big.” unemployment benefitswill if they have trouble tapping ChicagoMayor Rahm Eman- a$2trillion rescue package, some growing workplace Just afew days ago, Mr. be available. the bond marketsfor financ- uel, who helped guide the the thirdpieceofcoronavirus needs: medical leave,more Trump echoed this desireto If the curveofthe virus ing,asalready appearstobe Obama administration’sstim- legislation already enacted. protections forthose at risk do morefor states.Still, his case load startsheading happening. ulus plan through Congress YetHouse Speaker Nancy of infection, government aides aretrying to tapthe down in the meantime—still Astimulus packagecould as WhiteHouse chief of staff Pelosi (D., Calif.) is marshal- funds to payfor coronavirus brakes on the drivetoward a abig if—all that mayprove help on all those fronts. More in 2009. Florida Rejects Push to Order Lockdown Households

BY ARIAN CAMPO-FLORES AreSet MIAMI—Public-health offi- cials say statewide lockdowns To Receive implemented early and aggres- sively arenecessarytocurb thecoronavirus pandemic. Payments Florida Gov. Ron DeSantis dis- agrees. BY JOHN D. MCKINNON Among the states in the U.S. with the most coronavirus WASHINGTON—Thegov- cases,Florida alone has re- ernment will begin sending frainedfromimposing astate- out stimulus paymentsto wide stay-at-home order. The households in the next three Republicangovernor has in- weeks and will distributethem stead focused restrictions on automatically, with no action the hardest-hit counties while required formost people,offi- seeking to spareother areas cials said. from the deep economic pain Butsome seniorsand oth- that comes with a lockdown. erswho typically don’t file re- “There’salot of negative turns will need to submit a impact from those blunt mea- simple taxreturn to receive sures,” Mr. DeSantis said at a the economic-impact pay- news briefing.“People arego- ments, the Treasuryand Inter- ingtogoout of business. Peo- nal Revenue Servicesaid in an ple aregoing to lose their JOURNAL announcement.

jobs.” REET The payments will provide Mr.DeSantis argues that ST $1,200 to most adultsand LL

large-scale shutdowns are in- WA $500 forchildren under age17. effectivebecause of wide- Thegovernment will create THE

spread noncompliance. He has R aweb portal forpeople who leftituptocities and counties FO haven’t already provided their to decide whether to close direct-deposit information to

beaches or businesses, or or- EDELHEIT upload it to the IRS so they

der people to stay at home. EVE canget their money more LikePresident Trump,hesays Orlando residents fished at Harbor Park last week, before a county stay-at-home order went into effect. quickly, the IRS said. that it is unrealistic to lock Almost anyadult with aSo- down society indefinitely and had no detected cases. Florida Restaurant & Lodging home orders. So,too,have Marin, who ownthe Hungry cial Security number canqual- that, afterapause,the state An absenceofconfirmed Association and Republican such cities as Miami Beach, Pantsrestaurant in Orlando, ify, as long as a person isn’t a needs to begin making the cases in aparticular area elected officials back Mr. De- which was one of the earliest said aswiftstatewide shut- dependent of someone else. transition to reopening. doesn’t mean the virus isn’t Santis’s approach. to close beaches and nones- down would have allowed Qualifying adults also get the It is ahigh-stakes gamble. already present, given the un- “He has been measured and sential businesses.Miami them to unwind operations paymentsfor children in their If Mr.DeSantis’scalculation is evenness of testing,according balanced,” said Republican Beach Mayor Dan Gelber said and plan for the interruption household. People with little right, he could contain the vi- to health officials. SenatePresident Bill Galvano. the governor’s approach more effectively. or no income will qualify, rus’sspread while limiting up- “Inmomentsofcrisis and “A one-size-fits-all approach makes sense. “Having this hodgepodge meaning money will flow to heavalinrural areas with few natural disasters, we look to might not fit here.” “Wewill have different quiltwork made it not only un- retirees and people who don’t confirmed cases.Ifitiswrong, our governor for leadership,” Mr.DeSantis has issued challenges than other places,” safe, but super confusing,” Mr. normally file tax returns. he could expose astate with a said Democratic stateRep. some statewide orders, includ- he said. “Weare the premier Conicella said. People who filed areturn largepopulation of vulnerable Anna Eskamani. “It’snot there ing shutting restaurant dining hospitality town in the state. MikeVan den Abbeel, fortax year 2018 or 2019 don’t seniorstoabiggerwaveof right now.” rooms and bars. He also di- We built our entirecity on not owner of Mosaic Hair Studio & need to do anything else to re- disease that overwhelms the She said the lack of consis- rected air travelersarriving in being socially distant.” Blowout Bar in Orlando,said ceivethe funds.But those who health system and resultsin tencypermitspeople in more- the statefromthe NewYork Thecoastal panhandle town the governor should have com- don’t usually have to file re- more deaths. restricted counties to head to metroareatoself-isolatefor of Apalachicola, which has no municated moreclearly.But turns will need to file to re- Florida hadnearly 5,000 ones lessstringent, become 14 days,amovethe Trump ad- confirmed coronavirus cases, he said he sympathized with ceivethe payments, the IRS coronavirus cases and 60 exposed and then return. ministration said should apply only last week decided to im- the argument that closing the said. The IRS said its website deaths as of Sunday, according Morethan 900 Florida to all people leaving that plement aone-week ban on whole state isn’t necessary. will soon provide information to the statehealth department. health-careworkerssigned an metroarea.OnFriday, Mr.De- short-term lodging,said “We’reliving out an ethical, at IRS.gov/coronavirus in- That is thesixth-highest case open lettertoMr. DeSantis, Santis extended the order to Mayor Kevin Begos. But some medical conundrum,” Mr.Van structing people in these tally among states,based on released Thursday, urging him include travelers entering the local companies, such as real den Abbeel said. “Howmuch groups on howtofile a2019 data compiled by Johns Hop- to act moreforcefully to com- state from Louisiana. estateoffices and fishing char- do youshut down to protect taxreturn with simple infor- kins University.Miami-Dade bat the virus’sspread, with Officials in counties includ- ters, remain open. the older people versus how mation including their filing andBroward counties topped measures including astate- ing Pinellas,home to St.Pe- Theuncertainty has af- much do youharm everybody status,number of dependents the list of affected areas,and wide shelter-in-place order. tersburg, and Orange, home to fected businesses. Joey Coni- by causing aglobal reces- and direct-deposit bank ac- 16 of thestate’s 67 counties Businessgroups such as the Orlando, have issued stay-at- cella and his husband, Alex sion?” count information.

rael said Mondaythat Prime package. House leadershad viceasawhole would release a barring nonessential outside ac- tion to serveasmedical workers Officials Minister Benjamin Netanyahu wanted to passthe vote with- daily summaryofits cases. tivity and threatening fines for as the most populous statepre- will go intoisolation afteran out aquorum call,but Rep. Thechangecomes amid rap- those who disobey. pares forasurge in cases over adviser tested positivefor Thomas Massie (R., Ky.) forced idly growing numbersofcorona- “Weare no longer asking or thenextmonth. Prepare for Covid-19.British Prime Minister the issue,and membersfilled virus infections within the mili- suggesting that Marylanders While California had only Boris Johnson’s most senior ad- thechamber. tary.AsofMonday, 569 service stay home,weare directing about 6,500 confirmed coronavi- viser,Dominic Cummings, is House Speaker NancyPelosi memberstested positive, accord- them to do so,” Mr.Hogan, aRe- ruscases,Mr. Newsom said his More Cases isolating at home after showing (D., Calif.) pushed back against ing to the Pentagon. Aweek ago, publican, wroteonTwitter. officewas gearing up to add signs of the newvirus. the idea of quickly shifting to the figure was134. Governorshavealso called for 50,000 morehospital beds state- U.S. Rep.Nydia M. Velázquez remotevoting as one way to Morestatesordered residents moresupplies,stressing the se- wide. ContinuedfromPageOne (D., N.Y.)said Mondayshe had keep lawmakerssafe. to stay at home—withsome offi- vere shortages of equipment that President Trump said Mon- confirmed infections,the most been diagnosed with a“pre- TheU.S.militaryhas ordered cials emphasizing their orders medical professionals on the daythat the U.S. should have of anycountry, according to sumed” case,becoming the local commandersnot to release arerequirements, not sugges- front lines need to do their jobs. enough medical equipment to datacompiled by Johns Hop- sixth member of Congresstobe locations wheremembersofthe tions.Maryland Gov.LarryHo- Asurvey of mayors in 213 cities handle the surge of coronavirus kins University,though the diagnosed or presumed to have armed services have tested posi- gan, Virginia Gov.Ralph across41statesand PuertoRico cases when they peak in the country’s3,040 deaths arefar the virus.OnFriday, the con- tive, saying publicizing those de- Northam and Washington, D.C., found that morethan 90% of cit- coming weeks. lessthan in Italy and Spain, Eu- gresswoman tweeted that she tails could compromise opera- MayorMuriel Bowser issued ies didn’t have enough face Thecoronavirus pandemic rope’sworst-hit nations.The wasinWashington, D.C.,to tional security.Instead, the stay-at-home ordersfor people masks forfirst respondersand hasrapidly transformed intoa U.S.,Italy andSpain have all passthe $2 trillion virus-relief Pentagon said each militaryser- in their jurisdictions on Monday, medicalprofessionals,and 85% global economic crisis,slamming surpassed China in totalcases. didn’t have enough ventilators. airlines,retailers, manufacturers, Globally,confirmed cases of Coronavirus Daily Update In Chicago, officials said they hotels and companies in numer- the newcoronavirus have would temporarily convert parts ous industries. passed 785,000,according to of theMcCormick PlaceConven- In theU.S., struggling busi- datacompiled by Johns Hop- 164,274 3,040 tion Center to accommodate nesses and millions of people kins University.Testing forthe As of 10:27p.m. EDT Covid-19 patientswith mild suddenly out of work areprepar- deadly respiratoryvirus hasn’t March 30 U.S. cases U.S. deaths symptoms—creating moreavail- ing fortheir firstmonthly bills been uniform acrossthe U.S. or ability in the city’s hospital sys- sincethe crisis began unfolding globally,making accuratecase temfor those who need inten- there. Lawmakersare consider- countshardtopin down. 785,709 37,686 165,837 sive care. ing another stimulus package af- National, stateand local gov- California Gov.Gavin Newsom tercompleting a $2 trillion pack- ernmentstook newsteps to try World-wide cases World-wide deaths World-wide recoveries outlined the launch of an initia- age to help tide over businesses to contain the virus’sspread, tivetorecruit thousands of retir- andhouseholds during the eco- even within theirown ranks.Is- Source: Johns Hopkins University Center for Systems Science and Engineering ees and studentsnear gradua- nomic shutdown. P2JW091000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, March 31, 2020 | A5

Paid Advertisement

OurCommitmentto Beat Coronavirus

In these unprecedentedtimes, America’sbiopharmaceutical companies arecoming together to achieve one shared goal: the eradication of COVID-19.The decades-long investmentswemade in new technology, researchand treatmentshave prepared us to actswiftly:

•Weare rapidly screening our vast global libraries of medicines to identify potential treatments and have numerous clinical trials underway to test newand existingtherapies

•Weare dedicating our topscientists and usingour investments in newtechnologiestospeed the development of safe and effectivevaccines

•Weare sharing the learnings from clinical trials in real time with governmentsand other companies to advancethe development of additional therapies

•Weare expandingour unique manufacturing capabilities and sharing available capacity to ramp up production once a successful medicineorvaccineisdeveloped

•Weare collaborating with government agencies, hospitals, doctors and otherstodonate supplies and medicinestohelp those affected around the world

•Weare working with governmentsand insurerstoensurethat when newtreatmentsand vaccinesare approvedtheywill be available and affordablefor patients

We all have unique roles to playand areconfident thattogetherwecan be successful. And we won’t rest until we are.

LearnmoreatPhRMA.org/coronavirus and bio.org/coronavirus P2JW091000-5-A00600-1------XA

A6 | Tuesday, March 31, 2020 ***** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC InsurersAre Pressured to PayOut Airlines Advised to Lawmakers propose U.S. property-casualty insur- ershavehundreds of billions of forcing money for lost dollarsof“surplus,” the indus- Apply for business even as virus tryterm forassetsminus liabil- ities.The figure was$812.2 bil- claims aren’t covered lion as of Sept. 30,the latest Grants by available,according to the In- BY LESLIE SCISM suranceInformation Institute. “It’snot aslush fund forleg- Friday Lawmakersand regulators islatorsacrossthe countryto arepressuring insurerstogo distributeattheir whim,” beyond the legal languageof said Robert Hartwig, an insur- BY KATE DAVIDSON policies to getcash to Ameri- ance professor at the Univer- AND ALISON SIDER cans amid the mounting cost of sity of South Carolina. Insurers’ shutdowns from the coronavi- S surpluses back up their ability WASHINGTON—TheTrea-

ruspandemic. PRES to payclaims and coverunex- suryreleased newdetails Mon- In at least three states,law- pected hurricanes,earthquakes, daynight on howitwill award makershaveproposed forcing ZUMA wildfires and other disasters. grants and loans for airlines af- insurerstopay billions forbusi- Thelegislativeeffortsto fected by the coronavirus pan-

nesslosses tied to government- GORDON/ forceinsurerstopay forthe ex- demic and urgedcompanies to ordered shutdowns.Inother cluded business-interruption submit some applications by TIAN states,regulatorsare pushing claims have been among the Fridaytobegin receiving funds

insurerstoexpand coverage un- CHRIS most alarming to insurers. The as soon as possible. UL

der personal-car policies to also PA cost could runinthe tens of Theaid wasapproved as covercertain commercial activ- Businesses were boarded up in Seattle’s Capitol Hill neighborhood over the weekend. billions of dollarseach month part of a $2 trillion economic ity,such as deliveryoftakeout nationwide,according to trade relief package Congress meals by ownersand employees “Ifelected officials or courts waived fees or takenother steps employees but the insurancein- group American Property Casu- passed last week,which in- of restaurants. requirepayment forperils that to help people avoid cancella- dustry,” Mr.Eldridgesaid. alty InsuranceAssociation. cluded $25billion in grants, Some regulatorshavede- were excluded and forwhich no tionsfor nonpayment. Some Under his bill, insurerswould Companies typically buy alongwith $25 billion in loans clared moratoriums on cancella- premium wasevercollected, also areapproving the use of apply to the insurancecommis- business-interruption policies and loan guarantees forpas- tions and nonrenewals of poli- catastrophic resultsare likely personal vehicles forfood and sioner forreimbursement for to coverlost income following senger airlines,$4billion for cies.And some areurging car to occur and we maydeal with other essential deliveries. payouts, and the commissioner events that cause physical dam- cargocarriersand $17billion insurerstolowerpeople’sbills. asecond crisis: insuranceinsol- In Massachusetts,state Sen. would be authorized to make age. Theindustryinserted ex- forother firms critical to na- These states notethat policy- vencies and impairments,” said James Eldridgesaid the depth assessmentsagainst business clusions intomost standard tional security. holdersnow working from Charles Chamness, president of of the pandemic has made bold insurerstocover amountspaid, policies following the SARS TheTreasurysaid Monday home don’t have the commutes the National Association of Mu- legislativeaction anecessity.A possibly over years. scareofthe early 2000s to night that passenger and they used to and thus aren’t on tual InsuranceCompanies. bill he has proposed would re- Such legislation emergedin denyclaims “due to virus or cargoairline companies the roads as much. While insurersare pushing quireinsurerstopay so-called Ohio as well, following an un- bacteria,” brokers, lawyersand should submit their requests This push comes despite back on some fronts, they are business-interruption claims to precedentedeffort earlier in regulatorssay. forgrantstocover payroll ex- specific contractual exclusions accommodating in other areas. small businesses even if poli- March by NewJersey’s state In astatement March 25,the penses no later than 5p.m. on in most standard policies for Allstate Corp., Berkshire cies contain virus exclusions. Assembly to overwritecontrac- National Association of Insur- Fridayorrisk processing de- claims stemming from viruses. Hathaway Inc.’sGeico, Hart- “Ifwedon’t find away to tual exclusions in standard anceCommissionerssaid swift lays,and applications submit- As aresult, some insurersare ford Financial Services Group getsome financial relief to the small-business policies.The action by Congresswith tax- tedafter 11:59 p.m. on April 27 threatening court challenges Inc., Liberty Mutual Insurance, restaurant industry, manyof NewJersey bill wastabled. payermoney was“the most ef- maynot be approved. over these effortstorewrite Progressive Corp., Travelers these restaurantswon’t come Insurersare in the bull’s-eye fectiveand expedient means” Payroll-support grantswill policies andprovide benefits Cos.and USAA areamong those back,and that is bad not only partly because they appear to addresssmall businesses’ be based on an airline’stotal that weren’t priced in. that have extended deadlines, forrestaurant ownersand their flush with cash. problem. salaries andbenefitspaid to employees from April 1through Sept. 30 and arecontingent on the companies refraining from Scammers Try to Cash In on Virus Panic involuntarylayoffs,furloughs or salaryreductions during that period, the Treasurysaid. BY SADIE GURMAN phonycharities and selling coronavirus, such as teas, es- Monday arrested Erik Santos, Keith Middlebrook,53, told his Companies must also iden- needed items likemasks,hand sential oils and colloidal silver. 49,inGeorgia afterhealleg- millions of Instagram follow- tifyintheir applications anyfi- DanitaSienknecht wasona sanitizer and toilet paper at ABrooklyn, N.Y.,man, Bar- edly solicited and received ershehad developed acoro- nancial instruments, such as carride with her husband one jacked-up prices. uch Feldheim, was arrested kickbacks from testing compa- navirus prevention pill and in- warrantsorequity,and pro- recent morning when a TheFederal Trade Commis- Mondayfor allegedly coughing nies in exchange for referring jectable curebeforehewas posed terms “toprovide appro- stranger called her with an sion said on Mondayithad re- on FBI agentswhile claiming people forCovid-19 teststhey arrested last week while deliv- priatecompensation forthe outlandish offer.Ifshe wired ceived at least 7, 283 com- to have coronavirus as they apparently didn’t need and ering the bogus drug to an un- government,” the Treasury him $4,000 overnight, some- plaintsofcoronavirus-related were investigating his stock- that Medicarewould payfor. dercover FBI agent. guidancesaid. one would showupather door scams in the firstthree His lawyer couldn’t be reached Court records don’t list an Thelaw authorized Treasury the next morning with two months of the year, with $4.6 for comment. attorney forMr. Middlebrook, SecretaryStevenMnuchin to doses of acoveted coronavirus million in reported losses. ‘They are going to In Michigan, wherethe who couldn’t be reached. take astake in airlines as part vaccine she knewdoesn’t exist. “I don’tthink Ihaveever state’sattorney general has a “Scammersare just opportu- of the grant and loan pacts. Thecaller,who knewher been as busy as Ihavebeen cast as wide of a net team of special agentstofield nistic people,” Ms.Tressler of As part of the grant-ap- name,said he wasataHoliday sinceearly February,” said Col- as possible and see price-gouging complaints, au- the FTC said. “They aregoing proval process, the firms must Inn not far from her southwest leen Tressler,aconsumer edu- thorities said apair of busi- to cast as wide of anet as pos- sign payroll-support agree- Missouri home and told the cation specialist with the FTC, who gets caught.’ nesses marketed apatch that sible and see who gets caught.” mentsthat detail the terms,as 84-year-old to send the money who has been urging people to they falsely claimed would pro- AARP has received reportsof well as anylimitsonexecutive right away.Hecalled her 29 pause and consider offersof vide immunity from the virus. arangeofscams,including peo- compensation required under more times when she refused help or promises of treatment NewYork’sattorney general ple receiving text messages the lawand provisions to claw to call back. beforeopening their walletsor piling and sale of surgical warned of scammersseeking falsely claiming to be from the back the funds if acompany “I knew I had to report it,” clicking unusual links. masks, N95 respirators and consumers’ bank information U.S. Department of Health and failstosatisfythe terms and Ms. Sienknecht said. The agency, whose mission medical gowns, prosecutors by claiming to be able to pro- Human Services asking them to conditions. Authorities arebeing is to protect people from fraud said.They said he sold the vide early access to federal click alink to take a“coronavi- Airlines and labor unions flooded with complaintsas and deception, so far has sent items to doctorsand nurses, stimulus payments—before ruspreparednesstest” that in- pushed hard forhalf of the scammerstry to cash in on the warning letters to at least sometimes at a700% markup. President Trump had signed the stead downloads malwareonto government assistancetocome nation’spanic over the coro- seven businesses that authori- It couldn’t be determined if $2 trillion economic relief plan. their devices,said KathyStokes, in cash that carrierscould ac- navirus by peddling fake ties said were hawking prod- Mr.Feldheim, 43,had alawyer. In Southern California, fed- the organization’sdirector of cess immediately and use to cures, soliciting donations to uctsthat falsely claim to treat Elsewhere, FBI agentson eral prosecutorssaid actor fraudprevention programs. keep paychecks flowing. Parents Lawmaker Cave In Stock Trades To Chaos Are Probed BY ARUNA VISWANATHA AND DAVE MICHAELS ContinuedfromPageOne winning. TheJusticeDepartment is ex- Mr.Chancellor,a35-year-old amining whether lawmakers Orlando,Fla., resident who traded ahead of the market tur- does marketing forthe National moil caused by the coronavirus Restaurant Association, says pandemic based on confidential he’sworking hardtoavoid the briefingsthey received, accord- “Friday” on the somewhat sa- ing to aperson familiar with the tiricalschedule he posted on matter. social media. He and his wife As part of that inquiry, the arestriving to makemost days Federal Bureau of Investigation look likeMondayorTuesday has reached out to Sen. Richard but they allowfor some impro- Burr (R., N.C.), said the person. visation.“During lunch time he Mr.Burr—who sitsontwo wantsustocome out and just committees that received de- pelt him with waterballoons,” tailed briefingsonthe growing he says. epidemic,including one on Jan. Derek Coburn, father of 10- 24—sold on Feb. 13 shares of Y

year-old Dexter and 7-year-old MIL companies worth as much as

Caleb,has revised his schedule FA $1.7 million that he owns with afew times.“We areactually OR hiswife. That savedthe couple on our thirdschedule now,” at least$250,000 in losses based

says Mr.Coburn, a43-year-old CHANCELL on what those stocks were in Washington, D.C.,who runs a ‘During lunch time he wants us to come out and just pelt him with water balloons,’ says Daniel Chancellor of his son, Elijah. worth March 19,the Journal has wealth-management business. reported. “The firsttwo didn’t work out in our house,” she says. about the food. Disney+. By the end of one dayshe Thelawmaker has said he all that well.” Thecurrent She also came up with some She wasonly half-joking. Her schedule at one point found herself locked in aroom based those decisions on public schedule has slotsfor journal ground rules.Among them: “It’sprettymuch just what ac- this monthincluded blocks of by herself watching “The Of- information and asked the Senate writing, exercise and chores— Don’t grazeonsnacks,do tually happens in our house- time forboth movies during fice” while Charlie and Gavin ethics panel to reviewhis trad- along with free time and family chores and don’t gethurt. hold,” she says. the day, followedbyanother “beat the crap out of each ing.Anattorney forMr. Burr,Al- fun. Not to be forgotten: the Added afew days later: Any- Then there’sthe family fight screening of “Frozen2”in the other with plastic lightsabersin iceFisher,said he would cooper- kids’ daily noon danceparty thing used as aweapon will be from 6:30 to 7p.m. “In the evening. the basement.” ateinthe Senatereview “aswell with their friends on Zoom. confiscated. morning there’salot of eye- Therewas only one problem. “I kind of gaveuponthe as anyother appropriateinquiry.” Rather than setting asched- “Wefound [the boys]inmy rolling,” says Ms.Kamrani, a51- Her daughter had growncold idea of aschedule,” says Ms. “Senator Burr welcomes a ule,Whitney Glockner Black, dad’sgarageusing golf clubs as year-old Nashville,Tenn., resi- on “Frozen.” Sedelmaier,acriminal prosecu- thorough reviewofthe factsin gives her three boys,ages4to swords,” she says. dent who does full-time “I’m so shocked. Iactually torinChicagowho is primarily this matter, which will establish 9, certain thingsthey need to Natasha Kamrani, who has a education advocacy. “In the af- feel alittle bit betrayed,” says working from home now. “We that his actions were appropri- do at some point during the 16-year-oldson and 17-year-old ternoon, we just hide from each the Washington, D.C.,resident. just have goals forthe day.” ate,” said Ms.Fisher. day. The45-year-old director of daughter,found the serious other.Inthe evenings, it’sjust “I’vehad to let her watch Themeticulously plotted Mr.Burr wasone of several marketing and communications schedules popping up on social likewecan’t do it anymore.” thingslikethis god-awful mer- schedules of other parentscir- membersofCongresswho sold foraSan Francisco-based con- media were moredesigned for Amber Sparks,a42-year-old maid adventureshowthat she culating still makes her alittle hundreds of thousands of dollars sumer cybersecurity company, younger kids.Soshe came up writer who has aday job fora loves.” anxious,she says.“Kids in gen- in stock afterlawmakersat- moved to her mom’shouse in with herown sample schedule labor federation, thought she Anna Sedelmaier started out eral areoverscheduled,” she tended sensitive, closed-door Sonoma County this month forteenagers: 11 a.m., wake up; hadthe magic weapon foroc- with chartsand plans and notes,and parentscomplain of briefingsabout the threat of the with her husband, sons,cat and 11:30,yell upstairstomom that cupying her 4-year-old daugh- Bingo“incentive” boards for the same.“So maybe nowwe newdisease—weeks beforethe 10-week-old puppy.“We’rejust you’rehungrywhile she’sona ter, Isadora: “Frozen” and “Fro- her 4- and 9-year-old sons, canundo some of that ridicu- outbreak sent the stock market trying to maintain social order work Zoom call; 12:15,complain zen2,”both streaming on Charlie and Gavin. lousness.” plummeting. P2JW091000-2-A00700-1------XA

THE WALL STREET JOURNAL. ** Tuesday, March 31, 2020 | A7 THE CORONAVIRUS PANDEMIC GM Retools To Pump Out Ventilators

BY MIKE COLIAS interviewSunday. “We’reall outside our comfort zone.” When President Trump last Ashortageofthe machines week criticized General Mo- for patients with the disease, tors Co.’s effort to produce Covid-19,has sent government ventilators,GMexecutives officials and the privatesector were flabbergasted. They felt scrambling.Manufacturers the companywas being un- from GM, Ford Motor Co.and fairly targeted by the presi- Tesla Inc.tomedical-device

dent, people familiar with giantslike Medtronic Inc.and /REUTERS

their thinking say. even Britishvacuum-maker RS TO

GM had begun collaborating Dyson aregearing up to boost MO

with aventilator companya production. Governorsand AL couple of weeks earlier.Ithad hospitalsare pleading for ENER

mobilized morethan 1,000 em- moreand warning of the need /G ployees and nearly 100 auto to ration the machines. ST MA

supplierstostart making the Ford said Mondayitiswork- AJ machines,which canbeused to ing with General Electric Co. General Motors and Ventec Life Systems are converting a facility in Kokomo, Ind., into use for the production of Ventec ventilators. help patientswith the disease to make50,000 ventilatorsat caused by the newcoronavirus. one of the automaker’s facili- facilities in Indiana and eventu- glassofwine.Hewas about to “Wewon’t let it deter us,” ties in Michigan by early July. ally ramp up to 10,000 of the Medtronic Shares weeks, the Puritan Bennett980. email her detailed blueprints GM global manufacturing chief Medtronic on Monday said machines amonth, although “By openly sharing the PB and specifications for40 Gerald Johnson said in an in- it would publicly sharethe de- only afew thousand will be Design Documents 560 design information, we metal ventilator parts. terviewoverthe weekend. sign specifications foraventi- made in the firstseveral weeks. hope to increase global produc- “He needed to knowwhich “Every ventilator is a life.” lator product to allowother Theautoindustryhas been tion of ventilatorsolutions for ones we thought we could From GM’saccount, the car companies to explorerapid draftedtohelp during past na- Medtronic PLC said it the fightagainstCovid-19,” said start making within aweek,” maker has been hustling to do production of the devices. tional crises.GMand Ford built would publicly share the design BobWhite, executivevicepres- she said. “I said, ‘We’reonit.’ ” its part since mid-March. GM disclosed on March 20 trucks and aircraftfor allied specifications for a ventilator identand presidentofthe min- Her companygot acontract Mr.Trump on Fridayex- that it wasworking with Ventec forces during World WarII, part product to allow other compa- imally invasivetherapies group for three aluminum parts and pressed frustration with the to expand ventilator produc- of abroader effort by American nies to explore producing it at Medtronic. began building them last week timeline,expecting the com- tion. Ventec wastaking the lead industryknown as the “Arsenal rapidly to help meet demand Ventilators areneeded for at two plantsbeing runby panyand itsventilator partner, on discussions with the Trump of Democracy.” Ford in the driven by the new coronavirus. people severely illwith the cor- skeleton crewsinDetroit, Ventec LifeSystems,would be administration, and three days 1940s developed an “ironlung” The companypostedonline onavirus who have trouble where Covid-19 cases are ris- able to ramp up faster. later,submittedpaperwork to to help polio patients. the design documents, service breathing on their own. Hospi- ing sharply. On March 19,four GM engi- supply the federal government Thereislittle overlap be- manuals and other information tals and stateofficials have in- By Saturday, inside alarge neers, including the company’s with ventilators, people famil- tween making cars—a highly forits Puritan Bennett560, creased orders forthe ma- conferenceroom at GM’sengi- manufacturing chief forNorth iar with the mattersaid. automated processinvolving which is sold in 35 countries. chines, and manufacturers have neering hub in suburban De- America, boarded alate-night Ventec had provided a fast-moving assembly lines and The companyplans to post boostedproduction, but some troit, ventilator partswere flight from Detroit to Seattle. rangeofpossibilities for robotic welding machines, software code and other infor- health experts saytheremay spread acrosstables forinspec- By daybreak,they were hud- monthly production of ventila- which plays out in vast facto- mation shortly.Medtronic has notbeenough to meet asurge tion. Dozens of supplier repre- dled in aconferenceroom at tors,with one as high as ries,some the sizeof100 foot- ramped up production of an- in cases in coming weeks. sentatives streamed through to Ventec,asmall maker of venti- 20,000 a month, these people ball fields—and the labor-inten- other of its ventilators in recent —Peter Loftus getacloser look at the parts. In latorswhose entireoperation said. Each scenario required a sivejob of building ventilators, between visits, cleaning crews is smallerthan some GM car gradual increase forthe GM which arelargely hand-built at descended on the room to dis- dealerships. Ventec executives operation to getupand run- small workstations. Chenault,aformer American head of GM’smassiveparts- infect the widgetsand surfaces. had turned over blueprintsfor ning, they said. But carcompanies arebeing Express Co.CEO helping to purchasing arm. Ms.Barra In recent days,workersat the roughly 700partsthat go The Trump administration called on to help because they mobilizeexecutives to fight the gaveMr. Amin 48 hourstofig- an idled GM facility in intoits ventilator to the GM wasunder the impression it typically work with thousands coronavirus outbreak,called ureout if GM’ssupply base Kokomo,Ind., were ripping engineers, hoping to gettheir could move to full production of partssuppliers—manymak- GM’sCEO MaryBarraand sug- could source everysingle part out carpet and knocking down help scaling up production. faster.“They said they were ing componentssimilar to gested her team talk to Ventec. so that GM could set up its walls to install large worksta- TheGMcontingent, which going to give us 40,000 much those needed foraventilator— An initial flurryofconfer- own factory to build them. tions wherehundreds of usually specializes in designing needed Ventilators, ‘very and areaccustomed to manu- encecalls between GM and Ven- By then, some of the videos union-represented factory and sourcing partsfor building quickly,’ ” Mr.Trump said in a facturing at alarge scale. tecexecutives revealed the anddocumentsfromVentec’s workerswill assemble ventila- vehicles,used their smart- Twitterpost Friday. “Now At the same time,car makers magnitude of the task: the com- headquartershad made their tors.The employees volun- phones to take videos of the they are saying it will only be have been in crisis mode.On panies envision expanding Ven- way to Mr.Amin’speople in De- teered forthe job even as toaster-sized machines being 6000, in late April.” March 18,GMsaid it would shut tec’soutput morethan 20-fold, troit. Hundreds of GM purchas- othercar factories remain built by hand. Abox of parts Over the weekend, GM most of itsNorth American fac- eventually to morethan 10,000 ing managerswereassigned to shut down to prevent the wasovernighted to Michigan. sought to emphasizethe extent tories to prevent the virus from ventilatorsamonth. But the fan out acrosstheir supplier spread of the virus. “The ramp-up schedule of the company’seffortstoad- spreading among workers. GM supply chain could never handle contactsinsearch of recruits. “It was my choice to come we’recommitting to is faster ministration officials,aperson is scrambling to conservecash, those volumes,the teams con- Around 10:30 p.m. that in and work here,” said Brian than anything we’veever familiar with the matter drawing down billions of dollars cluded, because ventilator sup- night, TracySkupien, opera- Shirley, amillwright helping done,” said Phil Kienle,GM’s said. Thepresident’stone in credit lines and deferring pliersare being flooded with re- tions director for Detroit car- to install equipment at the head of manufacturing in North changed Sunday, saying the auto 20% of payfor nearly 70,000 queststocrank up production. partssupplier Tompkins Prod- factory. “It’s a great opportu- America, who wasamong the maker is doing a“fantastic job.” salaried workersglobally. On March 20,Ms. Barra uctsInc., wasathome when nity to help the public.” GM team that visited Ventec GM said it would start pro- But it did moveforwardon talked to Shilpan Amin,who is an urgent call from her con- —Michael C. Bender and described the effort in an ducing ventilatorsatone of its the ventilators, afterKenneth afew months intohis job as tact at GM interrupted her contributed to this article.

tion, the Journal reported. AMiami Janitor Still Cleans the Office Oil Prices In an interviewonFox News on Monday, Mr.Trump said, “wedon’t want to have Continue an industry that’s wiped out” As the new and that Saudi Arabia and coronavirus Russia “both went crazy.” forces big To Fall “I never thought I’dbesay- changes in ing that maybe we have to how we have an oil [price] increase,” work, The Wall Street Jour- ContinuedfromPageOne he added. He had foryears nal is looking at how differ- cur because of restrictions on called for lower fuel prices. ent people are coping with travel and movement in place Mr.Trump later spokeby the stresses and risks. For around the world to fight the phone with President Vladimir earlier articles in the series, virus,leaving traderstoproject Putin of Russia, and they agreed visit wsj.com/makingitwork. amassivesurplus of oil and on theimportanceofstability in even-lowerprices ahead. global energy markets, White BY LAUREN WEBER “The longer the stay-at- House deputy presssecretary home-orders are in place, the Judd Deeresaid. The newcoronavirus has worseitgets,” said Andy Li- Shares of U.S. energy compa- emptied out cubicles and JOURNAL pow, presidentofHouston- nies rose alongside the broader

desks acrossAmerica. Manyof REET basedconsulting firm Lipow stock market Monday, but the the buildingsthat house these ST Oil Associates.“Thedemand S&P500 energy group is still LL

offices,however, remain open WA door wasslammed shut into down 52% forthe year.Many to accommodatebusinesses the face of the oil industry.” companies—including Exxon THE

with essential work to do. R While U.S. crude futures are Mobil Corp., Pioneer and Pars- This provides a lifeline for FO near $20,regional prices in ley—have pledged to cut spend- Elsa Romero, a56-year-old na- places likeMidland, Texas,are ing in response to the crisis.

tiveofHonduras who has been CARDONA even lower, underscoring the Monday’sslide in crude re- cleaning offices,homes and A existential threat facing en- flectsanew viewthat even

otherfacilities for20years. ANDR ergy producers. Theslide is cutting supply might not be Ms.Romero, adiabetic,cleans settodent economic growth enough to boost oil prices ALEJ two floorsatthe Miami for emerging markets, poten- with the transportation indus-

Tower, earning the $700 to MARIA tially exacerbating the fallout. tryatastandstill. Brent crude, $800 amonth in take-home Elsa Romero’scommutetoand from work requires catching twobuses and takes up to twohours each way. As the pandemic slashes the global gauge of oil prices, payneeded to coverher ex- millions of barrels aday from fell 8.7% to $22.76 abarrel, penses,including abare-bones ans avoid regularly leaving bus,” she said. theircarts, instead of many oil consumption, a price war anothersignal that alonger health insurance plan. their homes. Thefuturealso provides a squeezing in tightly together between Saudi Arabia and economic shutdown could bat- Ms.Romerocan’t afford Because manyofthe people dose of anxiety. as they did before. Russia hasmade the rout even ter the oil patch even more. days off, so the continued de- working at the Miami Tower “I’m scared of course be- SFM doesn’t provide masks, morepainful. Theworld’s mand forthe skyscraper’s up- have the luxury to work from cause I have to pay my bills,” Ms.Romerosaid. She has tried leading energy exporters, U.S. crude-oil futures price keep from cleanerslikeherself their houses,Ms. Romero she said. “The work is still to purchase some,but they are along with the Organization of $23.50 abarrel Monday is essential forher well-being. finds herself cleaning spaces here, obviously there’smuch hardtofind. Thecompany the Petroleum Exporting “I don’t have the luxuryto that largely go unused. to do,and Ithink that’swhy didn’t have an immediatecom- Countries,weren’t able to $20.09 stay home because it’snot like This has loweredthe con- we’re still here.” ment on the situation. reach a deal to lower supply 23.00 Lowest settle since Iwould stay home and get cerns she had been having And she fearsfalling behind Ms. Romero’s health insur- this month and arenow set to February2002 paid,” she said through a about picking up the virus at on her bills and relying on her ancedoesn’t coverthe full makeaglobal glut even bigger. 22.50 translator from the Service her job. It also provides time two adult children to provide cost of her insulin, so she ra- To help protect U.S. energy Employees International fordeep-cleaning and sanitiz- forher.“Idon’t want to be a tions it carefully.Recently,she producers, the Trump adminis- 22.00 Union. She doesn’t receive ing areas she normally can’t burden to my daughters,” she went to the hospital at mid- tration is considering interven- paid sick days from her em- address in a regular shift. said. night because she had lesions ing in the Saudi-Russian oil- 21.50 ployer, SFM Services Inc., a “We’redoing the baseboards, Ms.Romeroarrived in the on her feet. She was kept un- pricewar,and Texas regulators janitorial contracting company. the tops of furniture,” she said. U.S. from Honduras in 1988, derobservation until 2p.m., areweighing whether to curtail 21.00 Ms.Romero’sshiftruns “We’ll makeeverything shine and lives alone in a trailer in and then went to work at the crude production forthe first from 6 p.m. to 11 p.m., paying nowsowhen the clientscome northwest Miami. normal start time. time in decades,The Wall Street $9 an hour.She is part of a back everything looks good.” SFM Services has given Ms.Romerodoesn’t envision Journal reported this month. 20.50 group of employees seeking to Thecommutetoand from cleanerstraining about stay- finding another job in the near Shale producers Pioneer unionize. work requires catching two ing safe, she said, encouraging term if this one goes away. Natural Resources Co.and 20.00 Thecity of Miami Beach di- buses and takesuptotwo them to changegloves often, “I don’t have aplan B,” she ParsleyEnergy Inc. sent alet- Feb. 7, 2002: $19.64 rected all hotels to close last hourseach way—time spent wash their hands and use anti- said. “I couldn’t apply for an- terMonday requesting that 19.50 week,and Miami-Dade County worrying another rider may bacterial lotion. They were other job because everything the Railroad Commission of FridaySundayMonday has shut beaches, parks, bars come tooclose.“Iget alittle also instructed to enter eleva- is closed. It would be terrible Texas hold ahearing on the and restaurants. ManyFloridi- anxiouswhen I’m riding the tors only two at atime with for me.” idea of curbing crude produc- Source:FactSet P2JW091000-4-A00800-1------XA

A8 | Tuesday, March 31, 2020 **** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC

ple as of Feb. 1. nies facing an extended revenue to grant existing health-care she’sworried about making her About 8% of Macy’sworkers Macy’s, Kohl’sCorp.isfurloughing squeeze. benefitstoits furloughed em- mortgage,car and credit-card areunionized and it isn’t clear storeworkersand some corpo- Arecord3.28 million people ployees. payments without her salary. howthe furloughs will apply to rate staff.The companywill filed forunemployment benefits Macy’stold staff on Mondayit “I’m trying not to spend any them in particular.The Retail, Gap Idle continue to provide health ben- in the week ended March 21. Gap would continue to payhealth money other than what Ihaveto Wholesale and Department efitsfor furloughed workers. said Mondayitwas directing its benefitsand cover100% of pre- forgroceries,” Ms.Dee said. StoreUnion, which represents Thecompanyemploys about employees to apply fortempo- miumsatleast through May. It Macy’s firsttried other mea- about 6,000 Macy’sand Bloom- Most Staff 122,000 workers. rary jobs at other retailersthat will keep on some stafferstosup- sures to conservecash, including ingdale’semployees in the New Theparent companyofAnn areopen and hiring. port itse-commerce operations, suspending itsdividend, drawing York region, is in discussions Taylor and Lane Bryant is also Macy’s, Gap and other big re- distribution and call centers. Ex- down itscredit line,delaying the with the retailer over employee ContinuedfromPageOne furloughingall storeassociates tailershavedrawn down their time it takestopay suppliers payand benefits, according to most of itssales.Itisn’t clear and half itscorporatestaff.As- credit lines or suspended divi- and canceling some orders. The union President Stuart Appel- when itsstoreswill be able to cena Retail Group Inc.will con- dendsand sharerepurchases to Big retailers have companytold employees that baum. “Macy’sneeds to do reopen. Macy’semploys about tinue paying benefitstofur- preservecash. Afterinitially those measures weren’t enough much morefor itsemployees 125,000 people and said most loughedemployees.Itisalso paying workerswhile stores drawn down credit given that stores will remain than what they have announced will be furloughed, but it will cutting executivepay.AsofAug. were shut, several aredeciding lines or suspended dark well beyond April 1, when it so far,” he said. continue to provide health ben- 3, it employed53,000 people. nowtostoppaying workersas had hoped to reopen locations. Theunion had already nego- efitsfor itsworkers. Though some companies in- they extend storeclosures.Afew dividends to save. Macy’s, likeother depart- tiated that itsworkersget paid Gap said that with planned cluding Walmart Inc.and Ama- brands such as NikeInc.and Lu- ment storechains,was strug- forthe firsttwo weeks that storeclosures extending be- zon.comInc.are adding workers lulemon AthleticaInc.havesaid gling with sluggish sales before stores were closed, under an yond itsinitial April 1target, it to meet surging demand, a they would continue to paystaff thehealth pandemic hit. Before agreement that expires Wednes- is furloughing the majority of largernumber of employers while stores areclosed. ecutives have takenpay cuts. Monday’sannouncement, ana- day, aunion spokeswoman said. storeworkersinthe U.S. and have trimmed their payrolls to LBrands Inc.said Fridayit Janet Dee,who has worked lystsatCowan&Co. estimated AMacy’sspokeswoman said Canada, or about 80,000 peo- trytooffset sharp declines in would furlough most U.S. store forMacy’sfor 43 years, most re- that the retailer had enough the companyfollowedappropri- ple,but will continue to payap- revenue.The stimulus package staff starting April 6. Theparent cently as asales associateinthe cash to last five months,as- atesteps in coming to the deci- plicable benefitsuntil stores re- passed last week includes incen- of Victoria’sSecret and Bath & housewaresdepartment of a suming stores remain closed sion to furlough workersand open. Theapparel seller said it tives forbusinesses to retain Body Works employed94,400 storeinQueens,N.Y., found out forthat entiretime.The re- will continue to communicate is also laying off an undisclosed workers, but federal effortsto people,including nearly 69,000 about the furloughs from ano- tailer said it plans to bring em- with unionleaders. number of corporateemploy- backstop employers haven’t part-time staff,asofFeb.1.Like tice posted on Macy’swebsite. ployees back on astaggered ba- —Dave Sebastian ees.Gap employed129,000 peo- been enough forsome compa- Macy’s, LBrands will continue The68-year-old widowsaid sis oncebusinessresumes. contributed to this article.

Fed Takes S NEW Uncharted G OOMBER Course /BL HARRER

ContinuedfromPageOne ANDREW bank presidentsand others who dialed in remotely. They made decisionsinfour

hoursthat would usually take ON/REUTERS;

two days. CKS JA

“Welearned our lesson. S Moving early and aggressively CA LU is really important,” said Pat- rick Harker,president of the GES; Federal ReserveBank of Phila- IMA delphia. “Weneeded to getthe marketsfunctioning.” GETTY MA/

It’sanother transformation TA of the Fed’straditional role in

American finance, as banks’ MARIO lender of last resort, in atime : of crisis.Congresshas encour- LEFT OM

aged the Fed, working with the FR TreasuryDepartment, to invent newways to stem the damage, WISE pushing the Fedintopolicy OCK CL choicesithas long preferred The floor of the New York Stock Exchange on Nov. 20, 2008, above left, and on March 20, right. Below, Jerome Powell, chairman of the U.S. Federal Reserve, waited to that elected officials decide. begin a Senate Banking Committee hearing on Feb. 12. Mr.Powell and his col- leagues have rolled out new would have on markets. kept that section tabbed on his programs at all hoursofthe Now, Fedofficials have lent computer screen. daytokeep marketsfunction- freely and purchased enormous On March 17,the Fedun- ing and otherwise-solvent busi- amountsofdebt, likely swelling veiled aprogram at 10 a.m. to nesses afloat. They areprepar- itsbalancesheet to $6 trillion backstop marketsfor short- ing to facilitatelower-cost this week from $4.2 trillion in term corporateIOUscalled lending forcities and states. lateFebruary. commercial paper,and another Adding to the challenge, they Officials unveiled six new at 6p.m. to allowapproved have done much of this from lendingfacilities,lending not dealersofU.S.government debt theirhomes,asahealth pre- only to banks,but also to busi- to borrow against stocks and caution, instead of from aFed nesses.Aspart of itsrescue bonds. warroom. package, Congresskicked in Still, the next day, money- $454 billion so that the Fedcan market funds were besieged, take on moreriskylending, unable to easily sell holdingsof Fed’s challenge with programs expected to sup- commercial paper to meet in- Thecurrent situation has no port trillions of dollarsofbor- vestor demands forcash. At precedent in postwarAmerica. rowing. 11:30 p.m., the Fedand Trea- Economic activity has been de- With credit marketsbegin- suryannounced aprogram to liberately halted, the equivalent ning to rally last week,Mr. backstop prime money-market of amedically induced coma, to Powell fielded aphone call funds.Latethat same evening, slowthe virus.That means the from PresidentTrump,who the European Central Bank had Fed, rather than trying to kick- earlier in the month had dis- announced anew debt-pur- start growth, is instead focused paragedthe Fedas“pathetic,” chase program to alleviate ris- on preventing credit from dry- thelatestinayearlong string ing yields on certain countries’ ing up to preservethe econ- of insultsoverhis desirefor government debt. omy’scapacity to produceonce lowerrates,evenwhen the crisis,current and former col- seizing up. tility at highs,short-term fund- “Midnightannouncements activity resumes. economywas on astronger leagues sayMr. Powell is prov- Mr.Powell concluded the ing marketsseizing up,busi- tell youtherewas an urgency Thebig challengefor the footing. ing moredecisivethan more Fedcouldn’t wait until itsregu- nesses unable to borrow in to put asafety net under the Fedisthat so much about the “I said, ‘Jerome,good job. academic-minded colleagues in larly scheduled interest-rate debt markets, Wall Street deal- system,” said TorstenSlok, economy’sfutureremains out Youreally did it,’ ” Mr.Trump ajob that is becoming morepo- policymeeting the following ersflooded with transactions, chiefeconomist at Deutsche of itscontrol. If the virus over- recounted later to reporters. “I litical. week to act. Fedofficials de- hedgefunds unwinding bond Bank Securities. whelms the Fed’spowertopre- wasproud of him. That took His feel formarkets“is more cidedtomoveupthe policy trades that became unprofit- servebusinesses’ access to courage.” second nature, and that gives meeting by two days to March able when volatility soared. money,the result could be de- Mr.Powell, who goes by Jay, himagreater level of confi- 15.Inbetween, the Fedacceler- Particularly troubling wasa Financial bleeding faultsand bankruptcies that said little in response. dence,” said William Dudley,a ated previously plannedpur- widening gapbetween the In the midst of that frenetic turn asevere, synchronized former president of the New chases of Treasurysecurities in higher prices forTreasuryse- week,Mr. Powell started to global recession intoafull-bore York Fedwho served alongside abid to prevent strains from curities that were issued more work from home,asdid many depression. Calm demeanor Mr.Powell forsix years. “If worsening. recently than so-called off-the- other Fedofficials. TheFed’sactions appear to People who work with Mr. you’renot as confident you Akey ally,RichardClarida, a runsecurities issued previ- Thefinancial bleeding have helped core pillarsofthe Powell, a67-year-old lawyer tend to want to getmoreevi- monetaryeconomist who be- ously.The Treasurymarket sits spread to the mortgagemarket, financial market to function for who isn’t an economist, sayhe dencebeforeyou move. He’sre- came vicechairman in 2018 af- at thefoundation of the finan- forcing sales of government- now. Thedanger is that new has carried acalm demeanor sponding very aggressively,and terserving as alongtime ad- cial market, providing aback- backed bonds by real-estatein- programs,eventhose launched throughout. That, they say, re- that’sappropriate.” viser to bond giant Pacific bone foreverything from hedg- vestment trusts. Officials,who very quickly,won’t be ready in flectshis comfort with the WhenMr. Powell traveled to Investment Management Co., ing trades to conducting had previouslysaid the Fed time to help revenue-starved team inside the central bank, Riyadhfor aFeb.22summit of dialed in from theNew York monetarypolicy, and certain would buy at least $700 billion businesses already burning therelationships he has culti- Group of 20 ministersand cen- Fed’slowerManhattanhead- typesofdeteriorating trading in government and mortgage through cash. Designing new vatedacrossWashingtonand tral bankers, the virus was quartersafter driving from his conditions in this normally ro- bonds over months,now said it programs also raises funda- his experiencestudying the tearing through Italy,Iranand home in Connecticut. bust market signaled much big- would purchase them within mental questions about which economyand financial markets South Korea, and marketshad That day, Fedofficials re- gercracks forming. days.Itisontrack to have firms should gethelp and on during acareer in privateeq- started to turn from record ceived abriefing from Lorie Lo- Officials agreed to what bought twicethat by the end of what terms. uity and astint in the Treasury highs.Mr. Powell began email- gan, the manager of the Fed’s were onceconsidered last-re- this week. Manyeconomistsnow ex- Department during George H.W. ing staff back in Washington portfolio. sort measures—the cut in the At 8a.m. Monday, March 23, pect the U.S. economytoexpe- Bush’spresidency. that their policyplans would Ms.Logan ranthrough the benchmarkratetonear zero Fedofficials unveiled their lat- rienceasevererecession. Gold- From his home officeinthe need to change. rangeofdistress: market vola- and open-ended purchases of estpackage: open-ended bond man Sachs economistssee it Maryland suburbs,Mr. Powell U.S. school closures and Treasuryand mortgagesecuri- purchases and three newlend- contracting at an annualized fields early-morning calls with travel restrictions that would Firepower ties to bolster confidenceand ing facilities forbusinessdebt rate of 24%during the April-to- central-bank counterparts crimp the economy, until then a The Fed's total assets reached unclog markets. They also en- markets. June quarter.MorganStanley abroad and late-night consulta- far-off hypothetical, were anew high this month. couraged banks to tapthe so- In moving so aggressively to sees theunemployment rate tions with TreasurySecretary quickly becoming areasonable called discount windowfor keep the economyfrombeing rising to 12.8% this spring—the Steven Mnuchin. He relies on a base case. $5 trillion emergencyloans by reducing overwhelmedbythe coronavi- highest on recordsthat dateto specially configured laptop to By the end of that week, the rate on those loans to rus, Mr.Powell has also trans- 1948. access his Bloombergdatater- with marketsdownmorethan 0.25%, arecordlow,and by ex- formed the Fed’srole to being Theeconomic outlook is minal, Wall Street’subiquitous 14%fromtheir highs of one 4 tending terms to 90 days. the lender of last resort not moredirethan afterthe 2008 trading-desk tool. week earlier,Mr. Powell issued TheFed announced itsac- only to banks,but to busi- financial crisis,making it easier Mr.Powell has made clear ararestatement under his tions at 5p.m. eastern, before nesses.Tofend off criticism the forMr. Powell to cast aside the that even with interest ratesat name signaling rate cutswere 3 Asian marketsopened. But they lending favors big business, Mr. nagging concerns that his pre- zero,the Fed’sfirepowerislim- likely.Fed officials met March 2 tumbled. Theselloffs moved on Powell is planning anew facil- decessorsfaced as the housing itless. “When it comes to lend- to agree to the firstemergency to Europe and, when U.S. mar- ity to help smaller firms. bubble burst. ing,weare not going to runout rate cut in 12 years. 2 kets opened, the stressspread TheFed’stask nowistoget Backthen, officials were re- of ammunition,” he said Thurs- By March 11, the uncertainty to other assets. these programs working luctant to cut ratesasquickly dayinaninterviewonNBC’s about economic disruptions Mr.Powell then deployed quickly.“We aremoving ag- because they weren’t surehow “Today” show. panicked markets. Financial in- 1 the rest of Mr.Bernanke’scrisis gressively in our thinking in bad the housing bust might get. Just as Ben Bernanke, a stitutions began selling U.S. plan. Mr.Bernankehad broken howwehelp Main Street,” said Some were concerned that un- leading scholar of the Great De- government securities,typically the seal on alittle-used but the Philadelphia Fed’sMr. tested tools to purchase gov- pression, waspraised by econo- considered ahaven, to raise 0 powerful provision—section Harker.“We’reall seeing it ernment debt might fuel exces- mistsand his peersingovern- cash aftermarketsfor corpo- 2010 ’15 ’20 13(3) of the Fed’scharter—that right nowwalking around our siveinflation. Othersworried ment forbeing the right person rate debt, mortgage-backed se- allows the Fedtolend broadly neighborhoods.These arechal- about the effect near-zerorates to lead the Fedduring the 2008 curities and other assetsbegan Source:Federal Reserve during acrisis.Mr. Powell now lenging times.” P2JW091000-0-A00900-1------EC

THE WALL STREET JOURNAL. Tuesday, March 31, 2020 | A9 THE CORONAVIRUS PANDEMIC Olympics Orban Allowed to Rule by Decree To Open Hungary’sparliament gave Prime Minister ViktorOrbán July 23 of the right to rule by decree until his government decides the coronavirus crisis has Next Year ended, defying criticism from European Union leadersthat BY ALASTAIR GALE the pandemic is providing coverfor his and other gov- TOKYO—The TokyoOlym- ernmentstocrack down on pics will open July 23,2021, or- democraticfreedoms. ganizerssaid, following aone- year delayforcedbythe By Drew Hinshaw in coronavirus pandemic. Warsaw and Szabolcs Thedecision to push back Panyi in Budapest theGames by afull year from July 24 provides time forthe Thebill, passed on Monday world to overcome the virus, almost entirely by votesfrom Tokyo2020 Organizing Com- the prime minister’s national- mittee President YoshiroMori ist party,Fidesz, contained said. Mr.Mori said the delay two important provisions: If would also give athletes,spec- parliament is unable to meet, tators and event organizers which itsleadershaveal- enough time to preparefor the ready said would be difficult, rescheduled event. Mr.Orbán could continue to Theoption of holding the govern under astate of emer- Gamesduring the spring was gency, creating and suspend- considered, Mr.Mori said, but ing laws by decree. summer wasseen as abetter Only Mr.Orbán’sgovern- CK

option because it is aholiday ment,oratwo-thirds major- TO period, making it easier for ityinparliament, could de- spectatorstotraveltothe cide when this period would

event. come to an end. SHUTTERS Organizerssaid they would Secondly,the lawimposes A/ aim to honor ticketsalready amaximum of five years’ THE/EP

purchased and apply them to prison time againstthose MA

the rescheduled 2021 competi- whointentionally spread AN LT

tion, while offering refunds to falsenewsor“distorted ZO ticket buyerswho can’t attend truth” that is seen to be det- Hungarian Premier Viktor Orbán, seen at parliament in Budapest on Monday, will have more powers until the crisis is deemed over. next year. rimental to the government’s Theorganizerssaid they effortstofight the virus and quireunusual measures for said they worried that the social media, as some govern- known forfencing off his bor- would work on securing the addressits economic toll. an indefiniteperiod, said Mr. government would cease to mentstry to snuff out news der to migrants, has long necessaryvenues and calculate Thelaw came under criti- Orbán, who has promised to function if they fell ill before that they feel spreads unwar- feuded with the EU’scenter- additional costs, as well as who cism from EU leadersand relinquish his rule-by-decree affording their prime minis- ranted panic. right and liberal blocs. will payfor them. Under one some legal scholars, who said powers as soon as the crisis terextraordinarypowers. Serbia, Montenegroand The56-year-old prime estimate from an academic in that the coronavirus crisis ends. “Weneeded alaw forthe Hungaryhavelaunched inves- minister,who has led Hun- Japan, extraexpenses could has nowgiven Mr.Orbán au- “Thereare situations in worst-case scenario when tigations intosome social- gary fornearly half of its reach close to $6 billion. tocratic powers that canbe which one cannot be polite,” parliament is unable to oper- media posts, and in some postcommunist history, has After weeks of confusion clawedback only by his own he said during aradio broad- ate,” said aFideszmember of cases arrested individuals in- wonrepeat landslide elec- about the fateofthe Olympics cabinet, or his party,which cast on Saturday. “So I parliament who declined to volved. tions in part by campaigning as global sportsshut down, controls two-thirds of seats plainly told EU nit-pickers, if be named because he wasn’t In February, policeinBu- against the union’spolitical Japanese Prime Minister Shinzo in parliament. Imay put it that way,that authorized by the party to dapest raided abuilding and establishment. Abe and International Olympic Thebill is part of aspate this is notthe time to come speak to the press. “What if detained two people sus- “We’renot preventing any- CommitteePresident Thomas of newmeasures in Europe to me pontificating about all allofuswill be in the hospi- pected of seeding articles and one from doing their job,” Bachagreed last week to delay that target individuals who sortsofnodoubt fascinating tal?” Facebook poststhat inflated said Eric Mamer,the spokes- the Games by up to ayear.The sharerumorsorfalsehoods legal and theoretical ques- Thelaw is one in anumber Hungary’sdeath toll. person of the European Com- IOC said the decision would that hinder the battle against tions.Because nowwehavea of emergencymeasures that “Political leaderscould mission, afterreceiving a help protect the health of ath- the pandemic. crisis,now we have an epi- human-rights groups worry abuse the coronavirus crisis question on Mr.Orbán’scom- letes and limit disruption to the Mr.Orbán has rejected demic,and nowwemust save will leavepartsofthe world to undermine democracy,” mentsonMonday. “Atthe international sporting calendar. such criticism, saying that lives.” less democratic than before wroteAndras Racz,senior same time,however, we are “Humankind currently finds the EU has been lesshelpful Hungaryhas had 447con- the coronavirus pandemic,in- fellowatthe German Council vigilant andweensurecom- itself in adark tunnel. These to Hungarythan China, which firmed Covid-19 cases as of cluding Russia, Bolivia and Is- on Foreign Relations.“Eu- pliancewith EU standards in Olympics Games Tokyo2020 sent three million medical Monday, with 15 deaths,since rael. rope’sbiggest risk is Hun- all areas of politics during canbealight at the end of the masks last week. itsfirst case on March 4. Europe has seen acrack- gary.” the fight against the corona- tunnel,” Mr.Bach said. Fighting the virus will re- MembersofMr. Orbán’sparty down on pressfreedoms and Mr.Orbán, anationalist virus.”

Jacob Sanchez Diagnosed with autism

Lack of speech is asign of autism. Learn the others at autismspeaks.org/signs. P2JW091000-2-A010B0-1------NS

A10B | Tuesday, March 31, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Manhattan Condo Market Loses Traction

BY JOSH BARBANEL nancial crisis of 2008.Inboth periods the market froze fora Just as the Manhattanresi- time and then eventually re- dential real-estatemarket was bounded. Prices recovered shaking itself out of amulti- only gradually. year slowdown, the party was People who bought during suddenly over. these periods and could payin Sales spiked during the first cash were able to getlarge quarter,but nowthe market discounts. But he noted the has all but shut down, brokers currentstoppageisdifferent say, as fears of the new coro- because this is the firsttime navirus and worries about the thegovernment banned the economy take hold. showing of homes on the mar- Beginning in mid-March, ketand most other sales activ- many sellersstopped adding ity. newsales listingsand pulled In the week beginning scores of listings on the mar- March 16,109 contractswere ket, according to Urban- signed compared with 214in Digs.com, areal-estatedata the same week of 2019.The GES and listing site. number of contractssigned IMA That steepdropbegan even thefollowing week fell to 67,

beforeGov.Andrew Cuomo GETTY according to preliminary banned in-person real-estate data. REZ/

showings. VA In the firstquarter,the me- AL

Thenumber of Manhattan Z dian priceofaManhattan contractssigned in recent apartmentwas $1.065million, weeks fell by half compared MUNO adropof6.25% from the same

with the same period of 2019, ARDO quarter last year.The average

and manyofthose deals were EDU pricewas $1.88 million, falling in the works beforethe full Construction on a new tower was ongoing last week in New York City. This month, many sellers stopped adding new sales listings. 10.3%, because of a decline in impact of the virus on New sales of apartments for more York,according to UrbanDigs. pany that owns major brands Apartmentsales picked up ... but sincethen, newlistings and hundredsoflistings than $10 million. The market freeze stopped such as Century 21, Corcoran in the first quarter ... have plummeted ... were pulled. Despitethe slowdown, Nada a first-quarter recovery in its and Sotheby’s International Rizkand her partner Joanne tracks: Thenumber of Man- Realty, announced temporary Manhattan first-quartersales Listings added Listings taken off market Greene at brokerageBrown hattanapartment sales rose by salary and workweek reduc- Condo Co-op 2019 2020 2019 2020 Harris Stevenshavebeen busy 11% in the firstquarter com- tions. Other firms are still as- 3,000 500 500 these past few days,closing pared with the same quarter sessing the situation. “virtual deals” in which law- in 2019,according to an analy- Diane Ramirez,chairman yers,condo boards and title sis of property recordsbyThe andchief executiveofHal- agents exchangedocuments Wall Street Journal. stead, said managersare re- 2,400 400 400 electronically rather than sit Buyersweredrawn in by viewing all aspectsofthe busi- around a table. gradually deepening cutsin ness. Ms.Rizk said some co-op asking prices by sellers. Me- “Weknowwehavetobe 1,800 300 300 boards have agreed to inter- dian sale prices were down fiscally responsible,” she said. view potential buyers by way more than 6% in the quarter “We are doing a lot of talking of Skype or Zoom. compared with the year-ear- about it.” 1,200 200 200 On Friday, the two brokers lier period. But she said some deals represented the seller of a Thenumber of annual sales would continue during these $3.495 millionone-bedroom of existing co-ops and condo- periods,and when the current apartment at Manhattan’s miniums reached apeak in scareisovertherewill be a 600 100 100 PlazaHotel. She said the buy- 2015 andfell to itslowest rebound as homes become ersdidn’t do afinal walk- level last year,beforethe re- even more important to peo- through beforethe closing and WEEKLYTOTALS WEEKLYTOTALS bound in the firstquarter.But ple. 0 0 0 were told to pick up the keys that short-lived recovery now “Ifwecan getback to our 2008’10 ’12 ’14 ’16 ’18 ’20 Jan. 6Feb.3 March 223Jan. 6Feb.3 March 223from the doorman. Thebuy- looks like history. lives,therewill be pent-up de- ers, however, maynot be able “The market is dead, dead, mand,” she said. “Everyone is Note:First-quartersales data arethrough March 26 of eachquarter.Listingsdata forthe week of March 23 areprojected from partial data. to move in until the virus cri- dead,” said Donna Olshan,a living in their homes likethey Source:WSJ analysis of financedepartment records(sales); UrbanDigs.com(listings data) sis has passed. broker who tracks the luxury never have before and people Ms.Rizk’sdeals were all ne- Manhattan market. arenow evaluating: Is the terNew York began shutting more than anyother week in UrbanDigs, said the market gotiated beforethe virus hit, Already,major brokerages home in the right configura- down. It found that in the 2019 and 2020. The following shutdown is somewhat similar but she said she isn’t con- have announced cutbacks. tion?” week beginning March 16,448 week 323 were pulled, accord- to two other periods of market cerned about the future. “I feel Compasstold employees it UrbanDigstracked listing listingsweretaken down by ing to preliminary data. disruption in Manhattan—af- likethe market will come back had cut 15% of its staff. Real- and contract-signing activity sellers, compared with 119 in Noah Rosenblatt, the terthe Sept. 11, 2001, terrorist onceyou have overcome this,” ogy, apublicly traded com- week by week, before and af- the same week in 2019,and founder and chief executiveof attacks and following the fi- she said. GREATERNEWYORK

ROCKLAND COUNTY macheterushed into arabbi’s with mental illness; theysaid he home in an OrthodoxJewish wasraised in atoleranthome Victim of Hanukkah communityinMonsey, an am- and hadn’tpreviously shown any Stabbing Dies bush Gov. Andrew Cuomo called animositytowardJewish people. an act of domestic terrorism Mr. Thomas was indicted on Aman who wasamong the five fueled by intoleranceand a“can- federal hate-crime charges as people stabbed during aHanukkah cer” of growing hatred in America. well as state charges. He has celebration in Rockland County has On Monday, Mr.Cuomo said pleaded not guilty. died three months after the attack, he was“deeply saddened” to —Associated Press according to an OrthodoxJewish learn about the death. organization and policedepartment In the days following the attack, NEW YORK communityliaison. Mr.Neumann’sfamily said the Josef Neumann, 72 years old, knifewentdirectly into his brain. Gov. Cuomo’s died Sundaynight, the Orthodox The man charged in the at- Popularity Surges Jewish Public Affairs Council said tack, Grafton Thomas, had hand- in atweet. The funeral forMr. Neu- writtenjournals containing anti- Gov. Andrew Cuomo’sapproval mann, afather of sevenand great- Semitic comments and a ratings soared this month as he grandfather,was held Monday. No swastika, federal prosecutors said. responded to the growing novel additional details were provided. Mr.Thomas’slawyerand relatives coronavirus crisis, apoll shows. On Dec. 28, an attacker with a said he has struggled foryears Asurvey released Mondayby the Siena College Research Insti- tutefound 87% of those ques- tioned approvedofhow the Democratic governor has handled the pandemic. The poll also found 76% liked the response of their local health department; 74% ap- proval forAnthonyFauci, director of the National InstituteofAl- lergy and Infectious Diseases; and 41% forbothPresidentTrump and Vice PresidentMikePence. Overall, the number of New Yorkers who view the governor favorably surged to 71% this month, up from 44% in February, the poll found. “At least 85% of voters from every region ap- prove of his handling of the cri- sis, as do 95% of Democrats, 87% of independents and even 70% of Republicans,” said poll spokesman Steven Greenberg. The college surveyed 566 reg- isteredNew York voters be- tween March 22 and 26. The poll has amargin of error of plus or minus 4.5 percentage points. —Jimmy Vielkind

QUEENS Tennis Center to Be Temporary Hospital NewYork City’semergency managementofficeplans to build a350-bed facilityatthe USTA Bil- lie Jean King National Tennis Cen- terinFlushing Meadows-Corona Park, part of the expansion of hos- pital spaceduring the virus crisis. Construction could begin as early as Tuesdayatanindoor training center at the facility, which has multiple courts and wide spaces, said aU.S. Tennis Association spokesman. The hospital beds will likely be fornon-Covid-19 patients, said acityspokeswoman. —Katie Honan P2JW091000-4-A010A0-1------NS

THE WALL STREET JOURNAL. **** NY Tuesday, March 31, 2020 | A10A GREATER NEW YORK N.Y. Hospitals Agree to Coordinate Care Leaders say they will participate in a new program to allocate beds, medical supplies

BY BEN CHAPMAN

AU.S.Navyhospital ship arrived in NewYork City on Monday to help alleviate the strain of the coronavirus crisis on local hospitals,asGov.An- drew Cuomo outlined anew statewide plan to coordinate medical care for the infected. TheUSNS Comfort will pro- vide 1,000 hospital beds to the city,which has become the epicenterofthe virus’sout- break in the country. Afterwelcoming the ship on Manhattan’sWest Side,Mr. Cuomo held anewsconference at Jacob K. Javits Convention Center,which is being con- verted intoa2,500-bed hospi- taland began receiving pa-

tients Monday. MOON/REUTERS Thefacilities at the USNS Comfort and the JavitsCenter JEENAH aremeant fornoncoronavirus patientsand will free up ca-

pacity forexisting hospitals to /REUTERS;

treat patients with the virus, GAR

according to state officials. SE NewYork had 66,497 cases MIKE

of the disease statewide as of P: Monday, up from 59,513 cases TO OM

on Sunday, according to state FR data. NewYork City had The USNS Comfort entered New York Harbor on Monday. The ship will provide 1,000 hospital beds for noncoronavirus patients to free up capacity at city hospitals. 36,221 cases as of Monday morning.The death toll in the As part of the plan, the said one of the state’schief state reached 1,218. State Department of Health goals must be increasing hos- Morethan 9,500 people will work with the statewide pital capacity. have been hospitalized, state health-caresystemtocreatea At the start of the pan- datashowed, leaving some command center to sharein- demic,New York had 53,000 city hospitals overwhelmed. formation among hospitals hospital beds and 3,000 inten- State and city officials have about the supplies each insti- sive-careunit beds.Its goal is called on the federal govern- tution has in stock and the to getto140,000 hospital beds ment to provide additional supplies each hospital is or- and 40,000 ICU beds. beds,ventilatorsand personal dering. On Monday, Mr.Cuomo said protective equipment. This central inventory sys- the stateismaking progress Thegovernor said the peak temwould help ensurepur- toward that goal with the ad- of the state’s outbreak is still chasing and distribution of dition of hospital beds at the weeks away and that the death supplies is done strategically JavitsCenter and the USNS toll would continue to rise. and efficiently, state officials Comfort. Meanwhile,leadersofall said. At least seven additional the state’s public and private Under the arrangement, hos- temporaryhospitals in loca- hospitals on Mondayagreed to pital systems acrossNew York tions around NewYork are take part in anew program to statealso have agreed to share slated to open starting next coordinateNew York’sscarcity supplies and staff as needed, week. of beds and medical supplies, according to the officials. Mr.Cuomo also has ordered the governor said. With acrush of patients ex- existing hospitals to increase Health-careproviders pected to strain NewYork hos- capacity by at least 50%. across the state will share re- pitals in the coming weeks, NewYork City MayorBill sourcesand movepatients Mr.Cuomo,aDemocrat, said de Blasio,aDemocrat, said on from at-capacity hospitals to the state had begun to stock- boardthe USNS Comfort on less-crowded facilities,accord- pile personal protectivegear Monday that he expectsat ing to Mr. Cuomo. formedical workers, including least half of the city’s resi- “No one hospital has the re- respiratorymasks,atafacility dentstocontract the virus, sourcestohandle this,” the in New Jersey. with a“horrible increase in governor said. TheNew York governor the number of deaths.” People waited Monday to be tested for coronavirus outside Elmhurst Hospital Center in Queens. Lawmakers Clash Over Medicaid in Budget Nursing

BY JIMMY VIELKIND Home Lawmakersand unions crit- icized Gov.Andrew Cuomo for Cases Soar pushing ahead with a plan to reduce Medicaid spending as BY MELANIE GRAYCE WEST part of thestate budget due AND ANNA WILDE MATHEWS TuesdayevenasNew York re- sponds to the novel coronavi- Morethan 1,000 nursing- rus pandemic. home residentsinNew York Several Democratswho statehavebeen sickened by the control the stateSenate, as newcoronavirus and nearly 15% well as labor and progressive of the state’srecorded deaths groups,warned that cutsto areamong this population, ac- the program, which provides cording to datastate health of- health care to morethan 6 ficials provided Monday. million NewYorkers, would be Therewere1,054 confirmed devastating.They urgedMr. cases of Covid-19 in licensed Cuomo to accept federal nursing homes at 155 distinct money approved earlier this facilities,the statereported. month and to tax the wealthy Thereare morethan 600 nurs- S rather than making reduc- ing homes across New York. tions. PRES Nearly 700ofthose cases “It’sabsolutely insulting were among people living in ZUMA and it’sjust wrong,” stateSen. NewYork City nursing homes, Julia Salazar, aDemocrat from TEIN/ according to a spokesman for

Brooklyn, said of the Medicaid OCHS the NewYork State Depart-

changes during arecent news BR ment of Health. conference. Covid-19 hasbeen spread-

Thecuts, she said, would MICHAEL ing rapidly in nursing homes, hurt poor patients and hospi- Manyhave urged the governor to accept federal moneyand tax the rich instead of cutting Medicaid, which helps morethan 6million NewYorkers. resulting in large outbreaks tals on the front lines of re- and deaths across the U.S. sponding to the epidemic. now in doubt, he said. to Washingtonfor help with forNew York.Mr. Cuomo TeachersPresident Randi Nursing homes’ older,often TheMedicaid issue However, Mr.Cuomo said the budget, but the governor blasted Mr.Schumer,aDemo- Weingarten,whose union in- frailresidentsare particularly emergedasalateflashpoint in he wasforging ahead with a said there were provisions in crat from Brooklyn, foragree- cludes members in New York, susceptibletothe virus.And the budget afterthe virus shut plan to reducespending in the the second coronavirus stimu- ing to the provision. said shewas surprised by Mr. manynursing homes have long down large segmentsofthe state’sMedicaid program by lus bill approved by Congress Mr. Cuomo and his budget Cuomo’s position. struggled with infection control, economyand statetax receipts $2.5 billion. that would block the redesign director,Robert Mujica, said “Right now, what’smore according to federal inspection cratered. TheDemocratic gov- Thestate approached its team’s proposals and his plan they believethe federal aid importantistokeep every- recordsand researchers. ernor’s budget officepredicted newfiscal year with a$6.1bil- to shift moreMedicaid fund- mightbecloser to $4 billion body afloat. It’spuzzling to Last week,the state’shealth staterevenuesweresome- lion deficit, largely driven by and that they would rather me,” she said. department told nursing-home where between $9 billion and Medicaid cost overruns.The push ahead with the redesign Athirdfederal stimulus bill operatorsthey would be re- $15 billion below the $88 bil- governor filled the gapmostly Gov. Cuomo plans team’s recommendations. included $5.1 billion of direct quired to accept patients in- lion projected in February. by assuming higher revenues, “It takeswasteand fraud aid to NewYork to covercosts fected with the virus who are “The problem with the bud- as well as $2.5 billion in sav- to cut spending for and inefficiencyout of the sys- associated with the coronavi- discharged from hospitals,cit- getisthe numbers,” Mr. ingsfromaso-called Medicaid the health program tem,” Mr.Cuomo said. “I have rus. Mr.Cuomo again said the inganurgent need to expand Cuomo said Sunday. “I’m not RedesignTeam of industry no choice. Two-and-a-half bil- measure left New York short- capacity at overwhelmed hospi- going to pass or sign a phony stakeholders. by $2.5 billion. lion per year recurring is changedbecause it did noth- tals.Some health expertscau- budget.” Theteam’srecommenda- worth morethan $6 billion ing to alleviate the state’svan- tioned the movecould endanger Thegovernor said he didn’t tionsinclude decreasing the one shot.” ishing revenues. other nursing-home residents. support raising taxes. He pro- reimbursement ratesthe state NewYork SenateMajority Giventhe uncertainty,Mr. Aspokesman forthe state posed a $178 billion spending pays forhospitals and nursing ing responsibility back to New Leader Andrea Stewart-Cous- Cuomo,Ms. Stewart-Cousins health department said Mon- plan in January, but has ac- homes and changes designed York City and the state’sother ins, a Yonkers Democrat, said andAssembly Speaker Carl day that it continues to issue knowledged in recent days to slow the growth of a long- counties. in atelevision interviewlast Heastie, all said they are dis- guidanceontesting,visitation, that circumstances have term-careprogram in which U.S. SenateMinority Leader week that the redesign team’s cussing budget language that staffing and infection control. changed to the point that it is sick or disabled New Yorkers Chuck Schumer said that sec- proposals were conceived be- would givethe governor the “Protecting NewYork’smost basically moot. A planned 3% hireassistantstohelp them at ondstimulus bill would pro- fore the coronavirus pandemic powertounilaterally cut state vulnerable nursing home pop- increase in the amount of home. vide up to $6 billion a year in and should be revisited. spending if its receipts didn’t ulation is apriority” in ad- stateaid to public schools is State officials have looked additional Medicaid funding American Federation of materialize. dressing the outbreak,hesaid. P2JW091000-6-A01000-1------XA

A10 | Tuesday, March 31, 2020 ****** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC An EarlyVan Gogh Painting Is Stolen From Dutch Museum

BY LAURENCE NORMAN known, aspokeswoman forthe AND KELLY CROW Groninger museum said. Thegeneral director of the In abrash overnight robbery, Singer LarenMuseum, Evert thieves stole apainting by Vin- vanOs, said the museum’ssecu- cent VanGogh from aDutch rity system operated entirely museum that has been closed according to protocol. forthe novel coronavirus lock- “This protocol, which we down, policesaid. have already been following for Thepainting,“Parish Garden years, is well-coordinated with

GES in Nuenen, Spring,” was our insuranceexperts,” he said.

IMA snatched at 3:15 a.m. Monday “Of course,wecan learn some- afterburglarssmashed aglass thingfromthis.”

GETTY door at theSinger LarenMu- Monday’stheftwasn’t the SE/ seum in the town of Laren, 18 firstfromthe museum, whose miles southeast of Amsterdam. collection contains art from It wasthe only artwork stolen. the 1850-1950 period, including ANCE-PRES

FR Police, alerted by an alarm, seven sculptures by France’s arrived to search the area but AugusteRodin. In 2007,anorig- ENCE found no traceofthe burglars. inal of Rodin’sstatue “The AG ADutch policespokeswoman Thinker” wasamong seven ABLI/ said authoritieswereseeking bronzeitems stolen from the

GHAR the help of local residents museum’ssculpturegarden. It whose video cameras mayhave wasrecovered two days later, recorded the burglars. badlydamaged. AHMAD PoliceonMondayarrestedanultra-Orthodoxman who opposed the closureofaJerusalem synagogue to stemthe coronavirus spread. It is unclear whether the “Parish Garden in Nuenen, pandemic playedany direct role Spring” wasstolen on what in security staffing levels at the would have been VanGogh’s Singer Laren. 167th birthday. Israel’s Ultra-Orthodox Jews The1884 painting,which was Thepainting’searthen pal- on loan from the Dutch Gron- ette and realistic style arechar- ingerMuseum sinceJanuary, acteristic of the artist’searly wasone of several that Van work. Lead in Cases, but Defy Curbs Gogh made in Nuenen, wherehe Today, these early works went to livewith his parentsin aren’t as prized by the market- the mid-1880s.The oil-on- placeashis later,signature wooden-panels painting is of the works that feature his boldly BY FELICIA SCHWARTZ ultra-Orthodox to a failure to most mainstream communica- ment to collect GPS data to garden at the parsonagewhere colorful, roiling brush strokes, AND DOV LIEBER followsocial-distancing guide- tion, weren’t listening to the warn people who have come his father served as pastor. such as his1889 icon, “Starry lines,including by holding radio or otherwise getting in- intocontact with virus patients, Thepainting’svalue isn’t Night.” TEL AVIV—Israel is strug- large weddingsand prayer formation about the dangersof but the program doesn’t reach gling to contain aconcentra- gatherings. TheHealth Minis- the novel coronavirus.“They most ultra-Orthodox, who tion of coronavirus infections trylast week listed syna- didn’t understand howbad the largely don’thavephones con- amongultra-OrthodoxJews, gogues as the locations with situation was,” he said. nected to the internet. China Manufacturing with the impact reaching the highest rate of infections. Rivka Paluch, Mr.Netan- Policeappear to have Prime Minister Benjamin Ne- Mr.Netanyahu,inatele- yahu’sadviserfor the ultra- stepped up effortstocontrol tanyahu, who went into isola- vised addressonMonday Orthodoxcommunity,said she thevirus in the ultra-Ortho- Perked Up in March tion afteranadviserfromthe night, slammed what he said had tested positiveSunday doxcommunity.OnMonday, community tested positive. were certain groups that night. She didn’t respond to a policeinMea Shearim ar- BY J ONATHAN CHENG But the datarebound is Mr.Netanyahu’sofficesaid flouted health regulations,and request to comment. rested four people and issued largely confined, fornow,toan on Mondayevening that his Israel isn’t the only country fines of about $1,400 each to BEIJING—Anofficial gauge improvement in sentiment after test forthe virus,aswell as struggling to stem an outbreak 25 people participating in ille- of China’smanufacturing activ- two months in which the econ- those of his family and close Officials said they amongits religious communi- galgatherings. ity rebounded strongly in omyground to anear-total halt staff,came out negative, ties.Iranemergedasone of the In some cases,people March as work resumptions as the coronavirus swept across though officials said he would are weighing special hardest-hit countries as clerics showedsigns of resisting the picked up.However, economists China, forcing the government remain in isolation as apre- restrictions for and worshiperswerereluctant stringent public-health guide- warned that businessactivity to implement strict prevention caution in keeping with Minis- to interfere with religious tradi- lines. Israel’snational ambu- remains far from normal after measures to prevent itsspread. try of Health guidelines. some communities. tions among foreign pilgrims lanceservicesaid people in the coronavirus outbreak. China’sstatistics bureau While the ultra-Orthodox and Iranians gathering at Mea Shearim, an ultra-Ortho- China’sofficial manufactur- cautioned that the rebound in make up about 10% of Israel’s shrines in the holy city of Qom. doxneighborhood of Jerusalem, ing purchasing managersindex manufacturing PMI didn’t mean population, ultra-Orthodoxpa- Health officials in South Korea hurled rocks at avolunteer who jumped to 52.0inMarch from a China’seconomic activity had tientsaccount for50% of ordered lawenforcement to traced alarge shareofcases to had arrived Mondayinthe lowof35.7inFebruary, the Na- returned to previrus levels,say- those hospitalized with the crack down on such behavior. the secretiveShincheonji neighborhood to collect sam- tional Bureau of Statistics said ing that it reflected the re- coronavirus disease,Covid-19, Aminority that “isn’t disci- Church. In Muslim-majority Ma- ples forCovid-19 tests. The Tuesday. sumption of work aftermore according to an analysis by Is- plined endangersitself and the laysia, authorities have reported minister of health, Yaakov Litz- Theresult washigher than than amonth of idleness. rael’s Channel 12. majority,” he said. hundreds of cases linked to an man,who is leader of the ultra- themedian forecast of 51.5by Other moreconcreteeco- Israel has 4,695 confirmed Some in the insularultra- Islamic religious gathering. OrthodoxUnited TorahJudaism economistssurveyed by The nomic indicatorsfor March— cases of the novel coronavirus Orthodoxcommunity said To stem Israel’soutbreak, party,condemned the attack. Wall Street Journal and above includingfigures on foreign as of Monday, with 16 deaths. membersweren’t defying pub- Mr.Netanyahu has imposed Israeli officials said this the50mark that separates ex- trade,industrial output, invest- Jerusalem, with alarge ultra- lic orders, but rather learning sweeping restrictions.Last week that they areconsidering pansion from contraction. ment and consumption—will Orthodoxpopulation, and the belatedly howmuch of a week,the government began is- special restrictions forseveral Ameasureofnonmanufac- likely showsteep year-on-year ultra-Orthodoxcity of Bnei Brak, threat the virus poses. suing fines to prevent people communities,including quaran- turing PMI, also released Tues- declines when they arereleased have the highest infection rates, Chaim Epstein,anultra- from leaving their homes other tining the entirecity of Bnei day, showedserviceand con- in the coming days,some ana- the MinistryofHealth said. Orthodoxmember of the Jeru- than forgroceries or to go to Brak,wherenearly all the struction activity similarly lystspredict. Israeli officials attributethe salem City Council, said ultra- the pharmacy. 200,000 residentsare ultra-Or- rebounding in March, to 52.3 —Grace Zhu and Liyan Qi high infection ratesamong the Orthodoxrabbis,who shun He also allowedthe govern- thodox. from 29.6 in February. contributed to this article. WORLD NEWS WORLDWATCH Saudis InviteHouthi Rebels, Ye men Government forTalks

BY WARREN P. STROBEL ately be reached forcomment. the internationallyrecognized, Theoil-rich kingdom is Saudi-backed Yemeni govern- WASHINGTON—Saudi Ara- seen as increasingly eager to ment of Abed Rabbo Mansour bia is in daily talks with Iran- extricateitself militarily from Hadi and the Houthis had alignedHouthi insurgentsin Yemen, whereitintervened agreed to de-escalatethe con-

Yemen and has invited Houthi five yearsago afterthe flict and begin confidence- GES

representatives and the inter- Houthis seized San’aand building talks. IMA nationallyrecognized govern- ousted the internationallyrec- TheSaudi offer of talks in ment in Yemen to peace talks ognized government. the kingdom wasundertaken GETTY in the kingdom, asenior Saudi TheSaudi intervention in at the request of Martin Grif- SE/ official said. Yemen has drawncriticism fiths,the U.N. special envoy Saudi’sambassador to Ye- from U.S. lawmakersofboth for Yemen, Mr. Jaber said. ANCE-PRES

men, Mohammed al-Jaber, parties and others. TheUnited Saudi Arabia and the U.S. FR said the proposal for talks to Nations calls Yemen, plagued have accused Iran of arming ENCE

end the five-year war, which by famine and cholera, the and training the Houthis. The AG has killed more than 100,000 world’sworst humanitarian Saudi-led coalition said in a OFF THE TRACKS: Severalpeople were hurt after atrain derailed when it hit landslide debris in centralChina. people,remains on the table crisis. statementthat targetsofits despite a flare-up in violence “The standing invitation to airstrikes on Mondayincluded AFGHANISTAN checkpoint came under a Taliban statement attributed to its new over the weekend. The the Houthis to meet faceto sites manned by expertsfrom attack also on Sunday, said a Foreign Ministry department di- Houthis haven’t yetresponded facefor talks afterprovocative Iran’sIslamic Revolutionary Official Says Taliban provincial council member. rector general in charge of nego- to the offer, he said. attacks this weekend suggests Guard Corps. Killed 11 Soldiers —Associated Press tiations with Washington. Saudi authorities on Satur- the Saudis desperately want to While Saudi officials have —Associated Press day said they shot down bal- end the warinYemen,” said privately acknowledged they Taliban attacks in Afghani- NORTH KOREA listic missiles firedbythe Elana DeLozier,aYemen ex- have held direct talks with the stan’s north and south killed at GUINEA Houthis at itscapital Riyadh pert at the Washington Insti- Houthis,Mr. Jaber went fur- least 11 Afghan soldiers and po- Pyongyang Criticizes and another city on the Saudi tutefor Near East Policy. “De- ther.Sincelast year,hesaid, lice officers, the country’s De- Pompeo’s Remarks Vote Could Extend border with Yemen. ASaudi- spiterecent territorial gains therehavebeen daily tele- fense Ministry and a provincial President’s Rule led militarycoalition on Mon- by the Houthis,the Saudis phone calls between officials official said Monday. North Koreasaid that“reckless dayresponded with airstrikes have stood by their direct of the Saudi-led coalition and The violencecomes even as remarks” by Secretary of State Guinea voted to change its in San’a, the firstsuch strikes channel with the rebel group.” the Houthis. Afghan PresidentAshraf Ghani MikePompeo made it clear that constitution, according to provi- in Yemen’s capital in months. Effortstoend the conflict Thediplomatic channel was lastweek announced his 21- Washington has no intention of re- sional results from a referendum Mr.Jaber said Saudi offi- have been halting.The war- opened last September,after member team to negotiate suming nuclear talks, and warned that could see the West African cials spoke with their Houthi ring partiesreached an in- the Houthis announced they peacewith the Taliban, only to Mondaythatitisnow compelled country’s president remain in counterpartsonMondayto terim peace agreement in De- would cease missile and drone have his political opponent, Ab- to payback “the pains the U.S. has power for two more terms. emphasizethat the San’a cember 2018. While that deal strikes on Saudi territory, Mr. dullah Abdullah, reject it. The imposed on our people.” Nearly 92% of voters on March strikes were in response to halted what the U.N. feared Jaber said. TheHouthi an- Taliban haven’tclaimed respon- Mr. Pompeo told reporters 22 supported the change, accord- Saturday’smissile attacks and would be acatastrophicbattle nouncement followeddevas- sibilityfor the latest attacks. last week that the international ing to the head of Guinea’selec- not intended as are-escalation forthe port of Hodeidah, it tating attacks on Saudi oil fa- According to the Defense community must remain united toralcommission. The proposal of the conflict. wasnever formally imple- cilities.While the Houthis Ministry, the insurgents targeted in continuing to apply pressure would keep atwo-term limit on “Weare committedtoour mented and hoped-for talks on claimed to have conducted a military checkpoint in Ar- on its nuclear and missile pro- presidencies, but increase the de-escalation,” Mr.Jaber said. abroader settlement of the those attacks,Saudi and U.S. gandab in southern Zabul prov- grams. length of each term from five “Weare ready to have acease- conflict haven’t happened. officials sayIranwas responsi- ince, killing at least six troops. In Mr. Pompeo’s remarks years to six. PresidentAlpha fire in all Yemeni territoryif Mr.Jaber,speaking by ble. northern Baghlan province, at showed the U.S. has no strategy Conde has implied thathis previ- they accept it.” Houthi repre- phone from Riyadh, said that —Jared Malsin contributed least five members of the secu- to stop “a countdown of con- ous terms wouldn’tcount. sentatives couldn’t immedi- beforethis weekend’sviolence, to this article. rity forces were killed when their frontation,” North Korea said in a —Associated Press P2JW091000-0-A01100-1------XA

THE WALL STREET JOURNAL. Tuesday, March 31, 2020 | A11 LIFE&ARTS

cause of the coronavirus pandemic, says Rob Fishman, Brat’sother co- founder.One shoot has been halted, but the companyisproceeding on schedule otherwise and producing content remotely.While this num- ber is far lowerthan what tradi- tional TV networks bring in, it’san “ambitious” goal forastartup digi- talnetwork,Mr. Fishman says.“Ad- vertiserspay way higher rateson television than they payfor what we do on YouTube.It’sapity,be- cause YouTube is wherethe audi- enceis.”

Annie LeBlanc attracts a combined social media audience of roughly 28 million.

Unlikechannels that focus on video blogsorinterviews,most of Brat TV’sshows arescripted by a traditional writers’ room and pro- duced at the company’s10,000- square-foot Hollywood studio.Be- sides “Chicken Girls,” Brat has about adozenmoreshows.The

(3) bulk take placeinthe suburban fic- TV tional universe that includes the AT

BR nearby towns of Attaway,Millwood and CrownLakeand followthe ad- ventures of their coming-of-age stars, as well as real current events. YouTube, Television Style Brat TV castssocial media stars likeMs. LeBlanc with established followings. In February, Brat an- nounced that TikTok star Dixie Seeking their millions of fans,BratTVputssocial-media starsinmoretraditional scriptedseries D’Amelio will front anew series called “AttawayGeneral,” about teen volunteersatahospital. It will premiereMay 13 as scheduled. The BY AMELIA HARNISH network’sstars arecut in on brand deals—a practicethat stretches nnie LeBlanc is like back to the early days of television. alot of American ExtraGum, one of Brat TV’sregular teenagers: When the sponsors, featuredMs. LeBlanc in a 15-year-old is not 60-second ad spot recently. A with her boyfriend, Brat TV,which is free to watch, she likes hanging has been able to nurtureacult fol- out with friends,watchingmovies lowing because it meetsGeneration and sharing updates with her Insta- Zonits ownturf—YouTube—and gram followers—all 8.6million of participates in the platform’svi- them. brant fandom culture, says Nikhil Ms.LeBlanc has been on You- Srinivasan, co-founder of ZebraIQ, Tube forthe betterpart of ade- aGen Zresearch firm. Brat shows cade.She runs her ownchannel and The ‘Chicken Girls’ cast, top. Above, aremade to be watched on aphone, attractsacombined social media Annie LeBlanc in the show. At left, so the audiencecan “seamlessly audienceofroughly 28 million. That Gabby Morrison, left, and Dixie flow acrossdifferent social media kind of reach is what digital upstart D'Amelio in ‘Attaway General.’ channels,” Mr.Srinivasan says,add- Brat TV banked on when it cast Ms. ing that the actorsmakethemselves LeBlanc in itsbreakout YouTube somenessTV—nowowned by Via- vampiredrama “Red Ruby,” Flora TMZ and TheView. available on social media. show, “Chicken Girls,” which follows comCBS,which produced Netflix’s leads student protestsagainst Brat TV is one of ahandful of “Chicken Girls” co-starsinclude agroup of friends on ahigh school movie franchise “ToAll TheBoys fracking (when she’snot being YouTube producers(likeNBC and YouTuber Hayden Summerall, who danceteam. Episodes in itssixth I’veLoved Before”—and networks threatened by vampires). In Condé Nast) that control which ads has his owncombined social media season, which began earlier this likeRooster Teeth, aimed at niche “Chicken Girls,” Indiana Massara runontheir channels.Direct ad following of six million. When the month, runabout 20 minutes.The audiences,also createscripted plays one half of alesbian couple. sales—for spots, product placement showlaunched, Ms.LeBlanc and Mr. premierehas 2.5million views (and shows forthe platform. But Brat TV “So manypeople DM me to saythis and advertorials featuring Brat TV Summerall were dating,and the se- episode two,1.8 million), enough to is quickly gaining traction among character helped me come out to actors playing their characters— ries writersused that relationship, makethe season premierethe No.3 Generation Z, says Rob Gabel, CEO my family,” Ms.Massarasays of the represent 75%ofrevenue,network known to fans as “Hannie,” by ro- liveaction episode to premiereon of TubularLabs. messages she gets. co-founder Darren Lachtman says. mantically involving theircharac- YouTube this year,according to In the show“Crazy Fast,” view- TheTubular datashowthat in Theother 25% comes from spin offs ters as well. Thecouple has since datafrom Tubular Labs,avideo ersfollowmembersofthe Attaway February, Brat TV ranked no.211 such as a“Chicken Girls” book se- split up,but in Season 6they are analytics firm. High track team including Rafa, out of 98,000 channels in the enter- ries with Simon &Schuster. back on screen together,prompting Other digital-first networks have whose parentsweredeported to Ec- tainment category on YouTube,put- Therevenue goal for2020 is $15 fans to post that seeing “Hannie” found success on YouTube. Awe- uador when he wasyoung.Inthe ting Brat ahead of name brands like million, down from $20 million be- again wasthe highlight.

YOUR HEALTH |SUMATHI REDDY surfaces,” says Dr. Worobo.

Whatabout food? CanIget Covid-19 Safety AdviceIfYou from eating contaminatedfood? Your mouth is a gateway to both your respiratory system (your MustVisit the Grocery lungs) and your digestive system (stomach). Respiratory viruses like the novel coronavirus are believed to enter the body and reproduce WITH COMMUNITIES across the used, doctors say. through the respiratory tract, not country virtually shut down, there Gloves don’t help much if you’re the digestive tract. is still one place nearly everyone going to touch your eyes, nose or Experts say it is possible that if needs to visit at some point: the mouth with them. Rather, experts the virus rubs off from any object grocery store. Experts say deliver- say, wash your hands with soap to the inside of your mouth, it ies are safer, but sometimes it can and water before going out and could infect you if it goes into be hard to get one scheduled right when coming home, and use hand your respiratory system. But there away. So if you must go to the sanitizer when out. If you use doesn’t appear to be a risk of in- store, what’s the best way to navi- gloves, choose disposable ones and fection via your digestive tract, ac-

gate the aisles and crowds? We throw them away as soon as you GES cording to the Centers for Disease

asked the experts. get home. Try not to use your IMA Control and Prevention and the phone when in the store. If you do, Agriculture Department. Is it safetogotothe grocery store? clean it when you get home. GETTY

Try to minimize visits to the OBE/ Whatifsomeone coughs or store. “The biggest risk factor is Should Ibring wipes with me? GL sneezes into your food? ON

really being around other people,” Whatshould Iwipe down? ST If youtouch virus particles on

says Benjamin Chapman, a profes- Dr.Chapman says manygrocery BO rawfood and then touch your nose,

sor of food safety at North Caro- stores areproviding shoppers /THE eyes or mouth, that is apotential lina State University. with wipes.Ifnot, it’sagood idea source of transmission. But experts

That’sbecause the novel corona- to bring your own, mainly to wipe CLARK notethat is unlikely.Wash your

virus is spread largely through the grocerycart. Just makesure ERIN hands with soap and water, and dropletsfromnearby people cough- the wipes areonthe list regis- don’t eat food with your hands. ing or sneezing.Ifyou must go, teredwith the Environmental Pro- precautions. If you must visit the container, the virus would degrade maintain abuffer around yourself tection Agency.Wipes canalso be store, go during hours reserved for more quickly due to environmental Do rawfruits and vegetables need and trytogoatoff-hours. (The used forother high-touch areas in seniors, when the store is likely to factors, such as sunlight. to be washed with anything special? Centersfor Disease Control and the storelikefreezer handles or be less crowded. The study didn’t look at paper Experts urge people not to wash Prevention recommends a6-foot tongsused in self-servebins. or plastic bags. Still, James Lloyd- fruits and vegetables with any- buffer,while the World Health Or- When Iget home, whatshould Ido Smith, a professor in the depart- thing but water. The chemicals on ganization says 3feet will suffice). Anyother precautions Ishould take? with anypaper or plastic bags or ment of ecology and evolutionary wipes and chlorine solutions espe- It’s hard to maintain a distance Trytoavoid exchanging money packaging? biology at the University of Cali- cially can be dangerous—don’t in- from cashiers, so use self-checkout or credit cardswith the cashier.Use Though there have been no doc- fornia, Los Angeles, and one of the gest those. when possible and use hand sani- acredit-cardreader when possible. umented cases of transmission of study’s authors, said if someone tizer when you’re done. the novel coronavirus through else handled the materials recently Will my clothes be contaminated If I’masenior or have an underly- food packaging, a recent NEJM it’s a good idea to discard them when Icome back from the store? Should Iwear amask or glovesto ing medical condition, should Itry study found that the virus can live and wash your hands. Do Ineed to change my clothes as the grocery store? to go to the store during special se- on cardboard for up to 24 hours But experts say wiping down ce- soon as Iget home? Most experts say a mask isn’t niors hours? and on hard surfaces such as plas- real boxes and other packages isn’t There’s no evidence that the vi- necessary and even recommend People over 65 and those who tic and stainless steel for two to necessary. Randy Worobo, a pro- rus can be transmitted through against it unless it helps serve as a have medical conditions that put three days. But experts noted that fessor of food microbiology at Cor- clothing, but it hasn’t been specifi- cue from touching your face. The them at greater risk of hospitaliza- the studies were done in a labora- nell University, says instead of be- cally studied. The good news is it only masks that protect people tion and serious illness should tory with high doses of the virus, ing preoccupied with wiping down can be killed by doing laundry. The from the virus are the N95 respira- avoid going to the grocery store, if so it’s unknown if in real life the packaging, focus on washing your CDC recommends laundering con- tor masks, which should be re- possible. Try to order groceries virus can be transmitted that way. hands. “It’s much better to treat taminated clothes in the warmest served for health-care workers and online or have a family member or Most likely if someone were to your hands, wash your hands, appropriate water setting and dry- need to be properly fitted when friend deliver them while taking sneeze or cough on a cardboard rather than dealing with all the ing thoroughly. P2JW091000-0-A01200-1------XA

A12 | Tuesday, March 31, 2020 THE WALL STREET JOURNAL. LIFE & ARTS Museum Guard Becomes an InternetStar

Tim Tiller was roped into managing social media for an Oklahoma City cowboy museum shut down by the coronavirus

BY KELLY CROW

TIM TILLER, a mustachioed secu- rity guard at an Oklahoma cowboy museum, didn’t set out to be a pandemic-era internet celebrity. He swears he got roped into it. When the National Cowboy& Western HeritageMuseum in Okla- homa City closed earlier this month amid acoronavirus-driven shut- down, the museum asked Mr.Tiller to help manageits social-media platforms by posting images of ob- jectsondisplaysincethe guard would be one of the few people still allowedinthe building. Mr. Tiller agreed to help, but the 58-year-old former truck driver from Jones, Okla., (pop. 3,098) told the museum he had never used Twitteror Instagram and only occasionally posted on Facebook. “It was very quickly So- cial Media 101,” he said in a tele- phone interview. On his firstday,Mr. Tiller posted

an imageofthe black hat and eye (2) patch actor John Wayne wore in the

1969 film, “True Grit,” but the MUSEUM guardcaptioned it “HashtagJohn- E Wayne” instead of tagging the actor AG

with an actual hashtag symbol. “Lu- HERIT cas, my grandson, told me to use hashtags,” he wrote. TERN WES

Days afterward, he posted that & he realized he’d been “doing the Y

hashtags all wrong. I need to use WBO that pound sign from the phone. CO I’m learning!” TIONAL

Theinternet canbesnarkyto NA neophytes,but Mr.Tiller’s digital faux pas have so far only bol- Tim Tiller in a selfie he took at Prosperity Junction for the National Cowboy & stered his popularity—his aw- Western Heritage Museum’s social media accounts. shucks persona endearing him to thousands huddled at home on- online might like to see, including He said his toppick is Prosperity line.Within hours, people were Frederic Remington’s 1907 portrait Junction, are-creation of an early replying to him with acatch- of a Native American riding a 1900s cattle town that’slong been a phrase he’ssinceadopted, horse on a sunbaked expanse, “The fixture of the museum. It includes a “#HashtagTheCowboy.” Sign of the Buffalo Scout.” (“Great blacksmith, liverystable,and saloon. “Tim, I’m not ashamed to tell social distancing,” Mr. Tiller wrote Moving forward, the museum you, you’re our only hope. You’re in his caption.) will have to figure out if it canle- the thing keeping us going,” a fol- “With all that’s going on, people verage Mr.Tiller’s newfound fame lower in Mississippi tweeted the are looking for something posi- without overstepping.After Mr.Til- day after Mr. Tiller’s social-media tive,” Mr. Tiller said, “and I think ler posted aphotoofhimself drink- takeover. Another from Baltimore this museum is pretty positive.” ing coffee from ablack,speckled wrote, “Sir, you are the cowboy Mr.Tiller and Mr.Spillman con- museum mug,the museum said the America needs.” ferdaily to pinpoint areas of the 94 mugsinits online giftshop Sincethe security guardstarted museum, or elementsofits five on- quickly sold out. Acouple days ago, posting two weeks ago, the mu- going exhibits, that could be fea- it started selling T-shirtsonits site seum said itsTwitterfollowing has tured. Thecaptions reflect Mr.Til- printed with “#HashtagTheCow- grown2.637%, to morethan ler’s sense of humor,though. When boy,” and it has already sold over 268,000 followers.That figure he posted aphotograph of docu- 500 shirts. Themuseum said one pales in comparison to the Museum mentaryphotographer Dorothea fan just mailed the museum a$100 of Modern Art’s5.3 million follow- Lange, he described her as “some- check and credited Mr.Tiller forin- ers, but it surpasses the 170,600 one I’dwant to have abeer with.” spiring the donation. people who visited the cowboymu- When Mr. Spillman suggested Last week, Mr. Tiller posted seum last year.Mr. Tiller’s emer- Mr. Tiller promote the museum’s about an outdoor exhibit the mu- genceisalso emblematic of the ad “selfie stations”—spots with dra- seum plans to debut when it can hoc,creative ways museums are matic backgrounds ideally suited reopen. It is called “Liichoko- trying to reach audiences they can’t for a headshot—Mr. Tiller posted a shkomo’,” or “Let’s play” in the let through their doors. Director photo of a round, stand-here Chickasaw language. The exhibit Natalie Shirley said her 55-year-old sticker affixed to the floor. He features seven dwellings designed museum has never gone viral be- picking up on,” Mr. Spillman said. rose through the ranks to become later added a photo of himself, by different Native American fore—“Oh heavens no,” she said. “I also think we’ve all been thrust its director of security operations wearing a bolo tie and squatting tribes, from an ancient Pueblan Seth Spillman, the museum’s into a new reality, and like Tim, and services, he got to know many beside the sticker. Mr. Spillman cliffside home to a Kiowa tipi. chief marketing officer, said he we’re trying to tackle it.” of the 30,000 artifacts and art- said he approved both takes. Oncethe crowdsreturn, Mr.Tiller knew the security guard wasn’t When it comes to the museum’s works in its permanent collection. Increasingly,Mr. Tiller has to set said he’ll need to focus on his origi- savvy on social media, but decided footprint, Mr. Tiller is an expert. Even before he joined the mu- aside time to reply to online fan nal dayjob,but Ms.Shirley,the di- against lessons unless he needed He said he has walked every inch seum, he said he was “the guy who mail from far-flung locales likeIndia rector,said she maynot be ready for them later. of the 220,000 square-foot mu- liked to read all the labels” during and NewZealand and children who him to hang up his influencer hat. “Tim is a genuinely good per- seum in the 20 years since he visits. It is proven easier than ex- ask if his mustache is real—it is—or “I bet he’ll be signing auto- son, and that’s what people are joined its security staff, and as he pected to pick out pieces people forhis favoritespot in the museum. graphs,” she said.

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. Eddmonton <0 12345678910111213 Down 32 Emmywinner 11936 Olympics for“The Crown” 0s 14 15 16 Vancouver CalgaryCClary star Owens 30s 10s 33 Candy bar Winnipegip 17 18 19 with triangular Seattle 20s 2Firstletter 30s 30s pieces PortlandPor d 30s 20 21 22 50s Montreal 30s 3Ruses Helena Ottawa 34 Chilly treat, for 40s Bismarckk 40s 30s Billingsg 50s 40s AugustA g ta 23 24 25 26 27 4Breathable short Eugeneg Boise 30s 40s Mpp/plsls.//St.P. aula ToT rontto AlbanA y 50s stuff 50s 50s 40s 50s Bostont 28 29 30 31 35 Caustic solution Siouxoux FFallsll Buffalo Hartford 60s 5Brooklyn team Pierre Milwaukeek Detroitt Newew YoY rkk 32 33 34 35 36 36 Annual Salt LakeLakL keCe CityC tyy ChicagoChicCh g PhiladelphiaPhhil dld ph 70s 6Gobybike Reno 50s Deses Moines celebrations, CheyenneCh y Omahah Cleveland 80s Sacramento Pittsburgh 37 38 39 7Big lummoxes forshort 60s Denver Springfieldp ifid Washingtonhihingtgtonon D.CD.DCC.. 90s Sann Francisco 50s 40s IndianapolisIndianapop 8Creature 38 Writeonmetal Las ColorCl adoadd Topeka St.Louis 40 41 42 Kansas ChCharlesharleston 50s Richmondh d 100+ 70s Vegasga Springsp g LouisLou ville accompanying 39 Mex. neighbor City Raleighliihgh 43 44 45 50s Wichhitita CharlottCCh ltte akangaroo on LosAAngeleles 50s 40 Silenceenforcer SantaaFFe 60s MemphisMemphih Nashvillehill 60s Australia’scoat ColumbiaC b 46 47 48 49 50 51 52 53 PhoenixPh 50sAlbuquerqueAlb qq Oklahomaklahoma City Warm Rain of arms 44 Country San Diego 80s Little Rockck Birminghamh Atlantalt 70s Tucson 54 55 56 57 lodgings DallasDll JaJacckkson 9Super-cool, El Paso Ft.Ft. Worthth Cold 80s T-storms 1960s-style 70s Jacksonville 58 59 60 61 45 Viralsensation AustinAti 10s Newew Orleans Stationary 10 ___ score(natal 47 Moved Mobileb Snow 62 63 64 Sanan AntonioAtA i Orlandold health measure) cautiously 80s 80s Houstot n Tampa 90s 20s Showers Flurries 65 66 67 Honolulul Miami 11 Letfatedecide, 48 Like some goals AnchorA h agea 90s 70s in away or demands 30s 70s Ice GETAROOM! |ByEvanKalish 12 Sheriff of 49 Buffalo hockey Nottingham’s player U.S. Forecasts TodayTomorrow TodayTomorrow Across 23 Dawn direction 44 Standoffish City Hi Lo WHiLoW City Hi Lo WHiLoW nemesis 51 Submit a s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1Wherekaraoke 25 Placethatmight 45 Has permission Omaha 66 49 c7155pc Frankfurt 48 26 s5131s 13 Featureofmany paperless1040 t...t’storms; r...rain; sf...snowflurries; sn...snow; i...ice originated to Orlando 90 66 pc 80 55 s Geneva 51 29 c5635pc have aserver double-decker TodayTomorrow Philadelphia 49 39 c5538c Havana 91 67 s8966t 6Culinary room? 52 Narrow street City Hi Lo WHiLoW 46 Placethatmight tour buses Phoenix 84 64 pc 87 62 c Hong Kong 81 68 pc 77 71 c institute 53 Oklahoma city Anchorage 32 20 s3527s Pittsburgh 48 40 c5132c Istanbul 58 45 pc 51 45 c 28 Face on afiver have abedroom? graduate 18 “I bet!” Atlanta 62 44 r6344pc Portland, Maine 46 30 pc 46 38 c Jakarta 87 76 t8676t 30 The Notorious 50 Flight 56 Makes blunders Austin 78 50 s7759pc Portland, Ore. 53 40 sh 51 38 sh Jerusalem 72 52 pc 59 47 sh 22 Pull 10 Do forQuestlove ___ (SCOTUS assignment 59 Part of ajourney Baltimore5540c 56 38 c Sacramento 69 43 pc 66 43 s Johannesburg7659c 76 53 t 24 Small pastries Boise 50 29 sh 47 27 pc St.Louis 56 36 c6046s London 52 32 pc 50 39 c 14 “Love Me Like star) 54 Showedaclassic 60 Inst. founded Boston4231c 46 35 c Salt LakeCity 65 40 sh 54 33 r Madrid 51 46 r5641r YouDo” singer 31 John of “Star episode, say 26 Lock of hair by Thomas Burlington 49 28 pc 46 35 c SanFrancisco6348s 61 46 s Manila 96 78 s9481s Goulding Charlotte 58 44 r6242pc SantaFe6640s 67 40 pc Melbourne 72 53 s7561pc Trek Beyond” 55 Identify 27 Drivethe Jefferson Chicago 44 34 c5136pc Seattle4839sh5037c MexicoCity 84 53 pc 81 56 pc 15 Arizona cityin 32 Keynear Alt 57 Winter woe getawaycar,e.g. 61 Fictional Cleveland 45 36 c4734c Sioux Falls 60 46 c6747c Milan 52 35 pc 54 33 c the Sonoran Dallas 68 49 s7253pc Wash., D.C.5543r 57 41 c Moscow 31 19 sn 38 32 c 34 Take to one’s 58 Curious sightings 29 Sandwich that’s purveyor of Desert notkosher Duff Beer Denver6640s 69 35 pc Mumbai 91 75 pc 93 77 pc heels 59 Placethatmight Detroit 47 38 c5134pc International Paris 52 33 s5435s 16 Land heavily Honolulu 81 69 pc 81 69 pc Rio de Janeiro8174pc8274pc 36 AnimatedBetty have a Previous Puzzle’sSolution TodayTomorrow 17 Placethatmight Houston8153s 77 57 s Riyadh 87 68 pc 94 72 pc boardroom? AAAMA PAHH SIS Indianapolis 45 36 pc 52 36 pc City Hi Lo WHiLoW Rome 62 38 pc 56 36 c have aballroom? 37 Placethatmight have adrawing 62 Single STROBE MOAT ACT Kansas City 65 44 pc 70 53 s Amsterdam 48 33 pc 48 39 c SanJuan 84 72 s8772s 19 Mocking remark TEARUP ETRE LEA Las Vegas 79 58 s8157s Athens 67 50 c6447sh Seoul 64 41 c6437pc room? 63 At anytime RAREPANAMA JACK Little Rock 61 41 pc 66 47 s Baghdad 80 64 pc 88 58 pc Shanghai 60 49 r6349c 20 Notmuch of a ASA LYSISSARAE 40 Chatters LETBYPAR ZIPS LosAngeles 77 58 s7358s Bangkok 100 82 pc 100 82 pc Singapore9279c 90 79 pc companyman? 64 Cameos, e.g. ENDED ADZES Miami 90 74 s8968pc Beijing 70 41 pc 63 36 s Sydney7768s 76 67 pc 41 Low digits 65 Looked over BANANAGRAMS Milwaukee 42 35 c4635pc Berlin 41 29 pc 48 36 pc Taipei City 82 68 sh 70 64 r 21 Throw oneself PAREDPRIMA Minneapolis 54 36 pc 51 44 r Brussels 48 28 pc 50 33 c Tokyo6154c 61 54 r apityparty 42 Beach makeup 66 Terminal area LINC ITOUNCAS ARDUOUSASP ALE Nashville 49 40 r5840s BuenosAires 72 66 t7461t Toronto4531c 50 32 s 22 Simple putt 43 Notfeel toohot 67 “Hasta la vista!” BARBARAANNONTV NewOrleans 86 57 t7462s Dubai 83 67 pc 85 71 pc Vancouver 49 35 sh 48 32 pc ONO FA IR INVOKE

NewYork City 48 38 c5440pc Dublin 48 36 pc 49 37 c Warsaw4327pc4635pc s RHOSLAMFEELER Oklahoma City 63 43 pc 70 52 pc Edinburgh 51 37 c5042c Zurich 48 24 c5228s Solvethis puzzle online and discussitatWSJ.com/Puzzles. SAMSHY FORAYS P2JW091000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, March 31, 2020 | A13 LIFE & ARTS

Orson Welles and Rita Hayworth in Welles’s ‘The Lady From Shanghai’ (1947), left; Gene Tierney and Cornel Wilde in John M. Stahl’s ‘Leave Her to Heaven’ (1945), above

Orson Welles,” the assignment re- In adazzling effect, the faces of dencies surfacewhenever she sulted from horse trading with Welles and Hayworth—and, in fearsthat othersthreaten to dis- (2) Columbia Pictures bossHarry some cases,the mereoutlines of rupt her relationship with her Cohn: If Cohn made $50,000 avail- their faces—areglimpsed chiefly husband, Richard(Cornel Wilde). CTION

LLE able to Welles—ostensibly to sal- by the twinkling light emanating “It is an uncompromising char-

CO vage his stageproduction “Around from tanks occupied by creatures acter storyofavicious woman the World”—the director would of the sea. who murdersfor love,” reflected

EVERETT return the favorand make“a Thevelvety inkinessofthe pho- producer Darryl F. Zanuck in a great story” forthe studio.When tographyispleasing to watchin 1947 memo,but what distin- Cohn asked fordetails,Welles had and of itself,but it also serves to guishes “Leave Her to Heaven” is THE STAYING INSIDE GUIDE—FILM to think on his feet. “I wascalling present aworld in which moral not simply the ruthlessnessofits from apay phone,and next to it darknessispervasive—a vision lead character.What makes the wasadisplayofpaperbacks and I given itsclearest expression in film endureisthe shimmering Cozying Up to gavehim the title of one of them,” the much-noted finale,showing Technicolor photographyofLeon Welles said. the glass-shattering chaos that Shamroy,who went to great pains Welles’sfanciful-sounding ac- ensues when amirror-filled room to achievehis effects: “Shooting count of the provenanceof“The within the funhouse becomes the Technicolor wasn’t easy; the Film Noir Across Lady From Shanghai” has been siteofagunfight. Color photogra- lightswereveryhot, and the cam- called intoquestion, but what phywould have made the finish erawas very bulky,” co-star Vin- cannot be doubted is that the di- bloodier,but far lesshaunting. cent Pricesaid in an interview rector applied his substantial vi- with Wheeler Winston Dixon. The Spectrum sual gifts to the resulting film. To Contrasting with the chiar- be sure, the plotline of the largely ‘The Lady From oscurofantasia of “The Lady From SanFrancisco-set film is some- Shanghai,” “Leave Her to Heaven” thing of amuddled hash: At its Shanghai’ and ‘Leave has the patina of realism because center is Irish seaman Michael Her to Heaven’ are ideal it presentsthe world as most of O’Hara(Welles), whose misplaced us see it: in aconstellation of col- Your options aren’t limited to black-and-white ardor forhis boss’sspouse,Elsa isolation viewing ors. In the film’sbest scene,Ellen Bannister (RitaHayworth), results stays still in arowboat while her BY PETER TONGUETTE Moviegoers thought nothing of in his entanglement in amazelike husband’sdisabled adolescent sib- watching westerns, historical epics murder plot. ling,Danny(Darryl Hickman), BLACK-AND-WHITE cinematogra- or musicals in Technicolor, but the Welles tries to keep ahandle Of course,color would eventu- tries to swim acrossalake; the phy, Orson Welles oncetold Peter tropes of film noir—think narrow on the serpentine storyusing ally come to film noir,mainly in task proves toomuch forhim, but Bogdanovich, is “the actors’ friend.” passageways awash in shadows or voiceover narration, but viewers the form of contemporarymovies Ellen declines to intervene as the Welles wasreferring to his convic- fedora-wearing figures stalking arebest advised to soak in the that attempted to bring the genre boydrowns.Chilling on itsown, tion that performances registered rainy sidewalks—just seem to play richnessand texture of the black- intoanew,morecandid era, in- the scene is made moreappalling with greater clarity in black-and- better in grayscale. And few film and-whiteimages.The photogra- cluding Roman Polanski’s“China- by itsverisimilitude.Danny white, but as the maker of atrio of noirs better illustrate the advan- phyishandsome throughout, but town” (1974) and Bob Rafelson’s drowns not among shadows and the most memorable film noirsever tages of black-and-white cinema- Welles and cinematographer fresh version of “The Postman Al- silhouettesbut morequotidian produced—“The Stranger” (1946), tography than Welles’s visually Charles Lawton Jr.outdo them- waysRingsTwice” (1981). Decades surroundings: tall green trees and “The Lady From Shanghai” (1947) decadent confection “The Lady selves in the manyscenes that un- beforeeither,however, director ablue,cloud-speckled sky. Forget and “Touch of Evil” (1958)—he From Shanghai,” which is stream- fold afterdark: Forinstance, when John M. Stahl made an early at- BarbaraStanwyckin“Double In- might have added that black-and- ing on the Criterion Channel Elsa serenades Michael with the tempt to tell the darkest of tales demnity” (1944): With her redlips whitephotographyisalso unusually through the end of May. song “Please Don’t KissMe” using the most vivid of means. and auburn hair,Gene Tierney in integral to that genre. Welles embarked on the proj- aboardher husband’syacht, Hay- The1945Technicolor release “Leave Her to Heaven” is the ulti- It is easy to forget that count- ect, based on Raymond Sherwood worth is photographed in aspec- “Leave Her to Heaven”—which the matefilm noir anti-heroine. less cinematic genres were first King’snovel “IfIDie BeforeI tral glow—seemingly lit by moon- Criterion Collection just released represented in black-and-white. Wake,” with the sort of hastefor light. Welles oftenfavorshermetic on Blu-ray and DVD—is astudy in Mr. Tonguette is the author of With the advent of color photogra- which he would become notorious. spaces at oncecozyand forbid- degeneration, revolving around “Picturing Peter Bogdanovich,” phy, however, few remained as As Welles recounted in Mr.Bog- ding,among them an aquarium femmefatale Ellen Berent Harland coming in July from the University tethered to the format as film noir. danovich’sinterviewbook “This Is whereMichael and Elsa meet up. (Gene Tierney), whose lethal ten- Press of Kentucky.

had been producing test resultsat There-creations feature an ac- aratenoone thought waspossi- tress(Shannon O’Neill) who looks ble—and wasn’t, as the authorities enough not likeMs. Faraktocause rather belatedly discovered. some puzzlement, but she makes a “HowtoFix aDrugScandal” is good point (liftedfromtestimony): full of surprises,one of them being “I never had anypiece[of evi- howseamlessly director Erin Lee dence] questioned,” she says, Carr (“At the Heart of Gold: Inside meaning the accused had never the USAGymnastics Scandal”) claimed that the evidenceagainst melds two cases of such contrast- them hadn’t been actual drugs. But ing characters, circumstances and Luke Ryan, the attorney forseveral motivations.Ms. Farak, who had clientswhose cases had been been her high-school classvaledic- tainted by Ms.Farak,makes the torian as well as amember of the counter argument, and makes it boys’varsity football team, kept to well, that the stateisboth required herself and her drugs, carefully and obliged to provethat what it is consuming either the puresamples charging is true,including the au- kept in the lab or the evidencethat thenticity of the drugsinvolved. came through it. Ms.Dookhan, as Thetesting processmust be above indicated by emails and testimony, reproach, something Ms.Farak and wasahabitual liar as well as out- Ms.Dookhan rendered impossible. rageously—and feloniously—ambi- Thelevel of misconduct is star- tious.Ms. Farakdid the work, tling, as is the tenacity of Mr. though it wasinherently compro- Ryan, the heroofthe series who mised. Ms.Dookhan simply didn’t keeps turning up enough proof of do the work. that misconduct that he and his What wascommon to the cases fellowlitigants, all of whom A scene from were two questions: Howlong had wanted convictions overturned, ‘How to Fix a each woman been mishandling evi- can’t be ignored. What maycatch Drug Scandal’ dence? And, consequently,how avieweroff guardishow grip-

NETFLIX manyconvictions were compro- ping the storyisand howitflies mised? As the series shows,the by.Heather Harris,aforensic TELEVISION REVIEW |JOHN ANDERSON “fix” attempted by the Massachu- chemist who appearsamong Ms. setts criminal justicesystem—in Carr’s interviewees as akind of the persons of then-Attorney Gen- general expert witnessabout AddictiveEntertainment eral Martha Coakley and assistant crime labs and chemistry, says AGsAnne Kaczmarek and Kris Fos- early in the series that the public ter—was to spin the damageas doesn’t knowmuch about the BY JOHN ANDERSON the old show, the same gift for an- scandal started to boil over be- having been short-term and, when kind of work performed, or not, imating legal minutiae, the same tween crime labs in the common- that didn’t work,towithhold evi- by Ms.Farak and Ms.Dookhan, THE ORIGINAL “Law & Order” relentless forward motion. Plus, wealth. In Amherst, achemist denceand mislead the courts. It because “itdoesn’t makefor com- used to boast that its stories were everything in it is true. And there named Sonja Farakwas found to isn’t spelled out, but the fact that pelling,interesting stories.” ripped from the headlines. The en- are monsters. have been habitually dipping into so manyMassachusetts prosecu- “Then whyare we here?” she’s grossing “How to Fix a Drug Scan- Monsterscan be good or bad; the evidence(which included tors talk so frankly to Ms.Carr’s asked. dal” might have been ripped from the word itself is almost as ambig- methamphetamine,cocaine and cameramay be the result of the at- “Well,” Ms.Harris answers, “Law & Order’”—if the new four- uous as “fix”—something that sud- LSD). In Boston, another drug-tes- torney general’sofficehaving mis- smiling,“sometimes it does.” part series weren’t a thrilling denly meant different thingstodif- ternamed Annie Dookhan, the kind led them, too. Theofficereceived a piece of nonfiction. It has the ferent people in 2012 of employeewho turned the lights rare castigation from the bench for HowtoFix aDrug Scandal same crime-and-punishment arc as Massachusetts,asatwo-headed on in the morning and off at night, itsperformance. Wednesday, Netflix P2JW091000-0-A01400-1------XA

A14 | Tuesday, March 31, 2020 THE WALL STREET JOURNAL. SPORTS

JASONGAY To Live in NewYork City Right Now

A pandemic brings street life to a halt in one of Earth’s most vibrant cities. And yet, bravery abounds.

What aluxuryitwas,to complain likewedid, not long agoabout this town, itsinconve- niences,its sports, its comical basketball teams,its scattershot football out- fits,the Mets, the traffic,the trains, the airports, the weather,the prices,the roads,the crowds, the everything.Wecomplained to com- plain, as habit, as camaraderie,be- cause deep down, we all knewthe score: We loved it so.Wewerein. We didn’t knowhow good we had it. New York City is the raging heart of this now. This pandemic, it is ruthless and multiplying, dig- ging into communities around the country and the world, but a whole awful lot of it is unfolding here, fast, in these neighborhoods and overburdened hospitals at- tempting to triage the incoming. Once-bustling city streets have gone silent, except for the dull moan of sirens. The sirens are jarring. The si- lence, even more so. New York is a noisy town, unabashedly; if it’s too

loud, it isn’t for you. GRI/REUTERS Likewise, this has never really ALLE

been a place to hunker down, bar- O

ricade indoors, remove oneself CARL from the world, no matter how NYPD officers patrol in a nearly deserted Times Square. Once-bustling city streets have gone silent, except for the dull moan of sirens, writes Jason Gay. good your Wi-Fi is. New York City is something that happens when they’re looking at the rainbows ages and numbers. Now, it’snames. ing us exactly what’s going on, be- civic gesture, but heroes abound. you step outside. It’s a pace and an and counting: And the sirens,it’sareal thing. cause telling the whole truth still We knowthis now. energy; you feel its relentlessness Fifty-six rainbows. Fifty-seven Sometimes Iwakeupinthe mid- matters in this town. Idon’t want to makethis sound the instant you walk out the door. rainbows… dle of the night, and Idon’t hear That’s New York. They’re telling folksy.It’sharrowingly difficult You could be lonely here, but They stripped the rims from asiren, and Ifind it briefly reliev- it as it is. now, formanypeople here, and it alone? No. some basketball hoops, but the ing.Then, asecond later,one in- And yes: we’re aware, of the will continue to be difficult. It It isn’t likethat now. The parks still brim with joggers and evitably begins,avenues away, talk that we should all stay here, maybedifficult whereyou are; ghostly cornersand closed store- cyclists, most of them correctly so- growing louder until it roarsbyin keep to ourselves, keep away, that it’sgetting worrisome in many frontsare chilling.The quiet isn’t cially distant, a good thing, since the dark. we’re not welcome elsewhere until places around the country, and peaceful, countryquiet. It’sanx- they’re apparently going to start This quarantined town, it’sbe- this is over. There are some who the people getting hit the hardest ious.This isn’t likeafter Septem- fining people for not distancing. come someplaceelse,itisn’t it- want to check for New York plates arethe vulnerable.Inequities of ber 11, when agrieving NewYork Warmer air is coming. The spring self.Ifyou’relooking fortracesof at the state lines; they reportedly the system that were always shocked itself back intoaction, al- blossoms on the trees are a thera- NewYork,you canhear it in the wanted to go door-to-door in there—job security,health care, most as an act of civic defiance. peutic distraction from reality. truth-telling,fromdoctorsand Rhode Island, sussing out interlop- access to technology—have been With this,defianceisthe haz- But reality keeps infringing. nurses and professionals on the ers by asking, I don’t know, “Do brought intosharp relief.There ard. So we stay indoors. We have Over the weekend, they began front lines of this crisis,asking you think the Mets have a shot?” wasamoment when “quarantin- no choicebut to de-NewYork work on a temporary hospital in- urgently forhelp,supplies and po- Whatever.It’sfine.We’vegot this. ing” felt novel and cozy,but that NewYork. side Central Park. litical common sense.You hear it This city,itwill trick you. From moment has passed. Staying in- There are pockets of life. We’re Everyone hereknows someone in the voices of the small-business the outside,it’sall self-interest side with recipes and board still walking, a lot of us, because who’s sick with it, it seems,orat ownerswho aretrying to figure and bluster,intimidating and ob- games seems likethe best sort of it’s good to walk, and if you walk least someone who thinks they’re out howlong they canhold out, if noxious,but if youspend alittle luck.Cabin feverisaprivilege. by your local market, or the phar- sick with it, because the testing there’sgoing to be asmall busi- time here, youdiscover it’speople It’safight, foreveryone now. macy, there’s probably a line, well- is still short, and the hospitals nesstoopen when this finally set- and neighbors, likeanywhereelse. It figurestobeagood long while spaced, snaking out the front door, areurging the manageably unwell tles down. Youhear it in the pleas We’vebeen making dinner fora beforewecan go back to com- maybe around the corner. There to ride it out at home.Every forsafety from workersonother man who lives downstairs, and plaining about the minor incon- are the dogs, who thankfully re- hour,there’sanew,alarming front lines,likegrocery stores, works at one of the hospitals.We veniences,the ball clubs,the main dogs, and there are the chil- pieceofdata: sick nurses,sick and deliveryservices,who keep never see him, we just leave it at traffic,the trains,LaGuardia Air- dren, who thankfully remain chil- doctors, sick EMTs, sick transit going to their jobs,keep taking on the front step.Hewas our neigh- port. We don’t knowwhen and if dren. The children in this employees.The NYPD announced risk,asthe fortunateremain in- bor; nowhe’saherotous. You we will achievethat beautiful neighborhood started taping up that morethan 500 cops tested doors. Youhear it in the Brooklyn probably heardabout the clapping sort of normal. But we know little hand-drawn rainbows in the positivethe other day. Everyone’s of Dr.Fauci. that’sbeen happening at night, what kind of town we’vegot. I windows of their apartments, and gotaco-worker,afriend, afamily Listen to these voices. Hear around 7p.m., or so,for the first canstill see it from the windows, now it’s a thing; you see families member. their anger and expertise. They are respondersand other essential with the taped-up rainbows.This out for walks with their kids, and This storybegan with percent- not sugarcoating it; they are tell- workers. It’sthe smallest kind of is NewYork. NFL Teams SpentMoreThan $2 Billion in Free Agency

BY ANDREW BEATON “We’veseen the isn’t happening.The na- leaguewide spending rise in tional response to the inter- THIS NFL OFF-SEASON has the last year.The players are national pandemic indefi- been strangeand not just be- seeing moremoney than ex- nitely removed major sports cause TomBrady fled New pected,” said J.C. Tretter, a from the calendar,leaving England forTampa Bay. Browns offensivelineman the NFL in the unusual posi- Theleague’sfree-agency and newly elected NFLPA tion of making news from period swung intoaction president. “Thingsare still the sidelines. right as the rest of the trending in the right direc- Unlikeactual sporting sportsworld shuttered. tion forus.” events, free-agent negotia- While NBAarenas went dark This year’s free agency tions canoccur with social

in response to the novel cor- came on the heels of amon- distancing.Although there S onavirus,the phones of foot- umental deal between the were special restrictions on ball executives were lighting NFL and itsplayers,who physicals and teams meeting PRES up.And as other sportsface agreed to anew,decade-long with players,the bulk of the TED CIA

still incalculable losses,NFL collectivebargaining agree- work could getdone with SO

teams opened their wallets ment that pavesthe way for agentsand executives over AS A/

and spent unlikeeverbefore. a17th regular-season game the phone,sometimes from UP

In the firstweek of free as soon as the 2021 season. their houses or at other KR agency, players signed deals Theclosely contested times carried out by

worth up to $2.6billion, ac- deal—only 51.5% skeleton crewsat CHARLES cording to internal NFL Play- of the players team facilities. The Tampa Bay Buccaneers signed Tom Brady to a two-year deal that has $50 million guaranteed. ersAssociation figures. votedinfa- Although the That’sa6.5%increase over vor—gives the 56.5% exact logistics his newemployerpaid him other chanceatstarting, With a17th game on the ho- the firstweek of 2019’sfree players a Percentage of money arestill being an extraordinaryamount of while moving on from Cam rizon as soon as 2021, the agency, but the morenotable largershare that was guaranteed in worked out, money to do so: the Tampa Newton. salarycap is expected to see increase wasn’t in the raw of the April’sNFL BayBuccaneerssigned him Newton is just one indica- amajor increase from the deals during the first amount of dollars. It wasin league’sreve- draftis to atwo-year deal that re- tion that therestill maybe additional revenue that the guaranteed money. nue, increases week of NFL free scheduled to portedly has $50 million some big contractsstill out comes along with the addi- Thetruevalue of NFL con- in benefits, agency. continue in a guaranteed. there. Backin2015,Newton tional gain—and some play- tractscan be far more largerroster sizes modified format TheNFLPA’snumbersalso took the Pantherstothe Su- erswanted to be able to hit opaque than in other sports and higher minimum forthe same reason: include players who were set per Bowl and wasthe NFL’s the market again oncethat leagues because,typically, salaries in exchangefor it canbeexecuted re- to become free agentsbut MVP.His star has dimmed in happens. lessofthe deal is guaran- that lucrativeand controver- motely. were resigned by their cur- the yearssincebecause of “Nowwesee there’smore teed. This year,56.5% of that sial extragame. And as the financial num- rent teams right beforethey injuries and inconsistent of an emphasis on shorter $2.6billion came in guaran- But perhaps most impor- bersindicated, this wasn’t could hit the market, some play, but his upside remains deals,” Trettersaid. “That’s teed money—compared with tantly,itgives America’s just anyoff-season. It was of whom received megadeals tantalizing.He’salso not the always,for the most part, in 49.3%ayear ago. That’sa most popular sport labor an unusually busy one,with such as Cowboys receiver only potentially elitetalent the players’best interest.” jump of morethan 14%, with stability going forwarddur- an unusually big-name star Amari Cooper and Titans on the market. Thereare There’sone notable player the players receiving nearly ing aperiod when the sports available forthe firsttime in quarterback Ryan Tannehill. three recent No.1overall who could be taking advan- $1.5billion guaranteed at the landscape is experiencing un- his career: TomBrady. Although Tannehill stayed picks available: Newton, pass tage of just that. Brady’s deal start of the off-season. (This precedented instability. No player dominated this put, Brady wasn’t the only rusher Jadeveon Clowney in Tampa Baylaststwo includes all types of guaran- This time of year,the NFL off-season quitelikethe 42- notable quarterback to and quarterback Jameis Win- years. He’ll be 43 at the start tees,such as against injury.) is supposed to be the one year-old who made adeci- changeteams.The Carolina ston. of the upcoming season, and The2019 cash spent on league that’sinthe back- sion that’sfamiliar to plenty Pantherssigned Teddy It’salso possible the free he has indicated he wantsto players league was$6.35 bil- ground. By now, March Mad- of other people his age. He Bridgewatertoathree-year, agencyspending splurge playuntil he’s45. lion, which wasupnearly 9% nessistypically in full swing, wanted achangeofscenery. $63 million deal, giving the would be even higher if not That mathisn’t especially from ayear prior and repre- NBAplayoff racesstart heat- Thedifferencebetween former first-round pick who forplayers who sawanad- complicated: Therecould be sents105.5%ofthe salary ing up and the MLB season Brady and almost every had playedwell behind Drew vantagetotaking shorter- another TomBrady free cap. has launched. This year,that other playerhis ageisthat Brees in NewOrleans an- term deals this off-season. agency two yearsfromnow. P2JW091000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, March 31, 2020 | A15 OPINION Harvard’s China Virus BOOKSHELF | By William Easterly

Amid the such terms contributes to the scores forAsian-Americans,” a imprimatur to such apoliti- Let’s Make coronavirus “stigmatization of China.” racial penalty that brings cized name? wreckage, It’s hardnot to noticethe down an Asian-American ap- In an attempt to restore thereseems chasm between this newhy- plicant’s overall score. some perspective, two mem- to be a bright persensitivity and the indiffer- According to Studentsfor bersofU.S.Commission on A Deal spot. The encetoward another,veryreal Fair Admissions,the group su- CivilRights, Gail Heriot and MAIN pushback discrimination affecting this ing Harvardoverits use of Peter Kirsanow, issued a tart STREET against refer- same community. That is the race in admissions,Asian- dissent from the majority’s Extreme Economies ring to racial discrimination keeping Americansasawhole score claim that people who say By William Covid-19 as Chinese-Americans out of higher “onmanyobjective “the China virus” are encour- By Richard Davies McGurn the “China vi- America’smost eliteeduca- measures than anyother ra- aging “xenophobic animosity.” (Farrar, Straus & Giroux, 396 pages, $28) rus” indicates tional institutions.Some of cial/ethnic group including Ms. Heriot and Mr. Kirsanow awelcome newsensitivity for thesame people who fret so turn the tables on their fellow hat Adam Smith called the “propensity to truck, the racial discrimination di- loudly about how we refer to commissioners, pointing out W barter,and exchangeone thing foranother” is as rected at Chinese-Americans. Covid-19 are utterly indiffer- Covid-19 isn’t the that when authoritative or- widespread today as it wasinthe 18th century. In Or does it? ent to this other racial dis- ganizations such as the com- RichardDavies’s“Extreme Economies,” it emergesinplaces Ever sincepeople began re- crimination affecting Chinese- only‘stigma’ that mission indulgein“promiscu- as diverse as aMiddle Eastern refugeecamp and aU.S. ferring to “the China virus”— Americans. has been imposed on ous” use of wordssuch as penitentiary. Markets, Mr.Davies engagingly shows,can make or to be precise,eversince Start with the mayorof “racist, xenophobic,and hate- an extreme situation lessextreme. Sometimes,itistrue, they the White House press corps NewYork,Bill de Blasio.After Asian-Americans. ful,” it can also have ugly ef- canmakethingsworse,and thereisarole forgovernment realized it wasDonald Mr. Trump tweeted out a ref- fects. All toooften it means intervention. But Mr.Davies also shows howgovernment Trump’s preferred term—the erenceto“the China virus” promotingthe false notion responses canbeineffectiveordoharm in their ownway. American people have been earlier this month, Mr.deBla- test scores,academic achieve- that Americaisasteaming Mr. Davies, a fellow at the London School of Economics, given repeated warnings that sioclapped back.Asian-Amer- ment, and extracurricular ac- cauldron of hate just waiting first describes how markets flourish in Zaatari, a Syrian this is not only insensitivebut icans,the mayorthundered, tivities.” Butifweare to be- to boil over. refugee camp in Jordan that in 2013 was home to 200,000 dangerous.The subheadline of “don’t need you fueling more lieveHarvard, Asian- Certainly Chinese-Ameri- people. Informal businesses range from pet-bird shops to arecent NewYork Times bigotry.” Americans arelesslikable, cans (and others of Asian de- wedding-dress rentals. By 2015 private business sales storycaptures the tone: “As If someone fuels bigotryby lesskind and lesscourageous scent mistaken for them) are reached almost $14 million a month—no thanks to the bigotsblame them forthe cor- calling avirus aname accu- than those of other races. If nowenduring disgusting at- United Nations High Commissioner for Refugees, the agency onavirus and President Trump rately derivedfromits geo- that’snot stigmatization, tacks and slursfromthose un- that runs the camp. labels it the ‘Chinese virus,’ graphic origins, what about a what is? fairly blaming them for The agency’s staff many Chinese-Americans say mayorwho works overtime to Or take the World Health Covid-19.Much of this is members, Mr.Davies tells us, they areterrified of what reducethe number of Asian- Organization,which prides it- crude name calling,such as have their ownideas about could come next.” Americans in his city’s most self on objectivityand profes- the 13-year-old Connecticut what refugees need, and so TheU.S.Commission on competitivepublic high sionalism. In 2015,WHO up- girl taunted as “corona” by they issue e-cards that canbe Civil Rightshas also chimed in schools, not because they ha- dated itsbest practices for her classmates. Other acts by used only at U.N.-sponsored with a statement warning ven’t earned their entrybut naming newinfectious dis- those blaming Chinese people supermarketstobuy necessities. public officials against nor- because they aren’t the right eases.The aim is to prevent a forcoronavirus aredownright Theaid workers’ idea of malizing “xenophobic animos- race. name from “stigmatizing” any criminal, from the stabbing of necessities includes thingsthat ity toward Asian Americans” Ditto forHarvard. Remem- particular community or an Asian-American fatherand the refugees don’t want—like by using “the China virus.” ber,the chief argument country, and thus avoid nega- son at aTexas Sam’sClub to low-quality powdered milk from TheCouncil of Chief Diversity against “the China virus” is tiveimplications forevery- an assault on aNew York man, NewZealand. Therefugee Officersatthe University of that using it stigmatizes both thing from trade and tourism who was kicked, spat on and response is to buy the powdered California instructsthe uni- China and people of Chinese to violence. told to go back to China. milk anyway,then resell it at a versity community not to use descent. But what about the YetWHO refers to the West As the Commission on Civil loss to a smuggler for cash. The terms like“Chinese virus” be- stigmas that come from the Bankand Gazaas“Occupied Rightsrightly says,“xenopho- smuggler off-loads the milk to Jordanians cause they “cast either inten- subjective “personal ratings” Palestinian territory.” Anyone bia wearsmanyfaces.” And in driving past the camp.The refugees canthen use the cash to tional or unintentional projec- Harvard applies in its admis- ever askthe Israelis if they anation of 330million, Amer- buy thingsthey do want from privatebusinesses—like tions of hatred toward Asian sions process? TheJusticeDe- feel stigmatized or endan- ica has its share of goons. homemade yogurt, aSyrian staple.Not to mention pet birds. communities.” Beijing com- partment says these ratings geredwhen the world’spre- What’s Harvard’s excuse? TheU.N.agencyisnot afan of refugeemarkets, and so plains that Mr.Trump’suse of produce “consistently poorer mier health authority lends its Write to [email protected]. in 2014 it built another camp, named Azraq, to correct the “mistakes” in Zaatari. It spent $63.5 million on a planned community a long way from Jordanian towns. Azraq’s dispersed grid of homes and 100 official businesses contrast U.S. Leadership Will Survive Coronavirus with Zaatari’senthusiastically congested central core. Tight security in Azraq and its remote location prevent Thereare two onic transports of passionate and to getthe privateand the world economyfrom smuggling—the refugees arestuck with e-cards forthings epidemics handwringing.Each week’s public sectorsworking to- freezing up. they don’t want. Thebuildingsfor official businesses are raging across NewYorker issue will be more gether effectively.The U.S. Medicalsystems in Africa mostly empty.The greatest risk forZaatari refugees breaking the U.S. to- cuttingly eloquent than the typically stumbles out of the and elsewherethat were built the rules is that the U.N. could send them to Azraq,which day: the coro- last. starting gate,but onceitgets with American aid to fight the refugees viewasanopen-air prison camp.Abetteridea navirus and a It is,however, much too going,the ingenuity,adapt- HIV and Ebola have given doz- would have been to allowfreeenterprise in both camps. GLOBAL febrile sense soon to saythat Americais abilityand dedication of the ens of countries capacities Mr.Davies’smost striking case of flourishing marketsisthe VIEW of national failing ahistoric test. What is American people enable it to they wouldn’t otherwise have one inside the Louisiana State Penitentiary. Entrepreneurial failure. Just it being graded against? make up the lost ground. possessed. With both the In- prisonersproducepecan candies,fried chicken, and services By Walter likethe so- Thanks to bad strategic and Fearsofacollapse of U.S. ternational MonetaryFund likehaircutsand shirt-ironing forsale to other prisoners, while Russell Mead called Flagel- operational decisions in 1941, leadership abroad arealso andthe World Bank arguing they persuade guards to look away.Guards also smuggle in lants, who U.S. Pacific forces were sitting overblown. Theonly way we that it’svital to reducedebt synthetic cannabis forsale to prison drug lords,who sell it to roamed acrossEurope during ducks when warbroke out. can really help others at this burdens and help emerging other prisoners. Themost remarkable aspect of this market is the Black Death beating them- Except mercifully forits air- point is to put America first. countries deal with the mas- that inmates aren’t allowedtohold cash, so they have had to selves with scourges and be- craftcarriers, the Pacific fleet sivecostsofthe crisis,Wash- invent their ownmoney.They use asystemofpre-paid cardsin wailing their sins,punditsand was concentrated and poorly ingtonisworking with Group which arelativeorfriend on the outside canmakeananony- politicians nowsolemnly in- guarded in Pearl Harbor.This Put away the plague of Seven and G-20 countries mous transfer to aguardortothe relativeorfriend of another tone that afailed coronavirus was followed by a debacle in to respond to the need. One prisoner.Informal marketsmakeprison alittle lessawful. response proves that Ameri- the Philippines. Caught in an carts and wailing for suspectsthis activity would cansociety is sick and Ameri- indefensible position, by April now. Comebacks are getmoreattention if aDemo- In refugee camps, prisons and other unlikely canglobal leadership is dead. 1942 morethan 22,000 Ameri- America’s specialty. crat were in the WhiteHouse, Certainly the initial U.S. re- canmilitarypersonnel were but it is a more than respect- places,markets arise to meetcritical needs and, sponse wasflawed. The captured or surrendered, and able record foracountrystill Trump administration and lo- 10,000 underwent the infa- getting to grips with a once- at times, circumvent faultyofficial policies. cal and state officials should mous Bataan Death March If our countryisparalyzedby in-a-century event. have made much betteruse of into brutal captivity. adevastating epidemic,and Thetruetest of leadership the time gained by President These costly blunderswere our economycrashes and has yettocome.America Marketscan result in lessfavorable results, as we see in Trump’smuch-criticized but lessexcusable and moreex- burns, we won’t be able to can’t help the world much if it the jungles of Panama. Loggerstherebuild tracks fortheir nowuniversally imitated coro- pensivethan anything we’ve help anybody with anything. is flat on its back. But as the heavy trucks deep intothe jungle to harvest the most navirus travel bans. The time done wrong so far in this cri- AmericaFirst at this moment U.S. rises,itcan help others valuable trees.Smaller operatorsfollowthe tracks in pickup could have been used to get sis.They made the warlonger isn’t aslogan forchauvinism. up,too—and it will be in trucks to grab lessvaluable wood. Campesinos come next to the countryinsubstantially and bloodier than it would It’s common sense. America’sinterest to do so. grazetheir cattle on the cleared land. Overgrazing induces bettershape fortesting and otherwise have been—but vic- This isn’t only true for the Americans can’t stay healthy the campesinos to movetonew pastures.All that is leftafter treatment, and an earlier tory came in the end. The U.S. Thebest giftany country if the pandemic continues to all this,Mr. Davies notes,isawasteland that supportsnobody. adoption of strict social-dis- Civil War, World War I, even cangivethe world at this surge around the globe,and This is aclassic “tragedy of the commons,” in which each tanceprotocols would have the Cold Warsaw asimilar time is to master its own dif- oureconomywon’t prosper individual has an incentivetoextractasmuch as possible impeded the spread of the vi- pattern of fecklessnessand ficulties, succor its own peo- for long unless the world re- from common lands even though everyone will eventually be rus significantly and reduced confusion in the early stages. ple,and preparetoplayits covers with it. worseoff.One answertothis problem, proposed by econo- the projected death toll. Americagenerally starts part in the global resurgence. TheU.S.may yetfail to mists, is optimal statecontrol of extraction rates, keeping Barring thesudden appear- slowly.Our national genius is Even so,Americahas al- meet the test that historyis them lowenough to allowthe commons to grow back. anceofamiracle cure, the di- forthe privateeconomyand ready done far more to fight giving it, and if it does there Unfortunately, an optimal government hasn’t been saster will likely ripple across private pursuits. When crisis thepandemic and itsconse- will be plenty of opportunity functioning in Panama. Weight limits on logging have had the country, testing medical comes, it takes the U.S. more quences than anyother coun- for self-flagellation and woe. the perverse effect of goading loggers to chop down the facilities and all levels of gov- time than many countries to try. China has sent afew high- Butthe American response to straightest trunks and discard the rest of the tree. The ernment to—and, in some movetoanemergencyfooting profile shipmentsofoften- date, flawed as it is, suggests system, as Mr. Davies writes, “is designed to protect the cases,past—their breaking and coordinatethe manymov- defectivemedical supplies, that the strengths that forest but does the opposite.” The government also offers points. Each pieceofbad ing partsofits society; to get usuallyattop-dollar prices; brought the U.S. through even subsidies for reforestation, but 80% of it investors have news will stimulate our mod- the various state, local and the Federal Reserveopened worse crises in the past have grabbed for teak plantations. Alas, teak trees shut out light ern day Flagellants to histri- federal authorities to mesh; dollar-swaplines that kept not yet faded away. from the understory and shed acidic leaves. Mr. Davies observes that the ground underneath the teak trees “looks as if it has been doused with petrol and left to burn.” In this case, both markets and government have failed. Nurses Are the Coronavirus Heroes Mr.Davies’snextstopisGlasgow,whereone of the world’s largest shipbuilding industries existed from the 1800s By Paul Dohrenwend in my life,” she said. “I’m usu- If youwonder who actually vivesthe illnessordies more through the 1950s.Inthe good times,firms benefited from ally the faceofcalm. Itell sticks the swabs intothe comfortably. one another because of “agglomeration externalities”—they San Diego family membersofpatients, noses of worried patients, it’s Howcritical arenurses to shared apool of specialized labor and suppliers. Shipbuilders writethis an hour after ‘Look at my face, when this the nurses.They’reonthe the capacity of the health sys- located in Glasgow because other shipbuilderswerethere. I finishing my shiftinthe facegetsworried, then you front line,face-to-face, in the tem? Thenumber of nurses Unfortunately,the processalso works in reverse. Global hospital emergencyde- worry.’ ” 6-foot danger zone.They are staffing the hospital deter- demand shifted away from Glasgow’s coal-fired steamships partment. It’s1a.m. Anurse I collecting the datathat epi- minesits capacity.Anab- to diesel-poweredtankers. Japanese firms used newdry-dock have known foralong time demiologistsuse to track the sencebecause of asick call or technologies to out-competeGlasgow forthe world market. said to me as she leftthe They marinate in risk outbreak. child care closes three beds. Everytime aGlasgow shipbuilder went out of business, the shift, “In 18 years, Inever felt Moving in and out of neg- Understaffed floor beds result pool of labor and suppliersshrank—making it even harder the need to take ashowerin as they spend more ative-pressurerooms,putting in boarding in the emergency forremaining firms to survive. the staff locker room so I time than anyone else protectiveequipment on and department, and that creates The British government responded with that always could feel safetogohome.” taking it off,nurses arecar- awaiting-room backup. popular answer—a government commission. It forced a Earlier she wasatthe bedside tending to patients. ing forelderly patientswho Ithank everyone who’s mergerofmanyGlasgow shipbuilders, aiming forlarge-scale in anegativepressureroom, areseverely illand some- working to help getthrough efficiencies.But it didn’t work.In1977the government wearing apoweredair-purify- times crashing.The nurses this.Icommend the scientists nationalized the industry. Thestate-run firm also failed. ing respirator as she helped Our department’snursing marinateinrisk as they at bigpharmaceutical compa- Glasgow’s shipbuilding agglomeration wasgone.The market intubate apossible coronavi- leadership led the charge by spend the greatest amount of nies who aredevelopingbet- answertosuch aspiral is forindividuals and firms to move ruspatientwho’d crashed. working with hospital adminis- time with the patient. They tertestsand vaccines.Ithank somewhereelse,whereanewly flourishing agglomeration Theprecaution and gear make tratorsand the disaster-pre- draw blood, obtain samples, the teacherssetting up re- canbefound. This solution, admittedly,isnot that helpful to the work feel moredanger- parednessteam to set up, provideoxygen, and stead- moteclasses and the manag- someone who can’t moveordoesn’t want to. ous.“Will that equipment be within hours, ascreening tent fastly tend to their patients’ ersmaking tough business From such varied experiences,Mr. Davies drawsa enough,” sheasks,“to keep outside our two SanDiego needs. They arebythe doc- decisions.Everyone is playing compelling portrait of marketsfunctioning—and sometimes thevirus out of my body?” emergencydepartments. This tors’side as we intubatepa- apart—but none aremore malfunctioning—in all sortsofconditions and cultures.Itis Nurses arethe underappre- newly created care area off- tients struggling to breathe. important than the nurses. clear from “Extreme Economies” that the world deserves both ciated heroes of this crisis. loaded manycases that would Oncethat patient is trans- moremarket solutions and morecompetent governments. One,normally the coolest of have entered the emergency ferred to the intensive-care Dr. Dohrenwend is assis- heads, checked in to the de- department, endangering oth- unit, it’sthe nurses who do tant chief of emergency medi- Mr. Easterly, a professor at New York University, is the partment afterher shift. “I ersand burdening our inner themundane and the heroic cine at Kaiser Permanente author of “The Tyranny of Experts: Economists, Dictators, am anxious forthe firsttime system. to makesurethe patient sur- San Diego. and the Forgotten Rights of the Poor.” P2JW091000-0-A01600-1------XA

A16 | Tuesday, March 31, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Coronavirus Models of Uncertainty Using Drugsoff Labelfor Treating Covid-19

resident Trump on Sunday said he was other countries’ experienceand their projected Regarding Charles L. Hooper and The authors fail to point out the persuaded by coronavirus pandemic fatalities in the U.S. About 64,175 morehospital David R. Henderson’s “FDA Shouldn’t huge benefit of the FDA for American P models to extend national social dis- beds,17, 380 intensivecareunit beds and 19,481 Keep Safe Drugs off the Market” (op- medicine. I was in practice in the ed, March 26): The issue the authors 1960s when new drugs were pushed tancing guidelines through the ventilatorsonaverage will be The range of outcomes don’t mention is that, on average, weekly by visiting drug salesmen— end of April. TheWhiteHouse needed nationwide.But de- only 30% to 50% of patients get 50% each touted as a “miracle drug.” Very plans to lay out the data and is large and the worst mand will be most acute in a better when starting a drug. How- frequently these new drugs were off assumptionsbehind the deci- handful of states. ever, 15% to 30% of patients also re- the market within six months because sion on Tuesday, and we look case far from likely. Forinstance, NewYork will spond to placebos. A few novel bio- of side effects or ineffectiveness. forwardtothat. Meanwhile, need an estimated 35,000 logical medications have achieved When the FDA began testing new we thought readersmight ap- more hospital and 7, 300 ICU better results, but very few. drugs for efficacy, the quality of U.S. preciateadiveintoone of the moreprominent beds next week when demand for care is pro- The 50% improvement is the stan- drugs improved rapidly and patients Covid-19 models to look at the wide range of jected to peak.That’salot, but blessedly fewer dard endpoint in many clinical trials. benefited by receiving more effective outcomes—and howmuch uncertainty there than the 55,000 to 110,000 hospital beds and The statistical comparisons are “re- and safe medications. They also saved continues to be. 18,000 to 37,000 ICU beds that public health of- sponder rates”: percentage of sub- a lot of money. jects better than pretreatment status Later, I moved to West Africa, WhiteHouse coronavirus coordinator Debo- ficials had said aweek or so agocould be versus results for a placebo or com- where I had to use drugs from India, rah Birx said its assessment of how the pan- needed. This shows how projections can vary parator drug. I usually show results Italy and elsewhere. I often found demic would unfold closely mirrorsthe Univer- and quickly change. as the difference in outcome between those drugs to be useless (at best) sity of Washington’s Institutefor Health “Demand forhealth services rapidly in- the drug and a placebo to better rep- and occasionally harmful. I found Metrics and Evaluation, the so-called Murray creases in the last week of March and first 2 resent potential gain with a new French drugs to be effective and well model. That group last week estimated 81,114 weeks of April and then slowly declines through treatment. standardized in dosage recommenda- deaths over the next four months,with 95% con- the rest of April and May, with demand continu- My recommendation has been to tion because France had a govern- fidencethat the number would be between ing well intoJune,” the Murray summarynotes. allow very sick patients to make the ment agency that required careful 38,242 and 162,106. “Daily deaths in the mean forecast exceed 2,300 choice for themselves: assume the evaluation of drugs, similar to Amer- That’saterrible human toll and would be by the second week of April. While peak demand risks of a drug not yet FDA-cleared ica’s FDA. about three times morefatal than theaverage will occur at the national level in the second for the indication along with the po- Messrs. Hooper and Henderson tential benefits. Within that system, have a good idea about using untried seasonal flu. But the good news is this fatality week of April, this varies by state.” every patient should be tracked for drugs on the Covid-19 virus infection forecast is much lowerthan the 2.2 million that TheMurray model predictspopulation death outcome. Although these are “N of 1” because nothing else has been effec- the President suggested as aworst case.Esti- rates will fall below 0.30 per million in most experiments, good surveillance could tively tried by the method they rec- mates could still shiftsignificantly,and the Northeastern states,Michigan, Indiana, Nevada speed treatments to the patients who ommend. However, controlled trials Murray group plans to updateits model as and Louisiana by early May, but not until late need them. This approach supports must be instituted as soon as possi- more dataflowinfromthe states and other June or early July for Wisconsin and Florida. the authors’ suggestion to alter drug ble and ineffective drugs taken off countries. Theenormous geographical variation and mod- approval. the market promptly. Importantly,the Murray model measures elling uncertainty no doubt informed the White JOYCE CRAMER ED MANRING, M.D., M.S. deaths in terms of population rather than con- House decision to extend social distancing Houston Westlake, Ohio firmed cases sincetesting varies geographically. guidelines nationwide for at least a month de- It also extrapolates U.S. fatalities based on evi- spite Mr. Trump’s previously stated desire to dencefromother hot spotsand Wuhan in China get the nation back to work. aftergovernment lockdowns.One important data Statistical models areacrucial but not the Don’t Be TooHardonNew York’s Hospitals point: It took 27 days afterstrict social distancing only factor that political leadersshould heed as Regarding your editorial “New plan for coping with pandemics. The wasimplemented in Wuhan beforedaily deaths they make decisions in the public interest. And York’sAiling Hospitals” (March 26): state’s money would be better in- peaked. NewYork,California and other states none of these estimates assumes progressfrom NewYork’sMedicaid program is in- vested in practical solutions, and not that took early action to close non-essential busi- newtreatments that could reducedeaths and deed mismanaged in manyways,but in maintaining thousands of fully nesses aremerely starting week three. hospitalizations.Widespread testing—especially blaming it forashortageofhospital equipped hospital rooms that would Data out of China may not be reliable, and forantibodies forthose who developed immu- beds during the coronavirus pan- sit empty most of the time. the Murray study underlines that “modeling for nity,asGermanyisplanning to do—will also be demic is going toofar.This presup- BILL HAMMOND US states based on one completed epidemic,at valuable in planning an exit from the sledgeham- poses that NewYork has unusually Empire Center for Public Policy lowhospital capacity,when the oppo- Albany, N.Y. least for the first wave, and many incomplete mer of our national lockdown. siteistrue. Thenumber of beds per epidemics is intrinsically challenging.” This is April is going to be abrutalmonth forAmer- capitahas fallen in recent years, but Cutting payments to physicians like why the estimates are likely to change in the ica, and the next two weeks especially. But as it remains 13% higher than the na- New York state plans to do under its coming days and weeks. the bad news arrives, it’s important to under- tional average. It’salso disorienting Medicaid program will only eliminate TheMurray model also simulates health-care stand that the worst-case-scenarios that many to hear the word “miserly” applied to the few doctors who can afford to ac- utilization in the states over time based on in the media trumpet arefar from acertain fate. a$75 billion Medicaid program that cept their patients. We need more pri- covers athirdofthe population and mary-care doctors not fewer. Pay spends moreper capitathan any them and they will come. Starving An FDA Breakthrough on Treatment other state’s. them out of existence isn’t a solution. Its payment rates for physicians WILLIAM V. CHOISSER, M.D. he Food and Drug Administration on Sun- Morestudy is needed, and aclinical trial of may be paltry compared to Medicare, Jacksonville, Fla. but not its rates for hospitals. A 2018 daygreen-lighted two malaria medicines the two drugsinvolving 1,100 patientsstarted study co-authored by Chris Pope of Among the reasons mentioned in T that have shown some promise treating last week in NewYork.But the FDA’semergency the Manhattan Institute and myself your editorial you should have in- the novel coronavirus,and the authorization will let more estimated that New York Medicaid re- cluded the ideological requirements emergencyapprovals couldn’t The agency finally doctorsprescribe the drug imburses hospitals at about 95% of for New York hospitals’ funding. Some come soon enough. Expanding approves anti-malarial outside of clinical trials,and the Medicare level for patient care, or religious-based hospitals were forced their use could bring quicker hospitals will be required to 130% when supplemental payments to close in New York City because relief to patientsand hospitals drugs for Covid-19. maintain dataondrugdispen- are factored in. Overall, the state’s funding was denied if abortions while allowing scientiststo sation and patient outcomes. hospital spending per Medicaid en- weren’t performed at those hospitals. betterassesstheir efficacy. This will allowalargerreview rollee is 37% higher than the national If NewYork Democrats, including Themalaria drugshydroxychloroquine (HC) than possible in acontrolled clinical trial. average. Gov.Andrew Cuomo, continue to The reason that hospitals have followthe dictates of Planned Par- and chloroquine have been around formorethan Production of the drugswill need to increase been downsizing and closing in recent enthood and NaralPro-Choice five decades,sotheir safety is well documented. so patientswith autoimmune conditions can years across the nation is declining America, religious-based hospitals Newevidencesuggeststhat they could also help maintain their treatments, and the emergencyap- demand for inpatient care, a generally will never reopen. They should be fight the novel coronavirus,asop-eds by Dr.Jeff proval covers only drugssupplied by the National positive trend. If anything, Medicaid held to account. Colyer on these pages have reported. Both chlo- Strategic Stockpile.The Department of Health and has spent too much money trying to The losers are the working poor in roquine and HC in vitroblock the replication of Human Services reported Sundaythat Novartis prop up certain hospitals that, in the New York City, where hospital beds RNA viruses likethe novel coronavirus. has donated 30 million doses of HC,and Bayerhas absence of a rare and virulent out- are severely diminished. Hydroxychloroquine nowadays is oftenpre- contributed one million doses of chloroquine to break, sit largely empty. BRIAN NIXON scribed forthe autoimmune conditions lupus and the federal government, which candistributethe New York obviously needs a better Pompano Beach, Fla. rheumatoid arthritis that result from the body’s drugstoareas with the highest need. immune system attacking itsown cells.Scientists Some areattacking President Trump forgiv- have also documented an overreactiveimmune ing patients“false hope” by encouraging the Some Emergency Powers Need Congress’s OK response in severely ill coronavirus patients. emergencydrugapprovals.They quibble that Regarding the suggestion by David thorization Act of 2008. Notably, astudy in Franceof80coronavirus the French study lacked acontrol group,but are B. Rivkin Jr. and Charles Stimson in Citizens would do well to remem- patientsgiven HC and azithromycin, an antibi- flogging asmaller Chinese study that found no “A Constitutional Guide to Emergency ber Friedrich Hayek’s warnings otic forupper respiratoryinfections,docu- statistical benefit from HC.That study’s control Powers” (op-ed, March 20) that against the abuse of emergency pow- mented “a clinical improvement in all but one group received other antiviral drugs. “widespread noncompliance with fed- ers and the words of Justice Robert 86 year-old patient who died, and one 74 year- Effectivedrugtreatments would reducethe eral quarantines and travel bans pro- H. Jackson: “men have discovered no old patient still in intensivecareunit.” Doc- strain on hospitals and in the long term will be mulgated under the Public Health technique for long preserving free tors have also reported anecdotal evidenceof moreimportant and lesscostly than government Service Act may qualify as an insur- government except that the Executive the malaria drugs’ efficacy. quarantines in defeating the pandemic. rection.” Authorizing use of the mili- be under the law, and that the law be tary to enforce federal laws despite made by parliamentary delibera- the Posse Comitatus Act is an imposi- tions.” And: “emergency powers are tion on the Journal’s readers. consistent with free government only Pelosi Casts the First Virus Stone The writers, former Republican ad- when their control is lodged else- ministration officials, must know that where than in the Executive that au- ancy Pelosi wasted no time getting to that right: “But areyou saying that his down- a “stealth” provision of the National thorizes them.” her point in her interviewSundayon playing ultimately cost American lives?” Defense Authorization Act of 2007 The avoidance of military law en- N CNN. After some wishes about good Mrs. Pelosi: “Yes,Iam.” conferred such authority on the pres- forcement is a central principle of the health, host Jake Tapper TheSpeaker is apolitical ident in cases of “natural disaster, ep- Declaration of Independence, Consti- asked the House Speaker if The Speaker compares professional who doesn’t pop idemic, or other serious public health tution, and Bill of Rights. The gover- sheagreed with President Trump to Nero and off by accident. She clearly emergency.” It was repealed, after a nors and Congress will authorize its Trump’smusingsthat the na- went intothe interviewwith letter of protest signed by all 50 gov- use when truly necessary. The presi- ernors, by the National Defense Au- dent alone may not. tional lockdown could end by blames him for deaths. aplan to attack Mr.Trump at GEORGE W. LIEBMANN Easter.Mrs.Pelosi might have the start of aweek when she Baltimore disagreedonpolicygrounds— knows that the infection and Coronavirus: In a War, the and later SundayMr. Trump extended the social death tolls will mount. distancing foranother month—but instead she Whygothere? Thecynical interpretation is Warriors Get Combat Pay Pepper ... tore intoMr. Trump forkilling Americans. that Mrs. Pelosi and her allies have seen the As an infantrysoldier in Vietnam, And Salt “What the President—his denial at the begin- polls that showamajority of the public ap- Ireceived hazardous-duty pay, also ning wasdeadly.His delaying of getting equip- proves of Mr.Trump’shandling of the pandemic. known as combat pay. Maybe deliv- THE WALL STREET JOURNAL ment to where—it continues—his delayinget- Perhaps she wantstoundermine that percep- erydrivers, groceryclerks,firefight- ting equipment to whereit’sneeded is deadly,” tion. She mayalso be sending amessagetoher ers, medics,law-enforcement officers she said. “And nowIthink the best thing would left-wing that even if Mr.Trump wins re-elec- and medical staff should all receive an additional stipend fortheir haz- be to do is to prevent morelossoflife, rather tion, she will be happy to investigateand im- ardous frontlines duty that’skeeping than open thingsup,” referring to the possibility peach him again forhis virus response. the rest of us alive(“WorkersThrust of easing social distancing. Whatever the reason, this was an ugly note OntoVirus Frontlines,” Page One, “I don’t knowwhat the purpose of that is. when the public wantssigns of cooperation March 25). Afterall, President Idon’t knowwhat the scientistsare saying to acrossthe government—and when Mr.Trump Trump has said combating the new him. Idon’t knowwhat the scientistssaid to had been praising DemocratsinCongressfor coronavirus is awar. him. When did this President knowabout this helping to passthe $2.2 trillion relief bill. He ED SHERWOOD andwhat did he know? What didheknowand also refrained last week from attacking Mrs. Peachtree City, Ga. when did he knowit?” the Speaker added, re- Pelosi fordelaying the relief bill to add non-vi- peating the most famous line from the im- rusearmarks likeher $25 million forWashing- Lettersintended forpublication should peachmentprobe of RichardNixon. ton’sKennedy Center. be addressed to:The Editor,1211 Avenue of the Americas, NewYork, NY 10036, “That’sfor an after-action review. But as the But Mr.Trump cannever notrespond to an or emailed to [email protected]. Please President fiddles,people aredying.And we attack and on Monday, afterMrs.Pelosi’sSun- includeyour cityand state. All letters have to—wejust have to take everyprecau- daycomments, he hit back in atweet. That aresubject to editing,and unpublished tion.” FirstNixon, then Nero. doesn’t help matters at this moment.But re- letters canbeneither acknowledged nor “Those are awards I got— returned. Mr.Tapper wanted to makesureheheard member who cast the firstcoronavirus stone. instead of raises.” P2JW091000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, March 31, 2020 | A17 OPINION How to Get America Working Again Federalism And the By Robert S. Kaplan notavailable elsewherewill soon And Mickey D. Levy interrupt the essential business’s production. Lockdown ast week’s unprecedented Second, even the best statelead- surge of 3.3 million initial erscan’t anticipatewhereinnova- unemployment claims tions to contain and treat the epi- By Walter Olson quantifies some of the cost demic will emerge.Would a L resident Trump no longer of the shutdowns to con- governor have known to allowadis- tain the Covid-19 pandemic.The tillerytoremain open so it could use P hopes to see lockdown restric- Federal Reserveisappropriately fo- its inventory of alcohol to produce tions relaxed and manybusi- cused on keeping the financial sys- sanitary wipes? Could a governor’s nesses reopened by Easter—April 30 tem operating and preventing a fi- staff predict all the small and me- nowlooks likethe target date—but it nancial crisis,and the $2 trillion dium-sizemanufacturersintheir isn’t his call. Public-health merits stimulus will provideincome sup- statethat could switch production aside,the president can’t legally or- port to sidelined workersand finan- lines to producepersonal protective der the nation back to work.The lock- cial help forbusinesses that facein- equipment and ventilators? History down and closureorderswereissued terruptions in demand and cash shows that innovation comes from by stategovernments, and the presi- flow.But monetaryand fiscal stimu- KI unexpected sourcesand when de- dent doesn’t have the powertoorder

lus aren’t substitutes forthe most OWS mand to relieve dire circumstances them to reversetheir policies. ZL

important task: getting the unem- KO is highest. In America’sconstitutional design,

ployed back to work while protect- TIN • Prioritize reopening in industries while federal lawissupreme,the na-

ing their health and safety. MAR compatible with physical distancing. tional government is confined to enu- Many of the idled workershave Many of the 7.6 million jobs in con- merated powers.Ithas no general low and middle incomes. They and cording to the Covid Tracking Proj- storm syndrome arealready in clin- struction canbeperformed by phys- authoritytodictatetostate govern- their families arenot only financially ect. On Fridaythe Food and Drug ical trials,which will makeiteasier ically separated workers. Allowing ments. Manyofthe powers govern- distressed but also vulnerable to Administration authorized Abbott forhospitals to treat this adverse construction to restart would re- ment holds,inparticular the “police health problems: anxiety,depression, Labs’ newcoronavirus test, which response.The elderly and other storemillions of jobs and reactivate power” invokedtocounter epidem- substanceabuse,hypertension. They can deliver a positive result in five high-riskpopulations should be the sector’s extensivesupply chains ics,are exercised by stategovern- need acoronavirus exit strategythat minutes.Assuch gains accelerate, identified, quarantined until the of building materials and products, mentsand the cities to which states protectstheir health and enables we canconsider allowing low-risk acutestage of the epidemic has plus the services that support them. delegate power. When yellowfever them to regain their jobs. Here are people to return to their jobs. subsided, and provided with guar- Consider also the nearly 109 mil- ravagedPhiladelphia in 1793,itwas some components: • Choose an appropriate yard- antees of home deliveryoffood and lion workersemployedinservice- the city of Albany, N.Y.,that required stick. Covid-19 risks do not have to necessities. producing companies.The shutdown thearriving Alexander Hamilton and be reduced to zero for some people • Let the young return to work of the leisureand hospitality sector, his wife, Eliza, to wait out aquaran- Any sustainable strategy to return to work. In the past eight first. Formost young,healthypeople employing about 17 million people, tine at the Schuyler Mansion. To this months,thousands of Americans who contract the virus,itisn’t a wasunderstandable as ashort-term day, U.S. states remain in charge of against the coronavirus have fallen ill and died from sea- death sentence and symptoms are containment measure, and demand responding to epidemics. has to balance public sonal influenza. Medical experts relatively mild. If people areallowed is down anyway.But hundreds of health and economics. consider this atypical fluseason, to return to work but develop symp- thousands of small retailers, whose and citizens and government offi- toms and test positive, they and millions of employees supply prod- Trump can’t order the cials have come to accept these un- those in contact with them should uctsand services that consumers fortunate outcomes without calling be quarantinedand treated, as in want to purchase,havealso been country back to normalcy • Expand testing. No return-to- forforcedflu vaccinations,man- Singapore. Those who have recov- forced to close. by April 30 or any day. work strategyisfeasible without dated distancing or self-quarantine ered or aretested and found to have Evidence that the epidemic has masstesting of both the affected to reducemorbidity and mortality antibodies against the novel corona- subsided, along with rigorous moni- That’s for states to decide. and the asymptomatic.Singapore from seasonal flu. The government virus are likely to be at low risk for toring,immediateaccesstofaster and South Koreadeployedextensive should conduct serological testing— reinfection and could be allowed to testing,bettertreatments and thera- testing,contact tracing,community screening blood forantibodies—to return to work. pies,and moreawarenessofper- Modernizershavelong scoffed at surveillance, isolation of cases and see how many in a random sample • Gradually allow “nonessential” sonal hygiene and physical distanc- America’sfederalist structureasinef- quarantining of contacts to contain of Americans have already recovered businesses to reopen. As of Monday ing should enable manyenterprises ficient and outdated, especially in han- their outbreaks without massive from Covid-19.This information will morning, 26 states had issued stay- to reopen. Thechangeofseasons dling emergencies.Only the mighty economic damage. March 29 data givescientistsamoreaccurateesti- at-home or shelter-in-place orders. mayalso ease the crisis,ashigher national government, they argue, can show that incidence rates in Singa- mate of the mortality rate, which if These typically requireall busi- temperatures historically have quickly assemble the best information, poreand South Koreawerelessthan on the lowend of current estimates nesses to close and send their em- slowedviral contagion. Governments use it to design and adopt aconsistent 12% of Italy’s and death rates1/50th mayallowfor some public-health ployees home unlessthey’reonalist should makeevery effort to wind set of policies,and then getthe word as large.Germanyand Israel, which measures to be relaxed. of “essential businesses.” But many down the shutdowns judiciously and outclearly and persuasively to the en- likewise acted quickly and decisively, • Protect the vulnerable. Emerg- businesses left off the list are vital, allowAmericans to getback to tirecountry. also have far lowerdeath ratesthan ing evidencesuggeststhat cytokine for at least two reasons. work. Todayyou won’t find these critics Italy and Spain. storms,animmune response that First, the productsproduced by scoffing at the states or overglamor- America’s six-week delay in test- destroys healthylung tissue,could manyessential businesses require Mr.Kaplan is senior fellow and izing Washington. One federal institu- ingcapacity has prevented policy be an important factor in Covid-19 complexsupply chains,perhaps professor emeritus at Harvard Busi- tion afteranother,including the Food makers from following these inter- mortality.Fortunately,screening for originating in asmall companyof ness School.Mr. Levy is chief econo- andDrugAdministration and Centers national best practices. U.S. testing hyperinflammation is relatively which even alarge businessmay be mist for U.S. and Asia at Berenberg forDisease Control and Prevention, capacity is finally ramping up and straightforwardand inexpensive, unaware.Closing asmall company Capital Markets LLC and on the has been caught flat-footed by now exceeds 100,000 testsaday,ac- and targeted therapies forcytokine that produces avital component Shadow Open Market Committee. Covid-19.WhiteHouse briefingshave been contradictory, unfocused and of- tenatvariancewith actual policy, while Congressspent days bedecking Save Capitalism From the Cares Act alegislativeChristmas tree of arelief bill, sagging under the weight of su- By Amit Seru ees. If they dismantle those teams chunkofthis money ($56 billion) small firms,but with tougher condi- perfluous ornaments. And Luigi Zingales because of the pause in the economy, will be used directly by the Treasury tions.Again using 2017census data, State governments, by contrast, production capacity will be lowerat to grant loans to airlines and other we calculated the totalexpenditures with some exceptions hereand there, surreal bipartisanship prevails the end of the pandemic. “strategic” firms (read: Boeing). The in payroll, interest expenses and have responded to the emergency A in Washington. Everyone Only $377billion of the $2 trillion Treasurywill then confer the rest rents of all U.S. large companies to moreskillfully and in away that has wantstospend, spend, spend. packageisdirectly targeted to this ($454 billion) to the Federal Reserve be $392 billion a month. wonmorepublic confidence. States SenateMajority Leader Mitch goal. These are loans to small firms to absorb losses the Fedmight incur Yetnot all large companies are have had four key advantages: McConnell, who aggressively fought (fewer than 500 employees), which in lending to firms in the private idle.Amazon is doing great, and so • Knowledge of resources. States President Obama’s2009 stimulus areforgivable if the funds arespent sector. areGoogle and Facebook.Overall, knowfar morethan Washington package, wasdelighted the other day on payroll, rent, mortgageinterest Theexpectation is that the central largebusinesses arelikely to be hit about available local resources, such to announce a fiscal stimulus more and utilities.Byusing 2017census bank will leveragethis money 10 to 1, lesshardthan the U.S. economyover- as closed hospitals,and howtoacti- than twiceaslarge.Democratsare data(the most recent available), we enabling it to lend up to $4.54 tril- all. Goldman Sachs forecastsa24% vate them. Thus the quick plans to pushing for more. lion to companies.That sum is more drop in this coming quarter.Evenif convert convention centersinNew Areweall Keynesians now? Or than all U.S. commercial and indus- the large companies were hit in pro- York,Baltimoreand SantaClara, Ca- have we all embraced the so-called The stimulus is the largest trial loans outstanding at the end of portiontothe overall downturn, the lif., intotemporaryhospitals,and Modern MonetaryTheory, which 2019 ($2.35 trillion) plus all the new cost of replacing their wages, rents Maryland Gov.LarryHogan’sidea of suggeststhat when an economyis step toward a centrally corporatebonds issued during 2019 and interest would be only $94bil- repurposing the state’svehicle-emis- belowits full potential, we canprint planned economy that ($1.41 trillion). Thus,ifthis capital is lion amonth. So the $510 billon sions inspection centersfor drive- money to financeany deficit without all deployedbythe Fed, and at rates would last almost half ayear. through medical testing. provoking inflation? No.The answer America has ever taken. that will surely crowd out private Theurgencyofthe moment facili- • Knowledge of hazards.Insome is much simpler.Weare all experi- capital, all capital allocation in the tatedagiveaway to vested interests. states,tourist crowdsand late-night encing theeffectsofcombining a U.S. in 2020 will be done by the Fed- Nowthat the Cares Act is law, policy revelerspose the most urgent danger real crisis with powerful lobbying. calculated the total expenditures in eral ReserveSystem, not by the capi- makersneed to find waystoimpose of spreading the virus,while in oth- With 20% of Americans locked in payroll, interest expenses and rents talmarket. This is the largest step restrictions on howthe money is de- ersit’schurch gatherings. Stateswith their homes,nearly all air travel can- of U.S. small firms amountsto$258 toward acentrally planned economy ployed. It isn’t only aquestion of fis- dense,transit-dependent cities face celed, and the global supply chain billion amonth. Unlessthe Trump the U.S. has ever taken. And it social- calprudence; the natureofAmerican oneset of challenges; those at the disrupted, youdon’t need to be a administration introduces criteria izes only losses. Profits, when they capitalism is at stake. hub of international air travel, an- Keynesian to think the government forselectivetargeting,the money al- come, remain private. other.Statescan tailor local policy should intervene.But that doesn’t located in Cares will runout in a Thereneeds to be far moretrans- Mr. Seru is aprofessor at Stan- emphasis and messages in waysthat mean the Cares Act—an acronym for month and ahalf.Designing the con- parency, governanceand account- ford Graduate School of Business would elude or overcomplicateany Coronavirus Aid, Relief,and Eco- ditions forsuch targeting isn’t easy, ability around the Fed’sdeployment and asenior fellow at the Hoover In- federal plan. nomic Security—is wise.The last sinceevery requirement will slow of trillions of dollarsinthe real stitution. Mr. Zingales is aprofessor • Knowledge of response priorities. thingweneed at this moment is a the money’s deployment and speed is economy. Policy makers also should at the University of Chicago Booth Afterthe federal government’sfiasco Keynesian stimulus. Since the lock- of essence. Thus,wefear that the ad- make the$510 billion program for School of Business and co-host of the in failing to approveCovid-19 tests, downs constrain supply,stimulating ministration will soon come back to large companies similar to that for podcast “Capitalisn’t.” Gov.Andrew Cuomo of NewYork demand would lead only to a rise in Congresswith anew request for made surehis statetook the lead in prices. money. rolling out testing.His instinctswere Besides helping the medical effort, Theneed to help individuals and proved correct when that testing government intervention should of- smallfirms has provided coverto Notable & Quotable: Gouging confirmed NewYork City’s status as ferfinancial help to people who can’t the largest corporatesubsidy pro- the hotspot of the U.S. outbreak. work,and it should preservethe pro- gram in U.S. history. Under intense From Brandon Fuller’s interview cally.Atsomething close to normal • Quicker, more flexible mistake duction capacity of the U.S. economy. pressure from lobbyists, the Cares with Paul Romer,University Profes- prices, it is unlikely that a firm will correction.Pennsylvania Gov.Tom Thegreatestresource most compa- Act allocates$510 billion to support sor at New York University and co- buy the additional capital equip- Wolf drew fire when, afterwaiting nies have is their teams of employ- loans forlarge businesses.Asmall recipient of the 2018 Nobel Prize in ment necessaryfor amany-fold in- longer than his neighborstorespond Economics, City Journal, March 25: crease in their production capacity, to the crisis,heinstituted sweeping only to meet atemporarysurge in closures.Almost at once, local voices Fuller: So ubiquitous testing and demand. Firms won’t be able to re- pointed out that manyofthe facili- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY plentiful personal protective equip- covertheir costsfromcapital ties being closed—from rest stops re- Rupert Murdoch Robert Thomson ment arethe keystogetting people equipment. lied on by truckerstolaundromats, Executive Chairman, News Corp Chief Executive Officer, News Corp back to work and restoring eco- So Ithink we have to be creative forestrycompanies and accounting Matt Murray William Lewis Editor in Chief Chief Executive Officer and Publisher nomic normalcy. Howdoweget about using thingslikethe Defense firms—wereeither morevital to ev- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: from whereweare today—short on Production Act and having the gov- eryday lifethan the statehad reck- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; testsand protectiveequipment—to ernment do what it has done to mo- oned, lessriskytooperateorboth. Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; whereweneed to be? Howcan pol- bilizeresourcesduring past wars.I Mr.Wolf heardthem and promptly News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; icyinducemoretestsand moreand think we need to be realistic that backed off on multiple categories.It’s Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer betterequipment? very high prices will not be politi- alot easier forlocals to reach some- Features &Special Projects; Andrew Dowell, OPERATING EXECUTIVES: Romer:There’saninteresting cally or socially acceptable,govern- oneinthe governor’s officethan the Asia; AnthonyGalloway, Video &Audio; Kenneth Breen, Commercial; AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; constraint hereinvolving percep- ment will need to be creative, and president’s. Features &Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; tions of price-gouging.Wemay find other waysbesides atemporar- Whether Americabegins returning Shazna Nessa, Visuals; MatthewRose, Enterprise; Frank Filippo, Print Products &Services; need just to accept the fact that ily high pricethat canmakeitat- to normalcyonApril 30 or not, the Michael Siconolfi, Investigations; Nikki Waller, Live Kristin Heitmann, Chief Commercial Officer; Journalism; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; many people getveryupset when tractivefor firms to undertakea coronavirus crisis will put the U.S. Thomas SanFilippo, Customer Service; they see what they think of as surge of production. Forexample, system of government to the test. GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; price-gouging.And manyfirms the government might payfor the Therecordoffederal systems—some Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International don’t want their reputation dam- cost of the capital equipment of the best known areinCanada, Ger- Barron’s Group: Almar Latour, Publisher aged because they areaccused of it. needed to expand production and manyand Switzerland—suggests WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Economistsknowthat this is ineffi- then leaseitonamonth-to-month there’salot of resiliencepacked into Joseph B. Vincent, Operations; Christopher Lloyd, Head; LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head cient, but it’sjust the reality.But basis to the firm so that the govern- the model.

EDITORIAL AND CORPORATEHEADQUARTERS: it’salso important to understand ment bearsthe risk of aquick end 1211 Avenue of the Americas, New York, N.Y., 10036 that afirm making N95 masks will to the crisis that makes the excess Mr.Olson is asenior fellow at the Telephone 1-800-DOWJONES need to scale production dramati- capacity obsolete. Cato Institute. P2JW091000-0-A01800-1------XA

A18 | Tuesday, March 31, 2020 THE WALL STREET JOURNAL.

DISCOVER. LEARN. WONDER.

Go Further Online at: www.lecolevancleefarpels.com/en/go-further P2JW091000-5-B00100-1------XA BUSITECHNOLNEOGY: SOCIAL MEDIASS’S FACT CHE&FCKERS FIGHTINFAKE VIRUSANCLAIMS B4 CE

© 2020 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. Tuesday, March 31, 2020 | B1

S&P 2626.65 À 3.35% S&P FIN À 2.01% S&P IT À 4.23% DJ TRANS À 1.19% WSJ $ IDX À 0.48% LIBOR 3M 1.433 NIKKEI (Midday) 19233.50 À0.78% See more at WSJ.com/Markets Corporate Bonds Gain a Broader Appeal

Companies issue debt coronavirus hitsthe U.S. econ- Issuanceofinvestment- andfood-services provider pushing yields up and making Norris, head of U.S. credit for omy. Much of the new debt is gradebonds in the U.S. hit Sysco Corp.joining the fray the debt moreattractiveto London-based TwentyFour As- for a cushion in crisis, being purchased by an unusual about$73 billion last week, Monday. buyerslikehedgefunds that set Management. Disruptions and begin attracting type of buyer: stock investors. roughly 21% higher than the Nontraditional buyersare normally focus on stocks. in the commercial paper mar- “There is a rotation from a previous high-water mark accounting forasmuch as Many investors became more kethavebeen forcing blue- more stock investors number of nontraditional in- reached in 2013, according to one-quarter of the orders for willingtobuy the bonds after chip companies to borrow at vestorsout of other asset data from Dealogic. the newinvestment-grade the U.S. Federal Reservean- unusually high yields although BY MATT WIRZ classes likehigh-yield, dis- Retail-oriented giants like bonds Bank of Americaissell- nounced itsown plans to start pricing has started to normal- tressed debt and equities into Nikeand Home Depot Inc. ing,Mr. Karp said. Thebank purchasing highly ratedcorpo- ize in recent days, presenting Companies ranging from investment grade,” said An- were among the biggest initial arranged Nike’sdeal, among rate debt to bolster the mar- feweroptions forbargain Oracle Corp. to Nike Inc. are drew Karp, head of invest- borrowers—issuing $6 billion others. ket. Bond yields rise when hunters, he said. borrowing record amounts in ment-grade capital marketsat and $5 billion, respectively— Investment-grade bond prices fall. Theyield of aBloomberg the investment-grade bond Bank of America Corp. but the pace of new deals re- prices fell sharply in March as “We generally look at high Barclays index of U.S. invest- market to build cash before “Among other reasons,it’sa mains high, with names like some fund managers sold out yield but we’veplayedinsome ment-grade corporatebonds the full impact of the novel place to hide from volatility.” technologycompanyOracle to meet client redemptions, of these deals,” said David PleaseturntopageB10 Stocks Jump Over 3% Despite Mounting Toll Of Virus on Economy

U.S. stocks rose and oil Thefirm expectssecond- prices dropped to an 18-year quartergross domestic prod- lowMondayafter government uct to contract 20% to 25% and officials signaled that mea- the economytoshrink in the sures to contain the coronavi- thirdquarter as well. Themarket hasn’t, however, By Paul Vigna, digested howslowthe recov- Joe Wallace erywill be,hesaid. Restarting and Joanne Chiu supply chains will be slow, and capital spending likely re- ruspandemic arelikely to re- strained. People aregoing to main in placefor an extended be hesitant to go out in large time. groupsettingsand reluctant to TheDow Jones Industrial spend, he added. S

Averageand S&P 500 have ral- “We’ll be on alowertrajec- PRES lied morethan 15% sincebot- tory foralong time,” Mr.Beh- ZUMA

toming aweek agobut remain ravesh added. A/ down morethan 20% from Theend of the firstquarter,

their Februaryrecords as the on Tuesday, will also test many XINHU pandemic has closed busi- businesses’ ability to paybills. O/ XIA

nesses,reduced air travel and And tradersare bracing for LIU pushed millions of people to fresh constraintsonliquidity Some more established auto makers, notably BYD, have ramped up EV sales, suggesting the startups may have missed their chance. work from home. in some financial marketsas Theblue-chip indexrose investorstakestock of portfo- 690.70points, or 3.2%, to lios and banks assesstheir bal- MoneyDriesUpand SalesSlow 22327.48, while the S&P 500 ancesheetsatthe end of added 85.18 points, or 3.4%, to March. 2626.65. TheNasdaq Compos- Oil prices came under re- iterose 271.77 points, or 3.6%, newedpressureasthe restric- ForChina’sElectric-Car Startups to 7774.15. tions on businessactivity in TheWhiteHouse on Sunday most economies—combined extended itssocial-distancing with thethreat of elevated guidelines through the end of production levels from Saudi BY TREFOR MOSS As of early 2019,the number of electric-vehicle makersinChina had been rising April. Themovemarks ashift Arabia andRussia—raised the while vehicle sales declinedlastyearasthe autosectorsuffered adownturn. in stancefor President Trump, prospect of alonger downturn SHANGHAI—China’sarmyof who had said that he hoped to in fuel markets. electric-vehicle startups were Number of electric-vehicle companies in China Number of electric vehicles ease some restrictions by Eas- Global oil demand is set to oncepositioned to put China at sold in China tertolimit the damage. drop 12 million barrels aday in the head of the global EV revo- EV companies with registeredproducts Other EV companies U.S. crude-oil futures tum- the second quarter in the lution, but the coronavirus and bled as analysts forecast that steepest decline on record,ac- struggles beforethe pandemic 700 companies 1.25 million vehicles quarantine measures arelead- cording to analystsatBank of threaten ruin fordozens of ing to the biggest decline in oil America. them. 600 demand in history. With production also set to With lucrativestate subsi- 1.00 Oil settled down 6.6%at pick up,the bank forecaststhat dies set to end soon and pri- $20.09abarrel, alevel last both U.S. and global crude fu- vate capital drying up,hard- 500 seen in February2002. tures will fall below$20 abar- pressed startups arenow 0.75 What is becoming clear is relinthe coming months and chasing funding to keep afloat. 400 the pandemic is going to force the world mayrun out of stor- “Wedoneed to getinvest- a“very deep recession,” said agespacefor oil. ment very quickly,” said Huang 300 Nariman Behravesh,chief Despitethe selloff in equi- Ximing,aformer Ford Motor 0.50 economist at research firm IHS ties last month, stockprices Co.and General MotorsCo. em- Markit. PleaseturntopageB10 ployeewho founded Bordrin 200 Motors, an EV startup based in 0.25 Share-priceand indexperformance, Monday the city of Nanjing.Mr. Huang 100 had lined up meetingswith po- 0% 2468 tential investors—most impor- 0 0 Johnson &Johnson tantly with the government of 2017 ’18 ’19 2014 ’19 Tianjin, aport city near Bei- Abbott Laboratories jing—early this year as he Sources: China's NEV StateMonitoring Center (companies); China Association of Automobile Manufacturers (sales) Pfizer sought afinancial lifeline. “But the virus disrupted countryhad 635 of them, ac- makeasingle production car, Market conditions have also Gilead Sciences that,” he said. “Wehoped to cording to the government- and the few that have aren’t conspired against them. EV S&P500 close deals in February, but no- backed NEV State Monitoring sellingnearly enough to sur- startups had been banking on a body could work.” Center,some promising to rein- vive. fast ramp-up in 2020 sales to Novartis It hasbeen asharp reversal vent the automobile just as Ap- China’sEVsubsidies previ- generatesome much-needed of fortunes forChinese EV ple Inc.transformed the cell- ously filled the gapleftbymea- cash flow.But afterEVsales in Eli Lilly companies.Flush with subsi- phone. gersales,but those arenow PleaseturntopageB2 Allergan dies andprivatecapital, the But thereislittle to show due to end this year,while startups hadoncelooked un- forall the hype.Most of most privateinvestorshave  Heard on the Street: A rough Source:FactSet stoppable.Byearly 2019,the China’sEVstartups have yetto growndisillusioned. road for China’s car firms. B11 Instacart,AmazonWorkers INSIDE UAW Leader Faces ProtestPay,Virus Protections Possible Ouster Over J WS

BY JAEWON KANG Whole Foods Market, Amazon’s payof$5per order,adefault R Harassment Claims FO AND SEBASTIAN HERRERA grocerychain, said they tipof10% and sick pay. TT

planned to call in sick on Tues- “We’rebeing treated as em- WE

Some deliveryand super- day, according to apetition ployees but not getting paid as HE BY NORA NAUGHTON on sexual-harassment allega- CY

market workersare staying they posted online. such,” Ms.Politosaid. LU tions,according to aperson fa- home to draw attention to re- Ordersfor groceries and An Instacart spokeswoman Theexecutiveboardfor the miliar with the matter, and was questsfor betterpay and other consumer goods have said the companyiscommitted BUSINESS United AutoWorkersbegan a reported by TheWall Street added protections against the surgedasmorepeople stay to offering itsworkersasafe, Communitybanks processMondaytoremoveone Journal earlier this month. risks they faceasthe coronavi- home to mitigatethe risk of flexible way to earn money. bracefor fallout of itsown membersfollowing Monday’scharges, which ruspandemic intensifies. contracting or spreading the She said the strikedidn’t affect an internal investigation into prompt an internal jurytrial at Some Instacart Inc.workers virus. That is straining the ca- itsoperations and therewere as coronavirus allegations he sexually harassed the union, arethe firststepin on Mondaydeclined to accept pacity of deliveryservices and 40% morecouriersactiveonits spreads. B3 subordinates. removing an elected officer at ordersand asked customers raising pressureoncompanies platform on Mondaycompared TheUAW’s governing body the union. Theboardlater nottoplacethem. Morethan to add payand protections for with aweek earlier. filed chargesagainst board votedtosuspend Mr.Rankin, a 50 workersatAmazon’sStaten couriers. TheSan Franciscocompany, HEARD ON THE member RichardRankin UAWspokesman said. The Island, N.Y.,fulfillment center SarahPolito, an organizer of which has aworkforce of about STREET through the union’sformal UAW’sgoverning body will leftwork,according to Athena, the Instacart strikewho said 200,000,manyofthem con- Regional carriers grievanceprocess,saying the oversee his Ohio region until acoalition that representsAm- she has delivered groceries for tract workers, said it is provid- investigation had substantiated thematterisresolved. azon workers. Amazon said 15 the companyfor nearly two ing disinfectantstoits couri- areinfor ashake-up allegations of workplaceha- Mr.Rankin denied allega- workersparticipated in the years, said she and fellow ers. On Sunday, the company afterpandemic. B11 rassment. tions of workplaceharassment walkout. And some workersat workersare asking forhazard PleaseturntopageB4 Theinvestigation centered PleaseturntopageB2 P2JW091000-4-B00200-1------XA

B2 | Tuesday, March 31, 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 Ford Motor...... A7 Oracle...... B1 Abbott Laboratories Foxconn Technology P Group...... B4 ...... B3,B10 Parsley Energy...... A7 G Airbus...... B11 Phillips 66...... B10 Allstate...... A6 Gannett...... B4 Pioneer Natural AMC Entertainment Gap...... A1 Resources...... A7 Holding...... B2 General Electric...... A7 Progressive...... A6 American Airlines Group General Motors...... A7 R ...... B10,B11 H Regal Cinemas...... B2 American Express...... A7 Hartford Financial S Apple...... B4 Services Group...... A6 Ascena Retail Group..A8 Henry Schein...... B3 Silver Airways...... B11 AwesomenessTV...... A11 H.I.G. Capital...... B2 Skywest...... B11 B Home Depot...... B1 Sysco...... B1 Bank of America...... B1 Honda Motor...... B2 T Bank of New York J Tesla...... A7 Mellon...... B2 Johnson & Johnson Toyota Motor...... B2 Berkshire Hathaway...A6 ...... B3,B10 Trans States...... B11 Boeing...... B11 L Travelers...... A6 C Tubular Labs...... A11 Lyft...... B3 Cinemark USA...... B2 U M Cineplex...... B2 Uber Technologies...... B3 S Macy's...... A1

Covéa Coopérations....B3 United Airlines Holdings NEW

Marcus...... B2 G D ...... B10 Medtronic...... A7 V Delta Air Lines...... B10 Mesa Biotech...... B3 OOMBER E - F N - O ViacomCBS...... A11 VIP Cinema Holdings..B2 A/BL EXOR...... B3 Nike...... B1 OT Exxon Mobil...... A7 Nissan Motor...... B2 W HI OS

Facebook...... B4 Oaktree Capital Walt Disney...... B3 KIY Ferrari...... B3 Management...... B2 WeWork...... B3 Honda’s production was down 14% in Japan and 5% in the U.S. in February. A Honda CR-V at a port in Yokohama, Japan. INDEX TO PEOPLE Japan’s Auto Output Was Falling

A Echevarria, Joseph...... B2 McCormick, James....B10 Amin, Shilpan...... A7 G N Before Coronavirus Hit in March B Gibbons, Todd...... B2 Nolletti, David...... B11 Barra, Mary...... A7 H R

Behravesh, Nariman...B1 Huynh, Sophie...... B10 Rankin, Richard...... B1 BY SEAN MCLAIN tor, sincemost factories had have closed factories in Asia, cording to a March 27 report Brown, Campbell...... B4 J S to close thereinFebruarydur- Europe and the U.S. this from LMC Automotive, afore- TOKYO—Japanese carmak- ing the worstofthe coronavi- month so that workerscan casting firm. C Johnson, Gerald...... A7 Schenk, Maarten...... B4 ersslashed output in February rus’sspread, it wasn’t the only stay home.The shutdowns are On Friday, Nissan said it Chenault, Kenneth...... A7 Shirley, Brian...... A7 K - M at home andinother major cause.Nissan’sproduction had likely to last until at least would cut one of two shifts at Skupien, Tracy...... A7 D - E Karp, Andrew...... B1 production centers, suggesting been declining due to falling early or mid-April in the U.S. itsplant on the southern Japa- DeSantis, Ron...... B11 Kee, Thomas...... B10 T the industrywas slowing sales around the world. Its and until at least late April in nese island of Kyushu in April Duke, Alan...... B4 Kienle, Phil...... A7 Tardáguila, Cristina....B4 down beforethe full weight of production fell 29% in Japan Europe. before suspending production the coronavirus pandemic and 24% in the U.S. in Febru- Global auto sales were al- completely starting in May. crashed down in March. ary. Honda’sproduction was ready expected to decline on The company said this is due Toyota Motor Corp.said down 14% in Japan and 5% in slowing economic growth, but to lowercar sales.The Kyushu global production fell 14%, the U.S. in February. the virus has sent them intoa plant ships Rogue sport-utility Honda Motor Co.’sproduction Much steeper declines are free fall. Car sales could drop vehicles to the U.S. fell by morethan aquarter expected in March, when the to 69 million unitsthis year On the brighter side,plants and at Nissan Motor Co., the novel coronavirus spread from 90 million in 2019 if the in Chinaare expected to ramp drop was nearly 30%. around the globe and was de- virus continues to spread into up production starting in While China was a big fac- clared apandemic.Car makers the second half of the year,ac- April.

“Call it game over formost itsrelationships with local ple with little car-making INC. Outlook EV startups in China,” said Mi- companies,chiefly JACMotors, know-how, Bordrin, staffed by chaelDunne,chief executiveof astate-owned automaker that experienced autoprofessionals,

HOLDINGS consulting firm ZoZoGo.“With- already assembles NIO’scars. has built ahigh-quality EV Dims for out fresh funding most will LocalgovernmentsinChina from the ground up,said Mr.

CINEMA simply grind to ahalt.” have ahistoryofmaking risky Huang,who started the com-

VIP China’sbest-known EV bets on EV companies,seeing pany in 2016.That quality will VIP Cinema’s theater customers stopped showing movies. China EVs startup,NIO Inc., sold 20,565 them as ameans to modernize win over customers, even cars last year—morethan any fusty local carmakersand sup- though Bordrin’sbrand is little- of itsstartup peers—but lost port the economythrough jobs known, he said. Movie-Seat Supplier ContinuedfrompageB1 $1.6billion in the process, with and taxes, “evenifitmeans fi- Bordrin’sfirst car, a$28,000 China declined 4% to 1.21 mil- anegative9.9%margin on each nancial losses,” said Mr.Dunne. electric crossover resembling lion vehicles last year as a vehicle sold. Tesla’sModel Yisalso rela- To Shut Down After downturn gripped the autosec- NIO has cut costsand tively affordable compared tor,the coronavirus,hitting slashed head count. It has a ‘Call it game over for with Tesla’slocally built Model consumer confidence, has fur- 5,000-order backlog and should 3, which startsataround Restructuring Fails ther crushed demand. Auto start delivering positivemar- most EV startups in $42,300. sales could fall 25% year-over- gins in the second quarter,the China,’ says one That will allcount fornoth- year in the firsthalf of 2020, companysaid in response to ing,though, without abig cash BY BECKY YERAK strategyhad second thoughts the China Association of Auto- questions. industry consultant. injection to fund massproduc- as the Covid-19 pandemic mobile Manufacturersesti- NIO and other startups— tion. Numerous startups have VIP Cinema Holdings Inc., spread, aperson familiar with mates—although on Thursday oncechampions of Chinese pri- faltered at this capital-inten- which makes reclining seatsfor the mattersaid. the MinistryofCommerce said vate-sector innovation—are sivestage,developinganice- movie theaters, is shutting RegalCinemas Inc., which it wasplanning stimulus mea- nowturning to the one entity Mr.Huang’sBordrin is beat- looking EV that never gets down forgood aftereconomic had sued VIP over allegedly de- sures forthe sector,including that is stillprepared to bank- ing asimilar path to the gov- built. While formal bankrupt- fallout from the coronavirus fectiveseats, said last week the EV promotions. roll manyEVcompanies: the ernment’sdoor. cies arerareinChina’sauto pandemic made aproposed re- proposal wasnolonger feasible While local startups have Chinesestate. Thecompanyhas already sector,the countryisalready structuring impossible,accord- given the pandemic’simpact on struggled to makeanimpres- In February, NIO announced burned through roughly $300 home to manyzombie EV com- ing to people familiar with the the movie business. sion,Tesla Inc.and several es- apreliminaryagreement with milliondevelopingEVs at re- panies that have effectively matter. In court papers, Regal said tablished automakers, notably the government of Hefei, acity search-and-development cen- failed. TheSt. Louis-based com- loansand equity investments BYDCo.,havebeen ramping up 300 miles west of Shanghai. ters in Nanjing and Oak Park, Bordrin needs to sell be- panytold hundreds of employ- included in the proposal may their EV sales,suggesting the Hefei would provide funding in Mich. tween 50,000 and 100,000 cars ees it would close down, these never materialize given “the startups mayhavemissed their return forNIO moving itshead- While some Chinese EV ayear to start making aprofit, people said, as effortstocom- current economic and public chance. quartersthereand deepening startups were founded by peo- but with the coronavirus com- bat thepandemic through so- health conditions.” plicating his plans,Mr. Huang cial distancing have takena VIP Cinema, which sold to said manufacturing won’t start toll on the entertainment in- customersincluding Cinemark until late2020 at the earliest. dustry. USA Inc., Marcus Corp., Cine- That timetable nowhinges Thebusiness had filed for plex Inc.and AMC Entertain- on thesuccess of the talks un- chapter 11 in U.S. Bankruptcy ment Holdings Inc., entered der way with the government Court in Wilmington, Del., in bankruptcy with 373employ- of Tianjin. Februarybut hoped to emerge ees. Thecompanywas founded Money is already tight: Mr. with about $150 million less in 2008 to makeresidential fur- Huang said paymentstosome debt under arestructuring pro- nitureinNew Albany, Miss., staffand suppliershavebeen posal backed by Oaktree Capi- whereitstill has amanufactur- delayed. talManagement LP. ing operation. Thecompany’sEVdevelop- What wassupposed to be a In 2012, it began making re- ment hasn’t been affected, he speedy exit from bankruptcy clinersfor movie theaters. New said,but massproduction de- began unraveling as manyof AlbanyMayor Tim Kent said he mands amassivefunding VIP Cinema’scustomers and othersweresaddened to boost. stopped showing movies to try learn of VIP Cinema’splanned To help persuade Tianjin of- to slowthe spread of the pan- shutdown. VIP had filed for ficials,Mr. Huang last year demic. bankruptcy partly as demand formed ajoint venturewith VIP Cinema’sbiggest share- forits flagship product neared Tianjin FAWXiali Automobile holder is private-equity firm asaturation point, given that Co., astruggling local auto H.I.G. Capital,which invested many movie theatershad in- S maker.Building Bordrin’sEVs

in the companyin2017and stalled at least some reclining NEW therewould potentially safe- G would have retained astake un- seats. Online streaming ser- guardabout 1,000 jobs and der the restructuring proposal. vices have also put pressureon stokethe local economy—pro- Backers of the prepackaged the industry. OOMBER vided Tianjin footsthe bill. “That all depends on financ- SHEN/BL ing,” he said.

QILAI —Raffaele Huang BNY Mellon Appoints NIO has cut costs and slashed head count. A NIO SUV at the Shanghai Auto Show last April. contributed to this article. Gibbons Permanent CEO tion. had been probing harassment sented nurses involving Mr. BY COLIN KELLAHER ceptionally” during his interim UAWFiles Mr.Rankin is the latest UAW allegations against Mr.Rankin Rankin that also contains alle- stint, adding that the board leader to faceexpulsion. Repre- by two current female UAW gations of sexual harassment, Bank of New York Mellon conducted acomprehensive senting some 400,000 workers staffers, according to people fa- people familiar with that com- Corp.onMondaysaid it search over anumber of Case Over as one of the nation’smost miliar with the inquiry. plaint say. named Todd Gibbons as chief months forasuccessor to Mr. prominentunions,the union Mr.Rankin, who heads the Theunion brought in an at- executive, removing the in- Scharf. also is grappling with ayears- union’smost populous region torney from the Washington- terim taghehas carried since Thelongtime BNY executive Allegations long federal investigation into andbyextension holdsapow- based lawfirm Bredhoff &Kai- last fall. joined the bank in 1986. corruption that prosecutors erfulposition on the UAW’s ser,PLLC in Januarytoconduct Mr. Gibbons took the helm BNYsaid Joseph Echevar- have said could result in federal governing board, wasalleged to an independent investigation of the NewYork bank in Octo- ria, aboardmember since ContinuedfrompageB1 oversight of the labor union. have repeatedly made sexually into the women’sclaims,the ber after Charles Scharf re- February2015,will continue to in astatement provided by his TheUAW has said it is exe- chargedremarks that in one in- people said. TheUAW’s execu- signed as chairman and CEO serveasindependent chair- lawyer.“Ilook forwardtoclear- cuting reform effortsand has stanceescalated to aphysical tiveboardreceived the report to become president and CEO man. Mr.Echevarria, who ing my name and expect to be condemned former leaders threat, thepeople said. on Friday, according to the of Wells Fargo & Co. stepped in as chairman when fully vindicated,” Mr.Rankin chargedinthe investigation. TheUAW wasseparately re- UAWstatement. BNY said Mr.Gibbons,63 Mr.Scharfleft, retired in 2014 said. He previouslysaid he was An independent lawyer hired viewing aformal grievance —Ben Foldy years old, “has performed ex- as CEO of SDeloitte LLP. cooperating with the investiga- earlier this year by the UAW from agroup of UAW-repre- contributed to this article. P2JW091000-4-B00300-1------XA

THE WALL STREET JOURNAL. **** Tuesday, March 31, 2020 | B3 BUSINESS NEWS Disney Exor InvestsinRide-ShareFirm Via Executives BY CARA LOMBARDO viewthat Exor and Mr.El- scrutinyfrominvestorswho kann’s team brings an under- have become morewaryofun- To Take Exor NV, the holding com- standing of howthe profitable companies in the pany of Italy’s Agnelli family, transportation industryiswake of WeWork’s aborted is investing in ride-sharecom- changing and the expanded IPO and last year’s disappoint- Pay Cuts panyVia Transportation Inc., a role Viacould playinits fu- ing debuts of Uber and Lyft. movethat would mark itsfirst ture.“Youneed that sort of As of Monday, Uber and BY KIMBERLY CHIN big foray into the technology patient investor who’s not Lyft were worth roughly $48 sector. lookingfor an exit two or billion and $8.3 billion, re- Walt Disney Co.said Chair- Exor said Monday it is in- three yearsdownthe road but spectively,asignificant drop man and former Chief Execu- vesting $200 million in New is looking to build something,” from their IPOs.Via has said tiveRobert Iger has agreed to York-based Via. Theinvest- he said. itsfocus on shared rides forgomost of his salarywhile ment would giveExorjust un- Viaoperates in 70 cities makes it moresustainable and his successor,CEO Bob Cha- der a9%stake in Viaand around the world. Likemany lesslikely to cause congestion pek, along with several execu- would value Viaat$2.25 bil- startups,ithas been focused than other ride-hailing ser- tives,will take paycutsasthe lion. Via had last been valued on expansion and hasn’t yet vices. companyworks through chal- at roughly $1 billion in late posted a profit. The Agnelli family owns lenges stemming from the cor- 2017, according to PitchBook. Theinvestment would help 53% of Exor through aholding

onavirus pandemic, including TheWall Street Journal S Viaincrease in scale and apply companycontrolled by more

the closureofparks in key firstreported details of the in- NEW itsplatform not just to per- than 100 descendantsofMr. markets. vestment earlier Monday. G sonaltravelbut also deliver- Elkann’s great-great-grandfa- In addition to giving up his Viawill become one of ies.Itisn’t being made with an ther,who co-founded Fiat at

salary, Mr. Iger will waive his Exor’s primaryinvestments OOMBER eyetoward combining Via the end of the 19th century. righttoacar allowance, the alongside significant stakes in /BL with one of Exor’s automobile Exor owns 30% of Fiat companysaid on Monday. Dis- Fiat Chrysler Automobiles NV, holdings, people familiar with Chrysler,astake that will be

ney will continue to payMr. Ferrari NV,Italian soccerclub DINGLEY the matter said. cut in half when the Italian- TE

Iger for health-care benefits. Juventus and the Economist CA Likeits competitors, Via American carmaker completes Mr.Chapek will forgohalf magazine, among others. Daniel Ramot and a friend started the car service in 2012. hassuspended shared rides in itsmerger with Peugeot maker of his salary. Viawas founded in 2012 by some areas in response to the PSAGroup by early next year. Disney said several execu- Daniel Ramot and Oren vide software to makeshuttle cities including Seattle. coronavirus pandemic and has Theholding companyalso tives including President and Shoval,two friends who met and public transit routes more Exor, run by chairman and retooled some of its services. owns 23% of luxurycar maker General Counsel Alan Braver- in the Israeli army, and responsivetodemand. In CEOJohn Elkann,previously Forexample,itsaid last week Ferrari, almost two-thirds of man, FinanceChief Christine launched in NewYork City the some cases,italso operates made asmall investment in it waspartnering with the Juventus and 27% of agricul- McCarthy, Human Resources following year.Unlikelarger the routes. Viathrough itsExorSeeds Berlin transit system to give tural-equipment maker CNH Chief Jayne Parker and Com- rivals Uber Technologies Inc. Forexample,the company venture fund, according to its rides to health-careworkersin Industrial NV. munications Chief Zenia Mu- and Lyft Inc., which tend to has acontract with the New website. Noam Ohana,who off-hours. Exor also owns reinsurer cha have agreed to cut 30% off ferryindividual riders, Via’s York City Department of Edu- runs Exor Seeds, will join the Even beforerecent wide- PartnerRe Ltd., which it re- their base salary. focus is arranging carpools cation to use itssoftware to boardofVia as part of the spread shutdowns caused ride cently agreed to sell for Thecutswill take effect andpartnering with cities, plan school-bus routes, and it deal. numberstoplummet, Viaand roughly $9 billion to French starting April 5. companies and schools to pro- operates on-demandvans in Mr.Ramot said in an inter- other startups faced increased insurer Covéa Coopérations. Community Banks Brace for Local Business Shocks

BY ORLA MCCAFFREY U.S. communitybanks, dwindling in number,lag behind larger institutions in asset growth. From his officeoff U.S. Highway 136,MikeEstes has a Banking industry assets Number of community banks clear viewofthe main strip 2000: 8,795 leading into Fisher, Ill., popu- lation 1,900. The president of $15 billion 2010: 7,012 Fisher National Bank knows the agricultural community 2019: 4,750 well, including the handful of small businesses that dot the road. 10 In recent days,hehas wor- ried about their fate. Thestate has shut down nonessential JOURNAL

business as the coronavirus REET spreads. ST LL 5

“We’vegot some small res- WA taurants here, and it could be BIGGER BANKS COMMUNITY BANKS THE

devastating forthem,” Mr.Es- R tes said. “I’m not sure if they FO TT

would be able to come back.” WE 0 Theeconomic fallout of the HE CY 2000 ’10 ’19 2000 ’10 ’19

novel coronavirus poses anew LU challengefor small banks Mike Estes, president of Fisher National Bank, worries about the fate of small firms in Fisher, Ill. Source:Federal Deposit InsuranceCorp. acrossthe country. Most of America’sbanks arelike problems. arms to makeupfor lost lend- “The impact hereismore for cash-strapped businesses. “will have adifficult time sur- Fisher National—woven into “We are ready, willing and ing revenue.The Federal Re- widespread than what yousaw Thestimulus packagesigned viving this crisis.” the local economyand akey able to help borrowers or serve this month cut interest in 2008,” said Rose Oswald by President Trump last week In Fisher,Mr. Estes said his source of credit forsmall busi- businesses,” said Chief Execu- rates to near zero. Poels,CEO of the Wisconsin allows small businesses to ap- bank has heardfromahandful nesses.Asthe downturn tive Daniel Peterson. The number of community Bankers Association. ply through qualifying banks of businesscustomerswho squeezesmoreindustries, Stephenson listsonits web- banks hasbeen declining for Banks have morecapital on forSmall BusinessAdministra- might need help in the coming community banks must bal- sitethe trials it has weathered decades.Their ranks fell to hand than they did beforethe tion loans—but the loans can months. The bank’s executive ancehelping these businesses since its 1874 founding: wars, 4,750in2019 from 4,980 a 2008 financial crisis,which be forgiven when they are officersare videoconferencing with protecting their ownbot- panics and the Great Depres- year earlier, according to the will allowthem to betterab- spent on payroll, rent or some almost daily to weigh different tom lines. sion. Management plans to Federal Deposit Insurance sorb loans gone bad. And U.S. other items. workarounds: increasing credit Some community bankers add the current crisis to the Corp. Community banks con- regulators have moved to Therelief packagealso lines, lengthening loan terms say they have already started list. trolledabout 13% of U.S. de- makeiteasier forbanks to loosens the rules around com- or letting customers make in- getting calls from businesses Community banks,often positsatthe end of 2019, help borrowers as coronavirus munity banks’ leverageratios, terest-only payments. Fornow, and individuals who say their categorized as those with less down from about 17%adecade spreads.Regulatorssaid re- which bankerssay will let though, Mr.Estes says it is cash flow might be tight fora than $10 billion in assets, were ago, according to aMoody’s cently that if banks modify them free up resourcesduring prematuretobegin restructur- while.AtStephenson National already challenged before the InvestorsServiceanalysis of loansfor borrowers hurt by the pandemic. ing loans. Bank&Trust in Marinette, coronavirus pandemic.They FDIC data. coronavirus,they don’t neces- Butthat looser regulation Fisher National also plans Wis.,businesscustomershave increasingly have to compete Adeclining economywill sarily have to report them as also “increases the fragility of to reinstateaprogram that expressed interest in short- with big banks that areat- likely lowerdemand forloans. “troubled debt restructurings,” the community bank sector usually runs around Christ- term loans and additional tracting young customers And as small companies strug- adesignation that carries and makes it lesslikely that it mastime where people are al- lines of credit. moreinterested in flashyapps gle to makepayroll or pur- higher capital chargesfor canwithstand another eco- lowed to skip a payment—on The seven-branch bank de- than a friendly branch. chase supplies,banks will have lenders. Bankers said this nomicshock,” said Jeremy their car, forexample—and cided this month to offer Lowinterest rates, which to writeoff some of their changegives them moreflexi- Kress, an assistant professor addittothe end of the loan three-month payment defer- curb what banks cancharge on debts. If the downturn drags bility to work out repayment of businesslaw at theUniver- term. rals on all loans.Itisreaching loans,hurt small banks in par- on, some businesses may plans with borrowers. sity of Michigan who re- “I’veseen alot before,” Mr. out to customers, encouraging ticular because they don’t never reopen, forcing lenders Localbankersare also searches financial regulation. Estes said. “Nobody’s seen them to communicateany have big trading or advisory to swallow a loss. counting on government help Some smallerbanks,hesaid, anything quite like this.” Rapid Testsfor Virus GetGreen Light J&J Steps Up Trials

BY BRIANNA ABBOTT up acrossthe country, the For Covid-19 Va ccine AND MICAH MAIDENBERG ability forAmericans to get tested remains highly uneven. Companies focused on Thereare about 160,000 BY MATT GROSSMAN Johnson &Johnson is one health productsand lifesci- confirmed cases of the corona- of manycompanies at work on ences arerolling out teststhat virus in the U.S., according to Johnson &Johnson said avaccine forthe disease, canquickly detect the new the latest data available from Mondaythat it had made which has become aglobal coronavirus outside of labora- Johns Hopkins University. progress on a vaccine to pre- health crisis. tory settings, as officials and Trump administration officials vent Covid-19,the pneumonia- Moderna Inc.has begun hu- CK

labs around thecountryrace TO have said patientswho are like diseasecaused by the cor- man trials for a vaccine using to scale up testing. hospitalized or in an intensive- onavirus,and that the product anovel approach that relies on Starting this week, Abbott care unit are the main priori- could be ready in early 2021. the virus’s messenger RNA, a

Laboratories plans to makea SHUTTERS ties for testing. TheNew Brunswick,N.J., type of genetic material. rapid test available for use in A/ Criteria forwho canactu- company selected a lead can- Sanofi, aFrench biotech com- /EP

physicians’ offices,urgent-care TT ally gettested in the U.S. have didatefor the vaccine from the pany, has begun work on a

clinics and other settings ABBO largely been limitedtose- constructsithad been work- similar approach. Thefirst through an Abbottdevice.The Abbott’s test can detect the new coronavirus in five minutes. verely illpatients and those in ing on, and it said human tri- stageofthe research intoa test candetect the virus in a high-risk groups,ashospitals, als would begin by September vaccine will involveexamining patient sample in as little as long delays if the sample virus has gotten off to a slow medical centersand govern- at the latest. whether the experimental vac- five minutes and return nega- needs to be shipped to another start, hampering the country’s mentsoften have to ration Johnson &Johnson had cine induces an immune re- tive results in 13 minutes. location. Anew wave of point- overall response,and many who receives atest due to the said in February it expected sponse in the patientsand On Friday, the company of-caretestsatphysicians’ of- U.S. labs are still grappling to limited supplies. trials for the vaccine to begin whether it is safe. said the U.S. Food and Drug ficesand urgent-careclinics acquiresupplies and set up Closely held Mesa Biotech in eight to 12 months. Johnson & Johnson said it Administration provided emer- could potentially cut down testing sites.Public-health of- Inc. said last Tuesdaythat it Thecompanysaid it could would trytoscale itsglobal gencyauthorization to Abbott that wait time and increase ficials need to test for the vi- received emergencyFDA ap- getapproval under an emer- manufacturing capabilities to for the test. The company re- capacity, experts say. rus in order to track and iso- proval foracoronavirus test gency-use authorization to makemorethan 1billion doses ceived FDAemergencyautho- SinceJanuary, the FDAhas latepatients and combat its that generates diagnostic re- makethe vaccine widely avail- of aCovid-19 vaccine by the rization forits ownlaboratory granted 20 emergency autho- spread, and health-carework- sultsthrough one of itsde- able early next year.The com- end of next year.The company test earlier in the month. rizations related to the new ersneed to knowwho is in- vices in 30 minutes. panysaid it has also chosen said it is also working with the Most of the diagnostic tests coronavirus and worked with fected in order to take the HenrySchein Inc., adis- two backup constructsincase Biomedical Advanced Research approved by the FDAsofar for about 230 test developerswho proper precautions and pro- tributor,said Thursdayit the lead candidate falters. and Development Authority,a Covid-19,the illnesscaused by have or areexpected to seek vide the right care. would start offering ablood The company said the vac- part of the Department of the coronavirus,are conducted that approval, the agencysaid While testing has greatly test forCovid-19 that delivers cine,ifsuccessful, would be Health and Human Services,to in clinical laboratorysettings, Monday. expanded in the past several resultswithin 15 minutes from affordable and would be sold expand itsresearch intoa sometimes resulting in days– Testing forthe newcorona- weeks and continues to ramp a pinprick. on a not-for-profit basis. treatment for Covid-19. P2JW091000-4-B00400-1------XA

B4 | Tuesday, March 31, 2020 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Foxconn Profit Fell Before Crisis Facebook GivesHand Quarterly decline of 24% at Apple supplier To News preceded pandemic that hit China plants Outlets

BY YOKO KUBOTA BY LUKAS I. ALPERT

BEIJING—Foxconn Tech- Facebook Inc.ispledging nology Group’s net profit fell $100 million in grant money 24% in the fourth quarter and promised ad spending to before the coronavirus pan- help struggling news outlets demic struck the world’s big- weather the financial blow of gest contract electronics as- the coronavirus pandemic. sembler and itslargest News outlets—particularly

customer, Apple Inc. CK smaller, local newspapers—

Taiwan-based Foxconn’snet TO facesubstantial advertising profit forthe fourth quarter, revenue declines as closed or which ended in December,was disrupted businesses pull back SHUTTERS

47.8 billion NewTaiwan dol- A/ spending.While readership has lars (US$1.58 billion), accord- jumped and some media com- ing to acalculation by The SKI/EP panies have enjoyedincreases Wall Street Journal, based on VEV in online subscriptions,the ad- full-year figuresreleased by PLA vertising drop is already forc- the companyonMonday. That AR ing manyoutletstoreducepay wasslightly higher than the AND or layoff workers.

NT$46.3 billion averageesti- ALEKS The tech company said it mateofanalystspolled by S&P The contract assembler of iPhones didn't give a reason for its earnings decline. A Foxconn factory in Guiyang, China. wanted to help news outlets Global Market Intelligence. avoid such cuts. “This is atime Thecompanyreported anet other products, mostly in itsrevenue,rose 8% to nearly reached Europe and the U.S., About 810,000 Foxconn em- when we need this reporting profit of NT$62.6billion in the China. It relies on Apple for US$56 billion. Apple shut stores and halted ployees in China, or nearly the most,” Campbell Brown, year-earlier period. Foxconn about half of itsrevenue,ac- Apple has been hurt on a nearly all activity at itsSilicon 94%ofthe company’sworkers Facebook’shead of news part- didn’t give areason forthe cording to analyst estimates. number of frontsbythe Valley campus. in the country, have returned nerships,said in an interview. decline. Apple’srevenue rose 9% in coronavirus pandemic.In Earlier this month, Fox- to its27major plants, Xu “Advertising money is shrink- Its revenue for the quarter the December quarter to China, wherethe health crisis conn’schairman said he ex- Kemin, an official with China’s ing fast and even though news fell 3.8% to NT$1.74 trillion. US$91.8billion, driven by blos- began, Foxconn and other sup- pected production levels at its MinistryofIndustryand Infor- consumption is up, it is not Foxconn, known formally as soming sales of devices and pliersclosed factories,which factoriesinmainland China to mation Technology, said at a making up forthose losses,so Hon Hai Precision Industry services connected to the eroded iPhone supplies.Apple return to normal seasonal lev- news conference Monday. we aretrying to help bridge Co., is best known for assem- iPhone.Sales of iPhones,which also had to shut down its els in March if the coronavirus —Yang Jie that gap.” bling Apple’s iPhones, among account formorethan half of stores there. As the epidemic crisis didn’t get worse. contributed to this article. Facebook’s offering falls intotwo categories:$25 mil- lion in emergencygrant fund- ing to help smaller news out- Social Media’s Fact Checkers letswith immediateneeds related to coronavirus cover- age, and $75million in ad FightSurge in Fake Virus Claims spending to help news outlets of all sizes—both in the U.S. and abroad—makeupfor the BY JEFF HORWITZ ring to the company’scontrac- book’smorethan 60 global fact- expected revenue shortfall. tual targetsfor Facebook fact- checking partners, Lead Stories On Monday, Gannett Co., Thereisnocoronavirus vac- check volumes.Lead Stories waslaunched with independent the largest newspaper chain in cine available fordogsbeing continues to reviewFacebook funding but has sustained itself withheld from humans.And and Instagram content, and re- in part with Facebook money. baby-formula manufacturers viewmaterialfromTwitter, Thetech giant started the fact- Thecoronavirus aren’t sending freebies to peo- YouTube and other platforms checking program in late2016 ple who call customer hotlines. that don’t payit, posting fact aftercriticism of howithandled pandemic has news These areamong the viral checks to itsown site. misinformation during the 2016 outletsfacing social-media memes debunked Sinceits firstvirus fact presidential race. by Lead Stories,afact-checking check in mid-January, Lead Sto- Human fact checkersremain declining ad revenue. siteco-founded by LosAngeles ries hasfact checked morethan central to Facebook’sdefenses, entrepreneur Alan Duke. 200 viral coronavirus claims. and even before the pandemic At atime when items as di- Other fact checkershavebe- the companywas increasing its verseastoilet paper and venti- come similarly focused, orga- investments. Mr.Dukedeclined the U.S.,said it would begin latorsare scarce,Mr. Dukeof- nizing an ad-hoc task forceto to specifyhow much money furloughing employees across fers something else in short identifymisinformation that Facebook is paying Lead Sto- its261 paperstorelievefinan- supply: fact checking. has hopped national borders as ries,except that it wasamulti- cial pressure on the company Theformer CNN producer’s quickly as the virus itself. ple of the $359,000 it earned JOURNAL as a result of the coronavirus

company, Lead Stories,helps While manyvirus postscarry under its2019 contract. REET pandemic. Facebook Inc.and other social- international content, they gen- Until last November,Mr. ST “Everybusinessissuffering media platforms limit the erally appear to be noncommer- Dukeand his co-founder,Maar- LL right now, but the news indus- WA spread of virus misinformation cial, produced by prankstersor tenSchenk,who works from tryhas really been struggling, THE

by flagging it as false.Business people promoting misguided his home in Belgium, were the R and we areinaprivileged po- FO

is booming,thanks to asurge of home remedies,Mr. Dukesaid. company’ssole full-time em- Y sition to be able to help,” Ms. poststhat areboth dangerous Thecontent is oftenmemes ployees.Itwas then that Face- Brownsaid. She said Facebook KISB andharder to track than many and images rather than pur- book told U.S.-based fact- Chief Executive Mark Zucker- GER

other forms of fakenews. ported news stories.And where checking partners that it RO berg“feels that getting accu- Theclaims that Lead Stories Lead Stories has become used would bankroll asharp expan- Alan Duke is co-founder of fact-checking firm Lead Stories. rate news about the virus is debunks arethen labeled as to complaintsfromthe publish- sion of their work ahead of the vital and that he has areal re- false on Facebook,which limits ersofstories it ratedasfalse,it 2020 election. former CNN employees. That mightchange. In Janu- sponsibility here.” their spread and links to Lead nowhearsfromregular users “Fighting misinformation Facebook funds about half of ary, video-sharing app TikTok Theaid from Facebook Stories’ reviews.Astaffer upsetthat it has debunked a isn’t something one company the international publishersand said it would begin reviewing likely would still leave the in- combs the platform looking to meme they shared. candoalone,” said Campbell fact-checking organizations that user reportsofmisinformation dustry with an enormous gap identifyand label duplicates “Sharing this stuff is how Brown, head of news partner- arepart of acoronavirus-spe- with aU.S.-based moderation in advertising money. Gordon that spring up.Already ramping people connect to their friends ships at Facebook.“Themore cific fact-checking alliancecoor- staff,and that it wasworking Borrell,anadvertising market up with funding from Facebook and co-workers,” Mr.Dukesaid. the industryissharing best dinated by the Poynter Insti- with third-partygroups. analyst, estimates that local to combat misinformation in “It’sembarrassing when it practicesand companies are tute’sInternational Fact- Staffersconsult public-health advertising will drop by 25% the 2020 U.S. presidential elec- shows up in their timeline that learning from each other, the Checking Network. guidanceand identifyentities this year, amounting to a de- tion, Mr.Dukeand othersinthe they shared something that’s betterthe outcomes will be for “WewereherebeforeFace- with expertise or firsthand cline of roughly $30 billion. industryhavepivoted to coro- wrong.That’snot something people.” book started working with us,” knowledgeabout specific ru- Earlier this month, Face- navirus almost full-time. we’vebeen through beforewith Thefunding allowedLead said Cristina Tardáguila,the mors. Lead Stories’ traffic is up book announced aseparate “We’vemaxed out all our fact checking—this is much Stories to increase hiring.Ithas IFCN’sassociatedirector,ofthe nearly 10-fold, Mr.Dukesaid, program to offer $100 million goals forthe month,” he said morepersonal.” 10 full-time employees and six fact checkers. “But thereisno with about 8,000 usersreading in cash grantsand advertising halfway through March, refer- As is common with Face- part-time fact checkers, mostly other program likethis.” itsreviewsatany given time. creditstoupto30,000 eligible small businesses. News publishershavea morerisky, as confirmed cases tense and complicated rela- Protests at of the virus multiply. tionship with Facebook and Al- “Everytime Igointoa phabet Inc.’sGoogle. Thetech store, my stomach turns intoa giantsdrivealarge shareof Amazon, knot,” she said. traffic to manynewssites,but Tia Schellstede,atelevision also competewith them in dig- editor who lives in Brooklyn, ital advertising sales.Facebook Instacart N.Y.,placed her firstInstacart and Google were expected to order last week and canceled it earn 61% of all digital ad reve- on Monday, afterreading about nue in the U.S. this year,ac- ContinuedfrompageB1 the workers’ strikeonsocial cording to estimates from introduced afeaturethat setsa media. eMarketer beforethe crisis. default suggested tip based on “I don’t want to go to the Manynewsoutletshavear- acustomer’s most recent order. grocerystore,” Ms.Schellstede gued that the tech platforms Ms.Polito, who lives in said. “IfInstacart meetsthe should paylicensing fees.Late

Newark,N.Y.and runs acloth- worker demands,Iwill place MOON/REUTERS last year,Facebook agreed to ing business, said working for an orderimmediately.” begin paying some publishers

Instacart has become more At Whole Foods,agroup JEENAH whose headlines appear in grueling in recent weeks,asav- representing workersthat say Employees at Amazon’s Staten Island, N.Y., fulfillment center protested workplace conditions Monday. Facebook’snewstab,which erageordershaveroughly dou- they plan to call in sick on launched to atest audiencein bled in sizetosome 30 items. Tuesdayisasking forpaid health-carecoveragefor part- “They arenot able to take Amazon workersincities October.The Wall Street Shesaid she oftenfills three leave forall workerswho must time and seasonal workers. their public responsibility of such as Chicagoand NewYork Journal is among the publica- orders at atime.She also said isolateorself-quarantine as a AWhole Foods spokes- social distancing seriouslybe- have called on Amazon to close tions Facebook is paying to li- she feels work is becoming result of the pandemic and woman said the companyhas cause Amazon won’t let them,” anywarehouse whereaworker cense news.Google has been in takenmeasures to keep its Ms.Rajendrasaid. has tested positiveand send early talks with publishersto workerssafe, such as deep- An Amazon spokeswoman workershome with full pay. payfor the use of their content, ADVERTISEMENT cleaning stores and mandating said thecompanyhas “taken Amazon said facilities with people familiar with the matter social distancing between peo- extreme measures to keep peo- at leastone confirmed case can have said. The Marketplace ple in itsstores. ple safe, tripling down on deep be closed on acase-by-case ba- Last week,Facebook warned To advertise: 800-366-3975orWSJ.com/classifieds Amazon said morethan cleaning,procuring safety sup- sis to be cleaned beforere- that while it has seen 5,000 people work at the plies that areavailable and opening. substantial boostsinuser en- 855,000-square-foot StatenIs- changing processes to ensure Sincethe pandemic began, gagement during the crisis,it land fulfillment center where those in our buildingsare Amazon has extended unlim- will be hit by declines in digital BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES workerswalked out Monday. keeping safedistances.” The ited unpaid time off to employ- ad spending. Dania Rajendra, director at companysaid it has also added ees through April and raised Facebook’sgrant funding Athena, said workersatthe daily temperaturescreenings hourly payfor workersinthe will be an extension of a$1 (*$%8&"' !# $I>0)I36I I) (I1=6.; StatenIsland facility aren’t be- at thewarehouse. U.S. and Canada by $2. The million pilot program the com- '6?<3C (+;6>=73+ @#%; $/1 $+./5 :6))/= (650 ,41@ ->?4/,@4>, -> "2->-,4 14/;A1<4 =-,. ing given adequatecleaning Thefacility is among at companyhas also said that any panylaunched earlier in March )I> 0<+ -BA *6336I.5C> /,"!)4 14,A1>/3 #44+->0 5"1,-4/ ->,414/,46 -> supplies or enough time to least 15 Amazon warehouses employeewho shows symp- as the outbreak began picking '+=30<4=>+ "0=))6.? &./J;0>C ->?4/,->0 -> %;1,. *"+;," 2"1@)">63 $4,A1>/ 0"->46 ,.1;A0. <"/. 14>, ;1 /."14<1;5 )4"/43 wash their hands,and that the throughout the countrywhere toms or is diagnosed with up steam in the U.S. The 87B8 (:<.">04 ;5,-;>/ "?"-)"!)43 ,AG9E8K98GEA companyhasn’t properly en- at leastone worker has tested Covid-19,orwho is placed in companysays it received more H6;602 FFFD%I4J1!+.+.D4I1 ';1 "66-,-;>") ->2;1@",-;> /449 ,,,7395;0)/-65<372;< forced social-distancing mea- positive forthe virus or been quarantine,iseligible forupto than athousand applications 0I.C:3I4J10+.+.D4I1 960)491395;0)/72;< sures. placed in quarantine. two weeks of paid time off. within days. P2JW091000-0-B00500-1------XA

THE WALL STREET JOURNAL. Tuesday, March 31, 2020 | B5

INTRODUCING A TAX-FREE BENEFIT WE CANALL BENEFITFROM.

Gradifi by E*TRADE applauds the passage of the CARES Act, which includesanew federal lawallowing employers and employees to maketax-free contributions to help paydown employees’student debt faster.

The CARES Actgives pretax treatment to employees and their student loan debt with employercontributions of up to $5,250per employeeper year,sotheycan make meaningful stridestoward erasing their student debt without atax burden on their contributions.

We’reproud to help employers offer these benefits and to be working toward securing the financial well-being of our clients’employees.

Learn moreat: www.gradifi.com.

The E*TRADE Financial family of companies provides financial services that include trading, investing, banking, and managing employee stock and financial wellness benefit plans. E*TRADE Financial Corporate Services, Inc. recently acquired Gradifi, Inc. Gradifi offers financial wellness benefits focused on solutions for employers to provide their employees student loan and college savings benefits. ©2020 E*TRADE Financial Corporation. All rights reserved. P2JW091000-0-B00600-1------XA

B6 | Tuesday, March 31, 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 22327.48 s690.70, or 3.19% Trailing P/E ratio 17.37 18.17 2626.65 s85.18, or 3.35% Trailing P/E ratio * 20.11 21.24 7774.15 s 271.77, or 3.62% Trailing P/E ratio *† 23.25 24.63 High, low, open and close for each P/E estimate * 15.12 15.89 High, low, open and close for each P/E estimate * 15.82 17.03 High, low, open and close for each P/E estimate *† 19.75 21.63 trading day of the past three months. Dividend yield 2.92 2.22 trading day of the past three months. Dividend yield * 2.41 1.96 trading day of the past three months. Dividend yield *† 1.15 1.06 All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14744568353097 30000 3500 10500

27500 3250 9750

65-day moving average 25000 3000 9000 65-day moving average

Session high 22500 2750 65-day moving average 8250 DOWN UP Session open Close t 20000 2500 7500 Close Open t

Session low 17500 2250 6750

Bars measure the point change from session's open 15000 2000 6000 Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,242,713,116 23,171,688 Industrial Average 22378.09 21522.08 22327.48 690.70 3.19 29551.42 18591.93 -15.0 -21.8 2.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 682,746,766 11,667,380 Transportation Avg 7857.27 7561.47 7790.91 91.73 1.19 11304.97 6703.63 -26.8 -28.5 -5.2 Most-active issues in late trading Decl. volume* 554,661,090 11,331,793 Utility Average 789.58 763.01 785.14 26.21 3.45 960.89 610.89 1.4 -10.7 4.1 Volume After Hours Issues traded 3,036 269 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 26431.57 25563.86 26386.76 801.29 3.13 34631.28 22462.76 -10.7 -20.1 2.4 Advances 1,801 127 SPDR S&P 500 SPY 24,867.0 261.84 0.19 0.07 262.26 260.87 Barron's 400 539.66 520.78 538.95 13.57 2.58 746.64 455.11 -22.8 -26.4 -5.0 Declines 1,198 131 Amarin ADR AMRN 19,384.7 4.48 -9.10 -67.01 13.75 3.92 Unchanged 37 11 iShares MSCI Brazil ETF EWZ Nasdaq Stock Market 8,166.0 24.00 ...... 24.12 23.99 New highs 51 Nasdaq Composite 7784.35 7539.97 7774.15 271.77 3.62 9817.18 6860.67 -0.7 -13.4 9.5 Utilities Sel Sector SPDR XLU 7,876.1 57.74 ...... 58.34 57.74 New lows 59 4 Nasdaq 100 7902.09 7651.43 7889.01 300.64 3.96 9718.73 6978.02 5.5 -9.7 13.2 Aramark ARMK 7,180.9 21.08 -0.01 -0.05 21.09 20.99 Closing Arms† 1.36 0.73 iQIYI ADR IQ 5,605.2 18.66 ...... 18.75 18.50 S&P Block trades* 5,710 164 Sirius XM Holdings SIRI 4,793.0 4.79 -0.02 -0.42 4.84 4.77 500 Index 2631.80 2545.28 2626.65 85.18 3.35 3386.15 2237.40 -8.4 -18.7 3.5 Nasdaq NYSE Arca ING Groep ADR ING 4,541.0 5.50 0.03 0.55 5.51 5.47 MidCap 400 1460.36 1402.83 1459.15 36.23 2.55 2106.12 1218.55 -24.1 -29.3 -5.3 Total volume*3,812,889,845 463,557,956 SmallCap 600 686.41 660.64 685.32 15.44 2.30 1041.03 595.67 -27.9 -32.9 -6.6 Percentage gainers… Adv. volume*2,587,095,422 281,039,839 Decl. volume*1,210,291,417 180,920,180 Other Indexes Owens Minor OMI 377.2 9.05 0.66 7.87 9.25 8.31 Issues traded 3,341 1,542 Russell 2000 1158.64 1119.95 1158.32 26.33 2.33 1705.22 991.16 -25.6 -30.6 -5.7 Kronos Worldwide KRO 130.4 9.25 0.66 7.68 9.25 8.59 Advances 2,047 1,175 NYSE Composite 10455.77 10131.60 10434.74 247.53 2.43 14183.20 8777.38 -18.7 -25.0 -3.2 Werner Enterprises WERN 99.9 38.00 1.61 4.42 38.00 36.39 Declines 1,220 362 World Wrestling WWE 69.6 34.80 1.36 4.07 35.11 33.01 Value Line 356.67 345.97 356.28 4.41 1.25 562.05 305.71 -34.0 -35.5 -11.8 Unchanged 74 5 TerraForm Power TERP 142.0 16.00 0.58 3.76 16.00 15.42 NYSE Arca Biotech 4494.91 4360.41 4492.43 152.50 3.51 5313.05 3855.67 -12.5 -11.3 8.1 New highs 15 2 NYSE Arca Pharma 581.09 565.63 579.60 28.90 5.25 670.32 494.36 -3.8 -11.3 4.3 ...And losers New lows 41 17 KBW Bank 68.22 65.39 67.88 0.27 0.39 114.12 56.19 -29.5 -40.1 -10.0 Amarin ADR AMRN 19,384.7 4.48 -9.10 -67.01 13.75 3.92 Closing Arms† 0.78 2.13 § PHLX Gold/Silver 85.12 78.32 80.39 -1.42 -1.73 111.51 66.14 7.1 -24.8 -1.2 RH RH 517.5 105.50 -12.50 -10.59 119.40 102.10 Block trades* 23,091 2,326 § PHLX Oil Service 24.65 23.69 24.23 -0.59 -2.37 102.39 21.47 -75.2 -69.0 -47.6 iShares Russell 1000 Gwth IWF 1,252.8 141.70 -11.11 -7.27 152.75 141.70 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 1547.08 1496.04 1545.31 56.56 3.80 1979.50 1286.84 8.0 -16.5 15.2 iSh Core S&P Small-Cap IJR 191.2 52.78 -3.47 -6.17 56.51 52.78 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 67.69 56.60 57.08 -8.46 -12.91 82.69 11.54 326.0 314.2 70.4 APT Alpha Pro Tech 81.8 12.60 -0.72 -5.41 13.40 12.50 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 1.38 World The Global Dow 2473.22 33.74 –23.9 Otis Worldwide OTIS.WI 50.00 17.41 53.41 50.00 38.00 ... Second Sight Medical Prod EYES 1.14 -1.20 -51.27 9.60 1.00 -82.5 1.80 DJ Global Index 338.81 5.98 –21.9 Owens Minor OMI 8.39 2.88 52.27 8.94 2.43 101.7 Roadrunner Trans Sys RRTS 2.75 -1.80 -39.56 13.00 2.74 -74.0 DJ Global ex U.S. 198.69 0.33 0.17 –24.6 Pluristem Therapeutics PSTI 4.14 1.13 37.54 9.72 2.82 -57.2 Western Asset Mortgage WMC 2.62 -1.40 -34.83 11.33 2.49 -74.5 Americas DJ Americas 602.89 18.02 3.08 –20.8 AIM ImmunoTech AIM 2.66 0.62 30.39 14.81 0.38 -62.9 IMPAC Mortgage Holdings IMH 2.30 -1.03 -30.93 8.03 1.99 -40.7 Brazil Sao Paulo Bovespa 74639.48 1210.70 1.65 –35.5 Axcella Health AXLA 3.40 0.79 30.27 15.99 2.25 ... AG Mortgage Invt Trust MITT 2.75 -1.20 -30.38 17.32 2.00 -83.8 Canada S&P/TSX Comp 13038.50 350.76 2.76 –23.6 Kraton KRA 8.65 1.99 29.88 38.58 4.45 -74.1 OFS Credit OCCI 6.40 -2.55 -28.49 19.00 4.90 -64.6 Mexico S&P/BMV IPC 34199.97 400.48 1.18 –21.5 Frank's International FI 2.90 0.66 29.46 6.72 1.66 -53.6 Tilray TLRY 6.61 -2.49 -27.36 65.21 2.43 -89.5 Chile Santiago IPSA 2343.21 62.11 2.72 –29.8 Carrier Global CARR.WI 15.90 3.49 28.09 16.50 11.50 ... Trevi Therapeutics TRVI 1.71 -0.59 -25.65 10.62 1.33 ... Cars.com CARS 4.67 0.97 26.22 23.61 3.52 -79.7 Container Store Group TCS 2.40 -0.78 -24.53 9.50 1.80 -73.1 EMEA Stoxx Europe 600 314.88 3.98 1.28 –24.3 Marlin Business Services MRLN 11.62 2.39 25.89 25.44 4.66 -46.1 Granite Point Mtg Trust GPMT 5.14 -1.66 -24.41 19.39 1.74 -72.5 Eurozone Euro Stoxx 299.48 2.46 0.83 –25.9 Belgium Bel-20 2826.94 –35.85 –1.25 –28.5 Passage Bio PASG 15.72 3.19 25.46 23.25 8.09 ... RISE Education Cayman ADR REDU 3.73 -1.17 -23.88 10.80 3.01 -62.2 Denmark OMX Copenhagen 20 1055.97 36.37 3.57 –7.0 EdtechX Hldgs Acquisition EDTX 21.06 4.06 23.88 24.66 9.86 109.6 U.S. Gold USAU 5.34 -1.66 -23.71 15.30 2.61 -42.2 France CAC 40 4378.51 27.02 0.62 –26.8 BioCardia BCDA 3.40 0.64 23.19 17.50 2.10 -72.0 New Home NWHM 1.75 -0.54 -23.58 6.00 0.94 -64.8 Immunovant IMVT DHI Group DHX Germany DAX 9815.97 183.45 1.90 –25.9 16.55 3.11 23.14 18.69 8.34 ... 1.84 -0.53 -22.36 4.44 1.78 -24.9 Intl General Insurance IGIC 8.28 1.53 22.67 11.52 6.29 -17.9 Invesco Mortgage Cap IVR 3.65 -1.04 -22.17 18.30 2.45 -77.1 Israel Tel Aviv 1296.64 28.79 2.27 –23.0 Italy FTSE MIB 16872.41 49.82 0.30 –28.2 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 475.98 11.06 2.38 –21.3 Russia RTS Index 958.54 3.20 0.33 –38.1 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 43413.63 466.80 1.09 –23.9 Spain IBEX 35 6659.90 –118.00 –1.74 –30.3 TOP Ships TOPS 323,795 3578.6 0.54 130.23 16.80 0.08 iSh iBonds Dec 2027 Trea IBTH 290 4903 26.25 0.75 27.66 25.29 Sweden OMX Stockholm 540.78 10.83 2.04 –20.6 SPDR S&P 500 SPY 170,971 19.9 261.65 3.25 339.08 218.26 GraniteSh HIPS US Hi Incm HIPS 506 3906 9.63 -3.44 18.28 7.68 Velocity 3x Lg Crude ETN UWT iSh iBonds Dec 2028 Trea IBTI Switzerland Swiss Market 9174.39 178.02 1.98 –13.6 153,142 155.4 0.17 -8.50 24.32 0.16 243 3466 26.41 0.06 26.72 25.23 ToughBuilt Industries TBLT 105,452 641.7 0.18 20.00 1.70 0.09 Nuveen Enh Yd 1-5Y Agg Bd NUSA 319 2585 24.80 0.45 25.91 22.66 Turkey BIST 100 88059.46 –65.57 –0.07 –23.0 Ford Motor F 96,983 22.2 5.03 -3.08 10.56 3.96 FT Alt Absolute Return FAAR 231 2464 25.32 1.77 27.19 19.04 U.K. FTSE 100 5563.74 53.41 0.97 –26.2 U.K. FTSE 250 14624.63 –145.17 –0.98 –33.2 General Electric GE 86,698 8.3 7.89 3.54 13.26 5.90 WisdomTree EM Local Debt ELD 898 2239 29.24 -1.71 36.28 26.52 ProSh UltraPro Shrt QQQ SQQQ 86,547 87.5 19.04 -10.82 48.08 15.89 Nuveen ESG Hi Yd Corp Bd NUHY 127 2238 22.28 1.99 25.47 19.76 Asia-Pacific PS Ult Bloomberg Crude UCO 86,136 683.8 1.59 -11.67 26.20 1.43 Virtus Private Credit VPC 1,480 2194 14.67 -3.74 27.07 11.69 Australia S&P/ASX 200 5181.40 338.97 7.00 –22.5 Chesapeake Energy CHK 82,431 -13.6 0.17 -2.00 3.57 0.12 ETRACS WF Bus Dev Co IndxBDCZ 346 1827 11.52 -4.78 22.63 8.87 China Shanghai Composite 2747.21 –24.99 –0.90 –9.9 Bank of America BAC 80,396 7.8 22.04 2.04 35.72 17.95 Invesco S&P MC 400 EW ETFEWMC 155 1747 45.43 2.32 68.89 37.42 Hong Kong Hang Seng 23175.11 –309.17 –1.32 –17.8 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least India S&P BSE Sensex 28440.32 –1375.27 –4.61 –31.1 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 19084.97 –304.46 –1.57 –19.3 Singapore Straits Times 2416.24 –112.52 –4.45 –25.0 Track the Markets South Korea Kospi 1717.12 –0.61 –0.04 –21.9 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 9629.43 –0.72 –19.7 global stock indexes, bond ETFs, –69.49 currencies and commodities at Currencies Thailand SET 1087.82 –11.94 –1.09 –31.1 WSJ.com/TrackTheMarkets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Mon YTD chg Mon YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004230 23643 2.0 Argentina peso .0155 64.3952 7.5 Europe Consumer Rates and Returns to Investor BenchmarkTreasury yieldYieldscurve Forex Race Brazil real .1925 5.1950 29.2 Czech Rep. koruna .04047 24.710 9.0 U.S. consumer rates Selected rates andYield toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7061 1.4162 9.0 Denmark krone .1479 6.7602 1.5 notes and bonds major U.S. trading partners Chile peso .001165 858.60 16.1 Euro area euro 1.1047 .9053 1.5 A consumer rate against its New car loan Colombiapeso .000246 4063.00 23.8 Hungary forint .003077 325.01 10.1 Ecuador US dollar Iceland krona benchmark over the past year 3.00% 11unch .007111 140.62 16.1 Bankrate.com avg†: 4.40% One year ago 8% Mexico peso .0420 23.7976 25.7 Norway krone .0948 10.5497 20.2 t 2.50 Uruguay peso .02341 42.7200 15.0 Poland zloty .2434 4.1093 8.3 First Command Bank 2.75%

2.00 Yen Asia-Pacific Russia ruble .01258 79.460 28.0 5.40% Fort Worth, TX 888-763-7600 4 s Sweden krona .0997 10.0337 7.1 1.50 Australian dollar .6169 1.6210 13.8 Prime rate Switzerland franc 1.0433 .9585 –0.9 Think Mutual Bank 2.99% China yuan .1408 7.1003 2.0 t 4.80 Tradeweb ICE Monday Close 1.00 0 Turkey lira .1521 6.5764 10.5 Rochester, MN 800-288-3425 Hong Kong dollar .1290 7.7545 –0.5 t Ukraine hryvnia .0356 28.0667 18.6

0.50 India rupee .01326 75.406 5.7 t 4.20 Cambridge Savings Bank 3.24% s UK pound 1.2415 .8055 6.8 –4 s Indonesia rupiah .0000612 16338 17.7 New car loan 0.00 Cambridge, MA 888-418-5626 WSJ Dollar index Euro Japan yen .009277 107.80 –0.8 Middle East/Africa 3.60 PNC Bank 3.34% –0.50 –8 Kazakhstan tenge .002229 448.57 17.5 Bahrain dinar 2.6546 .3767 –0.1 Macau pataca .1252 7.9864 –0.4 Egypt pound .0634 15.7691 –1.7 Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 710 30 2019 2020 3.00 month(s) years Malaysia ringgit .2310 4.3287 5.8 Israel shekel .2802 3.5685 3.3 A M J J A S O N D J F M First Savings Bank of Hegewisch 3.50% New Zealand dollar .6016 1.6622 11.9 Kuwait dinar 3.1788 .3146 3.8 maturity 2019 2020 Chicago, IL 773-646-4200 Pakistan rupee .00602 166.250 7.3 Oman sul rial 2.5967 .3851 0.03 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0196 50.926 0.4 Qatar rial .2754 3.631 –0.4 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7024 1.4236 5.8 Saudi Arabia riyal .2662 3.7570 0.2 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008166 1224.56 6.0 South Africa rand .0558 17.9367 28.1 Federal-funds rate target 0.00-0.25 0.00-0.25 1.00 l 2.25 -0.75 Sri Lanka rupee .0053124 188.24 3.8 Yield (%) 52-Week Total Return (%) Taiwan dollar .03301 30.291 1.3 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.50 3.25 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03063 32.650 9.7 WSJ Dollar Index 93.62 0.44 0.48 4.53 Libor, 3-month 1.43 1.22 0.74 l 2.60 0.29 U.S. Treasury, Barclays 2471.720 0.560 0.660 2.530 0.560 13.57 5.97 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.34 0.36 0.34 l 0.78 ... Five-year CD, annual yield 0.91 1.02 0.91 l 2.03 -0.37 U.S. Treasury Long, Barclays 4923.930 1.240 1.330 2.940 0.980 34.46 14.00 Commodities 30-year mortgage, fixed† 3.84 3.93 3.52 l 4.34 -0.27 Aggregate, Barclays 2196.310 1.560 1.950 3.060 1.320 8.99 4.89 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 3.32 3.38 2.95 l 3.73 0.02 Fixed-Rate MBS, Barclays 2217.960 1.120 1.740 3.250 1.120 7.50 4.25 Jumbo mortgages, $510,400-plus† 3.90 4.00 3.54 l 4.71 -0.75 DJ Commodity 467.64 -6.33 -1.34 647.86 451.81 -25.34 -27.19 High Yield 100, ICE BofA 2764.213 8.406 10.740 10.740 4.516 –8.060 0.170 Five-year adj mortgage (ARM)† 3.54 3.56 3.32 l 4.78 0.18 TR/CC CRB Index 121.69 -2.20 -1.77 189.66 120.34 -34.39 -34.50 Muni Master, ICE BofA 567.791 1.680 3.268 3.441 0.959 4.757 3.908 New-car loan, 48-month 4.40 4.40 4.38 l 4.81 1.05 Crude oil, $ per barrel 20.09 -1.42 -6.60 66.30 20.09 -67.38 -67.10 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan n.a. n.a. 7.396 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 1.690 0.019 1.14 2.862 1.602 -37.59 -22.80 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. 1622.00 -3.00 -0.18 1674.50 1269.30 25.89 6.75 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Plus, deeper money-flows data and email delivery of keystock-market data. Available free at WSJMarkets.com P2JW091000-0-B00700-1------XA

THE WALL STREET JOURNAL. Tuesday, March 31, 2020 | B7

COMMODITIES WSJ.com/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Wheat (KC)-5,000 bu.; cents per bu. June .9320 .9372 .9271 .9297 –.0022 120,241 Sept 21050 22166 20787 22106 735 123 May 487.25 494.50 479.75 486.75 …99,493 Canadian Dollar (CME)-CAD 100,000; $ per CAD S&P 500 Index (CME)-$250 x index Contract Open July 492.00 499.00 485.50 492.75 1.25 63,615 April .7101 .7133 .7053 .7065 –.0109 1,394 June 2467.40 2619.50 2456.30 2611.20 87.10 56,453 Open High hi lo Low Settle Chg interest Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June .7126 .7142 .7056 .7069 –.0108 115,244 Sept …… …2607.10 88.80 11 Copper-High (CMX)-25,000 lbs.; $ per lb. April 119.625 122.000 117.625 120.050 –.550 3,929 British Pound (CME)-£62,500; $ per £ Mini S&P 500 (CME)-$50 x index April 2.1625 2.1720 2.1585 2.1620 –0.0125 3,033 May 120.200 122.525 118.300 120.900 –.025 14,110 April 1.2440 1.2485 1.2332 1.2389 –.0097 1,416 June 2459.00 2621.75 2445.00 2611.25 87.25 3,359,991 May 2.1465 2.1750 2.1355 2.1555 –0.0165 87,742 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 1.2467 1.2497 1.2336 1.2404 –.0096 166,325 Gold (CMX)-100 troy oz.; $ per troy oz. Sept 2451.00 2617.25 2439.25 2607.00 88.75 11,136 April 100.500 102.000 98.375 99.200 –1.750 26,484 Swiss Franc (CME)-CHF 125,000; $ per CHF Mini S&P Midcap 400 (CME)-$100 x index April 1641.20 1652.80 1609.70 1622.00 –3.00 32,752 June 88.975 90.400 86.350 89.075 –.350 119,404 June 1.0551 1.0566 1.0446 1.0460 –.0074 31,595 June 1383.00 1455.20 1382.00 1453.40 41.00 82,770 June 1663.40 1673.60 1632.00 1643.20 –10.90 367,612 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Sept 1.0381 1.0600 1.0493 1.0498 –.0074 64 Sept …1441.60 1393.80 1463.40 41.00 n.a. Aug 1663.10 1674.00 1632.30 1643.50 –11.10 53,639 April 58.100 58.250 53.950 53.950 –4.500 21,989 Australian Dollar (CME)-AUD 100,000; $ per AUD Oct 1666.50 1667.30 1633.20 1644.10 –10.80 12,354 June 63.225 63.250 t 59.750 59.775 –4.475 75,677 Mini Nasdaq 100 (CME)-$20 x index April .6135 .6177 .6116 .6153 –.0039 815 Dec 1665.70 1672.50 1634.60 1644.10 –10.90 39,097 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 7395.75 7884.00 7365.00 7854.75 286.25 187,621 Feb'21 1645.40 1649.00 1635.50 1645.20 –11.20 9,183 May 305.50 307.10 296.00 296.50 –14.80 1,467 June .6157 .6186 .6114 .6154 –.0039 129,974 Sept 7440.00 7880.50 7381.75 7854.75 286.00 736 Palladium (NYM) - 50 troy oz.; $ per troy oz. July 315.50 317.40 308.40 313.00 –9.10 690 Mexican Peso (CME)-MXN 500,000; $ per MXN Mini Russell 2000 (CME)-$50 x index April ...... 2226.10 0.80 4 Milk (CME)-200,000 lbs., cents per lb. April .04224 .04254 .04070 .04115 –.00163 68 June 1095.00 1157.50 1086.30 1154.40 34.10 527,530 June 2140.00 2224.00 2105.30 2197.60 0.80 6,787 March 16.24 16.24 t 16.22 16.22 –.01 2,864 June .04194 .04207 .04026 .04077 –.00161 101,220 Sept 1105.00 1154.00 1095.90 1152.00 34.40 22 Sept 2138.10 2179.00 2096.40 2182.50 –2.00 585 June 13.96 14.00 t 13.25 13.32 –.68 3,510 Euro (CME)-€125,000; $ per € Mini Russell 1000 (CME)-$50 x index Platinum (NYM)-50 troy oz.; $ per troy oz. Cocoa (ICE-US)-10 metric tons; $ per ton. April 1.1122 1.1150 1.1019 1.1034 –.0092 4,200 June 1402.10 1435.40 1383.90 1433.30 45.40 8,306 April 739.10 742.20 709.70 723.90 –16.40 1,327 May 2,260 2,301 2,242 2,265 858,111 June 1.1165 1.1184 1.1047 1.1064 –.0093 543,632 U.S. Dollar Index (ICE-US)-$1,000 x index July 736.00 745.10 710.90 723.80 –17.80 49,621 July 2,268 2,299 2,253 2,271 254,361 June 98.43 99.45 98.40 99.28 .74 28,795 Silver (CMX)-5,000 troy oz.; $ per troy oz. Coffee (ICE-US)-37,500 lbs.; cents per lb. Index Futures Sept 98.62 99.29 98.35 99.25 .72 561 April 14.100 14.250 13.900 14.074 –0.402 900 May 118.60 120.85 116.20 119.30 3.45 62,915 May 14.700 14.710 13.945 14.132 –0.402 83,058 July 119.00 121.15 116.75 120.10 3.35 49,002 Mini DJ Industrial Average (CBT)-$5 x index Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June 20926 22239 20778 22167 730 55,670 Source: FactSet May 20.93 20.93 t 19.27 20.09 –1.42 579,954 May 11.08 11.18 10.68 10.73 –.37 300,790 June 24.68 25.01 23.31 24.09 –1.06 271,529 July 11.05 11.13 10.73 10.77 –.28 251,209 July 28.06 28.47 26.50 27.40 –0.73 179,668 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Aug 30.13 30.13 28.60 29.56 –0.49 96,000 May 26.63 26.63 26.63 26.63 .13 313 Bonds | WSJ.com/bonds Sept 30.95 31.51 29.96 31.00 –0.30 126,003 July 26.55 26.55 26.51 26.55 –.05 2,864 Dec 33.10 34.12 32.56 33.58 0.13 223,747 Cotton (ICE-US)-50,000 lbs.; cents per lb. NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 51.05 51.13 t 48.80 50.70 –.63 77,353 Tracking Bond Benchmarks April 1.0505 1.0565 .9884 1.0194 –.0491 10,194 Dec 53.10 53.90 52.00 53.44 –.05 49,957 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week May 1.0494 1.0570 .9857 1.0153 –.0532 92,353 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. May 118.40 120.85 117.90 119.40 1.20 7,485 highs and lows for different types of bonds April .5451 .5951 .4894 .5855 .0118 8,983 July 118.35 120.30 s 116.55 120.10 2.45 4,053 Total Total May .5990 .6237 .5327 .6168 .0032 110,972 return YTD total Yield (%) return YTD total Yield (%) Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Interest Rate Futures close return (%) Index Latest Low High close return (%) Index Latest Low High May 1.630 1.708 1.613 1.690 .019 347,885 June 1.737 1.810 1.714 1.794 .019 95,309 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays July 1.870 1.944 1.846 1.931 .024 118,757 June 225-300 229-220 222-120 225-040 2-06.0 1,049,768 Sept 1.952 2.025 1.930 2.014 .033 96,963 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 2196.31 3.2 U.S. Aggregate 1.560 1.320 3.060 2217.96 3.3 Mortgage-Backed 1.120 1.120 3.250 June 181-020 182-160 178-280 180-230 1-21.0 1,011,711 Oct 2.022 2.092 1.999 2.082 .035 105,154 2174.41 3.5 Ginnie Mae (GNMA) 0.860 0.860 3.200 Jan'21 2.689 2.734 2.667 2.733 .037 66,667 Sept 179-280 180-270 177-180 179-070 1-21.0 129 U.S. Corporate Indexes Bloomberg Barclays Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3006.91 -4.1 U.S. Corporate 3.550 2.220 4.580 1307.12 3.2 Fannie mae (FNMA) 1.230 1.230 3.270 Agriculture Futures June 138-295 139-125 138-120 138-265 18.0 3,317,175 Sept 138-000 138-105 137-300 138-145 18.0 5 2779.18 -3.7 Intermediate 3.340 1.760 4.400 2008.30 3.2 Freddie Mac (FHLMC) 1.190 1.190 3.270 Corn (CBT)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% May 343.00 346.75 340.00 341.25 –4.75 456,635 March 124-275 124-295 124-217 125-060 16.2 5,575 4321.55 -4.8 Long term 3.910 2.950 4.930 567.79 0.3 Muni Master 1.680 0.959 3.441 July 348.50 352.25 346.00 347.50 –4.25 376,249 June 125-120 125-177 125-057 125-130 7.2 3,912,052 7-12 year Oats (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 645.72 1.2 Double-A-rated 2.380 1.670 3.360 399.00 0.005 1.654 0.924 3.447 May 265.75 269.50 261.25 261.50 –4.00 2,440 March 109-262 110-086 109-262 110-047 –0.6 30,935 760.41 -7.6 Triple-B-rated 4.380 2.570 5.350 456.44 0.8 12-22 year 1.966 1.224 3.690 July 267.25 268.50 261.25 263.75 .25 861 June 110-070 110-071 110-044 110-066 –0.8 2,972,772 Soybeans (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. High Yield Bonds ICE BofA 440.14 -0.1 22-plus year 2.601 1.765 4.123 May 880.00 892.50 876.75 882.25 .75 253,229 March 99.3475 99.3500 99.3475 99.3475 .0000 235,065 July 884.00 896.50 881.00 886.50 1.25 178,453 April 99.9275 99.9300 99.9225 99.9225 –.0025 246,850 403.13 -13.7 High Yield Constrained 9.277 5.151 11.400 Global Government J.P. Morgan† Soybean Meal (CBT)-100 tons; $ per ton. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% -21.7 Triple-C-rated n.a. n.a. Global Government n.a. n.a. n.a. May 323.20 328.90 322.20 325.50 2.40 133,629 June 106-060 106-160 105-095 105-310 10.0 60,698 342.85 16.885 10.558 19.071 July 320.10 323.90 318.00 320.90 1.20 95,986 Eurodollar (CME)-$1,000,000; pts of 100% 2764.21 -13.4 High Yield 100 8.406 4.516 10.740 n.a. n.a. Canada n.a. n.a. n.a. Soybean Oil (CBT)-60,000 lbs.; cents per lb. April 98.7975 98.8650 98.7675 98.8450 .0650 604,693 May 26.83 27.38 26.62 26.87 .02 148,592 June 99.4050 99.4500 99.3800 99.4400 .0600 1,591,669 361.66 -14.2 Global High Yield Constrained 9.487 4.893 11.310 403.97 1.0 EMU§ 0.441 0.109 1.023 July 27.15 27.74 26.98 27.23 .01 108,093 Sept 99.6150 99.6250 99.5850 99.6200 .0250 1,454,246 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 99.6550 99.6550 99.6200 99.6450 .0150 1,131,099 277.96 -15.4 Europe High Yield Constrained 7.128 2.464 8.183 n.a. n.a. France n.a. n.a. n.a. May 1399.50 1417.00 1396.50 1409.50 12.50 7,531 U.S Agency Bloomberg Barclays n.a. Germany July 1396.00 1410.00 t 1391.00 1408.00 16.50 1,227 Currency Futures n.a. n.a. n.a. n.a. Wheat (CBT)-5,000 bu.; cents per bu. 1842.04 4.1 U.S Agency 0.970 0.730 2.630 n.a. n.a. Japan n.a. n.a. n.a. May 572.25 580.75 562.75 569.50 –1.75 139,019 Japanese Yen (CME)-¥12,500,000; $ per 100¥ July 558.25 565.00 552.00 558.25 1.00 98,114 April .9278 .9338 .9245 .9267 –.0022 993 1606.52 2.9 10-20 years 0.830 0.640 2.520 n.a. n.a. Netherlands n.a. n.a. n.a. 4206.18 10.3 20-plus years 1.650 1.170 3.120 n.a. n.a. U.K. n.a. n.a. n.a. Cash Prices |WSJ.com/commodities Monday, March 30, 2020 2654.96 -2.6 Yankee 2.850 1.920 3.500 n.a. n.a. Emerging Markets ** n.a. n.a. n.a. *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. Monday Monday Monday Global Government Bonds: Mapping Yields Energy Palladium,Engelhard industrial 2252.0 Wheat,No.2 soft red,St.Louis-bp,u 5.9400 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Palladium,Engelhard fabricated n.a. Wheat - Hard - KC (USDA) $ per bu-u 4.9175 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 53.550 Aluminum, LME, $ per metric ton *1506.0 Wheat,No.1soft white,Portld,OR-u 6.0750 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Copper,Comex spot 2.1620 Food Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Metals Iron Ore, 62% Fe CFR China-s 82.6 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Shredded Scrap, US Midwest-s,m 280 Beef,carcass equiv. index 0.375 U.S. 2 0.222 t l 0.246 0.927 2.262 Gold, per troy oz Steel, HRC USA, FOB Midwest Mill-s 528 choice 1-3,600-900 lbs.-u 210.49 l Engelhard industrial 1620.00 select 1-3,600-900 lbs.-u 197.62 1.500 10 0.660 t 0.683 1.156 2.406 Engelhard fabricated n.a. Fibers and Textiles Broilers, National comp wtd. avg.-u,w 0.8368 2.000 Australia 2 0.248 t l 0.254 0.561 1.475 2.6 0.8 -78.7 Handy & Harman base 1618.30 Butter,AA Chicago 1.3975 Burlap,10-oz,40-inch NY yd-n,w 0.5700 2.500 10 0.788 t l 0.929 0.828 1.790 12.7 24.6 -61.6 Handy & Harman fabricated 1796.31 Cheddar cheese,bbl,Chicago 130.00 Cotton,1 1/16 std lw-mdMphs-u 0.4695 LBMA Gold Price AM *1621.20 Cheddar cheese,blk,Chicago 143.75 Cotlook 'A' Index-t *62.80 0.000 France 2 -0.603 s l -0.652 -0.701 -0.535 -82.5 -89.8 -279.7 LBMA Gold Price PM *1617.30 Milk,Nonfat dry,Chicago lb. 89.50 Hides,hvy native steers piece fob-u n.a. Krugerrand,wholesale-e 1688.13 Coffee,Brazilian,Comp 1.1305 0.000 10 -0.083 t l -0.068 -0.290 0.324 -74.3 -75.1 -208.2 Wool,64s,staple,Terr del-u,w n.a. Maple Leaf-e 1704.36 Coffee,Colombian, NY 1.6165 l American Eagle-e 1704.36 0.000 Germany 2 -0.705 s -0.708 -0.770 -0.606 -92.7 -95.4 -286.8 Grains and Feeds Eggs,large white,Chicago-u 2.9250 Mexican peso-e 1965.09 Flour,hard winter KC 15.55 0.000 10 -0.495 t l -0.477 -0.608 -0.069 -115.5 -116.0 -247.4 Austria crown-e 1594.06 Barley,top-quality Mnpls-u n.a. Hams,17-20 lbs,Mid-US fob-u 0.42 1.200 Italy 2 0.296 s l 0.198 -0.034 0.466 7.4 -4.8 -179.6 Austria phil-e 1704.36 Bran,wheat middlings, KC-u 85 Hogs,Iowa-So. Minnesota-u 64.67 Silver, troy oz. Corn,No. 2 yellow,Cent IL-bp,u 3.2450 Pork bellies,12-14 lb MidUS-u n.a. 1.350 10 1.472 s l 1.319 1.120 2.481 81.2 63.6 7.5 Engelhard industrial 14.0500 Corn gluten feed,Midwest-u,w 110.0 Pork loins,13-19 lb MidUS-u 1.3528 Engelhard fabricated n.a. Corn gluten meal,Midwest-u,w 471.7 Steers,Tex.-Okla. Choice-u n.a. 0.100 Japan 2 -0.168 s l -0.170 -0.256 -0.181 -39.1 -41.6 -244.3 Handy & Harman base 14.0400 Cottonseed meal-u,w 260 Steers,feeder,Okla. City-u,w 142.38 0.100 10 -0.005 t l 0.010 -0.154 -0.091 -66.5 -67.3 -249.6 Handy & Harman fabricated 17.5500 Hominy feed,Cent IL-u,w 98 Fats and Oils LBMA spot price *£11.7100 Meat-bonemeal,50% pro Mnpls-u,w 225 0.050 Spain 2 -0.275 t l -0.267 -0.435 -0.299 -49.7 -51.3 -256.1 (U.S.$ equivalent) *14.3150 Oats,No.2 milling,Mnpls-u Corn oil,crude wet/dry mill wtd. avg.-u,w 2.9650 38.7500 0.500 10 0.564 s l 0.528 0.288 1.098 -9.7 -15.5 -130.8 Coins,wholesale $1,000 face-a 13316 Rice, Long Grain Milled, No. 2 AR-u,w 26.50 Grease,choice white,Chicago-h 0.2300 Other metals Sorghum,(Milo) No.2 Gulf-u 7.6563 Lard,Chicago-u n.a. 0.500 U.K. 2 0.132 s l 0.130 0.320 0.646 -9.1 -11.6 -161.6 LBMA Platinum Price PM *742.0 SoybeanMeal,Cent IL,rail,ton48%-u 327.00 Soybean oil,crude;Centl IL-u 0.2670 4.750 10 0.330 t l 0.364 0.442 0.997 -33.1 -32.0 -140.9 Platinum,Engelhard industrial 729.0 Soybeans,No.1 yllw IL-bp,u 8.7000 Tallow,bleach;Chicago-h 0.2950 Platinum,Engelhard fabricated n.a. Wheat,Spring14%-pro Mnpls-u 6.6975 Tallow,edible,Chicago-u n.a. Source: Tullett Prebon

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; Corporate Debt 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 3/27 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in Source: WSJ Market Data Group that same company’s share price. Investment-grade spreads that tightened the most… Spread*, in basis points Stock Performance Borrowing Benchmarks | WSJ.com/bonds Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg

Money Rates March 30, 2020 Allegion US Holding … 3.200 Oct. 1, ’24 399 –200 639 … … Air Lease AL 3.250 March 1, ’25 699 –179 n.a. 21.82 4.25 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. Las Vegas Sands LVS 3.200 Aug. 8, ’24 539 –151 952 43.49 3.30 Juniper Networks JNPR 4.500 March 15, ’24 255 –146 475 20.25 1.55 Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low General Electric Capital … 3.100 Jan. 9, ’23 280 –143 700 … … Feb. index Chg From (%) Synchrony Financial SYF 4.500 July 23, ’25 426 –129 n.a. 16.77 –1.93 level Jan. '20 Feb. '19 Switzerland 0.50 0.50 0.50 0.50 Offer 0.0800 0.2500 2.5000 0.0800 Britain 0.10 0.10 0.75 0.10 Treasury bill auction Delphi … 4.150 March 15, ’24 400 –102 n.a. … … U.S. consumer price index Australia 0.25 0.25 1.50 0.25 4 weeks Schneider Electric SE SUFP 2.950 Sept. 27, ’22 205 –98 n.a...... All items 258.678 0.27 2.3 0.000 0.030 2.400 0.000 Core 267.268 0.48 2.4 Overnight repurchase 13 weeks 0.085 0.000 2.400 0.000 U.S. -0.02 0.05 3.40 -0.02 26 weeks 0.100 0.080 2.400 0.080 …And spreads that widened the most International rates U.S. government rates Secondary market Noble Energy NBL 5.250 Nov. 15, ’43 930 139 n.a. 5.31 –0.93 Week 52-Week PNC Financial Services PNC 3.150 May 19, ’27 186 53 333 100.97 0.84 Latest ago High Low Discount Fannie Mae 0.25 0.25 3.00 0.25 30-year mortgage yields Prime rates High-yield issues with the biggest price increases… 30 days 2.281 2.598 3.857 2.281 U.S. 3.25 3.25 5.50 3.25 Federal funds 60 days 2.341 2.656 3.884 2.341 Bond Price as % of face value Stock Performance Canada 2.95 2.95 3.95 2.95 Effective rate 0.1400 0.2600 2.4800 0.1400 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Japan 1.475 1.475 1.475 1.475 High 0.3500 0.5000 3.0000 0.3500 Other short-term rates Policy Rates Low 0.0500 0.0500 2.4400 0.0500 Synovus Financial SNV 5.750 Dec. 15, ’25 94.000 17.38 n.a. 17.90 –2.40 Euro zone 0.00 0.00 0.00 0.00 Bid 0.0500 0.0500 2.4400 0.0500 Week 52-Week Latest ago high low RHP Hotel Properties … 5.000 April 15, ’23 78.844 11.12 64.272 … … Ford Motor Credit … 4.687 June 9, ’25 88.250 8.70 65.280 … … Call money PBF Holding PBFENE Key Interest Rates 2.00 2.00 4.25 2.00 6.000 Feb. 15, ’28 67.000 8.50 53.250 ...... Data are annualized on a 360-day basis. Treasury yields are per annum, Commercial paper (AA financial) Tronox TROX 6.500 April 15, ’26 92.000 8.50 80.500 5.64 5.82 on actively traded noninflation and inflation-indexed issues that are 90 days n.a. 2.12 2.58 0.58 Brookfield Property REIT BPR 5.750 May 15, ’26 80.900 8.15 72.000 ...... adjusted to constant maturities. Data are from weekly Federal Reserve AMC Networks AMCX 5.000 April 1, ’24 97.500 7.50 87.250 26.18 5.44 release H.15. Libor Sprint Capital … 8.750 March 15, ’32 130.000 7.45 110.000 … … Week Ended 52-Week Week Ended 52-Week One month 0.98450 0.94663 2.49338 0.61163 Mar 27 Mar 20 High Low Mar 27 Mar 20 High Low Three month 1.43338 1.21563 2.60350 0.74050 6-month …And with the biggest price decreases Federal funds (effective) 0.06 0.14 2.47 0.06 Six month 1.09175 0.97325 2.66913 0.73538 1-year 0.17 0.23 2.44 0.17 One year 1.01400 0.93738 2.76188 0.74350 0.15 0.74 2.44 0.15 2-year 0.31 0.44 2.40 0.31 Cenovus Energy CVECN 6.750 Nov. 15, ’39 45.000 –10.00 55.430 ...... Commercial paper 3-year 0.36 0.51 2.37 0.36 Euro Libor Banco Bilbao Vizcaya Argentaria BBVASM 6.125 Nov. 16, ’49 72.000 –8.00 62.226 ...... 5-year 0.48 0.62 2.39 0.48 One month -0.395 -0.460 -0.395 -0.621 Nonfinancial 7-year 0.69 0.90 2.48 0.69 IHO Verwaltungs GmbH SHAEFF 6.000 May 15, ’27 70.875 –6.50 74.438 ...... 1-month 1.60 1.38 2.46 1.13 10-year 0.81 0.99 2.58 0.79 Three month -0.265 -0.310 -0.265 -0.539 2-month Stena International STENA 6.125 Feb. 1, ’25 78.000 –5.88 n.a...... 1.46 1.56 2.48 1.06 20-year 1.17 1.41 2.79 1.15 Six month -0.204 -0.299 -0.204 -0.491 3-month 1.77 1.67 2.49 0.99 One year -0.187 -0.204 -0.184 -0.441 Societe Generale SOCGEN 7.375 Oct. 4, ’49 85.000 –5.50 79.000 ...... Financial Treasury yields (secondary market) 1-month 2.15 1.24 2.47 1.09 Value 52-Week Western Midstream Operating … 4.500 March 1, ’28 40.600 –4.90 54.750 … … 1-month 0.00 0.10 2.41 0.00 Latest Traded High Low 2-month 2.27 1.58 2.46 1.16 Eldorado Resorts ERI 6.000 Sept. 15, ’26 90.750 –4.78 85.100 12.05 –20.41 3-month 2.44 1.33 2.48 0.98 3-month -0.01 0.11 2.39 -0.01 6-month 0.06 0.14 2.40 0.06 DTCC GCF Repo Index Presidio Holdings PRESID Discount window primary credit 8.250 Feb. 1, ’28 81.250 –4.75 81.750 ...... TIPS Treasury 0.048 43.242 6.007 0.048 0.25 0.25 3.00 0.25 5-year -0.10 0.41 0.54 -0.55 MBS 0.065 66.150 6.699 0.063 *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. Treasury yields at constant 7-year -0.15 0.35 0.57 -0.52 Note: Data are for the most active issue of bonds with maturities of two years or more maturities 10-year -0.16 0.35 0.63 -0.45 Notes on data: Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data U.S. prime rate is the base rate on corporate 1-month 0.01 0.10 2.45 0.01 20-year -0.09 0.47 0.82 -0.09 Long-term avg -0.01 0.62 0.96 -0.01 loans posted by at least 70% of the 10 largest 3-month 0.01 0.11 2.44 0.01 U.S. banks, and is effective March 16, 2020. Other prime rates aren’t directly comparable; Dividend Changes Notes on data: lending practices vary widely by location; Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Discount rate is effective March 16, 2020. DTCC Dividend announcements from March 30. on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by GCF Repo Index is Depository Trust & Clearing discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Corp.'s weighted average for overnight trades in Amount Payable / Amount Payable / primary credit rate is charged for discounts made and advances extended under the Federal applicable CUSIPs. Value traded is in billions of Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Reduced Initial Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Oxford Industries OXM 2.8 .25 /.37 Q May01 /Apr17 CBM Bancorp CBMB ... .50 Apr17 /Apr06 Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. P2JW091000-0-B00800-1------XA

B8 | Tuesday, March 31, 2020 THE WALL STREET JOURNAL.

World-ClassCFOs Driving the Futureofthe Global Economy.

TheWall Street Journal CFONetwork is an invitation-onlymembership exclusively for chief financial officersfromthe world’slargest and most influential companies. They arebrought together by topJournal editorstodiscussthe most pressing issues in global financial leadership.

Steven AMichaels, Aarons Inc. Claus Aagaard, Mars Inc. ScottFrisch, AARP Michael Berry, McAfee KC McClure, Accenture BrittJ.Vitalone,McKesson Corp. John Murphy, Adobe Systems Inc. Carl D. Anderson, Meritor,Inc. Paul Rathbun, AdventistHealth System AmyHood, Microsoft Corp. Kevin Lenahan, AHS Hospital Corp. Ralph Pepino,Midas Exchange KerryJ.Jacobs, AlleghanyCorp. Arunava Mitra, Mitsubishi Hitachi PowerSystems Americas, Inc. Jennifer A. LaClair,AllyFinancial Mark B. Kaye,Moody's Luis Visoso,AmazonWeb Services Bryan Riggsbee,Myriad Genetics David Trick, Ambac Financial Group Inc. Margaret M. Smyth, National Grid American TowerCorporation Jerome Urvoy, Natixis IM BarryJ.Giarraputo, Antares Capital Thomas W. Harker,OASNFinancial Management and Comptroller Martin Kelly, Apollo Management LLC HassanBadrawi, OCI N.V. Lloyd Howell, Jr., Booz Allen Hamilton Inc. Micah Conrad, OneMain Financial JimScammon, Bose Corp. Christopher Govan, Onex William Dellal, Caliber Home Loans AmyShelly, Options Clearing Corporation Marshall D. Smith, California Resources Corp. Ed Stelmakh, OtsukaAmericaPharmaceutical Michael Cohen, CalPERS John Rainey, PayPal Steven Horowitz, CareCentrix James Mock, PerkinElmer,Inc. Guido Torrini, Celonis StanleyJ.Sutula III, PitneyBowes Rob McMurray,ChristianaCare MikeSpeetzen, Polaris Industries Inc. Eric Palmer,Cigna International Corp. Venkat Bhamidipati, Providence St.Joseph Health KellyKramer,Cisco Systems, Inc. Denise Dettingmeijer,RandstadNorth America Melinda J. Lopez, CityofHoover RobertQutub,RenaissanceRe Thomas JSeifert, Cloudflare StokesMoore, Rockefeller Group KarenMcLoughlin, Cognizant Ewout Steenbergen, S&P Global, Inc. AlexW.Pease,CommScope Mark J. Hawkins, Salesforce.com Inc. To dd Ford,CoupaSoftware,Inc. Warren J. Zaccaro, Securian Financial Group TracyJackson, CVREnergy,Inc. Aldo J. Pagliari, Snap-On Inc. Michelle M. Frymire, CWT Navneet Govil, SoftBank Investment Advisers Janet Lewell, Deloitte LLP Jason Child, Splunk Christina Va nTassell, DowJones Andrew M. Davies, Sprint Corp. Ajay Va shee,Dropbox, Inc. Donald Allan, StanleyBlack &Decker Inc. SusanCosgrove,DTCC JoePfountz, StepUpFor Students Steven K. Yo ung,DukeEnergy Martina Moran, Storyful Kevin S. Ingram, FactoryMutual Insurance Co. Brian Wenzel, SynchronyFinancial James W. Woodall, FIS CostaSaroukos,Takeda Pharmaceutical Co.Ltd. Ron Kisling,Fitbit Inc. AlexHernandez, Talen Energy EdwardJ.Fitzpatrick, Genpact Ltd. Ramakrishnan Ve nkatraman, Tata ConsultancyServices Kenneth Goldman, Hillspire Glenn Richter,TIAA Catriona Fallon, Hitachi Va ntara MelendyLovett,TrinityIndustries, Inc. Brian A. Kane,Humana Brian K. Miller,Tyler Te chnologies, Inc. StefanFreiberg, ICSC Jaap Tonckens, Unibail-Rodamco-Westfield Alberto Fornaro, IGTPLC SaurabhKumar,United HealthcareServices, Inc. George Davis, Intel Corp. John M. Jansen, United StatesMarine Corps ScottA.Hill, Intercontinental ExchangeInc. MatthewEllis, Ve rizon Communications Inc. TimNicholls, International Paper Zane Rowe,VMware SueSavagePirri, JDASoftware Michael S. Smith, Voya Financial, Inc. Joseph Wolk, Johnson and Johnson Glenn MacInnes, WebsterFinancial Corp. StuartB.Burgdoerfer,LBrands Inc. John R. Shrewsberry, Wells Fargo&Co. Nathan P. Owen, LAZParking RobertE.Gunderman, WindstreamHoldingsInc. Harmit Singh, Levi Strauss&Co. Jatin Dalal, WiproLtd. Vivian Liu, LexmarkInternational Robynne Sisco,Workday,Inc. Chris Greiner,LivePerson Inc. Stephanie Ferris, Worldpay William Zerella, Luminar Te chnologies Elena Gomez, Zendesk

Membership is by invitation: [email protected] |Learn moreatCFONetwork.wsj.com/inquire

Proudly sponsored by:

©2020 Dow Jones &Co., Inc. All rights reserved. 6DJ7845 P2JW091000-0-B00900-1------XA

THE WALL STREET JOURNAL. Tuesday, March 31, 2020 | B9 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. Etsy ETSY 38.67 ... IngersollRand IR 23.75 1.12 Markel MKL 946.99 54.56 PPD PPD 17.96 0.96 SareptaTherap SRPT 98.52 4.08 Trimble TRMB 31.03 1.18 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. EuronetWorldwide EEFT 89.97 -1.00 Ingredion INGR 77.28 3.56 MarketAxess MKTX 351.32 8.54 PPG Ind PPG 85.92 0.92 Schlumberger SLB 13.28 -0.48 Trip.com TCOM 22.51 -0.95 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four EverestRe RE 198.49 9.20 Insulet PODD 174.58 -1.17 SchwabC SCHW TruistFinl TFC 32.56 -0.71 that include primary market trades as well as quarters. Marriott MAR 76.16 -2.69 PPL PPL 25.83 0.41 34.33 0.72 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Evergy EVRG 59.11 1.59 IntelINTC 55.49 3.12 Marsh&McLen MMC 89.55 4.10 PRA HealthSci PRAH 83.46 4.95 ScienceApplicat SAIC 73.51 1.72 TurkcellIletism TKC 4.66 -0.13 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing EversourceEner ES 83.65 2.69 ICE ICE 83.81 2.56 MartinMarietta MLM 179.52 -1.70 PTC PTC 59.27 0.26 ScottsMiracleGro SMG 105.67 3.14 Twilio TWLO 97.00 0.37 Nasdaq ISE. standards ExactSciences EXAS 58.43 0.53 InterContinentl IHG 41.76 -0.47 MarvellTech MRVL 22.70 0.35 Paccar PCAR 62.27 2.78 Sea SE 44.46 0.53 Twitter TWTR 25.59 0.30 The list comprises the 1,000 largest companies lf-Late filing Exelixis EXEL 17.77 0.54 IBM IBM 112.93 4.90 Masco MAS 35.27 0.62 PackagingCpAm PKG 90.76 4.67 Seagate STX 49.87 1.90 TylerTech TYL 300.81 17.98 based on market capitalization. q-Temporary exemption from Nasdaq Exelon EXC 37.23 1.73 IntlFlavors IFF 108.01 -2.21 Masimo MASI 179.76 0.73 PagSeguroDig PAGS 19.46 0.64 SeattleGenetics SGEN 115.29 6.02 TysonFoods TSN 59.15 0.56 Underlined quotations are those stocks with requirements. Expedia EXPE 56.39 -3.64 IntlPaper IP 31.33 0.71 Mastercard MA 253.25 5.60 PaloAltoNtwks PANW 166.47 3.93 SempraEnergy SRE 119.99 -1.14 UBS Group UBS 9.52 0.16 large changes in volume compared with the t-NYSE bankruptcy ExpeditorsIntl EXPD 66.97 1.86 Interpublic IPG 16.20 0.99 MatchGroup MTCH 66.67 4.19 ParkerHannifin PH 130.35 9.07 SensataTechs ST 29.36 0.26 UDR UDR 37.72 -0.22 issue’s average trading volume. v-Trading halted on primary market. ExtraSpaceSt EXR 96.75 0.73 Intuit INTU 238.05 8.36 MaximIntProducts MXIM 49.91 2.35 Paychex PAYX 64.42 4.25 ServiceCorp SCI 40.87 2.14 UGI UGI 26.91 0.85 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being ExxonMobil XOM 37.50 0.55 IntuitiveSurgical ISRG 504.22 13.81 McCormick MKC 143.15 10.86 PaycomSoftware PAYC 213.12 4.18 ServiceNow NOW 286.39 12.39 Uber UBER 27.83 0.55 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, F5Networks FFIV 109.81 -0.99 InvitatHomes INVH 21.19 0.38 ShawComm B SJR Ubiquiti UI 142.16 8.72 previous closing price was $2 or higher. or securities assumed by such companies. McCormickVtg MKC.V 142.70 10.10 Paylocity PCTY 91.25 -0.79 15.63 0.38 FMCFMC 82.64 6.46 IonisPharma IONS 48.21 -1.20 McDonalds MCD 168.13 4.12 PayPal PYPL 97.03 3.55 SherwinWilliams SHW 481.83 22.17 UltaBeauty ULTA 179.71 5.26 FTI Consulting FCN 118.69 3.97 IovanceBiotherap IOVA 29.94 -2.22 McKesson MCK 138.02 12.32 Pearson PSO 7.01 0.51 ShinhanFin SHG 22.91 0.43 UnderArmour A UAA 9.57 0.13 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Facebook FB 165.95 9.16 iQIYI IQ 18.66 0.08 MedicalProp MPW 17.59 -0.09 Pegasystems PEGA 73.93 1.17 Shopify SHOP 430.38 8.76 Unilever UN 48.46 1.17 changes in the closing prices from 4 p.m. the previous day. FactSet FDS 268.07 13.36 IronMountain IRM 24.85 0.48 Medtronic MDT 92.05 2.16 Peloton PTON 27.70 1.72 SignatureBank SBNY 83.02 -2.27 Unilever UL 50.58 1.33 FairIsaac FICO 313.83 22.77 ItauUnibanco ITUB 4.69 0.12 MelcoResorts MLCO 12.47 0.21 PembinaPipeline PBA 16.79 -0.43 SimonProperty SPG 56.27 -1.90 UnionPacific UNP 140.20 1.15 Monday, March 30, 2020 Net Net Fastenal FAST 31.80 0.76 J K L MellanoxTech MLNX 120.95 1.16 Pentair PNR 29.63 -0.30 SiriusXM SIRI 4.81 -0.12 UnitedAirlines UAL 30.16 -2.68 Net Stock Sym Close Chg Stock Sym Close Chg FederalRealty FRT 75.00 -1.05 MercadoLibre MELI 473.29 1.86 PenumbraPEN 163.20 7.83 Skyworks SWKS 90.11 3.02 UnitedMicro UMC 2.22 0.06 Stock Sym Close Chg FedEx FDX 124.31 3.73 Merck MRK 76.95 5.22 People'sUtdFin PBCT 11.51 -0.07 SlackTech WORK 28.21 -0.37 UPS B UPS 97.84 0.32 BancoBradesco BBDO 3.58 -0.11 CiscoSystems CSCO 40.32 1.50 JBG SMITH Prop JBGS 30.84 -0.18 Ferrari RACE 154.29 4.26 MetLife MET 32.03 1.16 PepsiCo PEP 125.48 5.02 Smartsheet SMAR 43.97 0.47 UnitedRentals URI 95.16 5.01 BancodeChile BCH 15.47 0.17 Citigroup C 44.08 0.28 JD.com JD 40.39 0.24 A B C FiatChrysler FCAU 6.97 -0.15 MettlerToledo MTD 685.40 26.62 PerkinElmer PKI 76.51 1.71 SmithAO AOS 38.60 1.75 US Bancorp USB 35.87 0.52 BancSanBrasil BSBR 5.41 0.05 CitizensFin CFG 19.65 -0.31 JPMorganChase JPM 93.50 2.37 FidNatlFin FNF 26.40 0.05 JackHenry JKHY 156.05 7.02 MicrochipTech MCHP 68.99 0.79 Perrigo PRGO 48.81 2.71 Smith&Nephew SNN 36.24 1.04 UnitedTech UTX 98.49 1.34 ABB ABB 17.35 -0.10 BcoSantChile BSAC 14.51 0.22 s CitrixSystems CTXS 145.91 5.87 FidNatlInfo FIS 125.29 5.19 JacobsEngg J 77.99 3.11 MicronTech MU 44.52 1.04 PetroChina PTR 34.00 2.06 Smucker SJM 110.63 7.60 UnitedTherap UTHR 97.07 5.75 ACADIA Pharm ACAD 41.32 2.49 BancoSantander SAN 2.46 ... ClarivateAnaly CCC 20.32 -0.07 FifthThirdBncp FITB 15.87 -1.02 JamesHardie JHX 12.42 1.56 Microsoft MSFT 160.23 10.53 PetroleoBrasil PBR 5.22 0.03 Snap SNAP 11.85 -0.33 UnitedHealth UNH 251.28 8.83 AECOM ACM 28.58 -0.17 BankofAmerica BAC 22.04 0.44 Clorox CLX 174.48 1.29 58.com WUBA 46.82 -0.51 JazzPharma JAZZ 99.60 2.64 MidAmApt MAA 107.13 -0.47 PetroleoBrasilA PBR.A 5.17 -0.07 SnapOn SNA 113.03 5.18 UnivDisplay OLED 137.35 3.29 AES AES 13.66 0.21 BankofMontreal BMO 47.87 0.30 CloudflareNET 23.89 1.93 FirstAmerFin FAF 44.15 0.33 JefferiesFin JEF 14.00 -0.34 MitsubishiUFJ MUFG 3.91 -0.11 Pfizer PFE 32.67 1.77 SolarEdgeTech SEDG 81.64 -0.73 UniversalHealthB UHS 100.13 11.14 Aflac AFL BankNY Mellon BK 34.00 1.46 Coca-Cola KO 45.00 2.19 36.26 0.86 FirstIndRltyFR 33.70 1.94 J&J JNJ MizuhoFin MFG 2.41 -0.02 PhilipMorris PM 72.55 3.40 SolarWinds SWI 15.34 0.06 VEREIT VER 4.98 0.04 BkNovaScotia BNS 38.73 -0.01 Coca-Cola Euro CCEP 36.80 3.24 133.01 9.85 AGNC Invt AGNC 11.68 -1.31 FirstRepBank FRC 86.40 4.06 MobileTeleSys MBT 7.39 0.08 Phillips66 PSX 54.16 1.84 SonocoProducts SON 46.93 4.51 VF VFC 59.75 1.96 Barclays BCS 4.65 -0.17 Cognex CGNX 45.46 2.16 JohnsonControls JCI 26.49 0.55 Ansys ANSS 235.13 12.11 FirstEnergy FE 40.49 1.89 Moderna MRNA 30.48 0.43 PilgrimPride PPC 18.70 0.68 Sony SNE 60.17 0.85 VICI Prop VICI 16.04 0.23 BarrickGold GOLD 19.29 0.05 CognizantTech CTSH 47.38 0.72 JonesLang JLL 107.44 7.71 ASETech ASX 3.88 0.30 Fiserv FISV 98.33 4.38 MohawkInds MHK 80.15 2.11 Pinduoduo PDD 35.63 0.31 Southern SO 57.99 1.98 VailResorts MTN 148.96 -6.64 BauschHealth BHC 15.25 0.74 ColgatePalm CL 66.58 1.32 JuniperNetworks JNPR 20.25 0.31 ASML ASML 268.03 15.41 Five9 FIVN 76.28 2.75 MolinaHealthcare MOH 139.35 4.18 PinnacleWest PNW 78.36 0.73 SoCopper SCCO 27.62 1.03 Vale VALE 8.04 0.20 BaxterIntl BAX 82.19 2.40 ColumbiaSportswr COLM 70.92 3.18 KB Fin KB 27.76 0.21 AT&T T 30.23 0.39 FleetCorTech FLT 194.02 -2.16 MolsonCoorsB TAP 40.30 2.24 Pinterest PINS 15.42 0.48 SouthwestAir LUV 35.10 -1.28 ValeroEnergy VLO 47.19 2.15 BectonDicknsn BDX 222.87 6.29 Comcast A CMCSA 35.49 0.92 KKR KKR 24.52 -0.04 AbbottLabs ABT 79.34 4.78 Flex FLEX 8.40 0.35 Mondelez MDLZ 51.13 3.52 PioneerNatRscs PXD 66.49 -1.61 Splunk SPLK 127.22 2.46 VarianMed VAR 103.72 2.75 BeiGene BGNE 125.39 -0.13 Comerica CMA 31.03 -1.84 KLA KLAC 149.52 7.28 AbbVie ABBV 75.24 2.57 FlirSystems FLIR 32.14 -0.38 MongoDB MDB 136.43 4.32 PlainsAllAmPipe PAA 5.00 -0.53 Spotify SPOT 121.43 -1.11 VeevaSystems VEEV 157.94 12.39 BerkleyWRB 54.51 2.64 CommerceBcshrs CBSH 50.42 1.04 KSCitySouthern KSU 129.38 1.42 Abiomed ABMD 148.99 3.75 FlowersFoods FLO 21.08 1.54 MonolithicPower MPWR 165.19 3.99 Pool POOL 198.35 11.37 Sprint S 8.44 0.15 Ventas VTR 28.79 -1.60 BerkHathwy B BRK.B 183.18 3.52 SABESP SBS 7.81 0.02 Kellogg K 60.91 1.44 AcceleronPharma XLRN 85.52 -1.53 FomentoEconMex FMX 60.50 -0.84 MonsterBev MNST 58.00 1.61 PortlandGenElec POR 51.23 2.98 Square SQ 55.00 1.66 VeriSign VRSN 188.55 14.64 BerkHathwy A BRK.A 2740215895.00 ConagraBrands CAG 28.23 0.31 Kemper KMPR 73.20 1.93 Accenture ACN 169.82 6.94 FordMotor F 5.03 -0.16 Moody's MCO 222.22 2.03 StanleyBlackDck SWK 100.38 3.72 VeriskAnalytics VRSK 146.87 9.10 BerryGlobal BERY 33.55 -0.80 ConchoRscs CXO 41.08 -1.03 KeurigDrPepper KDP 24.78 0.40 PostHoldings POST 81.20 4.44 ActivisionBliz ATVI 58.47 1.51 Fortinet FTNT 100.95 3.67 MorganStanley MS 34.84 0.83 Starbucks SBUX 67.86 1.52 Verizon VZ 54.77 2.00 BestBuy BBY 59.75 -2.72 ConocoPhillips COP 29.29 0.04 KeyCorp KEY 10.79 -0.41 PrincipalFin PFG 33.21 0.61 Adobe ADBE 318.39 12.56 Fortis FTS 37.06 1.55 Morningstar MORN 117.32 0.24 StarsGroup TSG 18.17 0.49 VertxPharm VRTX 231.92 14.68 BeyondMeat BYND 66.09 -0.03 ConEd ED 80.73 2.83 KeysightTechs KEYS 85.66 7.38 Procter&Gamble PG 115.00 4.83 AdvanceAuto AAP 96.50 0.90 Fortive FTV 52.10 2.45 MotorolaSol MSI 133.37 -1.70 StateStreet STT 51.77 3.11 ViacomCBS A VIACA 17.18 1.37 Bilibili BILI 22.96 0.85 ConstBrands A STZ 146.44 1.56 KilroyRealty KRC 63.56 1.88 Progressive PGR 76.18 2.64 AdvMicroDevices AMD 47.86 1.28 FortBrandsHome FBHS 44.51 1.07 Mylan MYL 15.07 0.19 SteelDynamics STLD 21.83 1.79 ViacomCBS B VIAC 14.09 1.30 Bio-Techne TECH 190.79 6.40 ConstBrands B STZ.B 147.29 2.29 KimberlyClark KMB 132.43 7.54 Prologis PLD 82.88 3.71 Aegon AEG 2.62 ... s FortySeven FTSV 95.37 0.82 NICE NICE 148.27 -3.91 Steris STE 139.99 10.25 Bio-RadLab A BIO 349.11 26.70 Cooper COO 280.15 6.92 KimcoRealty KIM 10.10 -0.30 Proofpoint PFPT 107.65 2.68 Vipshop VIPS 14.98 0.85 AgilentTechs A 72.67 1.94 FoxA FOXA 24.31 1.80 NRG Energy NRG 28.45 -1.10 STMicroelec STM 21.32 1.10 Bio-RadLab B BIO.B 351.32 19.32 Copart CPRT 71.84 1.54 KinderMorgan KMI 13.27 -0.48 ProsperityBcshs PB 49.38 0.10 Visa V 165.57 4.01 AgnicoEagle AEM 40.10 1.31 FoxB FOX 23.77 1.73 NVR NVR 2714.31-157.31 StoneCo STNE 23.50 -0.94 Biogen BIIB 316.13 19.38 Coresite COR 114.48 5.29 KinrossGold KGC 4.08 -0.14 PrudentialFin PRU 53.75 0.71 VistraEnergy VST 16.06 -0.33 AirProducts APD 206.53 13.36 Franco-Nevada FNV 97.99 -2.61 NXP Semi NXPI 84.93 3.63 Stryker SYK 162.96 4.32 BioMarinPharm BMRN 82.49 2.98 Corning GLW 21.28 0.54 KirklandLakeGold KL 30.53 -1.34 Prudential PUK 24.74 -0.26 VMware VMW 120.52 4.78 AkamaiTech AKAM 94.19 3.58 FranklinRscs BEN 17.76 0.68 Nasdaq NDAQ 99.44 6.66 SumitomoMits SMFG 5.09 -0.09 BioNTech BNTX 62.00 7.00 Corteva CTVA 24.09 0.88 Knight-Swift KNX 33.29 1.32 PublicServiceEnt PEG 44.51 0.03 Vodafone VOD 14.14 -0.18 Albemarle ALB 55.60 0.58 FreeportMcM FCX 6.24 0.04 NationalGrid NGG 59.32 1.85 SunComms SUI 122.32 0.04 BlackKnight BKI 58.95 1.91 CoStar CSGP 599.99 19.00 KoninklijkePhil PHG 40.79 1.81 PublicStorage PSA 201.63 10.11 VornadoRealty VNO 37.60 -0.10 AlconALC 50.88 3.95 FreseniusMed FMS 32.65 0.49 NatlInstruments NATI 33.58 2.13 SunLifeFinancial SLF 31.19 0.92 BlackRock BLK 455.35 21.01 Costco COST 291.12 6.79 KoreaElcPwr KEP 7.72 0.52 PulteGroup PHM 23.76 -0.76 VoyaFinancial VOYA 41.47 1.79 AlexandriaRlEst ARE 144.65 2.21 NatlRetailProp NNN 32.94 -1.31 Qiagen QGEN SuncorEnergy SU 13.42 1.69 VulcanMatls VMC 101.86 2.65 Blackstone BX 47.28 1.19 Coty COTY 5.41 -0.90 KraftHeinz KHC 25.17 0.93 40.47 0.02 AlexionPharm ALXN 87.263.25 G H I Natura&Co NTCO 10.61 -0.46 Suzano SUZ 6.64 0.18 Boeing BA 152.28 -9.72 CoupaSoftware COUP 150.52 4.05 Kroger KR 29.65 0.52 Qorvo QRVO 81.48 0.79 Alibaba BABA 191.27 2.68 NetApp NTAP 40.72 0.49 SynchronyFin SYF 16.77 -0.33 W X Y Z BookingHldgs BKNG 1308.23 53.08 CousinsProperties CUZ 28.83 0.76 GCI LibertyA GLIBA 58.16 2.80 Line LN 48.38 1.07 Qualcomm QCOM 69.03 2.44 AlignTech ALGN 179.92 2.88 LKQ LKQ Netease NTES 306.91 5.56 QuantaServices PWR 30.51 0.67 SyneosHealth SYNH 40.50 -1.10 BoozAllen BAH 71.28 2.95 Credicorp BAP 133.10 7.25 GDS Holdings GDS 58.40 2.65 21.00 -0.36 WABCO WBC 135.12 0.78 Alleghany Y 565.60 17.80 LPL Financial LPLA 55.15 2.24 Netflix NFLX 370.96 13.84 QuestDiag DGX 83.06 -0.02 Synopsys SNPS 129.31 4.93 BorgWarner BWA 24.58 0.88 CreditAcceptance CACC 269.38 -15.92 GFLEnvironmental GFL 14.87 -0.09 WEC Energy WEC 91.89 2.82 Allegion ALLE 95.01 3.39 Neurocrine NBIX 91.59 3.05 SyscoSYY 46.35 -4.10 BostonBeer SAM 364.34 9.42 GSXTechedu GSX 42.00 -0.17 L3HarrisTech LHX 181.96 -3.04 WEX WEX Allergan AGN 176.31 3.31 CreditSuisse CS 8.38 0.05 NewOrientalEduc EDU 109.00 -3.70 R S 108.84 0.06 BostonProps BXP 92.96 0.12 Galapagos GLPG 190.38 8.24 LabCpAm LH 131.95 3.24 W.P.Carey WPC AlliantEnergy LNT 50.57 2.82 CrowdStrike CRWD 57.72 -1.07 NY CmntyBcp NYCB 9.52 0.02 T U V 59.31 0.01 BostonSci BSX 31.64 1.03 Gallagher AJG 83.22 3.05 LamResearch LRCX 255.30 14.08 Allstate ALL 94.64 6.18 CrownCastle CCI 148.06 11.17 NYTimes A NYT 31.93 -0.18 RELX RELX 21.52 0.47 WPP WPP 31.88 0.12 BrightHorizons BFAM 99.31 -3.70 Gaming&Leisure GLPI 27.70 0.94 LamarAdv LAMR 51.27 3.96 TAL Education TAL 52.00 -1.44 AllyFinancial ALLY 15.32 -0.45 CrownHoldings CCK 58.52 1.28 NewellBrands NWL 13.64 0.03 RPM RPM 61.10 1.13 Wabtec WAB 49.22 1.64 Bristol-Myers BMY 54.39 1.60 CubeSmart CUBE 27.11 0.53 Garmin GRMN 76.69 3.16 LambWeston LW 57.64 0.39 RalphLauren RL 71.26 3.27 TC Energy TRP 41.18 0.06 WalgreensBoots WBA 45.16 1.16 AlnylamPharm ALNY 108.83 4.63 LasVegasSands LVS 43.49 1.39 NewMarket NEU 396.37 28.03 BritishAmTob BTI 33.04 0.72 Cummins CMI 134.48 2.82 Gartner IT 107.81 3.02 RaymondJames RJF 64.40 2.75 TD Ameritrade AMTD 35.44 0.93 Walmart WMT 115.19 5.61 Alphabet A GOOGL 1146.31 36.05 Lear LEA 88.55 -0.49 Newmont NEM 46.36 0.01 Broadcom AVGO 240.11 9.42 CurtissWright CW 91.43 -2.30 Generac GNRC 93.53 4.57 Raytheon RTN 141.21 -0.81 TE Connectivity TEL 63.72 0.94 WasteConnections WCN 77.39 2.45 Alphabet C GOOG 1146.82 36.11 LeggMason LM 48.62 0.30 NewsCorp A NWSA 8.82 0.29 BroadridgeFinl BR 96.94 5.37 CypressSemi CY 23.22 0.10 GeneralDynamics GD 133.60 3.53 RealPage RP 54.08 0.20 Telus TU 15.16 -0.01 WasteMgt WM 94.60 -0.70 Alteryx AYX 95.90 2.56 Leidos LDOS 93.43 -0.01 NewsCorp BNWS 8.86 0.44 BrookfieldMgt BAM 44.12 1.85 CyrusOne CONE 61.44 3.60 GeneralElec GE 7.89 0.27 RealtyIncome O 53.13 -3.77 TFS Fin TFSL 15.48 0.39 Waters WAT 188.14 2.78 AlticeUSA ATUS 22.91 0.47 Lennar A LEN 39.96 -0.30 NextEraEnergy NEE 246.01 14.06 BrookfieldInfr BIP 39.72 3.17 GeneralMills GIS 54.10 2.28 ReataPharm RETA 161.88 11.89 TIM Part TSU 12.63 -0.07 Watsco B WSOB 154.99 12.11 Altria MO 37.31 0.67 Lennar B LEN.B 30.43 0.21 NielsenHoldings NLSN 13.09 0.09 Brown&Brown BRO 37.30 1.37 D E F GeneralMotors GM 21.32 -0.06 RegencyCtrs REG 39.95 -0.54 TJX TJX 47.55 0.75 WatscoWSO 155.82 7.62 Amarin AMRN 13.58 0.34 LennoxIntl LII 187.18 1.88 Nike NKE 85.38 2.15 Brown-Forman B BF.B 56.63 2.13 Genmab GMAB 20.48 0.38 RegenPharm REGN 473.00 23.48 T-MobileUS TMUS 83.12 1.40 Wayfair W 52.01 5.71 Amazon.com AMZN 1963.95 63.85 DISH Network DISH 20.73 -0.25 LeviStrauss LEVI 13.02 0.26 NiSource NI 26.08 1.32 Brown-Forman A BF.A 52.50 2.02 Genpact G 28.51 -0.33 RegionsFin RF 9.50 -0.17 TRowePrice TROW 98.83 0.40 Weibo WB Ambev ABEV 2.48 -0.03 DTE Energy DTE Nokia NOK 3.05 0.04 32.86 -0.67 Bruker BRKR 38.55 1.68 99.43 1.90 Gentex GNTX 22.96 1.16 LibertyBroadbandA LBRDA 110.37 2.36 TaiwanSemi TSM Amcor AMCR ReinsGrp RGA 86.92 8.07 47.82 0.91 WellsFargo WFC 29.92 -0.36 8.28 0.48 Danaher DHR 140.82 2.24 GenuineParts GPC 66.08 1.62 LibertyBroadbandC LBRDK 114.04 2.69 NomuraHoldings NMR 4.52 0.14 Bunge BG 39.59 3.40 RelianceSteel RS 88.67 5.25 TakeTwoSoftware TTWO 118.51 6.81 Welltower WELL 47.18 -2.52 Amdocs DOX 55.30 3.77 Darden DRI 56.85 2.19 GileadSciences GILD 75.93 3.08 LibertyGlobal A LBTYA 16.69 -0.14 Nordson NDSN 138.59 6.70 BurlingtonStrs BURL 162.53 6.70 RenaissanceRe RNR 152.11 2.90 TakedaPharm TAK 15.63 0.18 WestPharmSvcs WST 151.81 10.73 Amedisys AMED 179.95 13.94 Datadog DDOG 34.75 0.20 GSK GSK 37.60 1.16 LibertyGlobal C LBTYK 15.70 -0.15 NorfolkSouthern NSC 148.29 4.93 CACI Intl CACI 217.04 1.13 Repligen RGEN 95.82 3.27 TandemDiabetes TNDM 68.02 -0.39 WesternDigital WDC 43.51 1.26 Amerco UHAL 295.98 7.74 DaVita DVA 76.41 3.32 GlobalPayments GPN 151.23 6.27 LibertyFormOne A FWONA 24.97 -0.68 NorthernTrust NTRS 75.79 1.81 CBRE Group CBRE 41.03 1.83 RepublicSvcs RSG 76.65 1.05 Target TGT 96.01 1.27 WesternUnion WU 18.91 -0.83 Ameren AEE 78.17 3.93 CDK Global CDK 34.15 1.21 DeereDE141.23 6.88 GlobeLife GL 74.22 2.99 LibertyFormOne C FWONK 26.58 -0.75 NorthropGrum NOC 313.72 1.57 ResMed RMD 154.21 12.26 TechData TECD 131.32 0.68 WestlakeChem WLK 37.87 -0.99 AmericaMovil AMX 11.91 -0.27 CDW CDW 96.91 3.16 DellTechC DELL 39.80 1.05 GlobusMedical GMED 42.69 1.11 LibertySirius A LSXMA 30.26 -0.64 NortonLifeLock NLOK 19.10 0.17 RestaurantBrands QSR 40.27 -0.26 TeladocHealth TDOC 163.56 -0.60 WestpacBanking WBK 10.05 0.87 AmerAirlines AAL 12.25 -1.79 CF Industries CF 26.62 1.07 DeltaAir DAL 28.67 -0.88 GoDaddy GDDY 59.16 2.49 LibertySirius C LSXMK 30.56 -0.17 Novartis NVS 81.90 2.62 RexfordIndlRealty REXR 41.37 2.29 TeledyneTech TDY 295.38 13.15 WestRock WRK 29.00 1.11 AmCampus ACC 29.41 -0.77 CGI GIB 52.42 2.21 DentsplySirona XRAY 39.20 1.27 GoldFields GFI 4.93 -0.09 LifeStorage LSI 95.10 1.52 NovoNordisk NVO 60.18 3.45 ReynoldsCnsmr REYN 27.66 1.19 Teleflex TFX 288.34 5.83 Weyerhaeuser WY 16.95 -0.25 AEP AEP 83.71 0.31 CH Robinson CHRW 65.19 2.68 DeutscheBank DB 6.51 0.04 GoldmanSachs GS 159.62 1.28 EliLilly LLY 138.44 4.33 Novocure NVCR 70.04 4.54 s RingCentral RNG 228.03 -10.94 Ericsson ERIC 7.93 0.53 WheatonPrecMet WPM 27.90 -0.24 AmerExpress AXP 90.27 1.54 CME Group CME 173.99 2.65 DexCom DXCM 278.00 15.04 GracoGGG 48.05 2.56 LincolnElectric LECO 69.89 1.11 NuanceComms NUAN 16.52 0.45 RioTinto RIO 44.91 1.34 TelefonicaBras VIV 9.62 -0.12 Whirlpool WHR 87.71 3.45 AmericanFin AFG 71.56 0.55 CMS Energy CMS 61.94 3.71 Diageo DEO 128.80 3.09 Grainger GWW 255.14 7.99 LincolnNational LNC 27.28 -0.18 Nucor NUE 34.92 1.96 RobertHalf RHI 40.31 1.30 Telefonica TEF 4.68 0.12 Williams WMB 13.82 -0.09 AmHomes4Rent AMH 23.10 -0.03 CNA Fin CNA 32.98 0.99 DigitalRealtyDLR 139.81 6.96 Grifols GRFS 20.60 -0.05 Linde LIN 176.80 9.46 Nutrien NTR 32.45 1.93 Rockwell ROK 152.26 0.80 TelekmIndonesia TLK 19.79 0.89 WillisTowers WLTW 172.95 6.42 AIG AIG 25.71 0.20 CNH Indl CNHI 5.84 -0.07 DiscoverFinSvcs DFS 37.59 -0.82 GuardantHealth GH 71.25 3.46 LiveNationEnt LYV 45.23 -1.92 NVIDIA NVDA 265.59 12.86 RogersComm B RCI 40.41 1.92 10xGenomics TXG 62.80 2.81 Wipro WIT 3.01 0.04 AmerTowerREIT AMT 230.58 12.10 CNOOC CEO 99.63 3.56 DiscoveryA DISCA 20.01 0.98 Guidewire GWRE 83.08 2.24 LloydsBanking LYG 1.62 -0.05 Roku ROKU 89.61 2.16 Tenaris TS 11.96 -0.36 Wix.com WIX 104.48 -1.78 AmerWaterWorks AWK 126.72 5.95 CRH CRH 25.58 0.22 DiscoveryC DISCK 17.95 0.79 HCA Healthcare HCA 90.96 3.63 LockheedMartin LMT 348.85 0.47 O P Q Rollins ROL 35.84 1.58 TencentMusic TME 9.68 0.21 WooriFin WF 18.48 -0.54 AmericoldRealty COLD 34.96 1.28 CSX CSX 58.02 1.73 Disney DIS 99.80 3.40 HDFC Bank HDB 38.76 -0.55 LoewsL35.43 1.73 OGE Energy OGE 31.90 -0.11 RoperTech ROP 317.46 11.67 Teradyne TER 55.24 0.39 Workday WDAY 137.30 1.09 Ameriprise AMP 109.15 5.82 CVS Health CVS 59.68 1.08 DocuSign DOCU 88.14 5.57 HD Supply HDS 27.64 0.41 LogitechIntl LOGI 43.58 2.46 ONE Gas OGS 83.52 4.13 RossStores ROST 84.87 2.32 Tesla TSLA 502.13 -12.23 WynnResorts WYNN 61.10 -2.21 AmerisourceBrgn ABC 88.10 6.32 CableOne CABO 1653.50186.13 DolbyLab DLB 55.00 1.06 HP HPQ 17.84 0.98 LogMeIn LOGM 84.55 0.96 ONEOK OKE 20.04 -0.90 RoyalBkCanada RY 59.84 0.86 TevaPharm TEVA 8.51 0.95 XP XP 20.58 -1.68 Ametek AME 73.72 2.71 CabotOil COG DollarGeneral DG 146.77 0.65 HSBC HSBC 28.86 -0.01 Lowe's LOW 88.71 1.73 17.51 1.27 OReillyAuto ORLY 318.19 4.76 RoyalBkScotland RBS 2.91 -0.05 TexasInstruments TXN 102.02 1.52 XPO Logistics XPO 51.43 -1.49 Amgen AMGN 208.48 10.21 CadenceDesign CDNS 66.91 4.63 DollarTree DLTR 79.85 2.80 Haemonetic HAE 101.93 0.98 lululemon LULU 193.94 5.10 OccidentalPetrol OXY 11.01 -0.60 RoyalCaribbean RCL 29.77 -4.73 Textron TXT 27.67 0.98 XcelEnergy XEL 62.56 3.79 Amphenol APH 75.83 1.56 CaesarsEntCZR 6.42 -0.43 DominionEner D 76.81 3.74 Halliburton HAL 6.37 -0.02 Lumentum LITE 74.09 4.09 Okta OKTA 124.94 3.89 RoyalDutchA RDS.A 33.44 1.80 ThermoFisherSci TMO 284.96 10.62 Xilinx XLNX 79.35 4.13 AnalogDevices ADI 90.97 2.30 CamdenProperty CPT 83.34 -1.52 Domino's DPZ 346.75 8.01 HartfordFinl HIG 35.84 0.71 Lyft LYFT 26.92 -0.68 OldDomFreight ODFL 134.67 6.34 RoyalDutchB RDS.B 31.39 1.62 ThomsonReuters TRI 66.57 4.36 Xylem XYL 66.24 0.74 Anaplan PLAN 32.96 0.18 Donaldson DCI 39.02 2.58 HasbroHAS 71.48 5.84 LyondellBasell LYB 49.58 0.18 CampbellSoup CPB 46.53 2.34 OldRepublic ORI 15.40 0.38 RoyalGold RGLD 91.68 1.12 3M MMM 137.74 4.50 Yandex YNDX 33.88 0.90 AngloGoldAsh AU 17.94 -0.07 DouglasEmmett DEI 30.26 0.27 HawaiianElec HE 44.22 2.51 CIBC CM 55.77 0.35 OmegaHealthcare OHI 26.59 -1.46 Ryanair RYAAY 54.12 -0.38 Tiffany TIF 128.49 1.05 YumBrands YUM 70.67 2.14 AB InBev BUD 42.87 -0.12 CanNtlRlwy CNI 76.44 2.51 Dover DOV 85.64 3.69 HealthcareAmer HTA 25.09 -0.04 M N Omnicom OMC 54.92 2.94 SAP SAP 112.90 2.62 Toro TTC 66.31 3.25 YumChina YUMC 42.31 -0.25 AnnalyCap NLY 5.67 -0.21 CanNaturalRes CNQ 11.13 1.64 Dow DOW 28.65 0.09 HealthpeakProp PEAK 24.35 -0.68 M&T Bank MTB 106.90 -0.39 ON Semi ON 12.97 0.08 S&P Global SPGI 246.99 7.24 TorontoDomBk TD 41.30 0.80 ZTO Express ZTO 25.78 0.27 Anthem ANTM 230.58 7.62 CanPacRlwy CP 217.02 6.72 DrReddy'sLab RDY 40.26 1.67 HeicoHEI 76.89 -4.82 MDU Rscs MDU 21.37 -0.44 OneConnectFinTech OCFT 10.47 -0.34 SBA Comm SBAC 278.66 17.28 Total TOT 36.78 1.58 ZebraTech ZBRA 188.35 3.78 Aon AON 171.03 5.61 Canon CAJ 22.60 0.67 Dropbox DBX 18.15 0.40 Heico A HEI.A 66.01 -4.37 MGM Resorts MGM 11.53 -0.66 OpenText OTEX 34.30 1.44 SEI Investments SEIC 46.44 2.20 ToyotaMotor TM 125.22 -2.02 Zendesk ZEN 65.36 0.51 ApartmtInv AIV 34.78 -0.20 CanopyGrowth CGC 14.46 -0.13 DukeEnergy DUK 83.46 3.27 HenrySchein HSIC 52.09 2.09 MKS Instrum MKSI 82.94 2.97 Oracle ORCL 50.36 0.53 SINOPEC SHI 23.66 0.27 TractorSupply TSCO 85.55 2.45 Zillow C Z 37.06 -0.88 ApolloGlbMgmt APO 35.45 -0.01 CapitalOne COF 53.87 -1.43 DukeRealty DRE 33.05 0.97 Herbalife HLF 28.88 -0.50 MPLX MPLX 10.06 -0.79 Orange ORAN 12.41 0.37 SK Telecom SKM 16.29 0.60 TradeDesk TTD 197.51 -2.18 Zillow A ZG 34.71 -1.20 Apple AAPL 254.81 7.07 Dunkin' DNKN 53.03 2.22 CardinalHealth CAH 48.44 4.06 HersheyHSY 137.78 6.94 MSCI MSCI 293.72 17.98 Orix IX 63.16 -0.51 SS&C Tech SSNC 43.73 1.34 Tradeweb TW 41.97 -0.13 ZimmerBiomet ZBH 98.28 3.34 ApplMaterials AMAT 47.30 2.25 DuPont DD 33.62 -0.21 Carlisle CSL 125.44 6.76 HessHES 31.93 -2.10 MadisonSquGarden MSG 225.41 -11.17 OwensCorning OC 39.88 0.95 StoreCapital STOR 18.65 -0.78 TraneTech TT 84.30 1.63 ZionsBancorp ZION 27.52 -0.06 Aptargroup ATR 100.48 6.48 Dynatrace DT 24.55 0.06 Carlyle CG 22.52 -0.22 HewlettPackard HPE 10.05 0.23 MagellanMid MMP 33.31 -0.30 PG&E PCG 9.67 0.07 SVB Fin SIVB 155.78 -3.56 TransDigm TDG 342.75 -20.26 Zoetis ZTS 116.68 4.91 Aptiv APTV 49.92 -1.36 ENI E 19.14 1.12 CarMax KMX 55.75 -3.18 Hill-Rom HRC 101.58 2.05 MagnaIntl MGA 31.85 -0.16 PLDT PHI 20.17 0.34 Salesforce.com CRM 149.85 3.85 TransUnion TRU 68.18 1.92 ZoomVideo ZM 150.88 -0.82 Aramark ARMK 21.09 -0.06 EOG Rscs EOG 34.98 -1.02 Carnival CCL 12.80 -1.61 Hilton HLT 68.68 -0.47 ManulifeFin MFC 12.00 0.73 PNC Fin PNC 100.97 0.84 Sanofi SNY 44.69 2.25 Travelers TRV 102.59 2.64 Zscaler ZS 58.84 0.21 ArcelorMittal MT 8.84 -0.21 EPAM Systems EPAM 188.22 13.00 CaseysGenStores CASY 132.83 0.59 Hologic HOLX 35.00 1.74 MarathonPetrol MPC 24.33 1.18 POSCO PKX 32.06 0.95 SantanderCons SC 14.62 -0.25 Trex TREX 85.172.31 Zynga ZNGA 6.86 0.16 ArchCapital ACGL 30.54 1.47 Catalent CTLT 50.45 1.53 E*TRADE ETFC 35.31 1.33 HomeDepot HD 196.10 5.55 ArcherDaniels ADM 35.83 2.33 Caterpillar CAT 111.71 6.27 t EastWestBncp EWBC 26.89 -1.28 HondaMotor HMC 23.41 0.32 Arconic ARNC 16.40 -0.28 Celanese CE 74.10 2.83 EastGroup EGP 104.71 0.47 Honeywell HON 131.75 0.48 arGEN-X ARGX 133.00 2.32 Centene CNC 57.71 2.61 EastmanChem EMN 47.61 1.14 HorizonTherap HZNP 29.35 1.82 New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % AristaNetworks ANET 205.73 14.44 CenterPointEner CNP 16.23 -0.07 Eaton ETN 78.32 3.78 HormelFoods HRL 46.78 1.82 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ArrowElec ARW 53.72 3.49 CentraisElBras EBR 4.62 0.41 eBay EBAY 31.19 1.01 DR Horton DHI 36.84 -0.04 JuniperIndlWt JIH.WS 0.48 ... RoadrunnerTrans RRTS 2.74 -39.6 AscendisPharma ASND 116.00 2.59 CenturyLink CTL 9.84 0.78 Ecolab ECL 161.40 3.92 HostHotels HST 11.42 0.34 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American KLX Energy KLXE 0.68 -12.5 SPAR Group SGRP 0.55 -1.8 AspenTech AZPN 97.95 2.85 CeridianHCM CDAY 51.41 2.76 Ecopetrol EC 9.10 -0.12 HuanengPower HNP 14.55 0.38 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest KontoorBrands KTB 18.82 -2.7 SchultzeSpaqWt SAMAW 0.21 -16.7 Assurant AIZ 107.33 2.63 EdisonInt EIX 56.31 1.59 Huazhu HTHT 27.00 -0.77 Cerner CERN 64.24 4.23 session. %CHG-Daily percentage change from the previous trading session. LaredoPetrol LPI 0.33 2.6 SeaDrill SDRL 0.45 -2.3 AstraZeneca AZN 44.53 2.06 EdwardsLife EW 196.06 -2.09 CharlesRiverLabs CRL 129.99 3.76 Hubbell HUBB 112.97 6.00 LeisureAcqnUn LACQU 9.93 -5.6 SecondSightMed EYES 1.00 -51.3 Athene ATH 26.31 0.62 ElancoAnimal ELAN 22.59 0.77 CharterComms CHTR 450.78 11.08 HubSpot HUBS 139.28 7.55 Monday, March 30, 2020 LiquiditySvcs LQDT 3.01 3.6 SecondSightWt EYESW 0.04 -89.4 Atlassian TEAM 141.16 -1.09 Elastic ESTC 55.69 2.07 CheckPoint CHKP 99.19 0.12 Humana HUM 311.23 14.79 MSG Networks MSGN 9.85 3.5 SleepNumber SNBR 20.45 -8.2 AtmosEnergy ATO 102.82 5.41 ElbitSystems ESLT 128.41 8.21 52-Wk % 52-Wk % 52-Wk % SoMO Bancorp SMBC 20.62 -4.2 Chegg CHGG 36.50 0.24 JBHunt JBHT 93.56 3.50 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Macerich MAC 5.49 -2.8 Autodesk ADSK 155.91 14.34 Chemed CHE 432.56 22.78 ElectronicArts EA 97.69 2.32 HuntingtonBcshs HBAN 8.38 0.07 Mack-Cali CLI 13.83 5.7 StageStores SSI 0.34 -7.5 Autohome ATHM 69.69 0.60 CheniereEnergy LNG 32.54 -0.97 EmersonElec EMR 46.63 1.05 HuntingIngalls HII 189.54 3.95 AdvanSix ASIX 8.06 -4.5 DenburyRscs DNR 0.19 -10.2 Manitowoc MTW 7.66 3.4 SteelPartners SPLP 5.40 -4.3 Strats Allst GJT 17.74 -6.4 Autoliv ALV 46.72 -0.42 CheniereEnerPtrs CQP 24.18 0.13 Enbridge ENB 28.20 0.46 HyattHotels H 48.55 -0.59 Highs AeroCentury ACY 1.19 -12.4 DorchesterMnls DMLP 8.52 -0.9 MarathonOil MRO 3.15 -8.0 GJT Tegna TGNA 9.61 -19.2 ADP ADP 137.82 6.44 Chevron CVX 71.95 3.17 EncompassHealth EHC 62.52 1.79 IAA IAA 31.93 -0.38 AirTPfd AIRTP 18.01 -3.2 DouYuIntl DOYU 6.11 -5.6 MedallionFin MFIN 1.81 -11.5 Athersys ATHX 2.65 32.1 TalosEnergy TALO 5.27 -10.8 AutoZone AZO 873.99 22.36 Chewy CHWY 38.00 1.84 EnelAmericas ENIA 5.85 -0.05 IAC/InterActive IAC 180.01 2.44 AnteroResources AR 0.64 -10.3 EastWestBncp EWBC 26.12 -4.5 MontageRscs MR 1.99 2.3 CarrierGlobal CARRw 16.50 28.1 Tanger SKT 5.03 -10.8 Avalara AVLR 80.34 0.85 EnelChile ENIC 3.15 -0.13 ArchCoal ARCH 25.37 0.2 ElmiraSvgsBank ESBK 11.51 -3.0 MotorcarParts MPAA 11.69 -0.4 ChinaBiologic CBPO 108.63 -0.07 ICICI Bank IBN 8.41 -0.21 CitrixSystems CTXS 146.25 4.2 Team TISI 5.24 -2.3 Avalonbay AVB 152.10 -6.58 EnergyTransfer ET 4.53 -0.24 ArteloBioWt ARTLW 0.05 98.8 Energous WATT 0.70 -5.1 NCS Multistage NCSM 0.65 ... ChinaEastrnAir CEA 17.45 -0.43 IDACORP IDA 91.63 1.55 EdtechX Un EDTXU 22.23 16.9 Tecogen TGEN 0.95 -5.9 BancFst pf BANFP 25.80 -3.1 Enerplus ERF 1.15 0.5 NN NNBR 1.74 -19.0 Avangrid AGR 44.72 1.29 ChinaLifeIns LFC 9.83 0.26 EnphaseEnergy ENPH 32.00 -0.38 IdexxLab IDXX 241.02 9.27 EdtechXHldgs EDTX 24.66 23.9 Terex TEX 12.11 3.3 BaytexEnergy BTE 0.19 -2.1 EnLinkMid ENLC 0.88 -5.1 NatlEnerSvsWt NESRW 0.15 44.7 Avantor AVTR 11.90 0.30 ChinaMobile CHL 36.82 1.08 Entegris ENTG 47.54 2.78 IHS Markit INFO 61.86 2.81 EdtechX Wt EDTXW 0.69 -3.3 TimkenSteel TMST 2.80 -5.9 Briggs&Stratton BGG 1.70 -6.3 EquusTotReturn EQS 0.74 1.0 NatlEnerSvs NESR 4.04 4.4 AveryDennison AVY 104.77 4.46 ChinaPetrol SNP 47.66 2.15 Entergy ETR 100.07 2.73 ING Groep ING 5.47 -0.57 FortySeven FTSV 95.43 0.9 TownSports CLUB 0.50 -12.1 Build-A-Bear BBW 1.35 -8.1 Espey ESP 16.62 2.9 NewparkResources NR 0.80 -9.4 AxaltaCoating AXTA 18.07 0.38 ChinaSoAirlines ZNH 21.49 -0.42 EnterpriseProd EPD 13.55 -0.40 Invesco IVZ 9.56 0.19 ImmunovantWt IMVTW 2.88 81.8 TreviTherap TRVI 1.33 -25.7 CBL Assoc CBL 0.21 -13.6 FoxFactory FOXF 35.51 5.3 NorthAmConstr NOA 4.61 1.8 AxonEnterprise AAXN 69.46 -4.95 ChinaTelecom CHA 30.20 0.80 Equifax EFX 122.10 2.55 IPG Photonics IPGP 109.20 0.17 OtisWorldwide OTISw 50.00 53.4 USBrentOilFd BNO 7.67 -5.3 CHP MergerWt CHPMW 0.53 -26.3 GritstoneOncology GRTS 5.43 4.6 OPKO Health OPK 1.32 -2.9 BCE BCE 38.97 0.56 ChinaUnicom CHU 5.76 0.19 Equinix EQIX 644.87 50.60 IQVIA IQV 112.98 5.84 Owens&Minor OMI 8.94 52.3 UnitedStatesOilFd USO 4.03 -5.4 Chanticleer BURG 0.30 -10.2 GuangshenRail GSH 10.00 2.7 PacificDrilling PACD 0.35 -13.6 BHP Group BHP 37.05 1.46 Chipotle CMG 639.97 4.94 Equinor EQNR 11.41 0.53 IcahnEnterprises IEP 48.23 -0.91 Quidel QDEL 105.63 9.9 VOC Energy VOC 1.50 -3.2 CityOfficeREIT CIO 6.50 4.6 HLAcquisitionsWt HCCHW 0.06 -25.0 PhoenixNewMedia FENG 1.22 -2.4 Vedanta 3.24 -0.3 BHP Group BBL 30.10 1.10 Chubb CB 114.04 5.63 Equitable EQH 15.46 0.59 Icon ICLR 140.55 5.51 RetractableTechs RVP 2.12 32.6 VEDL ClipperRealty CLPR 5.02 -4.2 Hanesbrands HBI 7.59 -1.6 PitneyBowesNt43 PBIpB 8.79 8.3 VistaOil&Gas VIST 1.93 -9.5 BP BP 23.92 1.57 ChunghwaTel CHT 35.46 0.03 EquityLife ELS 56.60 -0.19 IDEX IEX 136.88 5.70 RingCentral RNG 256.60 -4.6 CN Finance CNF 3.71 -4.5 HaymakerII Wt HYACW 1.00 -1.7 PlayaHotels PLYA 1.62 -9.8 WVS Financial WVFC 13.01 0.2 BWX Tech BWXT 47.45 0.28 Church&Dwight CHD 64.81 2.84 EquityResdntl EQR 62.58 -0.10 SuperCom SPCB 1.91 107.7 IllinoisToolWks ITW 142.35 0.12 CommFirstBcshs CFBI 6.60 1.0 HyreCar HYRE 1.31 -10.7 Puxin NEW 4.15 -2.7 WabashNational WNC 6.82 -0.8 Baidu BIDU 98.95 1.32 Ciena CIEN ErieIndemnity A ERIE 174.34 11.36 41.08 1.74 Illumina ILMN 276.23 7.18 Lows CompassMnlInt CMP 35.24 -1.5 IMPAC Mortgage IMH 1.99 -30.9 QEP Resources QEP 0.31 -17.9 WashingtonPrime WPG 0.85 -17.4 BakerHughes BKR 10.96 -0.92 Cigna CI 178.26 16.97 EssentialUtil WTRG 43.05 2.63 ImperialOil IMO 10.50 1.03 Corts JCPen JBS JBN 1.51 -5.9 IncomeOppRealty IOR 10.27 -10.5 QuadGraphics QUAD 2.55 -13.8 WesternMidstrm WES 3.00 -6.3 Ball BLL 65.99 1.61 CincinnatiFin CINF 79.74 3.79 EssexProp ESS 225.51 -1.01 Incyte INCY 72.17 3.21 ALJ Regional ALJJ 0.51 -10.7 Covia CVIA 0.60 -7.5 InvRlEst IRET 50.94 -7.2 QuestResource QRHC 1.10 -3.3 WhitingPetrol WLL 0.62 -17.4 BancoBilbaoViz BBVA 3.26 -0.09 Cintas CTAS 180.45 -1.12 EsteeLauder EL 165.23 4.55 Infosys INFY 8.49 -0.02 AcadiaRealty AKR 11.39 -7.8 DHI Group DHX 1.78 -22.4 ItauCorpBanca ITCB 3.20 19.7 REV REVG 3.62 -9.8 YoungevityIntl YGYI 0.90 -7.0

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) iShJPMUSDEmgBd EMB iShShortCpBd IGSB VangdHiDiv VYM Monday, March 30, 2020 Closing Chg YTD 97.42 –0.13 –15.0 52.15 0.50 –2.8 SPDR DJIA Tr DIA 223.10 3.12 –21.7 72.12 3.40 –23.0 iShMBSETF MBB 110.28 0.17 2.1 iShShortTreaBd SHV 111.02 –0.03 0.5 SPDR S&PMdCpTr MDY 265.76 2.63 –29.2 VangdIntermBd BIV 89.08 0.46 2.1 Closing Chg YTD ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 63.04 2.20 –20.5 iShTIPSBondETF TIP 118.34 –1.59 1.5 SPDR S&P 500 SPY 261.65 3.25 –18.7 VangdIntrCorpBd VCIT 86.72 1.01 –5.0 ETF Symbol Price (%) (%) iShCoreS&P500 IVV 262.36 3.19 –18.8 iShMSCI EAFE EFA 53.93 2.02 –22.3 iSh1-3YTreasuryBd SHY 86.69 0.05 2.4 SPDR S&P Div SDY 81.15 3.36 –24.6 VangdLC VV 120.46 3.18 –18.5 iShCoreS&P MC IJH 145.39 2.52 –29.4 CnsmrDiscSelSector XLY 100.10 2.09 –20.2 iShMSCI EAFE SC SCZ 44.73 0.74 –28.2 iSh7-10YTreasuryBd IEF 121.26 0.23 10.0 TechSelectSector XLK 81.90 4.21 –10.7 VangdMC VO 134.65 2.64 –24.4 CnsStapleSelSector XLP 55.60 –11.7 iShCoreS&P SC IJR 56.25 2.35 –32.9 3.91 iShMSCIEmgMarkets EEM 33.90 1.65 –24.4 iSh20+YTreasuryBd TLT 166.32 –0.82 22.8 UtilitiesSelSector XLU 57.74 3.70 –10.6 VangdMC Val VOE 83.22 2.12 –30.2 FinSelSectorSPDR XLF 21.41 1.90 –30.4 iShS&PTotlUSStkMkt ITOT 58.09 3.11 –20.1 iShMSCIJapan EWJ 50.79 1.22 –14.3 iShRussellMCGrowth IWP 124.05 2.91 –18.7 VangdMBS VMBS 54.60 0.52 2.7 VanEckGoldMiner GDX 23.93 –1.81 –18.3 FT ValDivFd FVD 28.22 3.03 –21.7 iShCoreUSAggBd AGG 115.68 0.10 2.9 iShNatlMuniBd MUB 113.82 0.28 –0.1 iShUSTreasuryBdETF GOVT 28.01 –0.46 8.0 VangdRealEst VNQ 71.58 2.18 –22.9 VangdInfoTech VGT 216.14 3.96 –11.7 HealthCareSelSect XLV 88.97 4.68 –12.7 iShSelectDividend DVY 75.35 2.46 –28.7 iShPfd&Incm PFF 31.80 1.05 –15.4 JPM UltShtIncm JPST 49.66 0.24 –1.5 VangdS&P500ETF VOO 240.39 3.23 –18.7 VangdSC Val VBR 89.98 1.75 –34.4 IndSelSectorSPDR XLI 59.75 1.46 –26.7 iShEdgeMSCIMinEAFE EFAV 62.84 2.25 –15.7 iShRussell1000Gwth IWF 152.81 3.44 –13.1 PIMCOEnhShMaturity MINT 98.83 0.25 –2.7 VangdST Bond BSV 81.95 0.18 1.7 VangdSC Grwth VBK 151.95 2.41 –23.5 InvscQQQI QQQ 192.04 3.64 –9.7 iShEdgeMSCIMinUSA USMV 55.37 3.21 –15.6 iShRussell1000 IWB 143.77 3.05 –19.4 SPDRBloomBar1-3MTB BIL 91.62 ... 0.2 VangdSTCpBd VCSH 78.85 0.56 –2.7 VangdDivApp VIG 105.31 3.53 –15.5 InvscS&P500EW RSP 85.61 2.63 –26.0 iShEdgeMSCIUSAMom MTUM 109.83 3.18 –12.5 iShRussell1000Val IWD 101.02 2.84 –26.0 SPDR Gold GLD 152.92 0.44 7.0 VangdSC VB 116.79 2.04 –29.5 InvscS&P500LowVol SPLV 48.34 2.98 –17.1 iShEdgeMSCIUSAQual QUAL 82.45 3.74 –18.4 iShRussell2000 IWM 115.04 2.20 –30.6 SchwabIntEquity SCHF 25.94 1.93 –22.9 VangdFTSEDevMk VEA 33.48 2.04 –24.0 VangdTotalBd BND 86.15 0.10 2.7 iSh3-7YTreasuryBd IEI 133.08 0.02 5.8 iShFloatingRateBd FLOT 48.36 0.69 –5.0 iShRussell3000 IWV 150.54 3.09 –20.1 SchwabUS BrdMkt SCHB 61.38 3.04 –20.2 VangdFTSE EM VWO 33.39 1.46 –24.9 VangdTotIntlBd BNDX 56.59 0.27 0.0 iShCoreDivGrowth DGRO 33.28 3.23 –20.9 iShGoldTr IAU 15.49 0.26 6.8 iShRussellMid-Cap IWR 43.99 2.21 –26.2 SchwabUS Div SCHD 45.74 2.99 –21.0 VangdFTSE Europe VGK 43.30 1.67 –26.1 VangdTotIntlStk VXUS 42.18 1.86 –24.3 iShCoreMSCIEAFE IEFA 50.25 2.09 –23.0 iShiBoxx$InvGrCpBd LQD 123.92 1.22 –3.2 iShRussellMCValue IWS 65.26 1.83 –31.1 SchwabUS LC SCHX 62.20 3.20 –19.0 VangdFTSEAWxUS VEU 41.14 2.16 –23.5 VangdTotalStk VTI 130.78 3.03 –20.1 iShCoreMSCIEM IEMG 40.28 1.74 –25.1 iShiBoxx$HYCpBd HYG 77.69 0.86 –11.7 iShS&P500Growth IVW 167.56 3.62 –13.5 SchwabUS LC Grw SCHG 80.76 3.64 –13.1 VangdGrowth VUG 158.92 3.34 –12.8 VangdTotlWrld VT 63.41 2.66 –21.7 iShCoreMSCITotInt IXUS 47.03 2.08 –24.0 iShIntermCorpBd IGIB 54.92 0.81 –5.3 iShS&P500Value IVE 97.99 2.87 –24.7 Schwab US TIPs SCHP 57.63 –0.74 1.8 VangdHlthCr VHT 166.77 4.30 –13.0 VangdValue VTV 90.81 3.06 –24.2

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret US TgdVal 14.05 +0.17 NA Balanc 21.35 +0.47-13.2 Guggenheim Funds Tru TotalReturnBond NA ... NA TSM Sel r NA ... NA TxMCapAdml134.20 +4.29-18.7 WndsrII 27.81 +0.79-23.6 NOTICE TO READERS USLgVa NA ... NA BluCh 93.78 +2.76-12.9 TotRtnBdFdClInst 27.80 +0.25 3.1 PIMCO Fds Instl TIAA/CREF Funds TxMIn r 10.77 +0.20-23.5 VANGUARD INDEX FDS Due to extreme market activity and delayedreporting of closing prices Dodge & Cox Contra 11.91 +0.38-12.5 Harbor Funds AllAsset NA ... NA BdIdxInst 11.38 +0.01 3.1 USGroAdml 99.50 +3.00-10.7 MdCpVlAdml 43.11 +0.89-29.6 from the sources, some NAVs mayreflect previous day’strading. Balanced 79.45 +1.42-20.3 ContraK 11.92 +0.38-12.6 CapApInst 67.53 +1.88-10.9 TotRt 10.49 +0.01 2.2 VANGUARD ADMIRAL ValAdml 35.44 +1.09-23.6 SmValAdml 38.65 +0.61-34.1 Harding Loevner 500Adml 242.42 +7.90-18.3 TotBd2 11.26 +0.02 2.9 Up-to-date mutual-fund data canbefound online at WSJMarkets.com. Income NA ... NA CpInc r 8.32 +0.08-18.0 PIMCO Funds A WdsrllAdml 49.35 +1.40-23.6 Intl Stk 30.21 +0.08-30.7 GroCo 19.06 +0.58-10.8 IntlEq 19.23 +0.31 NA IncomeFd 10.93 +0.04 NA BalAdml 34.70 +0.66-10.8 WellsIAdml 61.00 +0.92 -7.1 TotIntl 13.55 +0.20-23.9 Stock 136.59 +3.32-28.1 GrowCoK 19.10 +0.59-10.7 Invesco Funds A PIMCO Funds I2 CAITAdml 12.01 ... -0.1 WelltnAdml 64.57 +1.39-13.1 TotSt 63.69 +1.95-19.7 DoubleLine Funds InvGrBd 11.49 ...... EqIncA 8.26 +0.15-19.3 Income 10.93 +0.04 NA CapOpAdml r125.48 +2.67-20.5 VANGUARD INSTL FDS Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. WndsrAdml 52.78 +1.36-27.0 CoreFxdIncmI NA ... NA LowP r 36.37 +0.45-27.3 Invesco Funds Y PIMCO Funds Instl EMAdmr 27.78 +0.13-24.7 VANGUARD FDS BalInst 34.71 +0.66-10.8 DevMktY 34.89 -0.11-23.5 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese TotRetBdI NA ... NA Magin 8.96 +0.33-12.2 IncomeFd 10.93 +0.04 NA EqIncAdml 61.82 +2.05-21.6 DivdGro 25.80 +0.84-15.5 DevMktsIndInst 10.78 +0.19-23.5 JPMorgan I Class and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Edgewood Growth Instituti OTC 11.18 +0.39-12.6 Price Funds ExplrAdml 72.02 +1.53-25.9 INSTTRF2020 21.64 +0.27-10.2 DevMktsInxInst 16.85 +0.30-23.5 CoreBond NA ... NA 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r EdgewoodGrInst 34.69 +1.23 -9.9 Puritn 20.32 +0.48-10.7 BlChip 108.85 +3.72 NA ExtndAdml 69.45 +1.33-27.2 INSTTRF2025 21.67 +0.33-12.4 ExtndInst 69.45 +1.34-27.2 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not EqInc NA ... NA Fidelity SrsEmrgMkt 15.51 +0.11-24.8 DivGro 43.91 +1.37 NA GNMAAdml 10.81 +0.01 3.1 INSTTRF2030 21.57 +0.36-14.1 GrwthInst 81.83 +2.70-12.6 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; JPMorgan R Class GrwthAdml 81.83 +2.71-12.6 InPrSeIn 10.77 -0.09 2.2 500IdxInstPrem 91.52 +2.98-18.3 SrsGlobal 10.12 +0.14-23.2 EqInc 23.19 +0.60 NA INSTTRF2035 21.47 +0.40-15.8 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. CoreBond NA ... NA HlthCareAdml r 76.02 +2.80-10.9 InstIdx 234.25 +7.62-18.3 Contrafund K6 12.63 +0.40-12.7 SrsGroCoRetail 15.90 +0.49-10.4 EqIndex 69.75 +2.27 NA INSTTRF2040 21.35 +0.43-17.5 CorePlusBd NA ... NA HYCorAdml r 5.23 +0.06-11.1 InstPlus 234.26 +7.63-18.3 ExtMktIdxInstPre 47.34 +0.90-27.3 SrsIntlGrw 14.68 +0.32-16.2 Growth 63.13 +2.00 NA INSTTRF2045 21.19 +0.47-19.1 Lord Abbett A InfProAd 26.45 -0.19 2.2 InstTStPlus 54.50 +1.67-19.7 Monday, March 30, 2020 IntlIdxInstPrem 33.41 +0.47-22.2 SrsIntlVal 7.21 +0.06-27.2 HelSci 70.80 +2.66-13.1 INSTTRF2050 21.22 +0.47-19.1 ShtDurIncmA p 3.93 +0.01 -5.9 IntlGrAdml 86.75 +0.82-15.6 MidCpInst 36.83 +0.89-24.1 Net YTD Net YTD Net YTD MidCpInxInstPrem 17.57 +0.39-25.6 TotalBond 10.74 +0.01 -0.9 InstlCapG 38.13 +1.27 NA IntlVal 27.90 +0.39-25.7 Lord Abbett F ITBondAdml 12.04 +0.03 2.6 MidCpIstPl 181.62 +4.35-24.1 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SAIUSLgCpIndxFd 14.11 +0.46-18.4 Fidelity SAI IntlStk 14.67 +0.22-21.3 LifeCon 19.35 +0.21 -7.6 ShtDurIncm 3.93 +0.01 -5.9 ITIGradeAdml 9.86 +0.06 -1.2 RealEstaInstl 15.71 +0.34-22.3 American Century Inv NwWrldA 54.97 +0.48-22.1 CorePlusBond 10.04 +0.03 -0.8 SeriesOverseas 8.70 +0.14-19.3 TotalBd 10.26 +0.01 -1.6 MidCap 74.21 +1.77-22.2 LifeGro 30.04 +0.59-16.9 Lord Abbett I LTGradeAdml 11.00 +0.01 1.3 SmCapInst 55.92 +1.11-29.3 Ultra 45.82 +1.44-12.2 SmCpA p 45.74 +0.45-22.3 Intl Eq 9.39 +0.14-21.7 SmCpIdxInstPrem 14.66 +0.35-30.3 U.S.TreBdIdx 10.91 -0.02 8.6 N Inc 9.34 +0.05 -3.2 ShtDurInc p 3.93 +0.02 -5.9 MidCpAdml 166.71 +4.00-24.1 LifeMod 25.31 +0.38-12.3 STIGradeInst 10.47 +0.04 -1.8 American Funds Cl A Del Invest Instl TMktIdxInstPrem 72.69 +2.22-19.8 First Eagle Funds NHoriz 52.84 +1.52-11.0 TxExA p 13.22 ... -0.2 Metropolitan West MuHYAdml 11.42 ... -2.0 PrmcpCor 21.65 +0.52-22.5 STIPSIxins 24.55 -0.02 -0.6 USBdIdxInstPrem 12.25 ... 3.5 AmcpA p 28.00 +0.80-16.6 WshA p 38.15 +1.17-20.3 Value 16.61 +0.57-25.3 GlbA 47.16 +0.58-18.6 TotRetBd 11.13 +0.07 2.3 OverS SF r 8.51 +0.14-23.9 MuIntAdml 14.38 +0.01 ... STAR 23.90 +0.35-12.6 TotBdInst 11.33 +0.01 3.2 Fidelity Advisor I AMutlA p 35.77 +1.02-17.3 Baird Funds Dimensional Fds FPA Funds TotRetBdI 11.12 +0.06 2.3 R2020 19.07 +0.30 NA MuLTAdml 11.83 ... 0.1 TgtRe2015 14.11 +0.13 -7.0 TotBdInst2 11.26 +0.02 2.9 NwInsghtI 27.21 +0.77-16.8 BalA p 25.23 +0.48-11.1 AggBdInst 11.30 +0.06 1.4 5GlbFxdInc NA ... NA FPACres 27.06 +0.24-20.0 TRBdPlan 10.46 +0.06 2.2 R2025 15.07 +0.27 NA MuLtdAdml 10.99 +0.01 -0.4 TgtRe2020 29.20 +0.38-10.2 TotBdInstPl 11.33 +0.01 3.2 Fidelity Freedom BondA p 13.48 +0.02 3.5 CorBdInst 11.47 +0.08 -0.1 DFARlEst 32.07 +0.54 NA Franklin A1 MFS Funds Class I R2030 21.58 +0.43 NA MuShtAdml 15.78 +0.01 ... TgtRe2025 17.39 +0.27-12.3 TotIntBdIdxInst 33.99 -0.02 0.3 CapIBA p 53.06 +0.90-15.4 BlackRock Funds EmgMktVa 19.38 +0.13 NA FF2020 14.25 +0.11-12.1 CA TF A1 p 7.55 ... -0.6 ValueI NA ... NA R2035 15.63 +0.32 NA PrmcpAdml r115.95 +2.94-19.6 TgtRe2030 31.31 +0.53-14.1 TotIntlInstIdx r 90.61 +1.34-23.9 CapWGrA 41.54 +0.87-20.1 HiYldBd Inst 6.59 +0.06-14.8 EmMktCorEq 15.52 +0.06 NA FF2025 12.38 +0.11-13.5 IncomeA1 p 1.95 +0.03-15.9 MFS Funds Instl R2040 21.98 +0.48 NA RealEstatAdml101.50 +2.21-22.3 TgtRe2035 18.96 +0.36-15.8 TotItlInstPlId r 90.63 +1.35-23.9 EupacA p 43.07 +0.32-22.6 BlackRock Funds A IntlCoreEq NA ... NA FF2030 15.05 +0.17-15.6 FrankTemp/Frank Adv IntlEq 22.27 +0.16 NA Value 28.87 +0.88 NA SmCapAdml 55.92 +1.10-29.3 TgtRe2040 32.29 +0.66-17.5 TotStInst 63.72 +1.95-19.7 Nuveen Cl I FdInvA p 49.33 +1.26-20.2 GlblAlloc p 16.72 ...-13.0 IntSmCo NA ... NA Freedom2020 K 14.23 +0.10-12.2 IncomeAdv 1.93 +0.02-16.0 PRIMECAP Odyssey Fds SmGthAdml 53.44 +1.26-23.4 TgtRe2045 19.99 +0.44-19.1 ValueInst 35.44 +1.10-23.5 GwthA p 43.72 +1.18-14.5 BlackRock Funds Inst IntSmVa NA ... NA Freedom2025 K 12.36 +0.11-13.6 FrankTemp/Franklin A HYMunBd 16.39 ... NA AggGrowth r 35.03 +0.46-22.0 STBondAdml 10.73 +0.01 2.0 TgtRe2050 32.19 +0.71-19.1 WCM Focus Funds Oakmark Funds Invest HI TrA p 8.62 +0.05-13.2 MultiAstIncome 9.54 +0.06-12.7 TAUSCoreEq2 NA ... NA Freedom2030 K 15.03 +0.16-15.6 RisDv A p 56.23 +1.97-19.3 Growth r 31.35 +0.57-23.4 STIGradeAdml 10.47 +0.04 -1.8 TgtRet2055 34.95 +0.77-19.1 WCMFocIntlGrwIns 16.01 +0.48-15.3 ICAA p 32.12 +0.91-18.4 StratIncOpptyIns 9.27 ... -6.4 US CoreEq1 NA ... NA Freedom2035 K 12.26 +0.17-18.6 FrankTemp/Franklin C OakmrkInt 15.42 -0.22-38.2 Putnam Funds Class A TotBdAdml 11.33 +0.01 3.2 TgtRetInc 13.21 +0.10 -5.6 Western Asset Old Westbury Fds IncoA p 19.41 +0.36-15.7 StratMuniOppI 10.94 -0.02 -6.4 US CoreEq2 NA ... NA Freedom2040 K 8.45 +0.13-20.1 Income C t 1.98 +0.03-15.8 StDurInc 9.85 +0.02 NA TotIntBdIdxAdm 22.65 -0.02 0.3 TotIntBdIxInv 11.33 -0.01 0.3 CoreBondI NA ... NA LrgCpStr 12.08 +0.25-19.8 N PerA p 38.86 +0.88-17.8 Bridge Builder Trust US Small NA ... NA Fidelity Invest FrankTemp/Temp Adv Schwab Funds TotIntlAdmIdx r 22.66 +0.34-23.9 WellsI 25.18 +0.38 -7.1 CorePlusBdI NA ... NA PGIM Funds Cl Z NEcoA p 38.54 +0.94-15.7 CoreBond 10.48 +0.04 1.1 US SmCpVal NA ... NA AMgr50% 16.48 +0.20-11.5 GlBondAdv p 10.01 +0.01 -4.9 S&P Sel NA ... NA TotStAdml 63.71 +1.95-19.7 Welltn 37.39 +0.80-13.1 CorePlusBdIS NA ... NA P2JW091000-5-B01000-1------XA

B10 | Tuesday, March 31, 2020 ***** THE WALL STREET JOURNAL. MARKETS Gasoline Is Cheap, but Few Are Buying

As millions stay off ancesupply and demand. in the S&P 500. Gasoline prices have cratered,ashave margins,asmorepeople self-isolate to preventfurther “We’renearing kind of mini- Meanwhile,margins forpro- spread of the coronavirus. the road, refineries cut mum crude ratesinmanyofour ducing gasoline have eroded. back and producers’ refineries today,” RobertHer- On the Gulf Coast, the fuel sold Change from previous year in Profitmargin by fuel type per barrel of man, head of refining at Phil- foraslittle as about $16 abar- the average daily priceof WTI crudeoil margins shrink lips 66,told investorslast week. rellast week,morethan $4 be- gasoline in the U.S. Phillips 66,the largest U.S. lowthe U.S. benchmark oil 20% $30 abarrel BY REBECCA ELLIOTT refiner by market capitalization, priceatthe time,S&P Global AND RUSSELL GOLD said it would slash this year’s Platts datashow. That meansa 25 capital spending by $700 mil- barrel of crude cost morethan 10 Gasoline cost only $1.31 a lion, to $3.1 billion, afteritsaw the processed product fetched. 20 gallon SundayatBill Douglass’s domestic demand forgasoline While margins fordiesel Diesel fuel conveniencestoresnorth of fall about 20% in just aweek, have held up betterthanks to 15 0 Dallas,the lowest pricehecan and as much as 30% in some re- trucking and other commercial Jet fuel recall in morethan two de- gions. activity,those forjet fuel have 10 cades.Yet sales were down That drop is likely only the shrunk as airlines have roughly 50% in some stores. beginning. Analytics firm IHS grounded planes. –10 5 “It’sdropped so much that Markit says daily gasoline de- Should those dynamics per- Gasoline I’mbewildered,” Mr.Douglass, mand in the U.S. could be less sist, some expect refineries to 0 founder of fuel companyDoug- than half of normal levels over delayresuming operations after –20 lassDistributing Co., said of re- the next four to six weeks,as periods of maintenanceoreven –5 tail prices.“We’reunder siege.” people isolatethemselves. powerdowninthe coming Lowerprices at the pump Pre-virus,Phillips 66 and weeks. –30 –10 typically encouragepeople to other fuel makerswerethe “There’snot alot youcan do log moremiles.Not this time. stock starsofthe American oil if nobody wantsyour prod- Jan. Feb. March 2018 ’19 ’20 Fuel demand is plummeting as patch.Anindexcomposed of ucts,” said AmyKalt, aconsul- Note:Dataare through March 27 millions hunker down to stem five of the largest independent tant forBaker &O’Brien Inc., Sources: GasBuddy (prices); S&P Global Platts (margins) the spread of the newcorona- U.S. refinersincreased about an energy consulting firm. She virus. 56%inthe five yearsended in said the duration of the shut- moreefficient vehicles,and the coronavirus is still in its the University of Illinois at Chi- In the U.S.,gasoline has actu- 2019,roughly tracking the S&P downs would depend on how some industryexecutives have early days,but some think gas- cago who has writtenontele- ally been worth lessthan crude 500 index, S&P Global Market long people continue to isolate said fuel-making wouldn’t be an oline consumption maynever commuting and itsimpact on in recent days,evenwith U.S. Intelligencedatashow. But that themselves andhow much of a area of growth. fully rebound. transportation. “Weare learn- benchmark oil fetching around refining indexhas plunged as gasoline inventorybuilds up U.S. gasoline demand fell “I think we will have aper- ingright nowhow we cando $22abarrel. Thepressureon the coronavirus has takenhold during that time. about0.6%last year even as manent andlong-term reduc- our daily activities—running profitsincreases the likelihood in the U.S.,declining by about American driversalready driversloggedmoremiles,fed- tion in travel patterns,” said ourwork meetings, attending that refineries will need to 56% in 2020 as of Friday, com- were using lessgasoline pre- eral datashow. Ramin Shabanpour,anassis- our classes—online instead of shutterincoming weeks to bal- pared with aslide of about 21% coronavirus due in large part to Thedomestic response to tant professor of engineering at spending ourtime traveling.”

Issuanceofinvestment-grade U.S. corporatebonds,weekly China’sSecrecyHidesRisk to Nations in Its Debt $70 billion

BY BRIAN SPEGELE Investors“have to be very, taking part in China’sprogram, nese loans have financed infra- deen StandardInvestmentsInc. 60 AND ANNA ISAAC very leeryofwhat’sgoing on,” manyofwhich took on Chinese structuresuch as alight-rail “Countries that do borrow from said Carmen Reinhart, aHar- debt during the boom in com- projectfor the capital city of the Chinese,when youmeet 50 Ahidden pile of debt threat- vard University economist and modities prices,but whose fi- Abuja. Last year,China commit- with their officials they do of- ens dozens of emerging-market former IMF official who has nances areparticularly vulnera- ted$629million in financing feryou afigure, but they don’t 40 countries as the global econ- studiedChina’slending prac- ble to plunging commodity forthe country’sfirst deep-sea offer youdetails of the break- omystalls and commodity tices. marketstoday. port. Nigeria’sgovernment is down or the repayment sched- prices tumble. Ms.Reinhart, one of the “The debt burden from these trying to borrow an additional ule.” 30 An estimated $200 billion of most influential U.S. econo- projects is very quickly going to $17billion from the state-con- Southeast Asia has proven a emerging-market debt owedto mistsonfinancial crises,was become unsustainable for trolled Export-Import Bank of particular focus forBelt and 20 China has gone unreported in part of ateam that over the many, many, manycountries,” China. Roadprojects. Malaysian debts official statistics in recent past two yearspieced together said DannyRussel, the State China’slending,most of owedtoChina areestimated to 10 years. Themoney is upending adataset of Chinese loans.A Department’stop diplomat for which is done in dollars, starkly have surgedfromlessthan a assumptions made by yield- resulting study by Ms.Reinhart East Asia affairsunder Presi- contrastswith that of multina- billiondollarswhen the initia- 0 hungryinvestorswho have andeconomistsSebastian Horn dent Obama. “This is scary tional institutions such as the tivelaunched to morethan $12 poured roughly $2 trillion into and Christoph Trebesch con- stuff.” World Bank.While these billion at the end of 2017. In In- Feb. 2020 March riskyemerging marketsover cluded that more than $200 Nigeria, which is Africa’s groups lend money at below- donesia, a$4.5billion loan Note:DataasofFriday the last decade. billion of Chinese overseas largest economyand depends market rates, China tends to agreement with China Develop- Source:Dealogic Even beforethe market loans—around half of allits lend at commercial rates, at ment Bank is helping the coun- crash, some borrowers were cross-border lending—was hid- times securing loans with a trytopush ahead with itsfirst buckling under their debtsto den from public view. Around a About $200 billion country’soil or other natural high-speed rail project. Corporate China. Pakistan turned to the dozenofthe poorest countries resources. An economic crisis in Paki- International MonetaryFund in oweddebtstoChina equal to of emerging­market Parallels to the 1980s debt stan exemplified the risks.Asa 2018 forabailout. SriLanka 20% or moreoftheir annual borrowing has gone crisis in Latin America—which showcase of the Belt and Road Debt Gains wasforcedtocede to China GDP,the research estimated. spurred a“lost decade” of program, China planned a$62 control of astrategically lo- “The problem gets most unreported. growth forMexicoand others— billion building spree across catedport to shoreupstate fi- acuteincrisis situations,” said concern economiststoday. Just Pakistan, with China-backed Appeal nances. Mr.Trebesch. likethe earlier case,apro- ports, railways and other infra- U.S. and European econo- Much of thegrowthcan be longed commodities boom structuretoboost growth. mistsare drawing parallels to traced to China’ssprawling heavily on oil exports, wasone fueled lending to resource-rich But Pakistani officials now ContinuedfrompageB1 the 1980s debt crisis that shat- “Beltand Road” initiative, such recipient. Official statis- developing nations.Some econ- saythey hadn’t properly as- wasabout 3.7% on Friday, teredgrowthinLatinAmerica. which seeks to open up new tics have presented China as a omistssay China’sopaqueness sessed Pakistan’sfiscal outlook down from its recent peak of Aglobal recession would mag- trade routes,expand overseas modest financier forNigeria in in itslending is reminiscent of when accepting Chinese loans 4.58%onMarch 20,but still nifythe problem, economists opportunities forChinese firms recent years. By the end of the syndicated U.S. bank loans andprojects, which required well aboveits level of 2.43% at andinvestorssay. and deepen the country’sstra- 2017, Nigerian government sta- that crippled Latin Americade- the use of Chinese contractors the end of February, according Sincethe start of the year, tegic influencethrough the fi- tistics showexternaldebt owed cades ago. in exchangefor financing.Chi- to data from FactSet. The in- dollar-denominated govern- nancing and building of infra- to China wasunder $2 billion. “The thing about the Chi- nese-financed powerplants, for dexdeclined ment bond prices have fallen by structure. In reality,the totaldebtsNi- nese lendingisit’snot trans- instance, placed onerous finan- CREDIT about 8.5% in around 50% or morefor some Largecommodity exporters geria owedtoChina were more parent,” said Kevin Daly, in- cial obligations on the govern- MARKETS March through resource-rich countries such as that seek to sell to China are than double that amount, ac- vestment manager for ment, and contributed to a Friday, arela- Angola and Ecuador that also among the roughly 70 countries cording to the research. Chi- emerging-market debt at Aber- debt crunch that forced Paki- tively steep decline compared owe heavy debtstoChina.An stan to seek abailout from the with a15% fall in the much indextracking emerging-mar- Loan debtowedtoChina, by year IMF.Islamabad denies that its riskier stocks of the S&P 500. ketsovereign bond perfor- debt problem is related to Foreign fund managers are mancehas fallen around 16% $0 billion 5 10 15 20 25 30 35 China. also stepping into U.S. corpo- while morethan $80 billion has 2013 China’sgovernment has de- rate bonds because their hedg- flowedout of emerging-mar- 2014 nied engaging in what critics Angola 2015 ing cost in dollarshas declined kets stocks and bonds sincethe 2016 call “debt-trap diplomacy.” even as investment-grade market turmoil began, accord- 2017 State-run lendersChina Devel- bond yields have jumped. ing to the InstituteofInterna- opment Bank and the Export- Bonds issued by banks were tional Finance. Import Bank of China didn’t re- Ecuador among the biggest gainers China’srise as atrading and spond to arequest for Monday, with Wells Fargo& manufacturing powerhas been comment. Co.’sbond due 2051 jumping extensively studied over the China’sactions have gar- about 4.2 cents on the dollar past four decades,but itsim- Ethiopia nered deeper scrutinyamong to 121.65,according to data pact as afinancial powerisless U.S. officials,with the Trump from MarketAxess. understood. Exactly howmuch administration nominating a U.S. government bond China has lent is kept under critic of China’sforeign lending yields fell Mondaydespite wraps by state-run banks such Indonesia practices to lead the World gains in stocks, showing that as China Development Bank Bank. David Malpasshas used investorsremain concerned and the countries receiving the the position as the institution’s about the virus’slong-term loans.China’sopaque lending president to continue pushing economic impact. The10-year canlead investorsand organi- Malaysia China formoretransparency. Treasuryyield declined to zations to underestimatethe U.S. criticism comes against 0.667% from 0.744% Friday, ac- risk they aretaking when they the backdrop of an intensifying cording to datafrom makeloans to these countries rivalrybetween the world’stwo Pakistan Tradeweb. or buy their bonds,leading biggest economies,which the TheU.S.dollar rose slightly, them to lend at ratesthat coronavirus crisis has inflamed. in contrast to the U.K. pound might be toolow given the po- Aspecific concern, U.S. officials and South African rand, after tential losses.These include Zambia say, is that China uses indebt- both countries were hit by global investorsand multilat- ednessofweaker neighborsto sovereign credit-rating down- eral lenderssuch as the World gain leverageoverthem and grades. Bank. Source:Sebastian Horn, Carmen Reinhart and Christoph Trebesch pursue strategic aims. TheWSJ Dollar index, which measures the U.S. cur- rencyagainst abasket of 16 other waystoparecosts, in- Averagewas up 0.8%, South with which these stimulus ahead forthe economy, the foreign currencies,was up Stocks Rise cluding eliminating jobs and Korea’sKospi wasup2%and packages aredeployed. moves by the Federal Reserve 0.48% to 93.62Monday, stabi- cutting pay. Hong Kong’sHang Seng Index “In April, we’resettling into and other central banks likely lizing aftersuffering aroughly Among other movers, Ab- wasup1.5%. understanding abit more mean themarket’sbottomis 4% lossinthe previous four As Drug bottLaboratories jumped In another sign of investor about the growth impact and already in, said Thomas Kee, trading days. 6.4% to $79.34 afterthe drug- caution, the yield on the 10- looking hopefully forsome president of market-analysis maker said the Food and Drug year U.S. Treasurynote, ase- signs of flattening of the infec- firm Stock TradersDaily.“The Firms Gain Administration had approved curity that is seen as ahaven, tion andmortality curves,” Mr. time to playdefense is already AUCTION RESULTS an emergency-use coronavirus fell to 0.667% from 0.744% Fri- McCormick said. past,” he said. “When youhave Here are the results of Monday's Treasury auctions. All bids are awarded at a single price at the market- test. Johnson &Johnson rose day. Investorsare awaiting ase- an unlimited buyer at the other clearing yield. Rates are determined by the difference ContinuedfrompageB1 8% to $133.01after the com- Marketshaveentered anew ries of datareleases this week end of the table that doesn’t between that price and the face value. don’t yetreflect the level of panysaid it had made progress phase in their response to the that will start to reveal the care about risk or valuation,

13-Week 26-Week disruption to businessactivity on avaccine to pandemic,said James McCor- economic strain exerted by the youcan’t really fight that.” Applications $130,649,225,500 $116,151,619,300 taking placeinthe U.S.,said MONDAY’S prevent mick, astrategist at NatWest pandemic and measures to In the currencymarket, the Accepted bids $53,170,745,500 $43,787,779,300 Sophie Huynh,astrategist at MARKETS Covid-19 and Markets. Aftergovernments contain the spread of the virus. dollar rose against the euro " noncomp $523,317,800 $393,654,100 " foreign noncomp $1,000,000,000 $927,000,000 Société Générale. that the prod- and central banks took extraor- Surveysofpurchasing manag- and Brtish pound but fell Auction price (rate) 99.978514 99.949444 Shares of U.S. air carriers uct could be ready in early dinarysteps to backstop liveli- ersare expected to showa against the Japanese yen. (0.085%) (0.100%) 0.086% 0.101% including United Airlines 2021. hoods and the financial system steep decline in manufacturing TheWSJ Dollar Index, Bids at clearing yield accepted 40.72% 28.12% Holdings, DeltaAir Lines and In Europe,the pan-conti- in March, investorsare nowat- activity,while joblessclaims which compares the currency 912796UB3 9127962J7 American Airlines Group fell nental StoxxEurope 600 index tempting to assessthe eco- arelikely to rise again after againstabasket of 16 others, Both issues are dated April 2, 2020. The 13-week bills mature on July 2, 2020; the 26-week bills mature on Mondayasthe companies cut rose 1.3%. At middayTuesday nomic impact of the worsening last week’srecordsurge. rose 0.44point, or 0.5%, to Oct. 1, 2020. flight schedules and looked for in Tokyo, the Nikkei 225Stock pandemic and the effectiveness Whatever damage maylie 93.62. P2JW091000-0-B01100-1------XA

THE WALL STREET JOURNAL. Tuesday, March 31, 2020 | B11 ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY China’s Auto Makers Face a Rough Road S

PRES Although many factories have restarted,

TED concerns about supplies from abroad linger CIA SO AS S/ Even with some help from the ies.

NEW government, the world’s largest More important, a looming Y IL car market may struggle to win global recession could sap con- DA

A back consumers. sumers’ confidence in buying a

ORID China’s light-vehicle sales had new car. Even if China has man-

FL their worst ever start to the year aged to contain the disease, dis- T as the coronavirus spread. A fall of ruptions in other countries will

THWES 80% year-over-year in February continue to hurt its economy. brought the decline for the first Workers and small businesses are two months to 42%. particularly affected by the crisis, VINE/NOR The market will certainly get which is bad news for the lower RA

ON better as the country starts to re- end of the market.

DEV turn to normalcy: Many people Many local governments have Regional companies make up 40% of passenger departures in the U.S. Survival for some depends on direct aid. have gone back to work and travel already rolled out policies to en- restrictions have been eased even courage car buying, including sub- in Wuhan, the city where the pan- sidies and looser license-plate re- demic first emerged. Given how strictions. More cities or provinces Small Airlines in Turmoil long the recovery will take, will likely follow suit. Such mea- though, China is still heading to- sures could give the market a ward its third consecutive year of slight lift, but a bigger boost declining sales. would have to come from the cen- Big carrierswill be savedfromworst of damage,but regionals face shake-up In the early stages of the crisis, tral government. global auto makers worried about Beijing may have understand- securing supplies of Chinese parts able concerns about the long-term Big carrierslike American Air- tle to sell or to use as collateral in lowedfor more76-seat aircraftbut for their Western factories. Now it impact. The last nationwide stimu- lines aregetting all the attention an emergency. TheRegional Airline still severely limited the use of the is the opposite problem: Although lus program in 2015 created an forthe damageCovid-19 is causing Association, an industrybody,has state-of-the art A220 and E-Jet E2 many factories in China have re- overhang that was one of the rea- airlines.Most of the action, though, warned that the loan guarantees in- planes produced, respectively,by started, concerns about supplies sons for the market declines of mayend up happening at the re- cluded in Washington’srelief pack- Airbus and Embraer—nowinthe from abroad linger, especially for 2018 and 2019, when tax cuts were gional level. agecan’t help companies with such processofbeing acquired by Boe- foreign car makers. Nearly a quar- gradually withdrawn. Last week,Congressapproved little access to financial markets. ing.These carrybetween 80 and ter of auto parts in China have im- China’s car market will find it the use of $58 billion to help pas- Everything will depend on how 130 people. ported elements and may experi- harder to pull out of the current senger carriersavoid massbank- much direct aid they areallocated. Only ayear ago, airlines ap- ence supply bottlenecks as the rough patch than it has out of pre- ruptcies.While airline investors Twocarriersowned by holding peared to have no chanceoffurther pandemic restricts work in Europe vious ones. didn’t quiteget their way in how company Trans States Holdings, loosening the scope clauses.But and the U.S., according to Jeffer- —Jacky Wong the aid will be given, they also have employing 2,700employees be- “the long-touted pilot shortageis grounds foroptimism: Because the tween them, have already gone un- nowover,” said David Nolletti, adi- 20% industryhas already consolidated der.Florida-based SilverAirways rector at consulting firm Conway so much over the past decade—cre- risks being next. MacKenzie.“Airlines will be able to ating four airlines that seem to be Thebig airlines were already use that fortheir renegotiation of 0 toobig to fail—it is unlikely to be cutting back on regional contracts the clauses.” radically reshaped by this crisis. beforethe viral outbreak,and could Afterthe coronavirus crisis is None of this applies to regional nowslash even morelow-volume over,the likely industryconsolida- –20 China's monthly autosales, carriers. routes.Akey to their profitability tion mayevenbenefit those inde- change from previous year These companies,which makeup over the past 10 yearshas been a pendent regional carriersflexible about 40% of passenger departures focus on fewerhubs.This has enough to surviveand fill the void. in the U.S.,are mostly contractors meant reorienting regional feeder Themarket leader, SkyWest,nor- –40 flying under the colors of the big traffic to carryfewerpeople for mally makes good margins carrying airlines.Manyare fully owned by longer distances on largerplanes. almost 40 million passengersa them. In normal times they gener- But trade unions don’t want big year,owns 80% of itsplanes,and –60 atesteady income,because the ma- carrierstooutsource popular routes has enough hefttomaintain market jorsare the ones taking the risks that they could flythemselves to access.Howeverthe chips fall, in- February t79.1% associated with swingsinairfares lower-paying contractors, so they vestorslooking to take advantageof –80 and fuel prices. have long imposed “scope clauses” big changes in U.S. aviation may 2014 ’15 ’16 ’17 ’18 ’19 ’20 Yetmost regional players don’t to limit the sizeofregional carriers’ need to think small. owntheir aircraft—giving them lit- planes.A2012 renegotiation al- —Jon Sindreu Source:Wind Businesses, Hang On Until the Lights Come On OVERHEARD It’s Florida, man. companies, too. It initially also in- As social distancing became cluded hair and nail salons before With the novel coronavirus 20% the buzzword across the U.S., the amending the list. spreading across the U.S., it is like Sunshine State made headlines Even more surprisingly, Palm a switch has been thrown on the for bucking the trend despite its S Beach County classified stores 0 economy, turning out the lights huge population of older residents PRES selling guns and ammunition as

first here, then there. The econ- who are most at risk from TED critical.

omy could be in good shape when Covid-19. Officials largely allowed CIA On Monday, Florida Gov. Ron the switch finally gets flipped back –20 spring break celebrations to go SO DeSantis, who had come under AS on, but that is going to depend on ahead two weeks ago and have criticism for his hands-off ap- how the country handles the crisis. been among the slowest to enact LEE/ proach, announced a “Safer at For starters, it is important to –40 Small restaurants’ state and local orders to close all Home” initiative enacting common revenue,change

recognize that there was nothing but critical businesses. WILFREDO rules for four hard-hit counties, dangerously wrong with the econ- from previous year But where Florida really stands Gov. RonDeSantis has facedcriticism. including Palm Beach. –60 omy before the pandemic struck. out is what qualifies as “critical,” In a news conference, he said: There were, of course, problems. It which it has allowed local govern- Palm Beach County, known for its “We’re going guns blazing, doing wasn’t growing very quickly, infla- ments to define. Supermarkets, wealthy enclaves and home to Presi- all that we can, to slow the –80 tion and interest rates were lower pharmacies and banks are on the dent Trump’s exclusive Mar-a-Lago spread of Covid-19.” than policy makers would have March 2020 list nationwide, of course. But club, listed pool care and landscaping Not literally, we hope. liked them to be and wage growth Notes: Forrestaurants thatqualify as small under Small wasn’t particularly robust despite BusinessAdministration thresholds; Data as of March 25 the low level of unemployment. Source:Womply But it hadn’t built up any of the dangerous excesses that usually shows that in the week ended provoke recessions. March 25, sales at bars and Saving for a Rainy Day Isn’t Always Wise Stock market valuations were lounges were down 52% from a running ahead of the fundamen- year earlier, restaurant sales were tals, but nothing like before the down 59%, and at hotels and other As the economic impact of coro- about the causality of the relation- corporatesaving involves more gov- dot-com bubble burst. Corporate lodging places, revenue was down navirus lockdowns tearsthrough ship,this is necessarily true in the ernment borrowing.Given that sim- debt was elevated, but the degree 78%. businessglobally,the idea that most basic sense: One person’sas- ple truth, thereseems to be pre- of leverage in the economy wasn’t The numbers will probably get companies should have held more set is another person’sliability. cious little differencebetween on par with what it was leading up worse as more parts of the coun- cash to preparefor arainyday is Of course,corporates could lend making companies paytaxes,and to the financial crisis. And there try shut down and more Ameri- gaining currency. to other partsofthe privatesec- expecting the government to re- certainly weren’t any of the 1970’s- cans adopt stricter social-distanc- Forasingle business, holding a tor—households,for example—but spond with fiscal policyinthe re- style inflationary excesses that ing measures. Without any clear buffer against unexpected slow- that would simply leave American sult of an unpredictable emergency prompted the Federal Reserve to sense of when the threat from the downs and other eventsoutside its families in aworse financial predic- likeapandemic,and mandating slam on the brakes. virus will let up, it isn’t clear when control might makesense.Atthe ament during ashock.One coun- that companies hold safeassetsto Rather, the parts of the econ- the lights will start coming back scale of awhole economy, it creates try’scompanies could lend over- coverthemselves during emergen- omy that have been most hurt by on. Until then, the key will be how moreproblems than it solves. cies.Some might conclude from the the sudden stifling of sales as a re- many businesses buckled by the Forstarters, despitethe popular current bailoutsthat corporations sult of shutdowns and other so- crisis can get the help they need perception that American compa- Cash holdings would should paymoretax.That seems an cial-distancing measures—the res- to survive. The $2 trillion package nies areoverleveraged, U.S. nonfi- easier fixthan encouraging or even taurants, bars, barber shops and passed last week, with its support nancial corporations have been likely limit investment, mandating gargantuan cash hoards. nail salons with shut gates—made for households (and thus, con- holding increasing amountsofcash as companies would save Thereare further argumentsin sense before the coronavirus and sumer spending) and small busi- in recent years. Thevalue of check- favorofthe existing arrangement. will make sense after it. So will nesses is a start, but now execu- able depositsand currencyheld by for a crisis a far way off. Holding cash depresses firms’ re- the jobs they provide. As the lights tion will matter so that when the those firms has roughly quadrupled turn on equity.Cash holdingswould start going back on, they can get help arrives, it doesn’t come too sincethe 2008 financial crisis,to also likely limit productiveinvest- back to work and the economy will late. If the crisis drags on for lon- over $1.2 trillion. ment, as companies would save for come back, too. ger, then more money will be When imagining the impact of seas,but likewise that would simply acrisis that maytakemorethan a That assumes those businesses needed. forcing or prodding companies to shiftthe risk elsewhere. decade to arrive. are still standing when the pan- Then, one hopes the bar around save more, it is worth remembering If companies savedevenmore Theidea that corporations demic has passed, though. Read- the corner will be able to pull the asimple macroeconomic accounting than they already do,demand for should set aside rainy-dayfunds to ings on the drop in revenue are chairs down from the tables, the identity.Ifthe privatesector glob- top-rated cash-likeassetswould weather crises appealstoour sense only starting to come in, but they bartender can go back to work be- ally is lending on anet basis— rise.Governmentscould either is- of fairnessand the understandable give a sense of how bad things are. hind the taps and an economic meaning it’saccumulating assets, sue moredebt, or risk that corpora- unpopularity of bailouts. But what Small-business transaction data drought will be relieved. And that cash or otherwise—the world’sgov- tions driftintosuperficially safe makes sense forindividual firms,as collected by software and busi- first beer will taste so good. ernmentsmust be borrowing on a privateassets. is oftenthe case,makes lesssense ness-services provider Womply —Justin Lahart net basis.Without saying anything So the only solid path to higher forthe economy. —Mike Bird P2JW091000-0-B01200-17FFFF5178F

B12 | Tuesday, March 31, 2020 THE WALL STREET JOURNAL.

Problems push us to findnew paths.

UsingIBM Watson,developers helped buildaguide that makes cities like Tokyomoreaccessible. Smartlovesproblems. ibm.com/smart

Chieko Asakawa IBMResearcher

IBM, theIBM logo, ibm.comand Letísput smarttoworkare trademarks of InternationalBusinessMachines Corp., registered in manyjurisdictions worldwide. Seecurrent listatibm.com/trademark.Other productand servicenamesmight be trademarks of IBMorother companies. ©InternationalBusinessMachines Corp.2020.