U.S. Virus Deaths Hit Record Amid Strain on Hospital Icus
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P2JW339000-5-A00100-17FFFF5178F ***** FRIDAY,DECEMBER 4, 2020 ~VOL. CCLXXVI NO.132 WSJ.com HHHH $4.00 DJIA 29969.52 À 85.73 0.3% NASDAQ 12377.18 À 0.2% STOXX 600 391.72 À 0.01% 10-YR. TREAS. À 9/32 , yield 0.919% OIL $45.64 À $0.36 GOLD $1,836.80 À $11.10 EURO $1.2149 YEN 103.84 Wildfires Erupt Anew in California, Forcing Evacuations Detained What’s News Huawei Executive Business&Finance In Talks PEC and agroup of ORussia-led oil producers agreed to increase their col- With DOJ lectiveoutput by 500,000 barrels aday next month, signaling that they arebet- Proposed deal would ting the worstofapan- resolve charges demic-inspired shock to de- mand is behind them. A1 against finance chief Chevron said it would over Iran sanctions cut itsannual capital spend- ing budget by 26% next year and sharply through the TheU.S.JusticeDepartment middle of the decade. B1 is discussing adeal with Hua- weiTechnologies Co.finance AT&T’s Warner Bros. chief Meng Wanzhou that will release itsentire2021 would allowher to return to slateoftheatrical films si- S China from Canada, in ex- multaneously in theatersand PRES changefor admitting wrongdo- on itsHBO Max streaming TED ing in acriminal case that service, the studio said. A1 strained Beijing’srelations with OCIA TheSenate confirmed SS the U.S. and Canada, people fa- Waller foraseat on the Fed’s /A miliar with the mattersaid. boardinavotethat reflected GER increased partisan tensions BER By Jacquie McNish, AH over issues related to the NO Aruna Viswanatha, looming change in presi- FIERYWAIT:Aproperty owner in Silverado watches as wind gusts push the flames through partsofOrange County on Jonathan Cheng dential administrations. A2 Thursday.Utilities cut powertohundredsofthousands of customersand manyneighborhoods were ordered to evacuate.A8 and Dan Strumpf Ryanairagreed to buy Lawyersfor Ms.Meng,who 75 of Boeing’s737 MAX faces wireand bank fraud jets, aboost forthe trou- chargesrelated to alleged vio- bled plane maker following lations of U.S. sanctions on the aircraft’sgrounding. B1 U.S. Virus Deaths Hit Record Iran on Huawei’s behalf, have Southwest told more spoken to JusticeDepartment than 6,800 employees that officials in recent weeks about their jobs are at risk with- the possibility of reaching a out concessions from labor Amid Strain on Hospital ICUs “deferred prosecution agree- unions or morefederal aid. B2 ment,” the people said. Under such an agreement, TheDow rose 0.3%, whichprosecutorsusually use while the Nasdaq set an- BY MELANIE EVANS topped 200,000 forthe second close some businesses and re- squeezing extrabeds onto with companies but rarely other record,gaining 0.2%. time in lessthan aweek.More strict otherswhen hospital floorsand, in some cases,mov- grant to individuals,Ms. Meng TheS&P 500 fell 0.1%. B10 Covid-19-related deaths re- than 100,000 people were hos- ICUshavelessthan 15% capac- ing patientsacrossstate lines would be required to admit to Walmart said it would ported in asingle dayhit are- pitalized with Covid-19 as of ity.The restrictions would last to find room forthe critically some of theallegations against payanother round of bonuses cord in the U.S. as hospitaliza- Wednesday, according to the for three weeks. ill. In some overrunpocketsof her but prosecutorswould to U.S. workersasitseeks tions surpassed 100,000 for Covid Tracking Project, includ- “The bottomline is if we the country, these emergency agree to potentially defer and to retain and reward staff- the first time this week, leav- ing arecordnumber of people don’t act now, our hospital measures arenolonger enough, later drop the chargesifshe ersduring the pandemic. B3 ing hospitals in some regions in intensive care and near-re- system will be overwhelmed,” doctorsand nurses said. cooperated, the people said. of the countrywithout enough cord numbersofpatients on said Mr.Newsom, aDemocrat. An estimated one in four in- Ms.Meng has so far re- Luminar started trading beds in intensive-careunitsto ventilators. At overstretched hospitals tensive-carebeds nationallyis sisted the proposed deal, be- publicly Thursdayand made meet their patients’ needs. California Gov.Gavin in regions of the U.S.,some occupied by Covid-19 patients, lieving she did nothing wrong, its25-year-old founder and TheU.S.recorded 2,804 Newsom said most of the state patients who need intensive PleaseturntopageA8 some of the people said. She chief executiveabillionaire. B1 deaths on Wednesday, Johns would face new stay-at-home care can’t receive it. declined to comment through Hopkins University reported ordersinthe coming days un- Hospital officials said they Virus doubts challenge health aHuaweispokesman. AJus- World-Wide and newly reported infections der anew mandatethat would areracing to hiremorenurses, workers......................................... A8 PleaseturntopageA4 TheU.S.Justice Depart- Layoffs Show Sign of Easing ment is discussing adeal OPEC, Covid Squeezes with Huaweifinancechief New applications for unemployment benefits fell last week, Meng Wanzhou that would but some economists warned the drop might be an anomaly allowher to return to China Partners because of volatile data during the Thanksgiving holiday. A11 from Canada in exchange Labor Market foradmitting wrongdoing Initial unemployment Continuingunemployment- in acriminal case that To Boost claims,weekly benefitsrecipients* strained Beijing’srelations 7million 25 million with the U.S. and Canada. A1 Women, baby boomers are pushed out Covid-19-relateddeaths Oil Output Week ended Week ended 6 reported in asingle dayhit Nov. 28 Nov. 21 20 BY GWYNN GUILFORD February, a loss of 3.7 mil- arecordinthe U.S. as hospi- 712,000 5.52 million BY BENOIT FAUCON AND SARAH CHANEY CAMBON lion workers. talizations surpassed 100,000 5 AND SUMMER SAID The labor-force participa- forthe firsttime this week, leaving hospitals in some re- 15 Since spring lockdowns tion rate, or the share of OPEC and agroup of Rus- 4 were lifted, the demand for Americans 16 years and over gionswithout enough beds in sia-led oil producersagreed to workers has snapped back working or seeking work, intensive-careunitstomeet increase their collectiveout- faster than many economists was 61.7% in October, down their patients’ needs. A1 3 put by 500,000 barrels aday 10 expected. Between April and from 63.4% in February. Lawmakers dived into next month, signaling the October the unemployment Though up from April’s negotiations over the two world’s biggest producers are 2 rate fell by more than half, trough, that is near its low- thorniest components of a betting the worstofapan- 5 to 6.9%, undoing more than est since the 1970s, when far new coronavirus aid pack- demic-inspired shocktode- 1 two-thirds of its initial rise. fewer women were in the age as momentum grew mand is behind them. But unemployment data workforce. *Regular stateprograms for a roughly $900 billion Thedeal marks acompro- 0 0 overstates the health of the The supply of workers and compromise proposal. A2 mise after sharp disagree- labor market because the their productivity are the mentsearlier in the week March Nov. March Nov. supply of people either building blocks of economic Congress moved via a among agroup of producers Note:Seasonally adjusted Source:Labor Department working or looking for a job growth. A smaller labor provision in the annual defense authorization bill that have acted in relativecon- has declined. The U.S. labor force leaves fewer workers PleaseturntopageA11 to stop Trump from reduc- cert formonths,agreeing to force is 2.2% smaller than in ing the number of U.S. cut production deeply to stabi- lizeoil markets. Thecoronavi- troops in Germany. A10 ruspandemic sapped global En Vogue at The Trump administra- demand early this year,tank- Warner Films to Open INSIDE tion sued Facebook,accusing ing prices and straining the fi- it of illegally reserving high- nances of big producerssuch Gucci: The paying jobs forimmigrant as Saudi Arabia and Russia. In Homesand Theaters workersitwas sponsoring Thepricerout has also laid Over-40 Set forpermanent residence. A3 lowbig,publicly traded oil BY ERICH SCHWARTZEL “Dune” and anew installment Wisconsin’s top court companies likeExxon Mobil iii AND JOE FLINT in the “Matrix” franchise.HBO dealt another setback to Corp.and RoyalDutch Shell Max will host the movies for PLC,triggering big losses and LOSANGELES—Warner only their first month of the- Trump’sbid to overturn his Fashion house job cuts. Shell and BP PLC both Bros., the Hollywood studio atrical release beforethe films election defeat, turning away recently cut their dividend for courts older buyers founded as aPennsylvania followtheir usual distribution alawsuit challenging the va- BUSINESS&FINANCE lidity of hundreds of thou- the firsttime in yearstopre- nickelodeonin1903 and re- pattern. servecash. Chevron Corp.said with Jackie O sponsible forclassics like Thedecision follows recent sands of mail-in ballots. A6 Makersofdry icebrace on Thursdayitwas joining “Casablanca,” signaled Thurs- similar moves by other studios fordemand becauseof Trump’s campaign and peersinslashing spending. BY MATTHEW DALTON daythat the entertainment in- and cementsanew reality in the RNC have raised more In recent weeks,interna- dustry’sfutureisn’t in the the- Hollywood: Subscriptions are shipping needsfor than $207.5 million in the tional oilprices have started Twoyearsago, Gucci embla- ater, but in the living room. moreimportant than boxoffice. Covid-19 vaccine. B1 weeks afterElection Day, to bounceback,climbing some zoned itsclothes with the New TheAT&T-owned studio What begaN as an effort to the campaign said. A4 25% sincethe start of last York Yankees logoand the face said it would release itsentire counterbalancethe dominance month. Asian economies have of BugsBunny. Now, the Italian 2021 slateoftheatrical films of Netflix Inc.has rewritteN CONTENTS Markets................... B10 been recovering strongly, fashion house is embracing simultaneously in theatersand the strategies at every major Arts in ReviewA12-13 Opinion.............. A15-17 Banking &FinanceB9 Sports....................... A14 boosting oil demand there.