P2JW112000-6-A00100-17FFFF5178F ****** TUESDAY,APRIL 21, 2020 ~VOL. CCLXXV NO.93 WSJ.com HHHH $4.00 DJIA 23650.44 g 592.05 2.4% NASDAQ 8560.73 g 1.0% STOXX 600 335.70 À 0.7% 10-YR. TREAS. À 10/32 , yield 0.625% OIL -$37.63 g $55.90 GOLD $1,701.60 À $12.40 EURO $1.0864 YEN 107.62 What’s Oil Takes Historic Dive Below $0 News Producers face prospect $37.63. That effectively means traded U.S. futures contract, U.S. crude-oil futures,bycontract that sellersmust paybuyersto crude forJune deliverylost 18% of paying buyers as the take barrels off their hands. on Mondaytoclose at $20.43, $40 abarrel Business&Finance pandemic pushes prices Overseas early Tuesday, the con- while oil due to be delivered to November tract rebounded and wasback in the main U.S. trading hub in delivery to minus $37.63 abarrel positiveterritoryat$1.60 abar- Oklahoma in November ended at $31.66 .S.oil futures plunged rel. around $31.66. 20 June U below $0 for the first BY RYAN DEZEMBER Thehistoric lowpricereflects Those higher prices,likethe delivery time, a chaotic demonstra- uncertainty about what buyers recent surge in stocks,reflect in- $20.43 tion of the dwindling capac- U.S. oil futures plunged below would even do with abarrel of vestors’ optimism that the 0 ity to storeall the crude that $0 forthe firsttime Monday, a crude in the near term. Refiner- global economywill bounceback the world’sstalled economy chaotic demonstration of the ies,storage facilities,pipelines later this year,and that suffi- would otherwise be using. A1 dwindlingcapacity to storeall andevenocean tankershave cient demand will return to soak Halliburton is cutting jobs, the crude that the world’s filled up rapidly sincebillions of up some of the glut that was –20 slashing costsby$1billion stalled economywould other- people around the world began building even beforeborders and reducing debt to girdit- wise be using. sheltering in placetoslowthe closed,factories idled and bil- self against the drop in invest- Thepriceofabarrel of West spread of the deadly coronavi- lionsofpeople stopped driving May delivery ment in the U.S. oil patch. B3 Texas Intermediatecrude to be rus. PleaseturntopageA10 –40 –$37.63 deliveredinMay,which closed Prices remain in positiveter- Whether asmall business at $18.27 abarrel on Friday, ritoryfor barrels to be delivered Halliburton pulls back, citing April 1April 6April 13 April 20 received aid under the gov- ended Mondayatnegative in June.Inthe most actively oil free fall.................................... B3 ernment’s$350 billion rescue Source:FactSet program oftencame down to howand whereitbanked. A1 Parking LotFills as People Wait Their Turn at Drive-Up Food Bank U.S. stocks slid to start States another potentially volatile week, with the Dow, S&P 500 and Nasdaq falling 2.4%, Rapidly 1.8% and 1%, respectively. B11 IBM posted lower first- quarter sales and pulled an- Draining nual earningsguidance, highlighting the challenges facing newCEO Krishna. B1 Job-Loss Neiman Marcus is pre- paring to file forbankruptcy protection. Theretailer Reserves hopes to reopen most of its stores afterthe pandemic. B1 BY SARAH CHANEY Companies have ad- justed executivecompensa- WASHINGTON—NewYork tion amid volatile markets statehas asked the federal and economic contraction. B1 government fora$4billion no- TheTreasurysent $2.9 interest loan to coverunem- billion in aid to airlines,the ployment paymentsfor people firstpaymentsthe govern- put out of work by the corona- ment has made as part of a virus pandemic as it and other grant and loan program. B3 states burn through funds set aside forjoblessclaims. Bondholder groups re- Statesare quickly depleting jected aproposal by Argentina funds set aside as millions of to restructuretens of billions laid-off workers apply for un- of dollarsinforeign debt. B11 employment-insurancebene- Antitrust officials are S fits offered by stategovern- nearing asettlement with a ments, according to aWall major dairycooperativethat PRES Street Journal analysis of would allowittobuy dozens UMA Treasury Department data. of plantsfromDean Foods. B6 /Z Nearly half of U.S. states ETT have loggeddouble-digit per- LOV World-Wide GG centagedeclines in their trust- GRE fund balances sincethe end of HELPING HAND: In West Palm Beach, Fla., on Monday, cars assembled in the parking lot of the Palm Beach Outlets mall, February, the month beforethe NewYork state has asked which partnered with Feeding South Florida to provide a week’s supply of groceries to the first 800 vehicles in line. coronavirus pandemic triggered the federal government for shutdowns that led to wide- a$4billion no-interest loan spread job losses and record to coverunemployment numbersofjoblessclaims. paymentsfor people put Loans from the federal gov- out of work by the pan- CompaniesImprovise Reopening Plans ernment offer abackstop for demic,asitand other states states faced with asurge in burn through funds set claims to keep money flowing aside forjoblessclaims. A1 to laid-off workersshould a staterun out of funds set Trump said he plans to Employers have no clear-cut road map toward restarting the American economyfromlockdown sign an executiveorder aside forjoblessbenefits. After the 2008 crisis,statesturned temporarily suspending im- to the federal government for migration intothe U.S., BY JENNIFER MALONEY, MIKE COLIAS thermometerstomonitor themselves and red help in funding unemployment saying he was doing so to AND PAUl ZIOBRO bandannas as facecoversatwork. benefits, with some taking protect American jobs THE “A lot of this is reacting in real-time,” yearstopay back loans. amid the pandemic. A3 As America’sattention turns to reopening CORONAVIRUS said Jeffrey Honickman, chief executive of Statesuse their trust funds U.S. governorstook steps itseconomy,manybusinesses aredeploying the Honickman companies, a group of East to pay regular unemployment to start reopening their arangeoftactics to attempt to shield their PANDEMIC Coast bottlers including Pepsi-Cola Bottling benefits, while the extra$600 economies and focused on workforcesfromthe coronavirus.For the Co. of New York. “I never thought we’d be paymentsrecently added for accelerating testing capac- most part, they aremaking it up as they go. doing any of these things. We’re learning as workerslaid off during the ity for the coronavirus, as With no single standard or clear-cut road Trump bans immigration, we go along.” pandemic are funded through infection rates slowed in map, safety procedures and implementation citing virus fight, A3 A spokeswoman for the Coke bottler, Lib- afederal stimulus package some hard-hit areas. A6 vary widely, particularly on how to handle Moreinfections than erty Coca-Cola Beverages LLC, said its poli- signed into law last month. Governmentsacross Eu- confirmed Covid-19 cases in the workplace. thoughtinL.A. county,A6 cies would evolve as it identified best prac- From the end of February rope and in the U.S. saythey Pepsi-Cola bottling plantsinNew York are tices and received more guidance from to mid-April, NewYork had have driven down akey vari- giving factoryworkerssurgical masks and Shops begin to reopen health officials. used abouthalf of the trust- able to levels that suggest checking their temperatures at the door.Ari- in Germany, A10 Government guidelines so far have been fund money it had on tap, rep- lockdowns arecontaining valCoca-Cola bottler has given employees PleaseturntopageA8 PleaseturntopageA6 the coronavirus’sspread. A9 Facebook is banning postsand groups promoting The Fate of anti-lockdown proteststhat Small Businesses’Bank Ties don’t comply with govern- ment health directives. A3 Office Plants Help Determine Federal Aid Netanyahu and rival Gantz agreed to form aunity Left Behind Dell Technologies BY RUTH SIMON with big banks.Otherswere government in adeal that AND PETER RUDEGEAIR customersofcommunity banks would keep the Israeli leader iii in powerwhile he faces trial that had long made loans ON DEMAND Theluckyonesget Thesmall businesses that through the Small BusinessAd- on corruption charges. A11 received aid under the federal ministration,which is guaran- TheSupreme Court ruled adopted; ‘a tragic government’s$350 billion res- teeing loans made through the Pay fortechnology as youconsume it that defendantscan’t be con- cue program weren’t always government program. Thou- or as aservice,soyou can free up victed of serious crimes un- little Sahara’ the ones with the greatest sandsmorethat lacked the der the Constitution unless needs or the best chances to right ties weren’t approved. resources forcritical priorities. jurorsare unanimous,over- BY MATTHEW RIVA survive the coronavirus pan- As lawmakersand the turning laws in two states. A3 demic.Whether afirm made Trump administration neared In the rush to close offices thecut oftencame down to adeal Mondaytospend an ad- Learn moreat Policewere investigating multiple crime scenes after as the newcoronavirus how and where it banked. ditional $310 billion on small- DellTechnologies.com/OnDemand agunman’srampageinNova spread,employees grabbed Some recipientswere pub- businessaid as part of alarger laptops, gymbagsand stray licly traded companies that al- rescue package, the inadver- Scotia leftatleast 19 dead. A11 Tupperware. ready had significant loans PleaseturntopageA4 Manyleftbehind their desk CONTENTS Markets..................... B11 plants. Amonth later,they are Banking &FinanceB10 Opinion.............. A15-17 Business News.. B3,6 Sports....................... A14 wondering what’sbecome of Netanyahu Keeps