P2JW265000-6-A00100-17FFFF5178F

****** MONDAY,SEPTEMBER 21, 2020 ~VOL. CCLXXVI NO.69 WSJ.com HHHH $4.00

Last week: DJIA 27657.42 g 8.22 0.03% NASDAQ 10793.28 g 0.6% STOXX 600 368.78 À 0.2% 10-YR. TREASURY g 8/32 , yield 0.694% OIL $41.11 À $3.78 EURO $1.1842 YEN 104.57 Supreme What’s News Court Vacancy Business&Finance Sets Off nemerging deal to AmakeChina’sTikTok app aU.S.-based company Debate stands to reshape the social- media landscape,evenas questions persist over secu- Trump prepares pick rity concerns and ownership of the newcompany. A1 as Republicans and  Afederal judge tempo- Democrats weigh rarily blocked the Trump their political options administration’sexecutive order curbing Americans’ WASHINGTON—Thedeath use of WeChat, the Chi-

GES of Supreme Court JusticeRuth nese-owned messaging

IMA Bader Ginsburg six weeks be- and e-commerce app. A1 fore Election Daystirred politi-

 Surging deposits and GETTY caljockeying by both parties, declining lending are driv- M/ with Republicans pushing to RU

ing banks to dramatically CO movequickly on asuccessor increase their holdings of U.S. Treasurys, offering MUEL SA By Andrew Restuccia, significant support to the Flowers were left Sunday in front of the Supreme Court to honor Justice Ruth Bader Ginsburg, who died Friday. Natalie Andrews bond market. B1 and Joshua Jamerson  Meatprices arefalling as andDemocratsassessing op- last spring’sshortages fade Barrett, Scalia’sFormer Clerk, tions they have to keep the and livestock clogsfarms,ben- seat open. efiting consumersbut hurting President Trump said that meatpackersand farmers. B1 this coming week he would  Thecoronavirus pandemic Seen as aTop Hopeful forSeat nominateawoman as asucces- has brought asense of ur- sor to JusticeGinsburg, who gencytoEurope’sailing banks died Fridayofmetastatic pan- to scale up or risk dying. B1 creatic cancer at age87. Re- BY BRENT KENDALL rate legal mind and solidly con- Florida Supreme Court, the first But she also had been on the placing the liberal icon with a  Global trade is rebounding servativeviews. Cuban-American to do so. appellatebench lessthan ayear conservativejurist could fur- much morequickly this year From the moment President “She’sveryhighly re- JudgeLagoa, 52, agraduate after15yearsteaching law. ther entrench the court’sright- than it did afterthe 2008 fi- Trump selected BrettKa- spected,” Mr.Trump said Sat- of Florida International Univer- That shortexperience, and the ward shift. nancial crisis. A8 vanaugh forthe Supreme Court urday. Thepresident said he sity and Columbia LawSchool, prospect that she could spark a The president’slist has been  China’sbig tech companies in 2018,JudgeAmy Coney Bar- planned to choose awoman to has received lesspublic atten- particularly bitterconfirmation narrowed to two leading candi- arecircling the auto-repair rett became afront-runner for fill the seat vacatedbyJustice tion than JudgeBarrettand fight over abortion rightsina dates,according to people fa- businessinabid to capture anyfuturehigh-court vacancy RuthBader Ginsburg, who died only recently entered the con- closely divided Senate, were miliar with the matter: federal the boom in vehicle mainte- that might arise during his Friday,and JudgeBarrettisat versation as aTrump prospect among the factorsthe White appellatejudges AmyConey nanceasthe country’svast presidency. the center of the conversation. forthe Supreme Court. House considered at the time. PleaseturntopageA4 carfleet begins to age. B3 JudgeBarrett, 48 yearsold, Thepresident indicated he Afinalist when Mr. Trump ANotreDame LawSchool amember of the Chicago-based will reviewother candidates as chose JusticeKavanaugh, Judge graduate,JudgeBarrettwas a  Legislative agenda faces new  McDonald’sex-CEO East- Seventh U.S. Circuit Court of well, including JudgeBarbara Barrett interviewedwith the lawclerk to JusticeAntonin uncertainty...... A4 erbrook said in acourt filing Appeals since2017, has arepu- Lagoa, afederal appellatejudge president in 2018 and im- Scalia and then spent three  Health-law case to be put in that the companyshouldn’t tation forpossessing afirst- who previouslyserved on the pressed him and his advisers. PleaseturntopageA4 spotlight...... A5 be allowedtoclawback his severancepackage. B3  Shares of companies that DeChambeau Wins U.S. Open mine or makeraw materials U.S. Bid Pandemic Upends aretrading likeonce-hot technologystocks. B9 To Block Middle-Class World-Wide WeChat  Thedeath of JusticeGins- FamilyFinances burgstirred political jockey- ing by both parties,with Re- publicans pushing to move Is Halted

quickly on asuccessor and GES Job losses wreak havoc on loan-laden

Democratsassessing any IMA tools they have forkeeping BY SEBASTIAN HERRERA households; ‘I will never claw my way out’ AND KATY STECH FEREK ETTY

the seat open. A1, A4, A5 /G  Thebattle is complicating MUS legislativetalks to prevent a Afederal judgeinCalifornia BY ANNAMARIA ANDRIOTIS halted manyforeclosures SHA

government shutdown and temporarily blocked the Y and closed courts, her work Trump administration’sexecu- Until mid-March, Alysse dried up.Unemployment narrowing the possibility of GOR

another coronavirus relief tiveorder curbing Americans’ GRE Hopkins earned acomfort- benefitshavehelped, Ms. bill beforethe election. A4 use of WeChat, upholding a Bryson DeChambeau, 27, on Sunday won the U.S. Open, his first able living in Rockland Hopkins said, but the family motion from users of the Chi- major, at the Winged Foot Golf Club in Mamaroneck, N.Y. A16 County,N.Y., representing is running lowonsavings  The presidential race nese-owned messaging and e- clientsinforeclosurecases and can’t keep up with remains stable, with Biden commerce app. and personal-injurylawsuits. $9,000 in monthly debt pay- maintaining his 8-point U.S. Magistrate Judge Lau- In agood year,the 43- mentsincluding mortgage lead over Trump, a new relBeeler entered an order on year-old lawyer and her hus- installments. “It frustrates Wall Street Journal/NBC Sundayfor apreliminaryin- TikTok Deal Raises band, Ian Boschen, 41, to- me to not be able to earn a News poll shows. A6 junction blocking the federal gether brought in about living,” she said. “I have a  Howsoon Americans know ban on U.S. downloads and $175,000,the couple said— lawdegree,almost 20 years the outcome of the presiden- other functions from going Ownership Questions enough to coverthe mort- of practice.” tial election could hingeona intoforce as scheduled for gage,two carleases,student Millions of Americans few states—and howfast they 11:59 p.m. Sunday. loans,credit cardsand as- have lost jobs during apan- count mail ballots. A6 Theruling is avictoryfor sorted costsofraising two PleaseturntopageA12  TheU.S.reported about WeChat’sowner,Chinese tech WASHINGTON—Theemerg- Facebook Inc.’sdominancein daughtersinthe NewYork 41,000 newcoronavirus cases giantTencent HoldingsLtd., ing deal to makeChina’sTik- social media and become a City suburbs.  Outlook: Black homeownership on Saturday, adecrease from and the U.S. WeChat UsersAlli- Tokapp aU.S.-based company, templatefor partnerships with After the coronavirus facestests...... A2 the previous day’stotal, as ance, the nonprofit organization while still facing questions other Chinese-owned apps. the nation’sdeath toll ap- representing several mobile-app Theplan calls forOracle proached 200,000. A3 usersthat filed the motion By John D. McKinnon, Corp.and Walmart Inc.toform  Researchersare finding against the Trump administra- Alex Leary partnerships with TikTok’s evidencethat the pandemic’s tion in August. Thegroup, and Kate Davidson owner,ByteDanceLtd.ofBei- which has said it isn’t affiliated jing,tobecome anew U.S.- Salesforce. deadly reach is stretching far beyond people who died from with Tencent, said it consistsof over security and ownership is- based companycalled TikTok coronavirus infections. A3 userswho rely on WeChat for sues,seems poised to reshape Global. TheCommerce Depart- businessand personal reasons. the social-media landscape. ment said it would delayfor #1 CRM.  TheBobcat wildfire is on In her 22-pageorder,Judge Thedeal—approved in con- one week aban on U.S. down- the path to becoming one of Beeler agreed with free-speech cept by President Trump this loads and updates forthe Tik- the largest wildfires in Los argumentsraised by the user weekend, but pending final ap- Tokapp that wasset to take ef- Ranked #1 for CRM Applications basedon Angeles County history. A2 groups,saying she is convinced proval by the companies in- fect at 11:59 p.m. Sundaywhile IDC 2019H1 Revenue Market ShareWorldwide.  An envelope containing the “thereare no viable substitute volved—would createanonline the newdeal forTikTok is fi- 17.3% poison ricin wasintercepted platforms or apps forthe Chi- powerthat could challenge PleaseturntopageA8 in the WhiteHouse mail. A6 nese-speaking and Chinese- American community.”  Russia has struck prelim- “WeChat is effectively the The College Freshman’s Life inaryagreementstosell its only means of communication Covid-19 vaccine to more formanyinthe community, This Fall: ‘Definitely Weird’ than 10 countries. A10 notonly because China bans  Died: Donald M. Kendall, other apps,but also because iii 99,built PepsiCo intoasnack- Chinese speakerswith limited 5.5% and-beveragejuggernaut. B5 English proficiencyhaveno First-year students miss the usual rites options other than WeChat,” 5.3% CONTENTS Outlook...... A2 she said in the order. of passage; socially distanced poker 3.5% Arts in Review... A15 Personal Journal A13-14 3.5% Business News...... B3 Sports...... A16 As of Sundayafternoon, it Crossword...... A16 Technology...... B4 was unclear if WeChat would BY MELISSA KORN one,they would stand, ap- HeardonStreet... B10 U.S. News...... A2-6 continue to be downloadable proach the table to bet or play 2015 2016 2017 2018 2019H1 Markets...... B9 Weather...... A16 past midnight in the app On one of his firstnightsof ahand, then return to their Source: IDC, Worldwide Semiannual Opinion...... A17-19 World News...... A8,10 stores of Apple Inc.and Alpha- college, 18-year-old Jamie seats. They wore masks and SoftwareTracker,October 2019. bet Inc.’s Google. Gassman joined apoker game. gloves.Itwas ablast, Mr. > AGoogle spokesman said He and five other first-year Gassman said. the companywas reviewing studentsatWhitworth Univer- Rites of passagefor many JudgeBeeler’s ruling.Apple sity in Spokane,Wash., sat college freshmen—staying up salesforce.com/number1CRM declined to comment. around a table. lateinadorm loungeas CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, Judge Beeler’s ruling in fa- Notatthe table.Around it, strangersturn intofriends; MarketingCampaign Management, Customer Service, Contact Center,Advertising,and Digital Commerce s 2020 Dow Jones & Company, Inc. Applications. ©2019salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of salesforce. All Rights Reserved vor of granting a preliminary chairspushed back so they sitting alongside hundreds of com, inc.,asare other namesand marks. PleaseturntopageA8 could be 6 feet apart. One by PleaseturntopageA12 P2JW265000-6-A00200-1------XA

A2 | Monday, September 21, 2020 ****** THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Amara Omeokwe ECONOMIC Black Homeownership Faces Tests CALENDAR Tuesday: The U.S. housing market has been a bright spot he housing market has U.S. homeownership rates, Status of June mortgage payment reportedby clientsofcolor were in that this summer, with July existing- T led the U.S. recovery by race respondents in owner-occupiedhomes,byrace 620-to-680 range, so it home sales surging to the high- from the pandemic-in- and ethnicity,weekofJuly 16-21* knocked alot of people out of est level since the waning days duced economic downturn as 80% the running,” Ms.Givens said. of the housing bubble in 2006. Americans have rushed to buy Paid Missed/deferred This has also affected Figures for August are expected White homes amid adesirefor more mortgages backed by the Fed- to show another gain—though 70 living spaceand record-low eral Housing Administration smaller than June’s or July’s—as mortgagerates. U.S. White and by Fannie Mae and Fred- Americans take advantage of Butsome analystswarn 60 die Mac.Inpart, this reflects low mortgage rates while seek- the housing boom maywiden higher fees chargedbyFannie ing out more living space. Asian the longstanding gapin and Freddie to guarantee Wednesday: Surveys of pur- homeownership between 50 mortgages that they consider chasing managers in the U.S., Black and whiteAmericans. Black Hispanic/ ahigher risk. Europe and Japan are expected That could have broader im- Latino Because FHA loans usually to show that the pace of the plications forwealth dispari- 40 have lowerdown-payment economic recovery steadied in ties because homes areacore Black and credit requirements, September, after strong re- source of wealth formost 30 stricter standards will likely bounds in previous months. Americans. 0 25 50 75 100% have agreater impact for Thursday: U.S. weekly job- Thepotential challenges 1994 2000 ’10 ’20 first-time home buyers, espe- lessclaims have remained ele- areonseveral fronts.Mort- *Adults who were living in owner-occupied homes, have amortgage, and responded to the question cially Black and Latino ones, vatedinrecentweeks, showing gage providerstightened Sources: Census Bureau said Mr.Fratantoni. thatlayoffsremain historically lending standards as eco- high and suggesting the labor nomic conditions worsened, ect, aliberal think tank.After ting 47%inthe second quar- ing,” Mr.Fratantoni said, venasBlack people market is losing some momen- which could particularly hurt the foreclosurecrisis that ac- terof2020,the highest since though he said that should contend with potential tum as summer winds down. Black Americans’ ability to fi- companied the previous re- E Figures forthe week ended Sept. 2008.The gapwith white ease if the overall economic hurdles to buying a nancehome purchases. cession, black homeownership families narrowedto29per- recovery continues. home,those who ownhomes 19 areexpected to tick down Black Americans’ health slid to 41% in early 2019 from centagepoints. (Some experts Even as plunging mortgage faceanincreased risk of los- slightly from aweek earlier. and employment have also 48% in early 2007.The gap cautioned the second-quarter ratesfuel demand, lenders ing them, according to Alanna Federal ReserveChairman Je- suffered disproportionately with the whiteratesoared to 2020 datamay be unreliable.) have tightened standards. A McCargo,vicepresident at rome Powell and Treasury Secre- from the virus,which could 32 percentagepoints. Mark Fleming, chief econo- mortgagecredit availability the Housing FinancePolicy tary Steven Mnuchin appear be- makeitharder either to buy a mist at FirstAmerican Finan- indexfromthe Mortgage Center at the Urban Institute. fore the Senate Banking home or avoid losing one. ith Black Americans cial Corp., said, “The health of BankersAssociation plum- She cited high-frequency Committee to presentaquarterly “The opportunity forpeo- W lessable to pass the labor market wasreally meted roughly 33% between Census datashowing that report to Congressonthe Cares ple to use this as atime to property to their beginning to affect everyone Februaryand August. This during the pandemic,more Act. The WhiteHouse favors an- transition intobuying is prob- children, that aggravated the acrossthe income spectrum has likely fallen most heavily Black and Latino Americans other round of stimulus spending, ably going to be lessfor racial wealth gap. Black fami- and, of course,ifyou have in- on Black buyers. For2018 deferred or didn’t makemort- and Mr.Powell has urged more Blacks.How great that differ- lies’ median net worth was come and youcan save some mortgageoriginations,the gage payments. This raises fiscal aid, but lawmakers have enceis, it’stoo early to say,” $17,600 in 2016 compared money,you canbuy ahome.” median FICOcredit scorefor the risk of foreclosurewhen been at loggerheads. said Chris Herbert, managing with $171,000 forwhite Thepandemic and the en- Black borrowers was691, current moratoriums expire. Friday: U.S. manufacturers director at the HarvardJoint households,according to Fed- suing economic crisis now compared with 748for white Ms.McCargo said policy have staged a partial rebound Center forHousing Studies. eral Reservedata. Forwhite threaten to reversethat prog- borrowers,according to an proposals should prioritize from shutdowns and supply- Black people have histori- families who owned homes, ress.Michael Fratantoni, chief Urban Instituteanalysis. outreach to homeownerswho chain disruptions. That is ex- cally been lesslikely to own their house,net of mortgage economist at the Mortgage Tomeka Givens, aRealtor maybedelinquent on mort- pected to have continued in Au- homes than whites in part debt, wasworth $215,800 on BankersAssociation, said be- with Guerilla Realty LLC in gage paymentsorparticipat- gust, with new orders for due to lowerincomes,and in average, compared with cause Black people sawmore the greater Baltimorearea, ing in forbearanceprograms, durable goods likely posting part due to “the historyof $94,400 forBlack families. severepandemic-related job said she sawmanylenders to ensurethey have long-term their fourth consecutive monthly redlining,various discrimina- But in late2019 aturn- losses,they arelikely seeing raise minimum requirements support to avoid foreclosures. gain. But economists are fore- tory practices that kept Black around began: As Black un- greater lossofincome. forcredit scores to 700from “Ifyou continue to lose casting a slowdown in the pace people from owning homes,” employment fell to historic “Given the tightening in the 620-to-680 rangewhen people,we’regoing to con- of improvement in overall de- said Kristen Broady, policydi- lows,the Black homeowner- credit, that could then pose the pandemic hit. tinue to see the disparities,” mand and underlying business rector at the Hamilton Proj- ship rate began to rise,hit- some hurdles to home buy- “The vast majority of my Ms.McCargo said. investment. U.S. WATCH

NEW YORK saidthatMr. Gardner’s body was found at 12:20 p.m. Sundayout- Release of Police side amedical clinic. Video to Be Expedited Mr.Gardner had gone to Northern California after Nebraska New York Attorney General prosecutors had initially concluded Letitia James promised Sunday thathehad acted in self-defense to expedite the release of body and chose nottofile charges, said camera footage in cases of al- his lawyer,Stu Dornan. “He was leged police misconduct that her really shook up because the grand office investigates. jury indictmentwas ashock to Speaking in Rochester, which him,” Mr.Dornan said. has been in turmoil sincethe The May30shooting took footage of Daniel Prude’sfatal en- placeduring aprotest sparked by counterwith policewas released the policekilling of George Floyd. morethan fivemonths after his Video footage shows Mr.Gardner death, Ms. James said her office firing shots at twomen after a “will be proactively releasing foot- physical confrontation, sending age to the public on our own. them both scrambling. Afew sec- “This is footage we obtain as onds later, Mr.Scurlock is seen part of investigations conducted jumping on Mr.Gardner’s back. by our special prosecutions unit,” The twofoughtbeforeMr. Gard- Ms. James said. “Up until now, ner fired agun. the release of footage has been —Will Parker up to the discretion of local au-

thorities. But this processhas GULF COAST CK caused confusion, delays,and has TO hampered transparency in asys- Storm Poised to Hit temthatshould be as open as Texas, Louisiana SHUTTERS

possible.” A/

It was unclear how many Tropical Storm Beta trudged /EP cases would be affected by the toward the coasts of Texas and OT

policy, since the attorney gen- Louisiana on Sunday, threatening GRILL LE

eral’s office doesn’t review all to bring more rain, wind and KY footage of police interactions stress to a part of the country A helicopter drops water on the Bobcat fire in the Angeles National Forest on Sunday. The fire has spread across nearly 100,000 acres. with the public. that has already been drenched Mr.Prude, aBlack man, died and battered during this year’s severaldaysafter policeput a unusually busy hurricane season. Southern California Fire Still Spreads hood overhis head and pressed While Beta could bring up to his face into the pavementon 20 inches of rain to some areas March 23. Ms. James said Sept. 5 of Texas and Louisiana over the BY WILL PARKER ble plant material from the SanGabriel mountains on Fri- week,however. thatshe would impanel agrand next several days, it is no longer fire’s path. day, destroying several homes. At least 35 people have died jury to investigate his death. expected to reach hurricane in- TheBobcat wildfirethat Kerri Gilliland, asupervisor Fire officials hope that as in wildfires acrossthe West so —Associated Press tensity, the National Weather has destroyed homes and in the California Interagency the blazeleavesthe mountains far this summer.Forest Service Service said Sunday. burned through Southern Cali- Incident Management Team forthe desert it will be easier officials confirmed Fridaythat OREGON Beta was set to make landfall fornia sinceearly September that is organizing the fire con- to contain. “Sincewe’vegotten afirefighter died while work- along Texas’ central or upper is on the path to becoming tainment effort, said Saturday intothe lowerelevation, ing to contain the El Dorado Suspect in Protest Gulf Coast late Monday or early one of the largest wildfires in night that crewswere“looking lighter terrain and lighter fu- fire in the SanBernardino Na- Killing Dies by Suicide Tuesday, with rainfall as its big- LosAngeles County history, as foradditional places to connect els,we’remaking alot better tional Forest, ablazebelieved gest threat. It is then expected flames spread to covernearly the dozerline from the north headway in regardstousing to have been ignited by apyro- AwhiteOmaha, Neb., bar to move northeastward along 100,000 acres. to the south,” as firefighters mechanized equipment,” said technic deviceatagender re- owner who shotand killed a22- the coast and head into Louisi- TheU.S.Forest Servicesaid seek to cut off the fire’s entry LarrySmith, aspokesperson veal party. year-old Black man during aMay ana sometime midweek. Sundaythat the Bobcat fire has to newpartsofthe county. forthe U.S. Forest Service. In Oregon, recent rainfall protestdied by suicide near Port- Parts of the Alabama coast torched through morethan TheLos Angeles County Wind and dryconditions are has helped quell the spread of land, Ore., his attorneysaid. and Florida Panhandle arestill 99,000 acres in LosAngeles Sheriff issued newevacuation expected to remain achallenge wildfires which have also rav- JakeGardner,38years old, had reeling from the effects of Hurri- County andthe SanGabriel warningsSaturday to those liv- forfirefightersthroughout the aged that state. been indicted fivedaysago on cane Sally,which roared ashoreon Mountains during itstwo-week ing on the northern end of the manslaughtercharges in the Wednesday. At leasttwo deaths burn and wasstill only 15% fire.New road closures were death of James Scurlock. were blamed on the system. contained. Full containment ordered as the fire approached THE WALL STREET JOURNAL Hillsboro, Ore., policeofficials —Associated Press isn’texpected until Sept. 30, the Juniper Hills community (USPS 664-880) (Eastern Edition ISSN 0099-9660) officials have said previously. on thenorthern slope of the (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Thelargest recorded wild- Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 fire in LosAngeles County his- Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. tory wasthe Station Fire, CORRECTIONS  Postmaster: Send address changes to The Wall Street Journal, P which burned through 160,000 200 Burnett Rd., Chicopee, MA 01020. /A AMPLIFICATIONS acres during almost two All Advertising published in The Wall Street Journal is subject to the applicable rate card, months from August to Octo- Noticetoreaders copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., ber of 2009,destroying more 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to Wall Street Journal staff accept an advertiser’s order. Only publication of an advertisement shall constitute final

CALLER-TIMES than 200 homes and buildings membersare working re- acceptance of the advertiser’s order. TI and killing two county fire- motely during the pandemic. Letters to the Editor: Fax: 212-416-2891; email: [email protected] fighters. CHRIS Forthe foreseeable future, Need assistance with your subscription? Evacuation warningswere please send reader com- By web: customercenter.wsj.com; By email: [email protected] By phone: 1-800-JOURNAL (1-800-568-7625) ORPUS liftedSaturday forfivefoothill mentsonly by email or /C communities in the county,but phone,using the contacts Reprints &licensing: CCO the Bobcat fire continued to By email: [email protected] SA below, not via U.S. Mail. By phone: 1-800-843-0008 gain forcedue to windy condi- WSJback issues and framed pages: wsjshop.com TNEY tions,officials said. Firefight- Readers can alert The Wall Street

UR Journal to any errors in news Our newspapers are100% sourcedfromsustainably certified mills.

CO erscontinued through the articles by emailing Flooding from Hurricane Sally last week remained Sunday in Port weekend constructing aline of [email protected] or by calling GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Aransas, Texas. Tropical storm Beta is set to hit the Gulf region. bulldozers to removeflamma- 888-410-2667. P2JW265000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Monday, September 21, 2020 | A3 U.S. NEWS Herd Immunity Remains Far Off Deaths Approach Threshold is critical in virus fight, but goal 200,000 is difficult to pinpoint BY DAVID HALL and will cost morelives AND WILL PARKER

BY BRIANNA ABBOTT TheU.S.reported about AND JASON DOUGLAS 41,000 newcoronavirus cases on Saturday, a decrease from Theconcept of herdimmu- the previous day’stotal, as the nity is at the heart of global nation’sdeath toll approached vaccination effortsand discus- 200,000. sions about next steps in fight- Totalconfirmed cases in ing the Covid-19 pandemic and the U.S. topped 6.7 million on bringing back economies. Sunday, accounting fornearly Forthe pandemic to stop, 22%ofthe world-wide totalof the coronavirus has to runout 30.8 million, according to data of susceptible hoststoinfect. compiled by Johns Hopkins Herd immunity occurswhen University.The global death enough people in apopulation toll surpassed 958,000. develop an immune response, Some U.S. states in the either through previous infec- West, Midwest and South have tion or vaccination, so that the recently reported rising num- virus can’t spread easily and bers of infections.

even thosewho aren’t immune GES Utah, which on Fridayre-

have protection. IMA ported itshighest daily case to- To reach herdimmunity for talsincethe pandemic began, ETTY

Covid-19,public-health author- /G recorded morethan 1,000 new

itiesestimatethat around 60% AYA cases forSaturday,according

to 70%ofagiven population ANT to Johns Hopkins.Gov.Gary

would need to develop an im- NIC Herbertsaid on Twitterthat mune response to the virus. Experts warn againstthe notion of trying to reach herdimmunitywithout avaccine.Ahigh school football game crowdFridayinMichigan. the state’sperformanceduring Some epidemiologistsand the pandemic has been posi- mathematicians nowsay herd threshold of 90% to 95%.For munity boundary. One group Scientists estimate,60% to 70%ofpeople would have to be tive.However, he said, “our effectsmight start to kick in SARS-CoV-2,the basic repro- of researchersestimated that infectedand develop immunitytothe coronavirus before newspikes could jeopardize beforethat point, at perhaps ductivenumber is estimated at threshold forCovid-19 could herdimmunitywould protectthe rest of the population. progressand put lives at risk.” closer to 50%, suggesting po- around 2.5to3,implying a be as lowas10% to 20%, Twelvestatesreported at tential protection could be herdthreshold of 60% to 70%. though manyepidemiologists Herdimmunity threshold least 1,000 newconfirmed achieved sooner. But the classic equation saythat is unlikely. Other LOCATION DATE*PERCENTAGEOFPOSITIVE ANTIBODYTESTS cases on Saturday, led by Cali- Still, infectious-disease ex- makes an assumption—that modelers have estimated it at Atahualpa, Ecuador May fornia with 3,822 and Texas pertswarn against the notion everyone is equally susceptible around 40%to50%. Christo- with 3,377. Maranhao,Brazil† Aug. of trying to reach herdimmu- to infection and has the same pher Murray,director of the Mumbai “I think we have at least nity to the coronavirus with- chanceofbumping intoevery Institute for Health Metrics July one morecycle with this virus Nairobi, Kenya† outavaccine,asthe costson other person, likemolecules of and Evaluation at the Univer- Aug. heading into the fall and win- human lifewould be stagger- gasinabag,said Justin sity of Washington, said his NewYork City Sept. ter, Dr. Scott Gottlieb, former ing and it likely wouldn’t hap- Lessler,associateprofessor of group estimates the herd-im- London July Food and Drug Administration pen soon, if at all. epidemiology at Johns Hop- munity threshold at between Geneva May commissioner,said on CBS on Even with avaccine,there kins BloombergSchool of Pub- 50%and 80%. Stockholm May Sunday. “Ifyou look at what’s will still be barrierstoachiev- lic Health. “Which of course is If lowerestimates forherd Connecticut June happening around the country ing herdimmunity.“It’sa ridiculous.It’snot howthe immunity arecorrect, then right now, there’sanunmis- Spain May continuous process,” said world works,” Dr.Lessler said. governmentsshould consider takable spikeinnew infec- 0% 20 40 60% Saad Omer,director of the Theequation gives youagood policies to shield the elderly tions.“ He cited about 30 *End date of study †Fromnon-peer-reviewedpre-printstudies. Note:Based on population samples Yale Institutefor Global target for vaccine coverage, and other at-risk groups from Sources: Journal of Infectious Diseases; medRxiv; Sciencemagazine; NewYork CityDepartmentof states wherethe rate of trans- Health. “You could start see- but it doesn’t capturethe dy- the virus while relaxing re- Health; Imperial College London; The Lancet Swedish Public Health Agency; CDC ferisabove1,which indicates ing [an effect] beforethat namics of an epidemic moving strictions on everybody else, “an expanding epidemic.” threshold, but the other issue naturally from person to per- said Paul McKeigue,professor Health and Human Services is theremight still be out- son, he said. of genetic epidemiologyand SecretaryAlexAzarsaid Sun- In the absenceofcontrol breaks at asmaller level.” In reality,people livein statistical genetics at the Uni- daythe countryhad seen measures, such as social “It’snot likewhen herdim- clusters, interacting only with versity of Edinburgh, in Scot- progress“thanks to the vigi- distancing or mask-wearing, munity is achieved, we’renot certain individuals.Age,job, land. lanceofthe American people.” the average Covid-19 going to have Covid-19,” he social network and even indi- But most infectious-disease “They responded to that patientwould go on to said. vidual biological responses to expertsstrongly advise against call to practice the three W’s infectbetween twoand Estimates vary widely for infection all affect aperson’s that, as it isn’t clear howgov- of wash your hands,watch three people. wherethe herd-immunity placeinthe spideryweb of ernmentswould shield more your distance, wear your face threshold lies because re- disease transmission. vulnerable people from the Infected Noninfected coverings,” he said on NBC. searchersuse avariety of sta- Essential workers, forin- easily spread pathogen. Those Newly infected Theseven-day averageof tistical techniques to account stance,are morelikely to get in lower-risk groups canbe- new daily confirmed cases in fordifferences in individuals’ infected than people able to come seriously ill and, on rare theU.S.declined throughout likelihood of spreading the vi- limit interactions with others. occasions,die. August and early September, rus. Theherd-immunity thresh- If those who aremorelikely to “Ifwe’retalking about let- As those people go on to though there has been an up- old is mathematically depen- transmit the virus developed ting the disease runits course infectothers, the disease tick in recent days. dent on the infectiousnessof immunity early on,whether [and] infect large numbersof canspread rapidly through As the U.S. exceeded the virus,orhow manyindivid- through infection or vaccine, people,essentially what we’re acommunitythathasn’t 199,000 deaths,one of the uals each infected person goes it would be possible to start saying is the public-health sys- been exposedtoitbefore. leadingmodels forCovid-19 on to infect—called the basic seeing areduction in trans- temhas failed to do itsjob,” deathsloweredits estimated reproductivenumber,orR0. mission earlier,epidemiolo- said Nadia Abuelezam, an in- totalU.S.deaths to 378,320 by Measles,for example,isex- gistssay. fectious-disease epidemiolo- Jan. 1, 2021, from an esti- tremely contagious. It has a Reflectingthese real-world gist at Boston College. “We’ll mated 415,000 deaths afew basic reproductivenumber be- effectsindisease models can have alot of death, and we’ll weeks earlier.The changeis tween 12 and 18 and aherd shiftthe estimated herdim- have alot of morbidity.” “driven by steeper than ex- pected declines seen in deaths However, if enough people in several states,” according to Vaccines to Shield ple contract the disease and gain antibodies againstCovid-19. In contract thedisease and the forecast from the Institute some levelofimmunity, the dis- other parts of the country,the gain someimmunity forHealth Metrics and Evalua- Everyone Faster ease’sspread will slownaturally. rate could be farlower. Waiting againstit, the whole tion at the University of Wash- When enough people be- for60% of the global popula- communityisprotected. ington. come immune such thatthe tion to gain natural immunity This is calledherd Still, IHME expectsmore An infectious disease like whole communityisprotected, it could mean billions of infec- immunity. than 3,000 deaths aday by the coronavirus, if left unchecked, is called herdimmunity.Herdim- tions and millions of deaths. end of December.Overthe can spread rapidly through a munitycan sometimes occur Vaccines work by exposing Immune past two weeks,the U.S. has community. Scientists use the naturally from survivors of the people to adisabled version, or been averaging 772.5deaths a transmission rate,orR0number, disease within apopulation, but component, of avirus. This day, according to Johns Hop- to denote howmanypeople a often notwithout manydeaths. teaches the immune systemto kins data. typical carrier of adisease may The introduction of avaccine can recognizethe virus, so it can The introduction of a Rep.Jahana Hayes, aCon- go on to infect. be the quickest, safestway of laterdefend againstitinthe vaccine canbethe necticut Democrat, said Sun- In the absenceofcontrol creating herdimmunity, since eventofanactual infection. quickest, safest way of dayshe had tested positivefor measures such as social distanc- people can develop immunity About 170 Covid-19 vaccines creating herdimmunity, coronavirus.The congress- ing or mask wearing, the novel without getting the disease. areindevelopment around the sincepeople candevelop woman said her symptoms coronavirus has an R0 number Depending on howeffective world, according to the World immunitywithout were mild, with some breath- of between 2.5 and 3.0, meaning avaccine is, it mightnot provide Health Organization, each one getting the disease. ing issues that arebeing moni- the average carrier would infect completeimmunity. In thatcase, promising to protect people from tored. between twoand three people. moremightneed to be vacci- the deadly coronavirus and allow Vaccinated Ms.Hayes said she had to As those people go on to in- natedtoreach herdimmunity. them to go back to work and go to three locations to re- fect others, the disease can In NewYork City, oncean school. Ahandful arestarting or ceive a test and said that un- spread rapidly through acommu- epicenter of the U.S. epidemic, nearing the final stage of testing. derscoresthe need forana- Source:National Center for nitythathasn’tbeen exposed to some researchers estimate 25% —Alberto Cervantes Biotechnology Information tional testing strategy“with a it before. However, as morepeo- of the population has protective and Josh Ulick AlbertoCervantesand Josh Ulick/WSJ coherent way to receive speedy, accurate results.” Rise in Non-Covid FatalitiesIsSeen During the Pandemic

Estimatedweekly deaths BY JON KAMP keep themselves healthy,” said experiencewith this sort of Researchersare still trying to this year,bycause Alzheimer’s and dementia TomInglesby, who directsthe thing,really,” Mr.Anderson understand these gaps between 7,000 Researchersare finding Center forHealth Security at said, regarding the pandemic. totalpandemic-related deaths growing evidencethat the Johns Hopkins University. “The more we canlearn about and those caused by coronavi- 6,000 Covid-19 pandemic’s deadly Theeffectsare piling up. howthingsplayedout hereand rusinfections,including how Cerebrovasculardiseases 5,000 reach is stretching far beyond TheCentersfor Disease Control howthe virus impacted mortal- manyactual Covid-19 deaths 4,000 2015-19AVERAGE 4,000 people who died from coronavi- and Prevention hastracked ity—not just directly,but indi- were undercounted. This could rusinfections. thousands of deaths this year rectly—can help us God forbid take yearstounpack as scien- 3,000 3,000 From Alzheimer’s disease beyond expected levels forcon- we have another one of these.” tistslearn moreabout Covid-19 2,000 2,000 deaths to fatal heart attacks, ditions that also include hyper- TheCDC estimates there and wade through inconsisten- federal datashowdeaths in tension, strokes and diabetes. were somewherebetween cies in howdeath certificates 1,000 1,000 2020 have exceeded those of Physicians saythe surge was about 202,000 and 263,000 ex- arefilled out. Researcherssay 0 0 previous yearsinnumerous especially notable in the spring, cess deaths in the U.S. this year theremay also some lockdown Jan. April Jan. April categories.Doctorsand health when the pandemic hit New through lateAugust, measured effectsthat improved health, researcherssay the fatalities York and the Northeast hard. against deaths from 2017 such as reduced air pollution. Diabetes Hypertension reflect the waysthe pandemic Some of these additional through 2019.The U.S. by that ResearchersfromBoston 3,000 3,000 has amplified stressand finan- deaths were probably caused point had about 188,000 known University,the Robert Wood 2,000 2,000 cial strain while causing many by Covid-19 but not recorded as Covid-19 deaths,according to Johnson Foundation and the people to avoid hospitals for such on death certificates,but Johns Hopkins.InNew York University of Pennsylvania used 1,000 1,000 fear of infections. otherslikely represent indirect City,the citywide death count datafromabout 900 counties 0 0 “For along period of time fallout from the pandemic,said surged by 35,000 in the most representing most Covid-19 Jan. April Jan. April therewas aprettydramatic RobertAnderson,chief of the recent fiscal year,far exceeding deaths to estimatethat 20% of drop-off in ER visits, elective- mortality-statistics branch at the 19,142 confirmed and 4,625 excess deaths between Feb. 1 Note:Includes weighteddatatoaccountfor potential underreporting due to lag-time in collecting death certificates. Excludes deaths whereCovid-19 wasthe underlying cause. surgery screenings, thingsthat the CDC’sNational Center for probable virus-related deaths, and lateAugust were linked to Source:Centers forDisease Controland Prevention Americans do all the time to Health Statistics.“We had no authorities said Thursday. something other than Covid-19. P2JW265000-5-A00400-17FFFF5178F

A4 | Monday, September 21, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. U.S. NEWS Legislative Agenda FacesNew Uncertainty

BY ANDREW DUEHREN further uncertainty intoanal- Houseand topDemocrats licans accuse Democratsofnot ment runs out of funding after said they had concerns over AND KRISTINA PETERSON ready delicatelegislativepro- largely at astandstill. This compromising moreontheir Sept. 30 unlessCongress replenishing aprogram if that cess. Lawmakers and outside past week,House Speaker offer in hopes of winning the reaches adeal on ashort-term meant giving President Trump WASHINGTON—The battle analystssaid the vitriol of the NancyPelosi (D., Calif.) had Senateand WhiteHouse in spending bill. Lawmakershad ablank check to use forpoliti- over replacing the late Justice nomination battle will likely promised to keep the House in November. been close to adeal Friday but cal purposes. RuthBader Ginsburgonthe leak into other issues. session until therewas adeal, Overcoming major differ- hit asnag over whether to re- Mrs. Pelosi reiterated Sun- U.S. Supreme Court has “Weshould be smart and President Trump encour- ences on the legislation in the plenish afarm-aid program dayonABC News that neither quickly overshadowedthe rest enough to chewgum and walk aged Republicans to spend weeks before an election was that became controversial af- side has any interest in shut- of the agenda on Capitol Hill, at thesame time,but emo- moremoney on apossible bill. already aheavy liftfor adi- ter Mr. Trump announced an- ting down the government. complicating effortstopre- tionally this monopolizes peo- Mrs. Pelosi, who has said vided Congress. other round of relief forfarm- Mrs. Pelosi and TreasurySec- vent a government shutdown ple’s attitudes,” said Rep. Jim she would accept aroughly “It’sdead until afterthe ersatacampaign rally last retary Steven Mnuchinhad and further narrowing the Cooper (D., Tenn.). “I’ve been $2.2 trillion package, has criti- election,” Ron Bonjean, a for- week. previouslysaid they wanted to possibility of another corona- in politics along time,I’ve cized Republicans fornot tak- mer spokesman forHouse and TheWhiteHouse had asked keep an agreement on govern- virus relief bill before the elec- never seen aheightened state ing the coronavirus seriously Senate Republican leadership to include $21 billion in the ment unclouded by other dis- tion. of alert likethis.Already enough, while Republicans say who is close to the White bill forthe AgricultureDepart- agreements; negotiations on While negotiations in the things were tense.” the Democratic proposals are House,said of apossible relief ment’sCommodity Credit government spending oftenhit House and Senateonboth Theprospectsofpassing toosprawling.The White bill. “Saying yescould be a Corp., aDepression-erapro- last-minute bumps. government funding and an- another coronavirus relief bill House has indicated it could death sentencefor lawmakers gram designed to stabilize A Democratic aide said the othercoronavirus relief bill beforethe election had al- support spending as much as because it’sseen as helping farm incomes, which permits continuing resolution is ex- hadalready faced their own ready grownincreasingly dim $1.5trillion, though manySen- Trump win.” borrowing as much as $30 bil- pected to be filed on Monday. set of hurdles,the death of in recent weeks, with discus- ateRepublicans have opposed In aseparatelegislative lion from the Treasurytofi- —Natalie Andrews Justice Ginsburg has injected sions between the White that level of spending.Repub- challenge, the federal govern- nanceits activities.Democrats contributed to this article.

and it is uncertain whether her BarrettIs record could makeher lesspal- atable in the middle of apresi- dential election in which Mr. Seen as a Trump is seeking to court mid- dle-of-the-road female voters. “She is aligned with extreme, TopHopeful anti-choiceorganizations and her writingsmakeclear that she believes Roe v. Wade wasincor- ContinuedfromPageOne rectly decided,” NaralPro- yearsinprivatepracticebefore ChoiceAmericasaid afterJudge returning to NotreDame to Barrett’s 2017confirmation to launch her academic career, the Seventh Circuit. whereshe still teaches. JudgeBarrett’sreligious faith JudgeBarretthas written prompted questions during that and spoken favorably of the confirmation debate. conservativeJusticeScalia, who Some Democraticsenators, died in 2016,and his close at- including Sen. Dianne Feinstein tention to the textsofstatutes of California, asked JudgeBar- as writtenand support fororigi- rett whether she would be able nalism, or interpreting the Con- to separateher religious beliefs S stitution according to itsorigi- from her duty of impartiality. NEW

G nal meaning. Shesaid she could, adding that Beforeshe joined the appeals it wasnever appropriatefor a court, JudgeBarrettbuilt are- judgetoimpose her personal OOMBER

BL cord of academic articles that convictions on the law. Three S/ will surely receivescrutinyif Democratsultimately votedfor she is nominated. Ms.Barrett’sconfirmation,

REYNOLD In one 2013 article,then-Pro- which came on a55-43 vote.

ANI fessor Barrettvoiced support “The attempt to livesuch EF

ST forSupreme Court justices vot- faith while one upholds the law Sen. Susan Collins said the Senate shouldn’t vote on a Supreme Court pick until after the election, with the winner choosing the nominee. ing to overturn past precedent when they fundamentally dis- agreed with it. Amy Coney Va cancyPutsMorePressureonCollins “I tend to agree with those Barrett has whosay that ajustice’sduty is written judges to the Constitution and that it is could toss a BY SIOBHAN HUGHES ment as Ms.Collins,expertsand burst of phone calls Friday Trump trailing Democratic nom- thus morelegitimatefor her to precedent if campaign strategistssaid, as night imploring Ms.Collins to inee JoeBiden by 17 percentage enforce her best understanding they see it as WASHINGTON—TheSu- pollsalready have shown Ms. stand up to the Republican pointsinthe state, while Ms. of the Constitution rather than not legitimate. preme Court vacancycreated by Collins consistently behind leader,who in 2016 had refused Collins trailed Ms.Gideon by 5 aprecedent she thinks clearly in the death of JusticeRuth Bader Democrat Sara Gideon. to hold avoteonPresident percentagepoints. conflict with it,” she wrote. Ginsburghas made an already “Clearly,who is most in jeop- Obama’snominee foraSupreme ManyDemocratssee Ms.Col- While her writingsprovoked should command respect, not difficultre-election bid forRe- ardy is Susan Collins,” said Ross Court vacancy, saying whoever lins as someone who voteswith debate, JudgeBarrettreceived evokeconcern,” NotreDame’s publican Sen. Susan Collins even Baker,apolitical-scienceprofes- wonthe November election Republicans when it countsde- support from abipartisan group president, theRev.John Jen- moreperilous. sor at RutgersUniversity who should decide. spiterhetoric that might appeal of other lawprofessorswhen kins,wrote in alettertoMs. Ms.Collins’sbid forafifth has advised membersofCon- “I totally disagree with her,” to independentsorDemocrats. she wasnominated forthe ap- Feinstein. term in Maine has long carried gress. “It putsher in the posi- Mr.Trump said of Ms.Collins “She has said what she peals court,who wrotetosena- JudgeBarrett, mother to an element of doubt, her tion of signing her ownpolitical on Saturday. “Wehaveanobli- thinks people want to hear and tors that “weall agree that Pro- seven children and married to a chances complicated by avote death warrant, which she may gation. We won.” what allows her to continue to fessor Barrett’scontributions to former federal prosecutor,still shecast two yearsago to con- already have been in the pro- Conservativemedia person- playthe independent-minded legal scholarship arerigorous, has arelatively short tenureon firm BrettKavanaugh to the Su- cess of signing.” alityMark Levin expressed an politician that Ithink alot of fair-minded, respectful, and the bench, leaving her with less preme Court. That choice hurt On Saturday, Ms.Collins even harsher opinion. Mainerswant,” said Carrie Bell- constructive.” of ajudicial record than that of her standing with independent picked aside in the debate “Susan Collins and MittRom- Hoerth,a31-year-old from ARoman Catholic,Judge Mr.Trump’sprevious high court and women voters,polls sparkedbySenateMajority ney don’t runthis country,” he Brunswick,Maine,who plans to Barretthas been afavoriteof picks,Justices Kavanaugh and showed. Her decision to oppose Leader Mitch McConnell’sdeci- said on Twitterreferring to the vote forMs. Gideon. “I think the social conservatives because of Neil Gorsuch. apre-election vote on President sion to attempt to fill the va- Utah senator who has yetto Republicanleadersprobably herstrong religious faith and Among her other rulings, she Trump’snextSupreme Court cancywith aTrump nominee. take aposition. gaveher some leeway to say theirbelief that she could give wasthe author of a2-to-1opin- nominee maynot be enough to She said the Senateshouldn’t Republicans already had rea- that in hopes that it would keep the Supreme Court afifth vote ion in 2018 that rejected an ap- win over moderatevoters, but it vote until afterthe Nov.3elec- son to be suspicious of Ms.Col- her morecompetitive.” to overturn or limit Roe v. peal by an immigrant who said risks alienating Maine Republi- tion,with the nominee chosen lins.Inadebateearlier this Some Maine voters sup- Wade,the 1973precedent that he feared tortureand persecu- canvoterswhen she needs them by whoever wins the presi- month, shedeclined to say ported Sen. Collins’sannounce- established aconstitutional tion from gang membersifre- most. dency—though Ms.Collins whether she would vote forMr. ment on the Ginsburgvacancy, right to end apregnancy. turned to El Salvador.Judges on None of the other 22 Repub- didn’t sayhow she would cast Trump. ANew York Times/Si- posting commentsonher Face- Forthose same reasons,she the panel disagreed about lican senatorsupfor re-election hervoteifforcedtodoso. ena poll of Maine likely voters book pagepraising her courage has generated vocalopposition whether the immigrant’sclaims faces as difficult apolitical mo- That decision came aftera released Thursdayfound Mr. in defying her party. from abortion-rightssupporters, were credible.

nee and that the Senate SenateMajority Leader mittee, said on ABC News’ Parties shouldn’t vote beforethen. Mitch McConnell (R., Ky.) has “This Week” on Sundaymorn- Democratic presidential committedtoconfirming the ing it is “particularly important nominee JoeBiden, who was president’snominee,but he that the Senatetakeitupand Jostle Over leading Mr.Trump in polls hasn’t said whether afinal vote confirm this nomination before takenbeforeJusticeGinsburg’s will occur beforeorafter Elec- the election” in case the elec- death, called over the weekend tion Day. TheSenatewas tion outcome is contested and

Court Pick forleaving the seat open until S slated to be out much of Octo- eventually decided by the Su-

at leastafter the election. He NEW ber to campaign, though the preme Court. invokedJusticeGinsburg’sfi- G Judiciarypanel could still meet House Speaker NancyPelosi ContinuedfromPageOne nal wish that she not be re- to hold confirmation hearings. (D., Calif.) acknowledged Sun-

Barrett of the Seventh Circuit, placed until anew president is OOMBER MarcShort, chief of staff to daythat Democratshavelittle in Chicago, and BarbaraLagoa installed. “Asanation,we Mr.Pence, told CNN’s“State of powertostopthe confirmation

of the 11th Circuit, in Atlanta. should heed her final call to HILL/BL the Union” on Sundaythat it process. “Wehavearrowsin On Sunday, GOP Sen. Lisa us—not as apersonal service wasfeasible that the Senate our quiver that I’m not about

Murkowski of Alaska joined fel- to her,but as aservicetothe SH/THE could confirm aTrump nomi- to discussright now,” she said lowRepublican Susan Collins country, our country, at a NA nee beforethe election, with- on ABC. G

of Maine, who is locked in a crossroads,” the nominee said, GRE outcommitting to doing so.“I Sen. ChrisCoons (D., Del.), tough re-election fight, in say- noting that early voting had al- Sen. Lisa Murkowski, shown at a hearing this month, said she think that the president’sobli- whoobjected when Republi- ingshe is opposed to confirm- ready begun in some states. opposed confirming a Trump nominee before Election Day. gation is to makethe nomina- cans blocked Mr.Obama’snom- ing aTrump nominee before Mr.Biden is facing pressure tion. We’ll leave the timetable inee to the Supreme Court nine Election Day, on Nov.3.Four from liberal groups to support SinceFriday, morethan 20 Mr.Trump’sterm. to Leader McConnell,” he said. months beforethe 2016 elec- Republican defections would arestructuring of the court Republican senatorshavesaid Manysenatorspointed to Asked about JusticeGins- tion,said the circumstances be needed to block the confir- such as adding membersifRe- they support moving forward timing constraints, rather than burg’s dying wish that asuc- aredifferent nowthat we are mationifall membersofthe publicans quickly fill the seat. with the confirmation vote as objections on principle,aspoten- cessor not be nominated until much closer to the election. Democratic caucus oppose the Amorerightward shiftin quickly as possible. tial hurdles.For Supreme Court anew president wasinstalled, “In 25 states acrossour pick,asexpected. the court could have signifi- Sen. Lamar Alexander,are- nominees since1975, the median Mr.Short said, “She blazed a country, half of our states, “For weeks,Ihavestated cant implications forissues,in- tiring Republican from Tennes- amount of time from nomination trail formanywomen in the le- Americans arealready voting that Iwould not support taking cluding abortion, health care see who Democratswere until afloor vote was69days, galprofession, but the decision forthe next president,” he told up apotential Supreme Court and the role of religion in pub- watching closely as one who according to areport by the of when to nominatedoes not “Fox News Sunday.” “We’renot vacancythis close to the elec- lic life. While justices across mightjoin Sens.Collins and Congressional Research Service. lie with her.” 10 or nine months away from tion,” Ms.Murkowski said in a the ideological spectrum find Murkowski, said he backed Therewere44days until Elec- Democratshaveaccused Mr. an election, we’rejust 44 days writtenstatement. “Sadly, common ground in manyofthe greenlighting the pick.“No one tion Day, as of Sunday. McConnell of hypocrisy,noting from an election.” what wasthen ahypothetical court’scases,they tend to split should be surprised that aRe- Control of the Senateiscon- the denial of ahearing to Kamala Harris,the Demo- is nowour reality,but my posi- intoideological camps on some publican Senatemajority would sidered up forgrabs in the elec- JudgeGarland in 2016 because craticvice-presidential nomi- tion has not changed.” of the most hot-buttonissues. vote on aRepublican Presi- tion, and it is unclear howthe it wasanelection year. neeand aCalifornia senator Ms.Murkowski said she ThelossofJusticeGinsburg dent’sSupreme Court nomina- court vacancywill affect races. Asked about that on Sunday, who sitsonthe JudiciaryCom- didn’t support filling avacant leaves the court’sliberal mi- tion, even during apresidential Should Democratswin the seats Sen. John Barrasso (R., Wyo.) mittee, told supportersina Supreme Court seat in 2016, nority weakened and poten- election year,” he said. needed to take control, most said on NBC’s“Meet the fundraising email, “Wecannot when her party kept President tially changes the dynamics of SenateJudiciaryCommittee would assume officeinJanuary. Press,” “When youhaveboth let them win this fight.” Obama’spick Merrick Garland high-stakes cases. Chairman Lindsey Graham (R., In one race,Arizona, astro- parties in the WhiteHouse and She added, “The work of from being considered,and Thebar forblocking Mr. S.C.), who would preside over a naut Mark Kelly could take his the Senate, historically the holding SenateRepublicans ac- that shebelieves the same Trump’snominee remains confirmation hearing,said Sat- seat beforeDecember should confirmation goes forward. countable to the standardthey standardshould apply in this high. SenateRepublicans have urdayhewas willing to pro- he beat Sen. Martha McSally, And that’swhat’sgoing to hap- set in 2016 startsnow.” case.Sen. Collins said Saturday a53-member majority,and ceed. Mr.Graham had earlier who wasappointed as are- pen here.” —Kate Davidson that the winner of the election Vice President MikePence suggested he would hold ava- placement forthe lateSen. Sen. TedCruz(R.,Texas), a and Brent Kendall should choose the next nomi- could break anytie. cancyopen in the last year of John McCain. member of the JudiciaryCom- contributed to this article. P2JW265000-0-A00500-1------XA

THE WALL STREET JOURNAL. Monday, September 21, 2020 | A5 U.S. NEWS Court’sHealth-Law Case To Be Putinthe Spotlight

BY JESS BRAVIN As with cases on the regular lap. Then as nowtherewere GES

docket, a4-4 split leavesin- five conservativejustices,and IMA WASHINGTON—The death tact the lower-court order un- their 5-4voteinBush v. Gore of JusticeRuth Bader Ginsburg der review; in the most likely blocked arecount ordered by GETTY is adevastating blowtothe scenario,that means liberals the Florida Supreme Court and SE/ Supreme Court’sliberal minor- canmaintain adecision they handed the presidencytoRe- ity, pushing out of reach— favorifthe chief justicejoins publican George W. Bush. ANCE-PRES

should President Trump suc- them, but have no powerto Should alowercourt ruling FR ceed in gaining confirmation overrule aconservativelower- placeformer Vice President ENCE

of another nominee—the occa- court ruling without two votes JoeBiden ahead, only one con- AG

sional victoryitclaimed from from right-leaning justices. servativewould need to join KI/

aright-moving court by find- That cold arithmetic could the liberal wing to uphold it by OWS ing common ground with a hold history-changing signifi- a4-4 vote.But if alowercourt single conservativejustice. canceif, as in the 2000 elec- awarded victorytoPresident SMIAL It still takesfivevotes on an tion, legal contestsfollowing Trump,two conservatives AN

eight-member court to issue a Nov.3put control of the White would have to join the three BREND decision, so if one justiceon House in the Supreme Court’s liberals to overturn it. Justice Ruth Bader Ginsburg, center in front row, at Justice Brett Kavanaugh’s 2018 swearing-in. the right joins those on the lefttoproduceatie,the lower-court decision on review remains in force, but produces no nationwide precedent. Theeight-member lineup portends particularly ill for the Affordable CareAct, which faces its latest conservative challengeNov.10—a week af- terElection Day. Thestaunchly conservativeFifth U.S. Circuit HERE’S TO YOU Court of Appeals,inNew Or- leans, found the mandateto carryhealth insuranceuncon- stitutional afterCongressre- duced to zero the taxpenalty NEW YORK... forfailing to carrycoverage. A Texas-led coalition of right- leaning states argues that means the entirelaw must fall, including itsexpansion of Medicaid coverage forlower- income Americans and protec- tion forindividuals with pre- existing conditions. Twicepreviously,Chief Jus- ticeJohn Robertshas joined with liberalcolleagues to up- hold the Affordable CareAct. Were he the lone conservative to side with liberals in uphold- ing the act, producing a4-4 split, the FifthCircuit decision

The Affordable Care Act faces its latest conservative challenge Nov. 10.

would stand, placing in jeop- ardy the entire health-care overhaul. In certain other types of cases,Chief JusticeRoberts has agreed with the court’s leftwing.Those oftenhavein- volved the federal govern- ment’sinstitutional integrity, such as when he lent afifth vote to invalidatethe Trump administration’seffortstoal- tercensus forms and cancel a reprievefor illegal immigrants brought to the U.S. as children afterfinding officials had cut legal cornersand misrepre- sented their policyrationales. Butinothers, says William &Marylaw professor Allison YOUR Orr Larsen, the chief justiceis as conservativeasthey come. He oftenhas led the court in expanding religious rights against secular government in- terests, in curbing effortsde- WASTEPAPER signed to protect voting rights forminorities and in limiting race-conscious effortstopro- moteschool integration. UnlessDemocratsstymie President Trump’splans to re- ON ITS WAYTOOUR placeJusticeGinsburgwith a hard-line conservative, “it’sa solid step to the right forgen- erations,” Ms.Larsen said. “If youdothe math, the conserva- tives don’t need the chief jus- 100% RECYCLED tice’svote, and his vote wouldn’t help the liberal jus- ticesanyway.” But JusticeGinsburg’sab- senceissuretobefelt long beforeasuccessor arrives. PAPER MILL Formonths,the court has seen astream of emergency applicationsseeking to over- turn or reinstatelower-court ordersinvolving public-health ON STATEN ISLAND measures to combat the coro- navirus pandemic, election procedures forstatewide bal- lotsand frequently both. That volume is expected to increase Sincerely, as November drawsnear. Many of those emergency applications, decided without argument or afull record from the lowercourts, have seen the court split evenly intoide- ological wings, with liberals voting to uphold, and conser- vatives to block,government- Anthony Pratt ordered public-health mea- sures intended to combat Chairman of Pratt Industries & Covid-19 and court ordersto The Pratt Foundation relax restrictions on voting and voter initiatives. Chief JusticeRobertsoften has cast the deciding vote,usually to uphold policydecisions of gov- ernment officials—whichever WE SAVE MORE TREES THAN IN CENTRAL PARK — EVERY DAY way they cut—over orders from federal judges. P2JW265000-6-A00600-1------XA

A6 | Monday, September 21, 2020 ****** THE WALL STREET JOURNAL. U.S. NEWS Biden Maintains His Lead Democrat HasBig Poll shows candidate Edge With Latinos trustedmoretohandle pandemic, while Trump BY TARINI PARTI burgonFriday. It wascon- AND MADELEINE NGO ducted by Democratic pollster holds edge on economy Jeff Horwittand Republican Democratic presidential Bill McInturff. BY ALEX LEARY nominee JoeBiden holds a The results come as Demo- significant lead over President cratsinsome swing states In ayear dominated by a Trump among registered La- have grown increasingly con- deadly virus,racial unrest and tino voters, garnering 62% of cerned about Mr.Trump mak- tumultuous news cycles,the support, compared with Mr. ing inroads among Latinos in presidential race remains re- Trump’s26%, according to a states such as Florida and Ne- markably stable,with former newWall Street Journal/NBC/ vada.Polls in these states have Vice President JoeBiden main- Telemundo poll. shown Mr.Biden underper- taining his lead over President Thesurvey finds Mr. forming among Latino voters Trump,anewWall Street Jour- Trump’s support among Lati- compared with Mrs. Clinton’s nal/NBC News poll shows. nos to be roughly in line with 2016 support.

Some 51% of registered vot- REUTERS hisstanding in 2016.Former Mr.Biden visited Florida ersnationally saythey would O/ SecretaryofState HillaryClin- forthe firsttime as the AG

vote forMr. Biden if the elec- DR tonwon 66% of the Latino party’s nominee last week, tion were held today, while 43% vote,exit polls found,while giving aspeech that largely

back Mr.Trump.That 8-point ANDER Mr. Trump received 28%. cateredtothe PuertoRican

lead remains largely unchanged ALEX About 12% of Latino voters population to mark National from amonth ago, when Mr.Bi- Signs backing the two main presidential candidates outside an early voting site in Fairfax, Va. remain undecided this year, Hispanic Heritage Month. den had a9-point advantage, the new survey finds. and compares with an 11-point Preferencefor president TheJournal/NBC/Tele- Biden lead in July.Mr. Biden Ex-VicePresident The presidenthas been raising Trump Biden mundopoll includes some The poll also shows has led Mr.Trump by 6points cash forhis re-election since warning signs forMr. Biden: or moreall year. Outraises Trump January 2017, and he started TOTAL Mr.Trump’sfavorability the economy to be a Thesurvey of 1,000 voters the year with morethan $100 among Latino voters has im- top issue for Latino wastaken Sept. 13-16,before million on hand. Men proved from four yearsago. In the death of Supreme Court PresidentTrump’scampaign Mr.Biden, who wasout- September 2016,78% had a voters. JusticeRuth Bader Ginsburg on cash advantage has evaporated raised severaltimes by his op- Women negativeviewofhim, com- Fridayadded avolatile,new el- as Democratic presidential nom- ponents during the primary,be- pared with 56% today. ement that could reshape voter inee Joe Biden’steam started gan locking up his party’s White Mr. Trump’s best opportu- priorities.Inaddition, the three the month with $466 million in nomination in mid-March and nities to build support among He acknowledged during his presidential debates areanun- the bank, about $141 million partnered with the Democratic Black Latino voters appear to lie trip that he had morework to predictable factor in the final morethan the president’sre- Partyamonth later. His fund- High with men and older voters. do to win over Latino voters. weeks of the campaign. The election effort. raising campaign began making school or While 30% of the Latino elec- “Look,what Ihavetodois firstdebateisset forSept. 29. The Biden campaign figure up ground after that. less torate approves of Mr. makethe case whyitwill be Fornow,however, most vot- wasdisclosed by asenior cam- The twocampaigns started Some Trump’sjob performance, 34% so much better forthe His- erssay they aresettled in their paign official Sunday. Trump Augustwith nearly the same college of menand 36% of Latinos age paniccommunity,the Latino choices.Morethan 70%say the campaign spokesman TimMur- amountonhand, and Mr.Biden 40 and older approve. community,ifinfact Trump is debates won’t mattermuch,in- taugh tweeted this weekend outraised Mr.Trump lastmonth, College “Men are definitely an im- no longer president,” he said. cluding 44% who saythey won’t thatthe re-election effort had pulling in $364.5 million com- graduate portant segment whereTrump Thepoll also shows the matteratall to their choice, a $325 million in available cash to pared with $210 million for the tends to farebetterwith Lati- economy to be a top issue for Post record high dating to 2000. start September.Bothfigures president’sre-election effort. graduate nos than other segmentsover- Latino voters.Those surveyed “Simply put: In 2020,the include available cash spread Thatmonth, Mr.Biden’scam- all,” said pollster Aileen Car- gaveMr. Biden aslight edge fundamentals of our country acrossthe national parties and paign wasboostedbythe addi- Swing dona-Arroyo, who worked on on the issue over Mr. Trump, have been shaken to our core, allied fundraising committees. tion of California Sen. Kamala states the survey. She said that “Bi- with 39% saying the president while the fundamentals of the Mr.Biden’scampaign started Harris to the ticket. 02% 0406080100 den has an opportunity forim- would be betteratdealing election have not,” said Demo- the general election farbehind —Chad Day provement there.” with the economy, compared cratic pollster Jeff Horwitt, Mr.Trump in terms of money. and Julie Bykowicz Source:WSJ/NBC News telephone poll of 1,000 By comparison, 27% of with 41% who said Mr.Biden registeredvoters conducted Sept. 13-16,margin who conducted the survey with of error +/- 3.10 pct. pts. Latina voters approveofMr. would be better. RepublicanBill McInturff. Trump’sjob performance. Mr. Biden holds wide leads Arecord75% of voters in the leftmillions unemployed. fordealing with coronavirus. larly,Mr. Trump is underper- Among the Latino electorate on other top issues, including survey ratedtheir interest in Thepresident is also bring- Mr.Biden has a22-point lead, forming among voters 65 and under age 40, 24% approve. on handling coronavirus,ad- the election at a10ona10- ing together his core constitu- 51% to 29%, on who is betterto older versus four yearsago. Mr. Thesurvey of 300 Latino dressing the concerns of the point scale. ency,drawing in moreestab- managethe outbreak,upfrom Biden is winning those voters, voters wastaken Sept. 13-16, Hispanic and Latino commu- Fifty-two percent saythey lishment Republicans,orthose 11 pointsinJune.Mr. Trump 50% to 46%. beforethe death of Supreme nity and treating immigrants plan to vote early,alevel bound who saythey support the party hasfaced sustained criticism Mr.Trump has increasingly Court JusticeRuth Bader Gins- humanely. to test officials in manystates itself morethan they support for playing down the threat. turned to alaw-and-order mes- that have never processed such the incumbent. Mr.Trump also Overall, thepresident’sjob sage, citing protestsincities The Wall Street Journal/NBC News poll wasbased on nationwide telephone interviews high volumes of mailed ballots has amoreenthusiastic base, approval rating is at 45%, up 3 over racial-justiceissues that at of 1,000 registeredvoters. It wasconducted Sept. 13-16 by the polling organizations of Bill or early in-personvotes. thepoll shows. percentagepointsfromJuly, times have turned violent. But McInturff of Public Opinion Strategies and Jeff HorwittofHart Research Associates. The sam- ple wasdrawn in the following manner: Individuals were randomly selected from national lists While Mr.Trump continues “Thereisapulse of possibil- while 53% disapprove. he has only aslight advantage of registeredvoters and were chosen by asystematic proceduretoprovide abalanceofre- to trail in the national survey, ity forDonald Trump that was Mr.Trump is winning male over Mr.Biden on who is better spondents by sex. Respondents reached on their cellphone were randomly selected from na- the poll showedthat he carries much moredifficult to see in voters overall but by asmaller to deal with crime,43% to 41%. tional lists of cellphone numbers. The margin of error forthe 1,000 registeredvoters is plus or minus 3.1 percentage points. The survey conducted additional interviews in 12 presidential some advantages.Voterscon- July,” said Mr.McInturff. percentagethan Mr.Biden is Voters also see Mr.Biden as battleground states in order to build asample of 500 battleground-state voters. The margin tinue to see him as better While voters see Mr.Trump winning women. He is also morehonest and trustworthy of error forthis sample is plus or minus 4.4 percentage points. The survey also conducted in- suited than Mr.Biden to man- as the bettersteward of the drawing asmaller shareofthe and, by 52% to 28%, sayheis terviews with an additional 210 Hispanic registeredvoters, who could choose to takethe sur- agethe economy, 48% to 38%, economy, they increasingly whitevotethan he did in 2016, betterable to bring the country veyinEnglish or Spanish. The total sample of Hispanic voters in the survey was300. The margin of error forthis group is plus or minus 5.7 percentage points. despiteapandemic that has viewhim as the weaker option as recorded by exit polls.Simi- together. States’ Counting of BallotsComesIntoFocus Woman Held Over Ricin in BY ALEXA CORSE

Howsoon Americans know Mail Sent to the outcome of the presiden- tial election could hingeona WhiteHouse few states—and howfast they count mail ballots. BY ARUNA VISWANATHA Manystatesallowelection workerstostart processing Awoman suspected of mail ballotsbeforeElection sending an envelope contain- Day, and so count them rela- ing the poison ricin to the tively swiftly.Some states—in- WhiteHouse wasarrested on cluding potentially decisive Sundaysoon aftercrossing swing states like Wisconsin, the Canadian border,accord- Michigan andPennsylvania— ingtoaU.S.official familiar don’t open envelopes contain- with thematter. ing mail ballotsuntil Election Thewoman, who is ex- Day. pected to facecriminal With an unprecedented chargesinWashington, D.C., number of voters expected to wasarrested in Buffalo,N.Y., vote by mail amid the corona- and had agun in her posses- virus pandemic,counting bal- sion, the official said. The lotsmay take days or longer in suspect’sname could not im- some states,possibly delaying mediately be learned, and no atally. chargeshaveyet been pub- “In states likeWisconsin, licly filed. S Michigan, Pennsylvania, where Theenvelope,addressed to they don’t allowclerks to pro- PRES President Trump,was inter- cess ballotsinadvance, cepted in recent days in the ZUMA they’vegot to do all that work WhiteHouse mail, setting off on Election Day, and so they’re MAN/ asearch that appeared to

going to be backlogged,” said DORF have led investigatorstoCan-

Amber McReynolds,head of SUE ada. the National Vote at Home In- Amid the coronavirus pandemic, an unprecedented number of people are expected to vote by mail in the presidential election. All mail to the WhiteHouse stitute, which promotes voting is firstcleared off-site. by mail. extra time for counting is to system,” said Barry Burden, a were still counting ballots, ac- compromise. “Local election TheFederal Bureau of In- Current rules could be be expected and helps ensure professor of political science cording to areport from Penn- officials need moretime to vestigation did not comment changed through legislation or accuracy. At the same time, at theUniversity of Wisconsin- sylvania’sDepartment of State. processballots,” said Mr. on the arrest. Aspokesman litigation. AjudgeinMichigan the possibility of slowresults Madison. “It’sjust very tempt- Politicians thereare debat- Ridge, now co-chair of Vote- forthe RoyalCanadian and the Pennsylvania Supreme has worried some officials and ing forpeople to believethat ing an earlier start. Republican Safe,abipartisan group advo- Mounted Police, which earlier Court last week separately or- election scholarsthat anyde- something nefarious has hap- statelawmakershavepro- cating forcoronavirus-safe said it wasassisting with the dered deadline extensions for laycould provide an opening pened when the resultsdon’t posed allowing counties to mail and in-person voting op- FBI investigation, declined to accepting mailed ballots, po- for rumorsand misinforma- seem to be going in the way start initial processing of mail tions.“Not acting isn’t an op- comment on whether asus- tentially pushing back the time tion to spread. they expected.” ballotsthe Saturdaybefore tion.” pect had been detained by U.S. it will take those states to de- President Trump has re- Processing a mail ballot is Election Day. That would in- In Michigan,election clerks authorities. termine results. peatedly claimed that expand- time-consuming andcan in- cludeverifying the voter’sin- will be allowedtobegin veri- Ricin is apoison derived Localelection officials in ing mail-in voting will invite volveamix of automation and formation on the outer enve- fying votersignatures,which from castor beans,and expo- some states said they are fraudorinaccurateresults. manual steps. lope,opening those envelopes areonthe outside of the enve- suretoitcan be deadly.Ifin- ramping up by buying faster Some Democratsaccuse him of In Ohio’s Franklin County,a to removethe ballotsand lope,upon receipt. Other haledoringested, according ballot-countingscannersand trying to undermine public machine slices open the tops scanning ballotssolong as re- steps,likeopening envelopes, to the Centersfor Disease adding more workers. Other confidenceinvoting.Aca- of envelopes,but election sultsaren’t tabulated, said Ja- can’t happen until 7a.m. on Control and Prevention,ricin variables include differing demic studies haven’t found workersneed to manually re- son Gottesman, spokesman for Election Day. cancause vomiting,diarrhea deadlinesfor accepting bal- evidenceofwidespread fraud movethe ballot, said Aaron the Pennsylvania House GOP Michigan’sstate Senate and respiratoryproblems. lots: Some states take them af- linked to mail ballots, though Sellers, a spokesman for the caucus.Pennsylvania’sDemo- voted last week to give elec- Thereisnoantidote. terElection Dayaslong as isolated cases have occurred. county boardofelections. cratic Gov.Tom Wolf has said tion clerks in more populous If ricin is ingested, within they are postmarked by that “There’s a lot of suspicion Asurge of mail ballotscre- such steps should start three areas an extra10hoursto several days aperson’sliver, day. amonghard-coreTrump sup- ated logistical challenges for weeks in advance. start processing ballotsthe spleen and kidneysmight stop Election officials have said porters, and hard-coreTrump Pennsylvania. Aweek afterthe TomRidge, aformer Re- daybeforeElection Day, working,according to the CDC. voters should preparetobe opponents, about people try- state’sJune 2primary, approx- publican governor of Pennsyl- though the legislation hasn’t —Paul Vieira patient and said that needing ing to manipulate the voting imately half of the counties vania, is urging both sides to passed the state’sHouse. contributed to this article. P2JW265000-0-A00700-1------XA

THE WALL STREET JOURNAL. Monday, September 21, 2020 | A7

WHERE WILL GREEN BONDS TAKE US NEXT?

IAM NAVINDU KATUGAMPOLA Head of Sustainable Investing, Investment Management Fixed Income

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To watch Navindu’s Morgan Stanley Minute “The Case forGreen Bonds,” go to: morganstanley.com/greenbonds.

1 Moody’s, Green Bonds: KeyNumbers and Trends, January 2018. Forrelevant disclaimers and disclosures please visit morganstanley.com/greenbonds. ©2020 Morgan Stanley &Co. International plc and/or certain of itsaffiliates. All rightsreserved. CRC 2728037 09/19 P2JW265000-4-A00800-1------XA

A8 | Monday, September 21, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS Global Trade Stays Afloat Despite Virus Data suggest more Quick Rebound rapid recovery than in World trade is getting back to normal faster than it did during 2008 financial crisis; the 2008 financial crisis. China reaps benefits World trade volume index*

BY EUN-YOUNG JEONG 105 AND TOM FAIRLESS 100 2008 financial crisis Global trade is rebounding much more quickly this year 95 than it did afterthe 2008 fi- Covid-19 nancial crisis, lifting parts of 90 pandemic the world economy and defy- ing predictions the pandemic 85 could send globalization into permanent retreat. 80 When the new coronavirus 0 5101520 hit this year,international MONTHS SINCE START tradeingoods suffered the biggest year-over-year S *100=February 2020 forthe Covid-19 pandemic and September 2008 forthe global drop sincethe Great Depres- NEW

G financial crisis. sion.Economistswarned of Source:Kiel Institutefor the World Economy rising protectionism, and some companies said they OOMBER tectionist measures as they would reassess overseas sup- see countries such as China

ply chains that were vulnera- LAINE/BL rebounding. ble to unexpected shocks. China’sshareofglobal-mer- THAN

Trade remains belowpre- NA chandise trade jumped from pandemic levels.Still, it has Trade had recovered about half of this year’s loss by June, German data show. Above, a container ship at France’s Port of Le Havre. 13.6%inthe last quarter of snapped back robustly—and 2019 to 17.2% in the second had recoveredabout half of this sinceJuly,according to Quant- cess in containing Covid-19, they reached afteronly two level off soon in Europe and quarter of this year following year’s historic lossbyJune,ac- Cube Technology, aParis- are also at play. months this year,said Gabriel elsewhereasstimulus pro- the pandemic,according to cording to calculations by the based datacompany. China is on track to be the Felbermayr, the institute’s grams are phased out. OxfordEconomics.The U.S. re- Kiel Institutefor the World South Korean exportsinthe only majoreconomy to grow president. EvaChan, sales manager at cently recorded itswidest Economy, aGerman think tank. first10days of this month this year. In South Korea and One reason is that this Guangdong Jiusheng Elec- trade deficit since2008,asthe Newexport orderswere were just 0.2% belowthe same Germany, Barclays expectsthe year’s trade crunch was tronicsTechnology Co., a pandemic put a brake on ser- growing in 14 of 38 economies period last year. economies to contract 1.5% largely caused by physical bar- television assembler in China, vice exportswhile goods im- measured by research firm Shipping activity and5.3%this year,respec- rierstotrade rather than a said her companyisexporting ports recovered. IHSMarkit in August, com- in some other U.S., Asian and tively,much lessthan coun- long-term collapse in demand, three to four containersa Manycompanies,mean- paredwith just four in June. European ports also has nor- tries tuned more toward ser- he said. That meantexports month, compared with four to while, arestill rethinking their Others were trending in the malized, according to global vices likeItaly andSpain, and importscould recover six in pre-pandemic times. supply chains,which could al- right direction and could start freight volume data. Freight which areforecast to contract quickly when governmentsre- “You can tell the economic ter trade patterns in the lon- seeing growth soon. rateshaverisen far abovepre- 9.3% and 10.7%. opened borders and eased re- situation in foreign countries ger run. Households arespending on Covid-19 levels on some key That suggeststrade could strictions on social activity. is not very good,” she said. WILO SE,apump manufac- imported goods,sometimes routes as demand forgoods playabiggerrole in the And while the 2008-09 “Manyofour customersare turer with around 8,000 staff supported by government returns,hitting arecordthis world’seconomic recovery global downturn wasthe re- pressing us to hand over the based in northwest Germany, cash, even as spending on lo- month for standard container than anticipated, if the trend sult of abanking crisis that goods as soon as possible af- says it will set up asecond calservices likerestaurant spot prices from Shanghai to continues. dried up financing,govern- terplacing orders” because headquartersinChina this meals and trips to the movie California. “Trade is one sector of the mentshavemoved quickly this they areworried about an- year,followedbyathirdhead- theater has fallen—and all Therecoveryisn’t being felt economythat has proven to be year to backstop banks and other downturn and want to quarters in the U.S., so it can thosegoods have to come evenly everywhere, and trade moreresilient,” said Shaun guarantee trade finance,he sell everything before buyers have regional hubs that act from somewhere. still faces fierce headwinds, Roache, chief economist for said. change their minds. largely autonomously.The China, whose factories were including apossible coronavi- theAsia-Pacific region at S&P Thechallenges ahead are “Still,wemade it through idea is to insulateWILO among the firsttoreopen from rus resurgence this fall. Global. “Even if youcan’t go sizable.Businesssentiment the epidemic,” said Ms. Chan, against futuretrade disrup- pandemic shutdowns, recorded Still, countries wheretrade on that vacation, you can buy has slid recently in some who said she is hopeful the re- tions and protectionism. 9.5% growth in outbound ship- has improved, including China, yourself a new laptop.” countries,asCovid-19 infec- covery will continue as long as “The corona pandemic pain- ping in August compared with South Koreaand Germany, are In itsrecent analysis of tion ratesrise again and other countries curb the dis- fully illustrates the weak- the previous year.Its Ningbo- seeing their economies bounce global trade,the Kiel Institute tighter restrictions re- ease. nesses of the current world Zhoushan port, among the back betterthan countries examined datafromthe turn. Vietnam’strade recovery Another risk is that major economic order with all itsin- world’slargest, has seen trade that rely more heavily on ser- 2008-09 recession and found slowedafter a fresh wave of importerslikethe U.S. could terlinked value chains,” said volume surpass 2019 levels vices,though additional fac- it took 13 months fortrade infections in late July. react negatively to the trade Oliver Hermes,WILO’schief with increasing frequency tors,such as their relativesuc- volumes to recovertothe level Therecoverycould also recovery and adopt more-pro- executive.

explained how it would carry TikTok Judge Halts out President Trump’s Aug. 6 ordertoban U.S. companies from providing app downloads Deal Faces GES U.S. Block or updates forWeChat and an- IMA other Chinese-owned app,Tik- Tok, on Sunday night. Questions GETTY Of WeChat On Saturday, the depart- SE/ ment put the TikTok ban on hold,citing progressonadeal ContinuedfromPageOne ContinuedfromPageOne that would add national-secu- ANCE-PRES

nalizedbythe companies and FR injunction gives WeChat users rity safeguards for the video- investorsinvolved. atemporaryreprievefromthe sharing app’s U.S. users. ENCE

Thedeal is expected to be AG ban’seffects, but she acknowl- Mr.Trump said he has

valued at about $60 billion, ac- S/ edged in her ruling that sev- agreed in concept to adeal cording to one person familiar eral key legal pointsstill need under which TikTok will part- with the situation. DELMA to be hashed out. Meanwhile, ner with Oracle Corp.and

Oracle said it would host CHRIS the government has the op- Walmart Inc.tobecome a the data for TikTok Global, to TikTok has about 100 million monthly users in the U.S., up from about 11 million in early 2018. portunity to file an appeal to U.S.-based company, capping eliminatethe potential of it her ruling,and it could take negotiations that have stirred fallingintothe hands of the ers, which include Chinese and with the deal said. shepherding adeal that would some time for a final ruling. debate over national security Chinese government—aplan American investors. In astatement, Oracle and overcome last-minutehurdles Themobile app,which has and the futureofthe internet. that didn’t fully satisfy China With the addition of Oracle Walmart said TikTok Global from the Chinese government, 19 millionregular usersinthe On WeChat, the Commerce hawks, including Sen. Marco and Walmart taking acom- would createmorethan 25,000 andsatisfyChina hawks who U.S. and morethan 1.2 billion Department’sorder also would Rubio (R., Fla.). bined 20% equity stake, TikTok jobs in the U.S. and lead to sawafull sale as the only way usersworld-wide,enables us- ban money transfersinthe U.S. “No matterwherethe actual Global would be 53%-owned by morethan $5 billion in newtax to ensuredatasecurity. erstosend messages,make using the app,and bar compa- dataishoused, therecan be U.S. companies or investors, dollarstothe U.S. Treasury. As the chairman of the Com- phone calls and transfer money. nies from providing data-host- something in that code that this person said. Afteranex- That statementappeared to mitteeonForeign Investment It also functions as asocial-me- ing services forWeChat. The sends it the other way,” Mr.Ru- pected initial public offering addressMr. Trump’sinitial de- in the U.S.,Mr. Mnuchin led the dia platform and is widely used restrictions would essentially bio said on FoxNews. “I think theChinese stakeinTikTok mand that the buyersshould government’sreview of the pro- by companies in China—includ- makethe app unusable over we have to be very carefulin could fall to about 31%, de- pay“key money” forthe deal to posed transaction. But he ing U.S. companies operating time even forthose who have looking at that provision, be- pending on exact details of the be approved. He later said such sought to keep adeal together, there—forbusinesscommuni- already downloaded it. cause if there’sany opportunity sizeofthe IPO,the person said. apayment had been blocked by working with U.S. investorsand cations and marketing. The order, however, allows whatsoever forChina to con- ATikTok spokesman said WhiteHouse lawyersasillegal. ByteDanceexecutives to help The Trump administration U.S. companies to continue us- tinue to collect personal data ByteDancewould directly hold Thecompanies said the new find asolution that would safe- contends the dataWeChat col- ing WeChat outside of the on Americans,then we can’t be an 80% shareofthe newen- entity would also foster “aned- guardU.S.dataand avoid an lects from U.S. users could be country—acritical point be- supportiveofthat deal.” tity before the IPO. ucational initiativetodevelop outright banofthe app in the shared with the Chinese gov- cause manyAmerican busi- Other questions swirled Thedeal is “deftly struc- and deliver an [artificial-intelli- eventasale fell through. ernment. Thecompanydis- nesses that operateinChina around the ownership.Mr. tured to thread the eye of the gence]-driven online video cur- “It doesn’t go as far in terms agrees,saying it “incorporates use WeChat to do transactions Trump had called forcreation needle,” said EswarPrasad,an riculum to teach children from of acquiring the companyout- the highest standards of user with their customers there. of aU.S.companytotakecon- economics professor at Cor- inner cities to the suburbs,” right,” said Stephen Pavlick,a privacy and data security.” WeChat’sdomestic sister trol of TikTok,but the deal as nell University and the former policyanalyst at research firm JudgeBeeler said that app,Weixin, is dominant in described by backerswasn’t head of the International Mon- RenaissanceMacro, and afor- while the U.S. government’s China, whereitisused to com- the full-scale acquisition that etaryFund’sChina division. Plan would create mer Treasuryaide who worked concerns about the national municateand shop. WeChat in was originally envisioned. “The TikTok deal allows on Cfius issues.“But Cfius security threatsare signifi- the U.S. has become important “There’s an issue of credi- Trumptoclaim victoryand online power that never said that they needed to cant, “the specific evidence among Chinese Americans who bility here,” said HarryBroad- portray it as avalidation of could challenge acquirethe companyoutright.” about WeChat is modest.” use it to communicatewith man, who worked for the U.S. histough, take-no-prisoners Speaking on FoxNews, Sec- In recent decades,federal family and friends overseas. Trade Representativeduring approach in dealing with Facebook’sposition. retary of State MikePompeo judges have oftensided with Lawyers representing the theClinton administration. China, even if the final deal said the ownership arrangement the U.S. government when it WeChat Users Alliance sued “When youhaveuncertainty in representsacompromise rela- satisfies the president’sdemand raises national-security issues the Trump administration Aug. policyregimes that interna- tivetothe administration’s that datanot be accessible to in legal challenges.But be- 21 over the ban. They have ar- tional parties see, that makes initial set of demands,” Mr. without citing afinancial com- the Chinese government. cause it raises FirstAmend- gued that the executiveorder people very nervous.” Prasad said. mitment. Mr.Trump had said TikTok has quickly become ment issues, the WeChat case violated users’ FirstAmend- As initially described by Oracle said it would have a lateSaturday that would be a asocial-media force,apoint stands apart from atypical na- ment rights, and that the gov- people familiar with the deal, 12.5% stakeinthe newentity $5 billion fund. Aperson famil- itslobbyistsmade to the tional-security case around, ernment hadn’t provided suffi- ByteDance would retain called TikTok Global, and iar with the deal said the edu- Trumpcampaign, asenior forexample,international cient evidenceofWeChat’s roughly 80% ownership of the would provide securecloud cation initiativewould be campaign official said. TikTok sanctions or Treasuryreviews negativeeffect on national se- company. But because Byte- servicefor dataonthe app. funded through the IPO. has about 100 million monthly of foreign businessdeals,said curity.Plaintiffs have also said Danceisabout 40%-owned by Walmart said it agreed to pur- TheChinese government usersinthe U.S.,upfrom Dan Gerkin, an international the order discriminately tar- U.S. investors, the newcom- chase 7. 5% of TikTok Global as hasn’t commented on the deal about 11 million in early 2018, tradeand national-security gets Chinese-Americans. panywith equity stakes forOr- well as enter into commercial or Mr.Trump’sendorsement of and is mostly popular with lawyer forKirkland &Ellis LLP U.S. government lawyers acle and Walmart canbede- agreementstoprovide e-com- it. China’sMinistryofForeign teens, including many of vot- in Washington, D.C. have said the ban doesn’t in- scribed as having majority merce,fulfillment and other Affairsand MinistryofCom- ing ageinbattleground states Aspokesman forTencent fringe on FirstAmendment American ownership,they said. services to the newcompany. merce didn’t respond to re- such as Florida, lobbyiststold said it wasreviewing the judg- rights of WeChat usersbe- One of the people elabo- Walmart said itschief exec- questsfor comment. ByteDance the campaign. ment and didn’t immediately cause usershavealternative rated further on Sunday, say- utive, Doug McMillon,would has been in communication TheWhiteHouse and cam- comment. Representatives for options for communicating. ing ByteDance wouldn’t tech- serveasone of five board with China’sinternet regulator paign didn’t respond to re- the Commerce Department, Tencent on Fridaysaid it nically be an owner of the new membersofthe newcompany. and the MinistryofCommerce questsfor comment on whether which waspreparing to imple- planned to continue discus- TikTok Global entity. Instead, ByteDancefounder Zhang on the sale,according to people TikTok’spopularity factored ment the order,didn’t respond sions with the government and shares in the newentity would Yiming and some U.S. inves- familiar with the discussions. intodecision-making. to a request for comment. stakeholders on how it could be distributed proportionally tors would likely be on the Treasury SecretarySteven —Georgia Wells and Liza Lin TheCommerce Department continue providing services to to ByteDance’scurrent own- board, thepeople familiar Mnuchin playedakey role contributed to this article. issued regulations Fridaythat U.S. users. P2JW265000-0-A00900-1------XA

THE WALL STREET JOURNAL. Monday, September 21, 2020 | A9

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A10 | Monday, September 21, 2020 ** THE WALL STREET JOURNAL. WORLD NEWS Russia Sets Deals to Sell Va ccine Israelis Shun Big BY G EORGI KANTCHEV Russiahas struck prelimi- New Year naryagreementstosell its Covid-19 vaccine to morethan 10 countries in Asia, South Gatherings Americaand the Middle East, adevelopment that could BY DOV LIEBER giveMoscow valuable eco- AND RORY JONES nomic and political leverage internationally. TEL AVIV—Most Israelis Russian officials saythey stayed indoorstocelebrate have secured preliminary RoshHashana in small groups, deals forthe vaccine to be de- rather than the usually large livered to countries such as gatheringsthat mark the Jewish Brazil,Mexico, Saudi Arabia NewYear holiday, as the police and India. fined thousands of people for In addition, Russia says it is violating asecond nationwide in talks with roughly 10 other lockdown aimed at containing a countries to buy the vaccine. fresh coronavirus outbreak. All told, it has received re- A 7,000-strong police force questsorexpressions of inter- fanned out acrossthe country est in the vaccine foratotal of and issued 2,800 penalties 1.2 billion doses. over theweekend, most for Thevaccines will be manu- people leaving their homes for factured abroad and distrib- unaccepted reasons,the police uted world-wide from thereas said on Sunday. Authorities soon as November.The shot also handed out 30 fines to will requirelocal regulatory businesses that opened in vio- approval beforebeing distrib- lation of the lockdown. uted, officials say. Israel on Fridaybecame the Theshot—called Sputnik V, firstdeveloped countrytoim- afterthe satellitethe Soviet pose asecond lockdown to Union launched ahead of the rein in a surge in infections. U.S. in the Cold Warspace Therestrictions come as Is- race—was approved by Rus- rael entersthe high-holiday A/REUTERS sian authorities in early Au- season—a period of travel and gust, despite skepticism from social gatheringsthat officials the West about the speed with MAKEYEV fear could further spread the which it was registered. NA virus that causes Covid-19.The YA

Russian researcherscom- TAT lockdown is expected to last pleted only small-scale tests A nurse in Moscow last week inoculated a volunteer with Russia’s Sputnik V coronavirus vaccine during a post-registration trial. through the religious holidays on 76 volunteersbeforesecur- of YomKippur and Sukkot, ing approval. Datafromthese Moscow’s campaign to vaccine to morethan 10 coun- In addition to this group of the immediateglobal vaccine- which ends Oct. 9. It aims to early trials showedthat the grant access to itsvaccine tries,said Kirill Dmitriev, head countries,about two dozen manufacturing capacity and halt one of the worstdaily in- shot was safe to use and gen- abroad highlightsPresident of the Russian Direct Invest- moreare in talks with Moscow leaving developing nations at fection rates per capita in the erated an immune response, Vladimir Putin’s goal of estab- ment Fund,the country’ssov- to access the vaccine,the RDIF risk of not being able to se- world: roughly 5,000 cases a but expertssay large-scale tri- lishing Russia as aprimary ereign-wealth fund, which has said. cure the supplies they need. day last week. als areneeded beforeascer- playerinthe global race to se- spearheaded the vaccine ef- Russiahas announced Developing countries have StreetsacrossIsrael on Sat- taining the vaccine’seffec- cureCovid-19 vaccines.Ana- fort. agreementstoconduct clinical some manufacturing capacity urdayand Sundaywerenearly tiveness. lysts say Moscow could even- To meet this demand, Rus- testsonthe vaccine in Middle butgenerally would need to empty of cars,with cyclists Russiabegan trials on tually use the shot as asoft sia is transferring the technol- Eastern partnerssuch as the partner with pharmaceutical and joggers taking advantage 40,000 volunteers in late Au- power tool to draw countries United Arab Emirates and industries in richer nations for of the vacatedroads.Syna- gust. into its orbit. Egypt, and neighboring Be- the know-how to produce the gogues limited the sizeofcon- Russiaexpectstoundertake “The view hereisthat the Russia aims to make larus,aclose strategic ally, vaccines. gregations to 10 people,or massvaccinations of itsown vaccine could win Russia some among other countries. As a result, there is strong spread out multiples of 10 in population by the end of the hearts and minds in the non- 30 million Sputnik Last week,Mexican Foreign demand forthe Russian vac- largerbuildings, to comply year.Meanwhile,China has in- West and boost itsgeopolitical V doses by year end Minister Marcelo Ebrardsaid cine from the developing with regulations.Worshipers jected hundreds of thousands leverage,” said Vladimir the Russian vaccine is among world, said Russian officials. gathered at the walls of the with itsown experimental vac- Frolov, aformer senior Rus- for its population. those the countryisinterested “Wewill focus on saving sanctuaries to listen to the ser- cine. sian diplomat andMoscow- in, and that Mexicowantsto people in Latin America, Mid- vices and the blowing of the Expertshavevoiced con- based political analyst. take part in large-scale testing dle East and Asia, wheremost ram’shorn, or shofar,aritual cerns over a rush to use vac- Separately,Russia aims to of the shot with 500 to 1,000 of the requestscome from, be- during the Jewish NewYear. cines that haven’t fully com- manufacture 30 million Sput- ogy to manufacturing hubs in volunteers. Final decisions on cause these people arenot Israelis on social media joked pleted testing, as widespread nik V doses by the end of this India, Brazil and South Korea testsand eventual vaccine ap- thinking about politics to sti- that this year’s RoshHashana use of an ineffectiveshot year forits ownpopulation. from which the vaccine will be provals lie with health author- fleRussia and to constrain holiday—which ofteninvolves could lead to arenewed Thecountryhas been hit hard distributed. ities, Mexican officials said. Russia, but they want to pro- tripstofamily homes,parks spread of the coronavirus. by the virus with morethan Under the preliminary TheU.S., the European tect their citizens,” Mr. Dmit- and outdoor barbecues—felt American officials have indi- one million cases,representing agreements, India would re- Union, Japan and the U.K. riev said. ”We have people similar to YomKippur,asolemn catedthe U.S. is unlikely to the fourth-largest caseload in ceive 100 million doses while have agreed to purchase at who arebegging to have the holidaywhen Jews areexpected use a Russian or Chinese vac- the world. Bahia stateinBrazil would re- least 3.7billion doses of coro- vaccine because they looked to fast and atone fortheir sins cine because of doubtsover Russiahas struck prelimi- ceive50million, the RDIF navirus vaccines from Western into the science and they un- andduring which roads in Is- testing procedures. nary agreementstosell the said. drug makers, tying up much of derstand that it works.” rael arekept largely empty. WORLDWATCH Trump, Rouhani in Focus As U.N. Meets Remotely GES IMA President Trump and Iranian U.N. Secretary-General during the assembly is that Ira-

GETTY President Hassan Rouhani will António Guterres will kick off nian and other world leaders

SE/ squareoff this week at the the Tuesdaysession, which arelooking to November,Iran United Nations General Assem- comes as the world body marks expertssay. bly,asWashingtonthreatens its75th anniversary. He has Mr.Biden has said he would ANCE-PRES still moresanctions to escalate urgedits 193 memberstosup- rejoin the 2015 Iran accord on FR itsformidable pressureonTeh- port cease-fires in conflicts the condition that Tehran goes

ENCE ran. around theglobe so they can back to respecting itslimits. AG concentrateonresponding to Iran exceeded the deal’sura- AI/ the pandemic—so far,tolittle nium-enrichment limitsafter -RIF By Michael R. Gordon

AL and Courtney McBride effect. Mr.Trump’sdecision to with- in Washington and Turkish President Recep draw.Mr. Biden has said he MMED Laurence Norman in Tayyip Erdogan, Russian Presi- would also seek to negotiatea

MOHA Brussels dent Vladimir Putin,Chinese tougher agreement. BLAST:Smokerises from areported Russian airstrikenear the mostly rebel-held Syrian provinceofIdlib. leader Xi Jinping and Cuba’s Following a failed bid in Au- Theannual gathering of President Miguel Díaz-Canel are gust in the U.N. Security Coun- JAPAN BELARUS AFGHANISTAN world leadershas been rele- also scheduled to speak on cil to extend an embargo on gatedtoalargely virtualformat Tuesday. Tehran’simport and deliveryof Abe Visits WarShrine March MarksWeek 7 Airstrikes Leave by the novel coronavirus pan- “It is lessatime forcutting conventional weapons,Mr. Tied to MilitaristPast Of Opposition Protest Dozens Dead demic and will feature few of bilateral dealsbecause of the Trump declared a“snapback” of the sideline meetingsthat have distancing,“ said EdwardLuck, U.N. sanctions imposed before Former Japanese Prime Minis- Tens of thousands of Belaru- Government airstrikes in made the assembly asignature aColumbia University professor the2015 Iran nuclear accord. terShinzoAbe visited aTokyo sians calling forthe authoritarian northern Afghanistan killed 24 eventfor diplomats. and former U.N. assistant secre- SecretaryofState MikePompeo shrine linked to Japan’smilitarist presidenttoresign marched civilians, including children, wit- It will also occur as Iran and tary-general. “The General As- announced the sanctions snap- past, waiting only three days af- through the capital as awave of nesses said. the world’smajor powers are sembly is the obvious placeto back Saturdaynight, saying the terhis departurefromofficeto protests enteredits seventhweek. The two witnesses contacted looking toward the November work out auniversal strategyto U.S. wasreimposing restrictions resume alongstanding practice Hundreds of soldiers blocked by the Associated Press said presidential election to see if combat aglobal pandemic.But that applied to Iran prior to the thathas angered Asian neighbors. the center of Minsk, deploying most of those killed in Satur- Mr.Trump’spolicies will con- the politics aredecidedly un- deal, including aban on ura- Mr.Abe visited Yasukuni watercannons and armored per- day’s airstrikes, which struck the tinuefor another four years or promising.” nium enrichment, ballistic-mis- Shrine on Dec. 26, 2013, ayear sonnel carriers and erecting village of Sayed Ramazan in if JoeBiden,the Democratic Iran is but one issue forMr. sile testing and the transfer of after taking office, prompting a barbed-wirebarriers. Protests took northern Kunduz province, were nominee forpresident, will take Trump,who is also expected to anynuclear technologytoTeh- rift with the U.S. At the time, the placeinseveral other cities, includ- civilians. The Khanabad district over and redirect American for- highlight his administration’s ran. U.S. Embassy in Tokyosaid it was ing Brestand Grodno. in the province where the village eign policy. role in encouraging an agree- Mr.Trump’smovehas been disappointedMr. Abe had “taken The crowdinMinsk included is located is Taliban-controlled. Mr.Trump,who will appear ment between Israel and two rejected by allies and adversar- an action thatwill exacerbate about 100,000 people, said Ales The Defense Ministry, how- beforethe assembly by telecon- Arab Gulf states and his hope ies, who contend the Trump ad- tensions with Japan’sneighbors.” Bialiatski, head of the Viasna hu- ever, said the airstrikes killed 30 ferenceTuesdaymorning,will that Afghan negotiations lead ministration forfeited itsright On Saturday, Mr.Abe tweeted man rights organization. He said Taliban fighters. It said it was in- speak aday afterthe White to an end to the decades of to reinstatethe sanctions with apictureofhimself visiting the dozens of demonstrators were ar- vestigating claims that civilians House plans to unveil newsanc- fighting there. its2018 withdrawalfromthe shrine in Tokyo, walking behind a restedinMinsk and Grodno. were among those killed. tions aimed at deterring arms Ayear ago, the U.S.’s differ- pact. Britain, Franceand Ger- Shinto priest. “TodayIpaid my re- Protests began Aug. 9after an Villagers said an initial air- sales to Iran and pressuring ences with Tehran were at the many reiterated that viewina spects at Yasukuni Shrine and re- election thatofficial results say strike targeted a house belong- Tehran to agree to anew deal forefront of the General Assem- lettertothe Security Council ported to the spirits of fallen he- gave PresidentAlexander Lukash- ing to a Taliban fighter. The ex- on far-tougher terms than those bly,yet thereappeared to be a presidentonFriday. roes thatIdeparted the officeof enkoasixth term in office; oppo- plosion set fire to a nearby set by the 2015 Iran nuclear ac- chancethat Iranian and Ameri- TheTrump administration is prime minister,” Mr.Abe wrote. nents and some poll workers say home, trapping a family inside, cord,fromwhich the adminis- canleadersmight talk.French also using the snapback to He announced his resignation the results were manipulated. said Latif Rahmani, who wit- tration withdrew two yearsago. President Emmanuel Macron threaten newsanctions to deter Aug. 28 and resigned Sept. 16. He Although protests have taken nessed the airstrikes. He said vil- “Ifwewin, Iran will be call- sought to broker talks between China and Russia from selling wasreplaced the same dayby placedaily sincethen, the Sunday lagers ran to douse the fire and inguswithin the firstweek,” Messrs. Trump and Rouhani, weapons to Tehran afterthe Yoshihide Suga, his chief aide. gatherings in Minsk have been by rescue trapped family members Mr.Trump said last week. but that effort failed when the arms embargointhe Iran ac- South Korea’s Ministry of For- farthe largest. inside when a second airstrike “They’redying to makeadeal.” Iranian insisted that the U.S. cord expires Oct. 18. eign Affairs expressed “deep “Every Sunday, you are show- hit, killing many of them. Mr.Rouhani, who will ad- firstcommit to easing sanc- On Monday, Mr.Trump will concern and regret” over Mr. ing yourselves and the world The airstrikes come as Tali- dressthe assembly by telecon- tions. sign an executiveorder autho- Abe’s visit, saying the shrine that the Belarusian people are ban and government-appointed ferencelater that day, has re- With world leaderspartici- rizing the newmeasures,which “glorifies Japan’s colonial inva- the power,” Svetlana Tikhanovs- negotiators are meeting for the peatedly said Mr.Trump has pating remotely,eventhe faint will include broad sanctions on sion and war aggression.” Japan kaya, who was Mr. Lukashenko’s first time in Qatar to discuss the succeeded only in isolating possibility of an impromptu the provision of goods that colonized the Korean peninsula main election opponent, said in a future of Afghanistan and an Washingtononthe world stage meeting has been foreclosed. A could be used by Iran’sconven- from 1910 to 1945. video message from Lithuania. end to decades of conflict. and has balked at U.S. demands morefundamental reason diplo- tional weapons and ballistic- —Peter Landers —Associated Press —Associated Press that it replacethe 2015 accord. matic progressisn’t expected missile programs. P2JW265000-0-A01100-1------XA

THE WALL STREET JOURNAL. Monday, September 21, 2020 | A11 P2JW265000-0-A01200-1------XA

A12 | Monday, September 21, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

in the firstweeks of classes. his family to go to college. colored by the movie “Pitch to wear their masks when Freshmen To moveintodorms,some Though he could have taken Perfect,” in which the main thereare otherspresent. studentshad to sign pledges classes remotely,hewas eager character stumbles across, then Half of Mr.Halverstadt’s they wouldn’t be around any- to be on campus to getwhat he joins,anacapella group at an classes areinperson, the other Miss Rites one besides their roommates considered the full experience. activities fair.“I’m not getting half online.“Iwas really excited without amask on. Orientation Online classes during spring the chancetohavethat unex- to meet lotsofnew people and and activity fairswent online. of his high-school senior pected experience,” Ms.Low go out on the weekends,” he Of Passage Intramural sports, and some year weren’t that engaging,he said. “There’snoopportunity said.“That’sreally difficult varsity programs,are sidelined. said, plus he had been re- forserendipity when everyin- now, and kind of irresponsible.” Serendipitous dining-hall meet- cruited to Whitworth as a The college lecture hall teraction requires aphone call His social circle is limited ContinuedfromPageOne ingsare out. swimmer and wanted to getto or text message.” mainly to people from his othersfor an intro-level class; Some who had dreamed of knowthe team. ontocampus,asper NewYork Feeling lonely,she con- dorm floor.They have hit up wandering frat rowinathrong finding independenceatschool Now, he is just trying to fol- staterules,Barnardnotified nected with another LosAnge- localrestaurantsand took a of 18-year-olds; tailgating fora aretransitioning intoadulthood lowthe rules about when to studentsfall term would be on- les-based student from her art- kayaktrip.Hehas playedvol- football game—aren’t an op- from their teenagebedrooms. wear masks and howtoeat in line only. historyclass. They arranged leyball, masked. He said he has tion this fall,due to the coro- “Literally everysingle thing thedining hall in order to not Ms.Low outfitted the small watchthe movie “Bridesmaids” seen beer-pong games at a navirus pandemic. aboutattending auniversity is be sent home. guesthouse in her family’s Los together at adrive-in theater. nearby park,studentscrowd- Roughly 1,300 colleges and different this year,” said Laurie Dahlia Low, 18,had fallen in Angeles yard with gear she had Luke Halverstadt, 18,started ing together unmasked. universities areoperating pri- Leshin, president of Worcester lovewith BarnardCollegedur- planned to use at her dorm, so collegebyflying from NewYork Tulane said it has disciplined marily or fully online this fall, Polytechnic InstituteinMassa- ing acampus visit. “The min- she could at least moveout of to NewOrleans and spending some studentsfor breaking while about 800 areprimarily chusetts. uteIgot on campus,Iwas like, herbedroom. She spends her two days alone in ahotel room school rules,including gather- or fully in person, according to Her campus greeted stu- ‘This is the school Ihavetobe days on Zoom, with classes in- awaiting Covid-19 test results. ing in groups of morethan a CollegeCrisis Initiative, atally dentswith welcome kitsin- at,’ ” shesaid. “Everything cluding psychology, American He moved intoaTulane Uni- half-dozenindorm rooms. of schools by Davidson College. cluding masks and athermom- aboutitfelt likemeand felt literatureand European history. versity dorm, whereheand a “Anything other than sitting Another 650 or so set out to eter and is testing them for safeand felt welcoming.” Nearly all her high-school roommateshareabathroom in my dorm room carries vary- offer hybrid instruction. Covid-19 at least onceaweek. When it admittedher in the friends have moved away to be with astudent who has asin- ing levels of health risks for Some schools that intended It doesn’t allowvisitorsinresi- spring,she screamed with joy. at or near theircolleges.“Jona- gleroom. He isn’t allowedto myself and my community,” to bring studentsback have re- dencehalls,and studentsare Then in August, five days be- than, my 4-year-old brother,is enter other residencehalls; he Mr.Halverstadt said, “and the treated to online instruction taking classes in-person and fore she wassupposed to head currently my best friend,” Ms. andhis roommateare each al- weight of that always being on amid Covid-19 outbreaks.Oth- online,limiting opportunities to Connecticut from her Cali- Lowsaid, laughing.“It’sdefi- lowedone guest, foratotal of my mind makes it hardtofeel ersare pushing through de- forsocial interactions. fornia home to quarantine at nitely weird.” four people in the room. The as free or independent as I spitecase countstopping 1,000 Mr.Gassman is the firstin her aunt’shouse beforemoving Her imageofcollegewas school said they aresupposed would like.”

401(k) or signing up forloan- Pandemic deferment programs until she canfind ajob. “I don’t have aplan. It’s Hits Family very dire,” she said. “I’m get- ting very nervous.” Manypeople who have jobs Finances arestruggling with paycuts. As of August, 17 million work- ersweregetting paid lessdue ContinuedfromPageOne to the pandemic,said Mark

demic that kept restaurants, JOURNAL Zandi, chief economist at shops and public institutions Moody’s Analytics.Some 9.5 closed for months and hit the REET million took paycuts; the re- ST

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with payments. REET quit and took another job he

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American families with R Thepay cutshavemade it nonhousing debt making over FO difficult forthe Tucson, Ariz., $98,018 ayear in pre-tax in- resident to keep up with bills. come owedanaverage of He said he owesatleast CLEMONS nearly $92,000 of such debt in $24,000 on his credit cards. TIN 2016.That’sup32% from His credit union let him skip JUS

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Federal Reservedatabythe FR F-150 in June and July.Hesaid EmployeeBenefit Research In- he hasn’t used his credit cards stitute, anonpartisan non- Consumer debt, including in months,but interest profit research group. studentloans and autoloans, chargesand latefees arepush- Averagenonhousing debt have contributed to rising U.S. ing his balances higher. Eight owed by families making household indebtedness. of hiscredit cardshavebeen $52,655 to $98,018 rose about reported late, he said. Pre- 33% over the 12 yearsto Total debt balance among U.S. pandemic,his credit report $33,378.Beforethe pandemic, households showedanon-time record go- Americans had amassed $4.2 Housing debt StudentLoan ing back to 2014. trillion in consumer debt, ex- Before the coronavirus,his Auto Loan Credit Card cluding mortgages,according plan wastopay off the debt Other to the Federal ReserveBank of $16 trillion in about2½yearsand would NewYork,arecordevenwhen 14 then beginpreparing forre- adjusting forinflation. Hous- tirement. Now, Mr.Sickinger 12 ing debt added an additional said, he is in the processof $10 trillion to the tally. 10 filing forbankruptcy:“Iwill Thecoronavirus has spared 8 never clawmyway out of this few industries and expanded 6 situation.” unemployment benefitsde- 4 Theeconomyisreviving in signed to replacethe average partsofthe countryincluding American income didn’t cover 2 NewYork,whereMs. Hopkins all the lost payofhigher- 0 lives.Most courtsinthe state earning workers, especially in ‘I didn’t think I would have to do this,’ says Lynn Scott-White, top, who is preparing to switch 2005 ’10 ’15 ’20 have reopened. But lawfirms

or near expensivecities.The careers. Lawyer Alysse Hopkins says the pandemic has drastically reduced her work; ‘Itfrustrates Sources: NewYork FedConsumer Credit Panel; in NewYork City and Long Is- extra$600 weekly payments me to notbeable to earn aliving.’ Equifax land that used to hireher to expired in July,putting them avoid the hour-or-moredrive even further behind. tertainment was12.7% in Au- pandemic,she said. when Igrowup.” to hurt businesses in indus- arenow handling their cases “What Isee happening here gust, morethan triple its She deferred lease pay- By some measures,the out- tries that weren’t immediately online. is acoreassault on successful year-earlier level. In educa- mentsonher Infiniti QX60 for look forhigher-earning work- affected by shutdowns. Ms.Hopkins is working college-educated families, tion,itmorethan doubled to three months and started pay- ersappearsworse than dur- JPMorganChase &Co. says again, taking virtual deposi- whichare the newbreed of 10.2%. Sales and officeunem- ing again with unemployment ingthe 2008 financial crisis. it expectsthe U.S. to add tions,but the volume is noth- middle-class American fami- ployment was 7.8% in August, benefits. Her husband traded In August, about 3.3million roughly 5.4million jobs in the ing likeitwas.She had six as- lies,” said AnthonyCarnevale, up from 3.8%inAugust 2019. in his Ford F-150 in August people age25and over with thirdand fourth quarters. signmentsinAugust and a director of the Georgetown Architects and engineers, foralower-cost carand re- bachelor’s degrees or higher That would leave the U.S. few so far this month. Pre- University Center on Educa- who earn $1,826 in average duced his original monthly were unemployed, up from 1.2 economywith about 9.2mil- pandemic,she appeared in tion and the Workforce. weekly pretax income,well paymentof$820 by about million in February, according lion fewerjobs sinceFebruary. court on averagefor four to “There’saprofessional work- abovethe $1,389 average $100,and his income covers to the Bureau of Labor Statis- “The pandemic has agrip six cases aday.“Idon’t know forcethat’sgetting slammed.” among full-time wage and sal- the $2,100 mortgage. tics.During the last down- on theeconomy,” Citigroup if it’severgoing to go back to Roughly sixmonths into aried workers, have seen un- Afterabout 24 yearsinthe turn,that number peaked at Inc.CEO Michael Corbat said that,” she said. the pandemic,manylenders employment rise to 3.7% from travel industry, Ms.Scott- about2.2 million. when the bank reported sec- She and Mr.Boschen that let borrowers skip 0.8% ayear earlier.Unemploy- Whiteispreparing to switch Postingsfor jobs with sala- ond-quarter earningsinJuly, paused their $750 in carpay- monthly payments nowexpect ment forcomputer and math careers, concluding it could ries over $100,000 were down “and it doesn’t seem likely to mentsfor April and May. They to getpaid again. They have occupations,which earn 19% in August from April, loosen until vaccines are gotaone-month break on a set aside billions of dollars to $1,919 aweek on average, while postingsfor all other widely available.” This month, $680 paymentonapersonal coverpotential losses on morethan tripled to 4.6%. ‘There’s a salary categories increased, the bank said manycustomers loan takenfor abathroom soured consumer loans—an according to job-search site that previouslyenrolled in de- renovation. acknowledgment that Amer- professional ZipRecruiterInc. ferment programs aremaking Mr.Boschen said his nearly White-collar pain ica’sdecadelong debt binge workforce that’s American Airlines Group payments. $800 in monthly student-loan has come to an end. It could getworse.“The Inc.and United Airlines Hold- paymentsare deferred through Credit-carddebt has fallen pain so far in the economy getting slammed.’ ingsInc.have outlined plans December. That, and money in recent months.But with a has largely been at thelower to furlough or layoff thou- ‘Very dire’ setaside fortheir daughters’ big chunk of government as- end of the payscale,” said sands of employees on Oct. 1, Terri Smith, 64, said her summer camp,freed up sistancegone, Congressisstill Discover Financial Services when federal aid expires,un- jobanalyzing legal expenses enough to help covertheir haggling over asecond round ChiefExecutiveRoger Hoch- be along time beforecorpo- lessthey receivemoregov- forher employerwas elimi- $3,000 monthly mortgagepay- of coronavirus relief.President schild, adding that many of rate travel returns to previous ernment assistance. Business- natedinaround of cost-cut- ment and $1,500 monthly Trump signed an executiveor- “the white-collar layoffs are levels.InAugust, her em- software company ting.Evenwith the extra health-insurancepremium. der in August to provide an stilltocome.” ployergaveher three options: Salesforce.com Inc.iselimi- $600 aweek,unemployment Ms.Hopkins’sweekly state extra$300 aweek in federal Lynn Scott-White, 47,was severanceofaweek’spay for nating 1,000 jobs;aspokes- didn’t coverher lost earnings, unemployment of $441 after unemployment benefits. The furloughed from herjob as a each year employed, unpaid woman said the companyis and she is nowdownto$285 taxesended last week,she paymentshaven’t been dis- corporatetravelagent at the leave until late March or con- also adding 4,000 jobs over aftertax in weekly unemploy- said, at the same time that she tributed by everystate yet, end of March. Beforethe pan- tinue on furlough. thenextsix months. ment benefits. received a$262deposit, the and Democratssay the presi- demic,she and her husband She resigned, opting to MGM ResortsInternational Themonthly mortgagepay- firstofher unemployment ben- dent’sorder violated congres- together earned roughly take the severance. She re- and Stanley Black &Decker ment on her Charlotte,N.C., efitstied to President Trump’s sional-spending authority. $150,000,she said. turned to collegelast month Inc. notified some furloughed home is $1,550,she said. Her August executiveorder. Unemployment has fallen TheDenton, Texas,couple to completeabachelor’s de- employees they would be laid carpayment is $550.Health Ms.Hopkins said she re- from itspandemic peak of pay$4,400 amonth on their gree in kinesiologytopursue off.The companies said they insurancecosts$600 a cently took out a$36,500 near 15%, but the rate stood mortgage, four carloans and asports-medicine career.She have brought back,orexpect month, and arecent hospital Small BusinessAdministration at 8.4% in August, up from leases,and student debt, Ms. borrowed$5,000 against her to bring back,manyofthese visit cost $7,500 in out-of- loan, because she qualifies as 3.5% in February, according to Scott-Whitesaid. Minimum 401(k) to help payfor it. “I employees. pocket expenses.She has asmall businessthrough her the Bureau of Labor Statistics. required monthly credit-card didn’t thinkIwould have to America’sbiggest banks dipped intosavingstokeep legal work,tocover the work Unemployment forthe arts, paymentstotal about $700. do this,” she said. “I’m trying have indicated they areprepar- up with billsand is thinking bills.She said she has 30 design, media, sportsand en- Thedebt wasmanageable pre- to decide what Iwant to be ing foraprotracted downturn about withdrawing from her yearstorepayit. P2JW265000-4-A012A0-1------NS

THE WALL STREET JOURNAL. **** NY Monday, September 21, 2020 | A12A GREATER NEW YORK Shoppers Spend Money Close to Home

Foot-traffic data show lower, respectively,than before Foot traffic in neighborhoods thatrely on local residents nesses—including grocers, meni enclave.The neighbor- the pandemic. has reboundedstronger than districts thatdependedon jewelersand restaurantswith hood is a bit of a walk to the smaller neighborhood In Morris Park,amiddle- tourists and commuters. outdoor dining that serveli- nearestsubway station, and classareanear the Jacobi and quor—aredoing brisk business. businesses have long relied on commercial areas get Daily foot traffic*asapercentageofpre-pandemic level Montefioremedical centers, But the neighborhood’s local residents. But the busi- boost from residents foot traffic only fell 30% at the 160% dental offices areslowerthan nesses serveastable customer height of the pandemic and re- 140 usual, and hair and nail salons base and haven’t felt the pres- BY KATE KING coveredbythe end of August, NewDorp areoperating under occupancy sureofrising real-estate 120 according to Foursquare’sdata. Jackson Heights restrictions and pulling in less prices in recent years. As manyofNew York City’s SafetPaljevic,who owns 100 Morris Park money, Ms. Ramos said. “Just Although thereare afew large commercial districtscon- Conti’sPastryShoppe there, 80 because the businesses are moredarkened storefronts tinue to struggle without tour- said his walk-in business sky- Harlem-125th St. open doesn’t mean it’sa this summer than last, most 60 istsand commuters, some rocketed over the past few Financial District strong economy,” she said. shops areoperating,and eight 40 smaller neighborhood corridors months. Local residents were Union Square- TheStatenIsland neighbor- newbusinesses have opened arefaring better, according to a skipping summer vacations 20 Flatiron hood New Dorp is faring a bit sinceMarch, said Camelia Te- Wall Street Journal analysis of and stopping by forsweets; better. The walkable business pelus, executivedirector of the 0 Times Square Foursquarefoot-traffic data. cake sales alone jumped from district,located near alocal Morris Park BusinessImprove- Foot traffic has rebounded 150 to nearly 400 aweek.The March 2020 MayJuly Sept. train line,has seen astrong ment District. to pre-pandemic levels in increased foot traffic has *7-day rolling average rebound in foot traffic,accord- “When youwalk the corri- shopping districtslikeMorris nearly made up forhis lost Source:Foursquare ing to Foursquare data. dor it seems alive,” she said. Park in the Bronx,Jackson wholesale and catering busi- NewDorp enjoyedlow “Overall, we’recautiously opti- HeightsinQueens and New ness, Mr. Paljevic said. fluent residents, manyof people are still leery of going storefront vacancy before the mistic in the contextofCovid.” Dorp on StatenIsland. Many “The world is collapsing whom have decamped to sec- into shops,” he said. pandemic as well as ahyperlo- Restaurant owner Lillian Poli of the small businesses that around us,” he said,“but if ond homes, he said. This appearstobethe case cal customer base that draws creditscommunity support line these streetsnever relied your kid is turning 3yearsold, “Businesses all over the city in Jackson Heights, Queens, shoppers from the rest of the with keeping her business on officeworkersortourists you’restill going to getthem a arehurting likenever before,” wherethe streetsare bustling borough, said Niles French, di- afloat. Ms.Poli and her hus- and nowaren’t hurting as birthday cake.” Mr.Bowles said. “Ifthere’sany but manyofthe neighbor- rector of the NewDorp Lane band bought theMorris Park much without them. Jonathan Bowles,executive glimmer of hope,it’sfor neigh- hood’ssmall, immigrant-owned District, abusinessimprove- Innwith another couple last Manhattan’slarge business director of the nonpartisan borhood businesses that are businesses arestruggling,said ment group.Hesaid he knows November.She worries about districtsare quieter,bycon- think tank Center foranUrban seeing more foot traffic than Leslie Ramos,executivedirec- of only two businesses that howthey will paytheir rent trast, with the number of visi- Future, said outer-borough ever andsome newcustomers.” torofthe 82nd Street Partner- have permanently closed since and utility bills this winter if in- tors to Times Squarestill down residentswho previously Mr.Bowles cautioned that ship,abusinessimprovement the early spring. door dining is still restricted, 65% from February, according bought lunch or gottheir hair increased pedestrian activity district that covers Jackson In the Bronx, Morris Park’s butiscounting on continued to Foursquare, alocation-tech- cut near their Manhattanof- doesn’t necessarily mean more Heightsand aportion of businesscorridor hostsmostly support from the neighborhood. nologycompany. Foot traffic ficesare nowspending money revenue forbusinesses.“Alot Elmhurst. Residents, manyof mom-and-pop shops and is “People arecoming out,” around Union Squareand the closer to home.Manhattan’s of the people walking around whom arenolonger commut- ethnically diverse, home to she said. “Ifitwasn’t for Financial District is also slower central business districts are areout of work and don’t have ing intoManhattan, aresocial- both old-school Italian restau- them, I don’t think we’d have than usual, about 50% and 40% also missing touristsand af- money to spend, and some izing outdoorsand some busi- rantsand aburgeoning Ye- our doors open.” Charter Adjusts for In-Person Instruction ManArrested In Va ndalism BY LESLIE BRODY

Children at Zeta Inwood 1 That Ledto Elementary in upper Manhat- tan used to greet their teach- Derailment erswith hugs. Nowthey can wave,wiggle,danceormakea BY PAUL BERGER peace sign instead. Studentsare learning a A 30-year-old man was ar- bunch of rules to keep the new rested by policeafter being coronavirus out of their small questioned Sunday regarding charter school, one of the few the derailment of asubway New York City public schools train in New York City earlier that hasalready been holding in the day, according to the in-person instruction every New York Police Department. day for weeks. Metropolitan Transporta- Founder Emily Kim, afor- tion Authority officials said an mer lawyer,aims to showthat Atrain, which wastraveling

opening safely is possible with JOURNAL northbound with more than proper health protocols, vigi- 130 people aboard, struck de- REET

lanceand quick pivotswhen ST bris as it entered a station at

problems pop up.“There’sa LL 14th Street in Manhattan way to managerisk,” she says. WA around 8:17 a.m. Thefront car

“Even if there’sanoutbreak, THE of the train derailed, officials R

we knowhow to managethat.” FO said, scraping four pillarsthat

Debates have ragedover AR separatenorthbound and howtoreopen school buildings SK southbound express tracks. in acrowded city that wasa BHA Fire Department of New coronavirus hot spot in spring. York officials said 30 passen- MayorBill de Blasio has twice gers were evacuated from the GABRIELA delayedthe start of in-person At Zeta Inwood 1 Elementary in upper Manhattan, students are learning rules and have new setups to guard against the coronavirus. train. Threepeople suffered instruction in traditional public minor injuries.Two of the schools,after manyprincipals daytomorethan 100 charter Nearly all children at Zeta bought air purifiersand touch- recent morning.Raquel Reyes, people refused medical assis- said they lacked staff, protec- leadersnationwide,hosted by Inwood 1, which serves prekin- lessfaucets. It put lids on toi- anurse,said her first-grade tance. Athirdperson was tiveequipment and ventilation. NewSchools VentureFund, a dergarten through thirdgrade, letstoprevent germs from be- daughter fell behind aftercam- taken to Bellevue Hospital. On Thursday, the mayoran- nonprofit that investsinim- arelow-income and Black or ing dispersed during flushes.It pus shut in March,but aftera “Atthis time,the cause of nounced aphased re-entry, proving education. She spelled Hispanic.Just over 100 have gaveteachersfannypacks full few weeks in classshe wasback the incident appears to be an with preschoolersstarting in out howshe changed recess, chosen to come in person— of extragloves and hand sani- at herprevious reading level. act of vandalism,” SarahFein- person Monday. Studentsin lunch, transitions between about one-quarter of those en- tizers. They hadvoluntary “IfIcan go to the super- berg, the MTA’s interim head K-12 start remotelearning then. classes,and other necessities. rolled. Othersare learning on- testing for the virus before market, they can surely go to of the subway system, said Oncedistrict schools open Some NewYork City inde- line.The Zetanetwork,which school started, and then an- school,” said Dominique Grant, Sunday. fully,their studentswill be able pendent and religious schools, has 900 studentsoverall, also otherround, Ms.Kim said. asocial worker who brought TheNew York PoliceDe- to attend in person one to andafew other charters, have has a site in the Bronx. Abig advantagewas Zeta’s her kindergartner. partment said Sundayevening three days aweek,with remote also brought studentsback to Thenonprofit’sofficials ability to adjust quickly to un- Children at Zetastayin that Demetrius Harvardofthe learning the rest of the time. campus already,saying they said they spent six figureson expected problems,unfettered “batches” of 15 or fewer, to Bronx wasseen throwing con- At ZetaInwood 1, housed in learnbest facetoface. “How virus-related equipment for by much of the city Depart- limit potential contagion. struction debris ontothe aformer Catholic school, there farbehind is it acceptable for the network.Itreceived about ment of Education’sred tape, Clear plastic dividersstand on northbound tracks.Mr. Har- is spacefor children who achild to fall as aresult of this $750,000 in forgivable loans she said. When masks kept desks set at least 6feet apart. vard was arrested on charges chose in-person classes to at- pandemic?” Ms.Kim asked. from the federal Paycheck Pro- slipping down children’snoses, Manychildren keep stuffed of recklessendangerment, tend all five days.Sofar,its About 130,000 city students tection Program, intended to the charter bought gadgets turtlesonhand if they need criminal mischief,assault and officials say, no studentsor attend charters, tuition-free help small businesses and non- that tighten the loops around soothing.Their teacher can criminal trespass. staff have tested positivesince public schoolsthat aretax- profitsavoid layoffs during the their ears. When teacherswor- cuddle one at the same time to Following Sunday’s derail- the opening on Aug. 31. payer-funded and indepen- pandemic.Some charter critics ried they couldn’t tell if chil- convey a joint hug. ment the MTAcut powerto Overhauling everything from dently operated. Most, like have called it unfair that char- dren were smiling or upset, it “Can Igotothe bath- the thirdrail, causing asecond drop-off procedures and toilets Zeta, aren’t unionized. Some ters could tapsuch funds when bought masks with clear plas- room?” one little boy asked. northbound train to stop in a to taekwondo class(no more advocates fortraditional pub- regular public schools couldn’t. tic showing their mouths. “Just make sure you follow tunnel south of 34th Street. shouting allowed) has been a lic schools complain that char- Zetaofficials declined to com- Parentslined up to have the path,” his teacher an- The125 passengersaboard massiveundertaking.Ms. Kim ters weaken the district by si- ment on that issue. their children’stemperatures swered, pointing to stickers that train were evacuated onto gaveastrategylesson Wednes- phoning money and students. Over the summer Zeta checked at Zeta’sdrop-off on a down the hallway. a local train before 9:50 a.m.

STATESTREET | By Jimmy Vielkind LawmakersSeekIndependentProbe of Nursing-Home Deaths

With lin- plan in place if we don’t sued afterhospital represen- of coronavirus patientswho Health Commissioner including Health Committee gering ques- have the answers, exactly, to tatives contacted Gov.Andrew died at hospitals afterbecom- Howard Zucker said at an Chairman Gustavo Rivera tions about what took place in our nurs- Cuomo’steam to expresscon- ing sick in nursing homes, Aug. 3 legislative hearing and James Skoufis, chairman how the novel ing homes and hospitals cern that they would runout and whose deaths weren’t that he was still reviewing of the Committee on Investi- coronavirus when our individual most of capacity.Health Depart- tallied alongside residents the data, and wouldn’t re- gations and Operations, sent killed thou- vulnerable population got ment officials saythe direc- who died at nursing homes. lease the figures until he was a letter to Dr. Zucker on Aug. sands of New Yorkers who sick with Covid,” said Mr. tivefollowedguidancefrom Lawmakersand analysts assured of their accuracy. 20 that requested more in- lived in nursing homes, a Tedisco, who is sponsoring a federal health agencies,which saythe state’sofficial tally of Health Department spokes- formation about the March group of state lawmakers is bill to create a commission. said nursing homes could ac- 6,477 confirmed or presumed man Gary Holmes said last 25 directive as well as death pushing to create an inde- Assemblyman Ron Kim, a cept coronavirus patients. week that officials are also figures. Dr. Zucker hasn’t re- pendent commission to get Democrat from Queens,sup- Some nursing-home execu- conducting confirmatory and plied, a Senate aide said. answers from the state De- portsthe bill and is seeking tives and advocates saythe Both Republican postmortem testing to en- The Health Department partment of Health. information about acontro- directive contributed to the sure data integrity. also hasn’t answered a pub- State Sen. Jim Tedisco, a versial March 25 stateHealth spread of the virus in homes. and Democratic Mr. Tedisco’s five-member lic records request for the Republican from the Department directive,which AJuly report issued by the legislators push for commission would include death figures filed in August Schenectady suburbs,last said nursing homes couldn’t Health Department—afterit four legislative representa- by the Empire Center, a fis- week announced an online refuse to admit or readmit wasreviewedand edited by more information. tives, split evenly by party, cally conservative think tank. petition drivetobuild public people,including hospital senior membersofthe Demo- as well as an appointee of The Empire Center sued the support forsuch acommis- patients, if they were in- cratic governor’s staff—con- the state attorney general. department Friday. Mr. Az- sion. He said apair of August fected with coronavirus. cluded that the virus was Republicans said they would zopardi said the lawsuit was hearings, convened by Demo- “For me, the biggest ques- brought intonursing homes coronavirus nursing home use the commission to sub- a publicity stunt from a cratswho control the Assem- tion that still remains is who by infected staff.Mr. Cuomo’s deaths understates the true poena information on the right-wing advocacy group bly and Senate, didn’t pro- made the call to transfer the senior adviser,RichardAzzop- toll. Some health-policyex- death toll from the state seeking to distract from the ducethe information needed patients, and the impact of ardi, dismissed Mr.Tedisco’s pertswho have analyzedfed- Health Department and in- failings of the federal gov- to evaluateand adjust state transferring patients back push as apublicity stunt. eral death datasaid the true terview other department of- ernment’s pandemic re- policies beforeapredicted and forth,” Mr. Kim said. Messrs. Kim and Tedisco number of virus-related fa- ficials who developed policy sponse. second wave of the virus. TheWall Street Journal re- areboth asking the Health talities at NewYork nursing during the pandemic. “We can’t have the right ported the directivewas is- Department forthe number homes likely exceeds 10,000. Democratic state senators, [email protected] P2JW265000-2-A012B0-1------NS

A12B | Monday, September 21, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Algorithm HelpsDecide

Who Is Freed Z/REUTERS MUNO

BY CORINNE RAMEY warrants, said Aubrey Fox, ex- ARDO

ecutivedirector of NewYork EDU AfterYunio Morla was City Criminal JusticeAgency, a chargedwith assaulting and pretrial-services nonprofit choking his ex-girlfriend, a that administersthe assess- JOURNAL;

Brooklyn prosecutor asked a ment and worked with the city REET judge to hold him on $15,000 to develop it. ST bail. His record included a “Ifanything,the courtsare LL WA 2007 felonyconviction involv- saying, ‘We need your help in THE

ing the same woman. making surepeople come R Thedefense attorney back,’ ” he said. FO

pointed to asheet on the Jurisdictions acrossthe U.S. GEN judge’s bench that held a po- have long used algorithms to HA tential key to his client’sfree- help makedecisions about KEVIN

dom: the result of anew algo- bail, classifyinmates and sen- P: rithm that had crunched Mr. tenceconvicts. Thecity set TO OM

Morla’sdataand scored the outtobuild anew system to FR likelihood the 41-year-old con- addressacriticism of other tractor would appear at his fu- models: that they recom- turecourt dates.His scorewas mended lockup fordispropor- Phone Number Seen 25 out of 25. tionatenumbersofyoung As Sign of Stability “You have some scientific Black and Latino men. Many evidencethat people in similar critics of the models say they situations would makeittoall were built using inherently bi- their court dates,” Mr.Morla’s ased data. While most of the tool’s lawyer said at the November “You’recodifying these data derive from records held arraignment. structural inequalities intothe by various city and state “He does have aperfect tool,” said ScottLevy, chief agencies, two critical pieces— score,” said Judge Hilary Gin- policy counsel at the Bronx whether the defendant re- gold. She released Mr.Morla Defenders, apublic-defender ports a phone number and without bail. organization. “That is particu- the amount of time living at Thealgorithm is at the cen- larly pernicious because you his or her past two ad- terofareal-world experiment aredoing it under the guise of dresses—depend on inter- New York City began late last science.” views conducted before ar- year to help decide who stays Thecity’s effort began in raignment. in jail beforeacriminal trial 2014shortly afterDemocratic One afternoon in Novem- and who goes free.The tool, MayorBill de Blasio took of- ber, recently arrested defen- theresult of a$2.7million, fice espousing progressivepol- dants crowded into a holding five-year process, wasde- icygoals,among which wasto cell in the basement of signed to bring about better shrink the city jail population, Brooklyn Criminal Court, wait- decisions by the 200 or so then about 11,000. Crime had ing to be arraigned. Many judges who make snap deter- reached historic lows. “It still looked exhausted and scared. minations everyday about seemed that therewerealot One by one, they entered people’s freedom. of people,too manypeople, a locked booth, where on the Thealgorithm—typically going in forverylow-level of- other side of a plexiglass win- called a“risk assessment,” fenses,” said Elizabeth Glazer, dow an employee of the New though city officials prefer director of the Mayor’s Office York City Criminal Justice “release assessment”—is set of Criminal Justice. Agency asked questions that to return to use later this Judges were too conserva- could affect their score. month afterasix-month hia- tive, she said, setting bail for A man wearing a green tus because of the coronavirus defendants statistically likely hoodie balked when the pandemic. to return to court. staffer asked for a phone Thetool has been mostly To build the tool, NewYork number. well received, with prelimi- City’s pretrial agency in 2017 The staffer, knowing the nary data showing its recom- hired two research firms and man’s liberty could be on the mendationsaligned with the handed them recordsfrom line, tried to coax it out of likelihood of defendantsshow- morethan 1.6million arrests him. ing up for court. Some judges from 2009 through 2015. “It would be really help- have said they understand the CrimeLab,aUniversity of ful,” he said gently, “if you sciencebehind the tool and Chicago research center, used would give me a contact so arethereforelikely to trust its statistical software to analyze the judge can make a better recommendations. the data. Among other things, recommendation that you be Its return comes at a chal- it found that defendants who released, sir.” lenging time forthe city’s reported aphone number and The man soon gave his criminal courts, which cur- addressweremorelikely to phone number. Judge Hilary Gingold in Brooklyn, top, considered adefendant’s‘release assessment’ scorewhen she tailed operations during the showupfor court appoint- freed him without bail, atool thathas been used citywide. Above,the Manhattan criminal court building. pandemic.Thereare now ments. 41,000 pending cases,about Some resultsCrime Lab panel of researchers. different racesand ethnicities, statelawmakersthrew a showthe newtool’srecom- 40% more than this time last sawsurprised it. Aquestion Among the debates was the researchersexcluded data wrench intothe process. They mendationsdidn’t have such year.Shootingsand homicides used in NewYork City’s old al- howtobalanceaccuracyand on low-level marijuana of- passed alaw—some partsof racial disparities.FromNov.12 areup. Judges have been con- gorithm—“Do youexpect fairness, said Ojmarrh Mitch- fenses and “theft of service,” which were rolled back in through March 17,the algo- ducting video arraignments someone to come to arraign- ell, aprofessor at Arizona mainly subway turnstile jump- July—saying that foralmost rithm recommended releasing without using the assessment ment?”—turned out not to State University who served ing.Removing farebeating all misdemeanorsand nonvio- without conditions 83.9%of and have become accustomed predict anything,said Gregory on the panel. and marijuana arrestslowered lent felonies, judges can’t set Blacks,83.5% of whites and to making decisions without it. Stoddard, asenior research di- An accuratealgorithm the racial disparity in the tool bail andmust release defen- 85.8%ofHispanics.Defendants Still, the tool could help al- rector at the firm. Neither did would do agood job of pre- by 0.4%, essentially making it dants. with higher scores returned to leviate backlogsand avoid the question of whether a de- dicting whether defendants slightly fairer but a little less Thelaw forced the re- court moreoften than those fendant had ajob,oncethe showed up, and thus whether accurate. searcherstoassesswhether with lowerscores, showing the Back to Court analysistook intoaccount to recommend release,Mr. Judges didn’t like it. “They the tool they had devised still algorithm seemingly made ac- other factors including crimi- Mitchell said, and a fair algo- made accuratepredictions, curate predictions. Percentage of defendants nal history. rithm wouldn’t result in more based on both the bail lawand In the case of Mr.Morla, who attendedall scheduled Arecent bench warrant, release recommendations for aseparatelaw changethat ex- theman who wasaccused of court appearances,by The tool’s 25­point which is an arrest order issued whitedefendantsthan foroth- punged past low-level mari- assaulting hisex-girlfriend assessmentscore. to adefendant who fails to ap- ers. scoring is based on juana convictions.After slight and had apast felonybut a 25 pear for court appointments, “There’satrade-off be- eight factors, adjustments, they said it did. perfect scoreonthe newalgo- 23-24 had predictivevalue,showing tween accuracyand fairness,” The tool’s 25-point scoring rithm, it took intoaccount adefendant lesslikely to ap- Mr.Mitchell said. “They weighted differently. is based on eight factors, that he had aworking phone 21-22 pear. wanted to maximizeboth. But weighted differently.Its cre- number and had lived at the 19-20 Theother firm, Luminosity maximizing one almost neces- atorsprojected it would rec- same place for four decades. 16-18 Inc.ofSt. Petersburg, Fla., sarily reduces the other.” ommend release without con- It didn’t weigh his previous built 72 models, said director Theadvisers also debated said, ‘I wasloving this,all this ditions for86.7% of Black conviction, which was for as- 12-15 of dataanalytics Marie Van- policyquestions such as at data-driven, evidence-based defendants, 89.7%ofHispanics saulting the mother of his two 9-11 Nostrand. It ultimately win- what level of risk ajudge demonstration of what’s pre- and 90.7% of whites. children, because that oc- nowed them to three. should or shouldn’t recom- dictive. Now you’re putting a This is far different from curred morethan adozen 7-8 Several months later,the mend release.For each defen- policy thumb on this,’ ” said thecity’s prior tool, last up- years ago. 4-6 firms compared conclusions— dant, the tool would provide a Susan Sommer, general coun- dated in 2003.That one called Afterhis release,Mr. Morla 0-3 strikingly similar despitetheir scoreand arecommendation sel at the Mayor’sOfficeof forreleasing just 34% of de- did return to court. His case 02% 55075100 different methods—and began for the judge. Criminal Justice. fendantswithout condi- has sincebeen dismissed. The working together to develop Morethan ayear of tinker- Theresearchersadded tions—30.8%ofBlacks and Legal Aid Society, which rep- Note:Cases include defendants arraigned between Nov. 12,2019, and March 17,2020 thefinal product. They pre- ing ensued. To decrease the those charges back in. 39.5% of whites. resented him, declined to com- Source:New York CityCriminal JusticeAgency sented theconclusions to a differences in outcomes for In April 2019,New York Datareleased this month ment. GREATERNEWYORKWATCH CORRECTIONS  AMPLIFICATIONS NEW YORK CITY Blackstone Group Inc., Vornado RANDALL’S ISLAND CONNECTICUT NEW JERSEY Realty Trust and the National Business Leaders Basketball Association. Robert Divers Search forBoy Lawmaker Has Virus, Biker Club Shooting Thefirst name of golfer Ti- Want Recovery Role Thomson, chief executive of Who Fell in River Calls forMoreTesting Leaves One Dead ger Woods was misspelled as News Corp, the parent of Dow Tigers in acaption Thursday Leaders of some of the most Jones & Co., which publishes New York Police Department U.S. Rep. Jahana Hayes of A shooting inside a New Jer- with aphotoshowing Mr. powerful companies in New York The Wall Street Journal, also divers resumed their search Sun- Connecticut has tested positive sey motorcycle group’s club- Woods during apracticeround City have offered to work with signed the letter. day for a 5-year-old boy who for Covid-19, she said Sunday. house left a Philadelphia man before the U.S. Open. Gov. Andrew Cuomo and Mayor A spokeswoman for Mr. de climbed a tree and fell into the “After going to 2urgentcare dead and another person criti- Bill de Blasio on a plan for the Blasio said the mayor appreci- Harlem River. centers yesterday,Ifinally gotan cally wounded, authorities said. city’s recovery from the new cor- ated continued input from the The boy was with his family appointmentata3rd siteand The shooting at the Wheels Noticetoreaders onavirus pandemic. city’s business leaders. “It’s going on Randall’s Island for his wastestedthis morning,” the of Soul clubhouse in Camden oc- Wall Street Journal staff A letter sent to the city’s and to take all of us being all-in on brother’s soccer practice when first-term Democrat said on Twit- curred around 1:45 a.m. Sunday, membersare working re- state’s leaders on Friday calls on New York City’s recovery to he fell into the water at about ter. She said she has no Covid-19 according to the Camden County motely during the pandemic. the two elected officials to con- make this work,” she said. 2:30 p.m. Saturday, police said. symptoms “except forbreathing Prosecutor’s Office. Police found Forthe foreseeable future, vene a leadership initiative Mr. Cuomo, in a statement Adults who were at the soc- issues which arebeing monitored.” Jermaine Wilkes, 38 years old, please send reader comments drawn from across industries to provided by a spokesman, said: cer practice jumped in the water Ms. Hayessought testing af- and another man had both been only by email or phone, using develop plans for how New York “I am fully aware of the plight of after the boy but couldn’t reach ter one of her staff members shot multiple times. Mr. Wilkes the contactsbelow, not via and other cities can re-emerge New York City and want to as- him. “The last thing I saw was a tested positive for the coronavi- was pronounced dead at the U.S. Mail. stronger from the crisis. sure the public that the state little arm sticking out,” Luis Ra- rus on Saturday. She said her scene, while the other man was The 177 signatories include will provide leadership as it has mos, who was coaching the soc- experience underscores the need hospitalized in critical condition. Readers can alert The Wall Street Journal to any errors in news articles the leaders of Citigroup Inc., throughout the Covid crisis.” cer practice, told WABC-TV. for a national testing strategy. His name hasn’t been released. by emailing [email protected] or Goldman Sachs Group Inc., —Paul Berger —Associated Press —Associated Press —Associated Press by calling 888-410-2667. P2JW265000-0-A01300-1------XA

CAREERS & LEADERSHIP PERSONALJOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, September 21, 2020 | A13 More of theFamilyLives Under One Roof

Covid-19 changes a young couple’s plans on where to call home

WORK & LIFE RACHEL FEINTZEIG

fter saving up for a place of their own, and setting off on a year of travel around the Aworld, 29-year-old An- drea Martinez Allen and her husband, Nick Allen, thought their days living with fam- ily were numbered. Then came the pandemic. When Covid-19 abruptly can- celed their trip and brought them back to San Francisco this spring, they began to embrace the idea of more permanent multigenerational living. After five months in the

house where Andrea grew up, she JOURNAL and Nick are now moving 3 miles REET

away—to his parents’ house. ST “When we think about long- LL term, like who knows how long WA

this will be? We want to be near THE R

family. We want to be near people FO we love,” says Andrea, who works

at a health-care nonprofit. MANEY “What’s important? Is it you

and your individual needs and HBETH RA

wants or is it, like, for the better SA of your community?” she says. Nick Allen and Andrea Martinez Allen, left, are moving into the San Francisco home of his parents, Barbara Allen and Mark Allen. The Allens aren’t the only ones rethinking the value of the tradi- tional, single-family setup, won- moved were now cohabitating with She loved the closeness, but in May upon returning stateside. and Andrea could have more space dering if there’s strength in num- family. also felt pressure to launch, espe- They hear her dad snoring through and potentially start a family of bers instead. Multigenerational “Multigenerational living is here cially after becoming the first in the wall. Andrea’s grandpa walked their own—began to feel less in- living has been on the rise since to stay, whether the bump up it her family to go to college. She re- in on the couple making out in the timidating. “It feels like an expan- 1980, according to an analysis of gets during the pandemic is tem- members telling herself: Leave the kitchen. sion of our life basically rather census data by Pew Research Cen- porary or not,” says D’Vera Cohn, house, be independent, live the But mostly this stretch has been than a contraction,” he says. ter. Covid is likely accelerating a senior writer and editor at Pew. American dream. a chance to connect with family, Now carved into three apart- that trend, much like the 2008 re- Many who move in with relatives After her 2018 wedding to Nick, especially the older generation. ments, the Victorian house where cession did. view it not as a financial setback, the couple moved into her parents’ Andrea’s grandmother taught her Nick grew up is shared by his sis- This time, there is both wide- but a way to build community and house together in what was meant how to make salsa, and everyone ter, her husband and their two spread economic uncertainty and maintain ties. to be a short-term stint to save was able to gather to celebrate her daughters, who live on the second flexibility for those workers who Andrea grew up surrounded by 78th birthday this spring without floor, and his parents, who live on are newly remote. Many crave the family. Next door were her grand- worrying about potential exposure the top floor. Andrea and Nick are space afforded by their suburban parents—the house was separate, The pandemic is likely to the virus. Even the fact that An- set to move into the first-floor, childhoods, need help from family but the families left their back drea’s sister, also back at the three-bedroom flat, which had to keep kids’ distance learning on doors unlocked and tore down the speeding up the trend of house after Covid-19 upended her been occupied by renters. (Nick track or worry it isn’t safe to fence separating the two lots in multigenerational senior year of college, overhears and Andrea will pay rent, too.) spend time with elderly relatives the back to form a joint yard. the occasional marital squabble Some nerves linger as the unless they bubble together. Andrea’s parents worked, so her households in the U.S. has a silver lining. move-in date approaches: Will the It’s hard to say how many of grandmother picked her up from “It gives me an opportunity to little ones overwhelm Nick and these arrangements will persist af- school, made her rice and beans talk about it without feeling like Andrea? And how will everyone ter the pandemic. But Pew found and Mexican noodle soup and I’m unloading in a way,” Andrea handle the logistics of the house? that 64 million people—20% of the shared stories about the family’s money. (They pay $750 a month in says. “It’s like, oh well, you heard The adults have talked about set- U.S. population—were living in journey from Mexico to the U.S. rent.) Andrea noticed Nick found us fight, let me tell you about ting some ground rules, and agree households with at least two gen- before she was born. the transition jarring. He didn’t what happened.” that Nick’s parents, Mark and Bar- erations in 2016, the latest data “I know their lives so well,” An- grow up around extended family. Nick, at work on a startup bara Allen, get the deciding vote it’s analyzed. Living arrangements drea says of her grandparents. Andrea’s grandmother knocked on called Cutback Coach, which aims on big issues. could include grandparents and Even when her parents were ab- the back door bearing salsa; her to help users build a healthier re- But mostly, everyone seems ex- grandchildren, or parents with an sent—her dad logged nights and mother offered to do their laundry. lationship with alcohol, has grown cited to begin this new phase— adult child over 25. That’s up from weekends as a garbage truck “It’s definitely close,” Nick says. to appreciate the family time, too. what Nick describes as a chance to 17% in 2009. A June survey by the driver—she always felt like there “I was a little apprehensive.” Watching Andrea’s close relation- “build a community.” research center found that 22% of was someone there cheering her There are still moments when it ships has helped him foster deeper “We know each other, but not 9,700 respondents had moved due on, or yelling at her if the occasion has felt like living in a fishbowl, connections to his own parents, really as adults,” Barbara says. to the pandemic or knew someone called for it. “I basically had many say the couple, who moved the 32-year-old says. The prospect “That casual living together is go- who had. Most of those who had parents,” she says. straight back into their old room of moving in with them—where he ing to be a real gift.”

our consciousness,” he says. your body, which also tells your The Science His research, published when he mind, that this is work time.” wasaprofessor at Northwestern At the same time, what’s casual University’s KelloggSchool of Man- has evolved. Mr. Zuckerberg and Of Dressing agement in 2012, used whitelab others in his orbit have upgraded coatstotest the impact of clothes their casual style in recent years, on psychological processes. sporting more-tailored and expen- ForWFH In aseries of experiments, sub- sive tees, sweatshirts and jeans. jectscompeted on attention tests. “They’re not sloppily dressed,” Thefirst pittedagroup wearing lab said Dr. Slepian. “So in those con- BY RAY A. SMITH coatsagainst agroup wearing texts, you put on your nicer shirt street clothes—those wearing lab or your nicer hoodie.” ina Khan, an information- coatsperformed better. In the sec- Ben Vago, aNew York-based Mtechnology consultant ond and thirdtests, one group was commercial real-estateattorney who’s been working from told the whitelab coatsweredoc- who typically would wear asuit and home in Houston since March, tor’scoats, another wastold they tie or jacket and tie to his office, tried wearing sweatpants and were painter’s coatsand another settled on amiddle ground work- hoodies instead of the blouses and wore street clothes while only look- from-home style.“I’m dressed the dress pants she typically wore to ing at awhitelab coat. In alltests, way that Iwould dresswhen Iwent the office. It didn’t work. those who thought they were wear- to the officeonaweekend,” says “Eventually I shifted to dressing ing doctor’s coatshad superior re- Mr.Vago, who is in his 30s.For the way I used to before because I sults. Theresearch showedthat the him, that has meant jeans in a realized it puts me in a better combination of wearing certain dressier dark wash, apolo shirt or a mental space when I’m working,” clothes and their symbolic meaning T-shirt and boat shoes or mocca- says the 26-year-old. led to morefocused attention, Dr. sins.“It’salittle bit morecasual, It turns out there’sactual science Galinskysays.“That theory has held but youwant to feel professional,” to back up that feeling.Researchers up remarkably well.” he says.“It’sgoing to help youper- studying links between clothes, Now he and two doctoral stu- form your work your best.” brain activity and productivity have dents at Columbia Business Dressing up toomuch—saywear- long found that dressing up for School, where he is a professor of In other research, a2015 study mously favored T-shirts, hoodies, ing aformal businesssuit while work canimproveyour perfor- business and chair of the manage- found that dressing moreformally jeans and sneakers. Silicon Valley’s working at home—could risk self- mance. Some arenow turning their ment division, have started looking forwork leads to the higher levels of tech world became known for up- consciousnessand distraction for attention to howthese factorsplay into the science of clothing and re- abstract, big-picturethinking associ- ending corporate style with its some,Dr. Galinskywarns.“They out in dressing forremotework and mote work, including the phenom- ated with someone in apowerful po- ditching of suits and ties and stan- mightfeel kind of ridiculous and Zoom meetings—including the un- enon of wearing something dressy sition. Thestudy’s co-author Michael dard businesswear. that they’replay-acting,and that expected rise of the nicetops/ above the waist and casual sweat- Slepian, associateprofessor of lead- “Just putting on [formal] might also have an impact on them.” schlubby bottoms combo. pants or shorts below screen level ership and ethics at Columbia Busi- clothes doesn’t matter as much if Another important tip for those Therise of video calls has added for video-conference calls. nessSchool, is beginning to look at you’re just as confident when working from home: What you complexity to an area of research “Is there actually an inauthen- whether this still holds forpeople you’re wearing casual clothes and wear can also make a difference known as “enclothed cognition,” or ticity cost or benefit for the fact working from home.“Thereare alot you feel like you can work just as when it’s time to wind down. “Put- what signals clothes send to the that we often have these dualistic of good reasons the findingscould well that way,” says Vanessa ting on your relaxation clothes or brain, says Dr.Adam Galinsky, co- outfits, and what is that differ- still apply today,” says Dr.Slepian. Bohns, associate professor of orga- your ‘at home’ clothes, shifts your author of the pre-pandemic re- ence, how does that affect peo- “All youneed to do is just dressa nizational behavior at Cornell Uni- brain into, ‘I can relax now. I can search that coined the term. “In ple?,” he says. “Maybe it can make little bit moreformally than you versity’s ILR School. Yet she rec- shift gears. I don’t have to be op- some ways, the clothes that you people feel inauthentic. Or maybe would at home normally.” ommends changing into clothing erating at this high cognitive wear might have an even biggerim- it will feel like people have a little To be sure, some people have associated with work at the begin- level’,” says organizational psy- O pact because we canoften see our- secret and that can be kind of a proven they can be highly effective ning of the day to cue a sense of chologist Cathleen Swody, also a HAR

DE selves and what we’rewearing and motivating thing, that they’re do- at office work in casual clothing. being in serious work mode: “You founding partner of executive- that sort of drawsthat symbolic ing something other people don’t When building his company, Face- feel physically different, and the coaching firm Thrive Leadership.

EDMON value [attached] to it even closer to know about.” book CEO Mark Zuckerbergfa- clothes feel different so that tells “It’s like the Mister Rogers effect.” P2JW265000-5-A01400-1------NS

A14 | Monday, September 21, 2020 NY ***** THE WALL STREET JOURNAL. PERSONAL JOURNAL.

HBO Dominates (3) S

Drama Awards PRES TED CIA SO At the Emmys AS ABC/ Y/

B Y J OHN JURGENSEN ADEM AC

HBO’s corporate dynasty saga, “Succession,” won outstanding TELEVISION drama series at the 72nd Emmy Awards on Sunday, as the premium for outstanding comedy series. side the virtually empty Staples Winners, clockwise from top left: cable network fought off rivals like It also earned first-time Emmys Center, where various celebrities Eugene Levy and his son, Daniel Levy, Netflix and Disney to keep its grip for its lead actors, the veteran such as Jennifer Aniston and Tra- of ‘Schitt’s Creek;’ Jesse Armstrong, on the top honor after the exit of sketch performers Catherine cee Ellis Ross joined him on stage center, and the team of ‘Succession;’ its reliable winner, “Game of O’Hara and Eugene Levy. Mr. Levy to crack jokes and present awards. and Zendaya, of ‘Euphoria.’ Thrones.” co-created the Pop TV comedy Because Emmy rules prohibited The wins for “Succession” also with his son and co-star Daniel producers from knowing results in falo forhis dual role as twins in included lead actor Jeremy Strong, Levy, who won for supporting ac- advance, they invented ways to de- HBO’s“IKnowThis Much Is writer Jesse Armstrong and direc- tor, and for writing and directing liver awards to winners live, in- True.” tor Andrij Parekh. the show. A win for supporting ac- cluding a mechanized contraption The pandemic added urgency to HBO’s “Watchmen” went into tress Annie Murphy rounded out that handed out trophies for best a pivotal year for television. An in- the night with more nominations the “Schitt’s Creek” sweep. The variety talk series (“Last Week To- flux of new streaming services than any series, and finished with show’s winners delivered their ac- night With John Oliver”) and com- upped the ante among the compe- the most wins, including outstand- ceptance speeches from backyards, petition program (“RuPaul’s Drag tition. HBO and Netflix vied for ing limited series. “Watchmen” living rooms, and other remote Race”). The show tried to balance dominance in Emmy wins, but new also earned wins for lead actress settings that highlighted the un- jokes about masks and social dis- platforms such as Disney+ and Ap- Regina King, supporting actor nights, HBO beat out the 21 total precedented format of this year’s tancing with earnest tributes to ple TV were also in the mix, albeit Yahya Abdul-Mateen II, and writ- wins of rival Netflix. The streamer Emmys. essential workers, including a UPS with fewer nominations at stake. ers Damon Lindelof and Cord Jef- had gone into Sunday’s show with Pandemic forced the Emmys to driver, a truck driver and others On an evening with no tradi- ferson. The series, loosely based a record 160 nominations, but left reinvent the rituals that make all who presented nominees in vari- tional red carpet, stars largely on the comic of the same name, empty handed in most major cate- major award shows tick. Producers ous categories. went super-glam or super-relaxed made waves for how it mixed his- gories. Its crime family series shipped some 130 camera kits to Netflix,which had arecord160 as far as fashion. Mr. Kimmel wore tory—the 1921 Tulsa race massa- “Ozark,” which had been consid- nominees, allowing them to appear nominations this year,scoreda a tuxedo. Rachel Brosnahan, a Best cre, in particular—with science fic- ered a top contender for best live on screen from locations in 10 win with “Unorthodox,” about a Actress, Comedy, nominee for “The tion and fantasy to tell a story drama, landed a win for support- different countries. Theshow young woman from an ultra-Or- Marvelous Mrs. Maisel,” wore about the Black experience and po- ing actress Julia Garner. started with a rerun of sorts—in- thodoxcommunity in Brooklyn what she called fashion pajamas lice. The comedy categories were terspersing scenes of past Emmy who flees her marriageand starts during a video call in a red-carpet HBO’s haul included a win for dominated by “Schitt’s Creek,” a audiences laughing and clapping anew lifeinBerlin. Thedirector, special as she conducted the inter- “Euphoria,” whose star Zendaya once-obscure sitcom that mush- along with host Jimmy Kimmel’s Maria Schrader,earned the award view from her living room. Ms. landed the award for lead actress roomed in popularity and accrued quips, like the one about the forbest directing in alimited se- O’Harawore a Valentino strapless in a drama, becoming the youngest acclaim over six seasons. The “Pand-Emmys”. (“You know what ries.But the streamer lost out in double crepe wool dress with a se- person to do so at age 24. show, about a rich family forced to they say,” he joked, “you can’t some key categories,including quined turtleneck top. With 30 Emmys, including start over with nothing in the have a virus without a host.”) The outstanding lead actor in alimited —Ray A. Smith awards handed out on previous backwater town of the title, won camera then cut to Mr. Kimmel in- series,which went to Mark Ruf- contributed to this article.

scraping for funds. “It was year to nounced in late July that she was Help for year,” he says, often seeking dol- giving away $1.7 billion for a hand- lars from friends and family. This ful of causes, including a third of year, the agency has raised it for racial equity. Since then, Nonprofits $218,000, quadruple the $54,000 Echoing Green has raised an addi- raised last year. tional $11 million. It will use the new funding not only to expand its Focusing Echoing Green fellowship program but also, more Through a competitive fellowship critically, to provide more funding program, Echoing Green identifies for the projects of its fellows. On Blacks and develops leaders of startups— nonprofits and businesses—with a Kingmakers of Oakland BY BETSY MORRIS social mission and provides them The nonprofit got its early start in with small amounts of funding. Christopher Chatmon’s class in the or years, nonprofits focusing About 75% of fellows are people of Oakland (Calif.) Unified School Dis- Fon Blacks have struggled for color. Founded 30 years trict more than 10 years funding, but in less than four ago, Echoing Green’s fel- ago. His goal: to create a months, that’s changed dramati- lows have included Mi- healthy learning envi- cally. chelle Obama and ronment for Black The $6.5 billion committed to Wendy Kopp, the boys in public achieving racial equity this year is founder of Teach for school. nearly double the $3.3 billion America, a major In 2010, he be- raised for that purpose in the program funding came head of the prior eight years combined, ac- teachers at low-in- district’s new African cording to Candid, which tracks come schools. In re- American Male and analyzes global philanthropy, search earlier this year, Achievement depart- using tax filings and media Nonprofit B-360, above, uses dirt-bike culture to teach children science, Echoing Green found that ment and began to shape sources. All but about $35 million technology and safety. At right, Lorenzo Lewis of the Confess Project. the nonprofits led by Black curriculum, recruiting Black of this year’s funding has been participants in its competitive fel- teachers and adding African and pledged since the May 25 death of lowship program received 24% less African-American history, language George Floyd. lot of those organizations. Here’s their clients. Whobetterthan a revenue than those led by white arts and arts classes—accredited

That pace has already slowed, how three organizations with barber to lend support, he rea- executives and had more restric- so all students could benefit—but ION

according to Candid, falling to $1.6 Black leaders who received dona- soned, especially sincemanyBlack tions on use of the money. also to help Black children under- AT

billion in August from a peak of tions are spending them. men he knewweremuch more In a good year, says president stand their cultural identity. UND FO

$2.5 billion in June. But the likely to confide in abarber than a Cheryl Dorsey, Echoing Green This year, he is set to receive Y amount of new funding and the The Confess Project therapist. raised $9 million. This year, it has $350,000 from the Raikes Founda- choice of recipients signify a LorenzoLewis, CEO,founded this By this year, Mr. Lewis and a raised about $21 million in its fis- tion and has attracted additional change. Many of the grants are go- nonprofit in 2016 to help improve colleague had trained 160 barbers cal first quarter compared with $9 funding from new donors that in- DDENBERR ing specifically to nonprofits with the mental health of men and boys in the South and Midwest to be ac- million for the fiscal year ended clude basketball’s Golden State RO Black leaders, reflecting a view of color by training Black barbers tive listeners, to validate their cus- June 30. “Out of the blue,” says Warriors and the Chan Zuckerberg THE YE;

gaining traction in philanthropy to be mental health advocates.The tomers’ feelings and to reduce the Ms. Dorsey, the organization got Initiative, the philanthropic organ- RO

that the people closest to commu- agencybegan in Little Rock,Ark., stigma of seeking help, which $10 million from an anonymous ization of Mark Zuckerbergand his N VO

nities and their problems are in whereMr. Lewis grew up going ev- could help prevent suicide, a lead- donor. Later, the organization wife, Priscilla Chan. Total revenue JA the best position to fix them. eryday to asalon wherehis aunt ing cause of death for Black men learned the donor was MacKenzie so far this fiscal year is $2.2 mil- : The influx of donations has worked as astylist and observing and boys. Mr. Lewis wanted to ex- Scott, former wife of Amazon lion, up from about $1 million last LEFT OM

been an unanticipated boon to a the social support the staff gave pand nationally but was always founder Jeff Bezos, who an- year, Mr. Chatmon says. FR P2JW265000-0-A01500-1------XA

THE WALL STREET JOURNAL. Monday, September 21, 2020 | A15 ARTS IN REVIEW

Ray Charles at the wide pop audience. piano in 1959 He soulfully reimagined Hoagy Carmichael’s1930 standard, “Geor- gia on My Mind,” and brokeprece- dent with two hit albums of coun- trymusic (“I likethe stories,” he said). Afine and bluesy pianist/or- ganist, he also made jazzrecords with arranger QuincyJones and vi- braphonist Milt Jackson. Charles re- corded Beatles songslike“Eleanor Rigby” and leftalasting influence on such rock singersasJoe Cocker, SteveWinwood and VanMorrison. ForCharles,genres were just commercial constructs: He excelled at transcending musical styles,per- sonalizing the Gershwin brothers (“Porgy and Bess”); Rodgersand Hammerstein (“Oh, What aBeauti- fulMorning”); and “Americathe Beautiful.” Declared songwriter TomWaits: “Your collection could be filled with nothing but music made by RayCharles,and you’d have acompletely balanced diet.” To paraphrase critic Henry Pleasants, if Frank Sinatra was a wizard with words, Charles was a virtuoso of vocal sounds. His full- throated singing employed an en- tire repertory of tones, shadings and colors—whispers, guttural growls, soft moans, slides, whoops, shouts, yodels, falsettos—all ex- pertly conveyed for expressive ends. His singing delivered so much deeply felt emotion that he mesmerized his audiences. A tough businessman, in 1959 he negotiated a virtually unheard- of deal with ABC Records allowing him to own his master recordings, and in 1962 he formed his own re- cord label, Tangerine Records. Charles became a millionaire su- perstar, but struggled in private GES with drug addiction; in 1965, with IMA characteristic courage, he quit,

ETTY cold turkey. /G Charles’slegacyincludes some 10,000 liveperformances; hundreds of recordings, including “Hit the /REDFERNS Road, Jack,” “I Can’t Stop Loving ARD You” and “Busted”;and the Ray PET Charles Foundation, which has

GILLES channeled $45 million toward edu- cation and hearing disorders. “Ray,” CULTURAL COMMENTARY avibrant biopic,was released in October 2004, earning Jamie Foxx an AcademyAward forwondrously summoning the singer’s style and RayCharles, Genius With Grit soul. Charles had died that June, but lived long enough to hear the movie’sfinal cut. The following year, his estate Born 90 yearsago this week,hesurmounteddaunting obstacles to forgeasingular sound donated memorabilia to the Smith- sonian’s National Museum of American History, where I curated BY JOHN EDWARD HASSE “grit” should include his image. visiting Charles then living alone in he transformed the gospel songs an exhibition that included his Born on Sept. 23,1930,hewas Seattle and doing quitewell at “It Must Be Jesus” into “I Got a stage clothing, Braille-coded Ya- ay Charles wasnever one raised in Greenville,Fla. As alad, dressing,shopping and cooking.But Woman” and “This Little Light of maha keyboard and Braille edition to abide by barriers, his earswereasonic sponge, ab- when aprettywoman wasaround, Mine” into “This Little Girl of of Playboy. (He really did read it norms,orexpectations.In sorbing everything he heard: Mr.Jones recalled, Charles would Mine,” he scandalized Black for the articles!) I worried, how- his music,asinhis life, hymns at his Baptist church, barrel- bump intofurnitureand walls so churchgoers by crossing the then- ever, that we’d get complaints Rhe shatteredthem all. house and swing on the jukebox, she’dhold his arm to help him. contentious line between the secu- from church groups or unhappy It seemed everything and the Grand Ole Opryonthe ra- He made his first commercial lar and the sacred. parents—we never heard a peep. was going against him: He was dio.Inschool, he learned to read recordings at age 18 in the style of His explosive1959 Atlantic re- Instead, I witnessed an older Black born poor and Black in the Jim and writemusic in Braille,and to Nat “King” Cole. By the mid-1950s, cording “What I’dSay” innovated man standing in front of the dis- Crow South and was blinded by playChopin and Mozart. After Charles found his own sound that by combining boogie-woogie fig- play, proudly telling his young glaucoma by age 7. His father was dropping out when his mother fused the fervor of gospel music ures,a12-bar blues structure, a grandson who Charles was and rarely around; his mother died by died, he became aprofessional mu- with the earthiness of the blues, gospel feel, sizzling syncopations, why he was important. the time he was 15. sician, performing foraspell with a paving the way for soul music. In Latin percussion rhythms,and Yet despite obstacles that would whitecountrymusic band. He nur- fact, Charles secularized gospel electric piano,while doubling the Mr. Hasse is curator emeritus of have stymied nearly anyone, tured high-definition hearing. music—then little-known to white usual running time of singles.The American music at the Smithsonian Charles triumphed as an epochal, Refusingtouse acane or seeing- Americans—by mainstreaming its erotic back-and-forth exclama- Institution. His books include heartfelt musician who moved mil- eyedog,abhorring the idea of being melismas, call-and-response pat- tions between Charles and his fe- “Beyond Category: The Life and lions beyond creed, class and pitied, he became eminently self- terns, stylized inflections and per- male backup quartet, the Rael- Genius of Duke Ellington” (Da Capo) color. In the dictionary, the word sufficient. QuincyJones told me of cussive chord progressions. When ettes, helped the song attract a and “Discover Jazz” (Pearson).

MUSIC REVIEW Steady Aim From an All-Female Septet

BY LARRY BLUMENFELD men inspired Ms. Aldana’s 2019 al- bum “Visions.” ack in December at Carnegie Such allusions to gender dynam- BHall, as members of the en- ics are both unavoidable and semble Artemis traded solos meaningful. The rich history of all- with bluesy conviction while per- female jazz groups includes, in the forming Billie Holiday’s “Fine and 1940s, the International Sweet- Mellow” as an encore, many audi- hearts of Rhythm and, more re- ence members rose to their feet in cently, a remarkable trio of pianist raucous response. Each of these Geri Allen, bassist Esperanza Spal- seven musicians—pianist Renee ding and drummer Terri Lyne Car- Rosnes, clarinetist Anat Cohen, rington, as well as the big band tenor saxophonist Melissa Aldana, Diva, in which some Artemis mem- trumpeter Ingrid Jensen, bassist bers have played. There is also a Noriko Ueda, drummer Allison new context for such legacies, MAJOR

Miller and vocalist Cécile McLorin given recently increased opportu- KEITH Salvant—has earned individual ac- nities for female leaders on jazz Artemis’s self-titled debut album, out now, moves gracefully through various jazz styles. claim as a bandleader, composer stages, more widespread recogni- or sought-after partner. Together, tion of their accomplishments in under Ms. Rosnes’s musical direc- general, and a growing awareness identifiable band sound rooted in funnyinthe manner that Charles disruption ends up as rewarding. tion, they revealed a shared inten- of bias and inequity along gender sturdy yetflexible rhythms (which Mingus oncecombined such charac- Betterstill is her knowing and bit- sity and suggested something al- lines. In truth, perhaps the least hereowe greatlytoMs. Miller’s teristics.Ms. Jensen’sarrangement tersweet deliveryon“Cry, Butter- luring and new. remarkable aspect of this group is blend of propulsion and under- of the Lennon-McCartney classic cup,Cry,” which waspopularized by The group’s debut release, “Ar- that all of its members are female. stated details) and presentsanopen “The Fool on the Hill” loosens the Maxine Sullivan in the 1940s,here temis” (Blue Note), delivers on One could argue that the demo- invitation formemberstocompose jointsthat bind that song’sfamiliar complemented by glowing muted that promise. It begins with “God- graphic shift best represented by (fiveofthese musicians arerepre- melody enough to createamore trumpet tones,moaning clarinet dess of the Hunt,” a piece built on its personnel relates to jazz’s sented by original pieces here). open-ended structureand darkens and throaty tenor-sax figures. an insistent pulse and featuring global reach: Ms. Rosnes and Ms. “Nocturno,” composed by Ms.Co- itsmood through harmonies that Aclosing version of LeeMor- several unexpected harmonic de- Jensen were born in Canada; Ms. hen, floatsgently over asimple occasionally dissolveintotendrils of gan’s“TheSidewinder” doesn’t dig tours. Ms. Miller composed it to Cohen, in Israel; Ms. Aldana, Chile; bassfigure, itsmelody expressed collectiveimprovisation. in hardtothe song’sfunkyrhythm. evoke the Greek mythological fig- Ms. Ueda, Japan; and Ms. Salvant through unison lines from clarinet, Theparticular spell cast by these Rather,itslithers. Meanwhile,the ure Artemis—the paragon of fe- and Ms. Miller hail from the U.S. saxophone and trumpet that some- distinctiveinstrumental arrange- familiar theme is cloaked in layers male power and compassion, keen Thereal headline hereisthis en- times break apart or interlace. Ms. mentsgetsbrokensomewhat when of shifting close-knit harmony. Ar- focus and steady aim for which semble’scohesion, itsability to Ueda’s“Step Forward” is asprightly Ms.Salvant singsamajestic yetrel- temis means to upend expectations, this group is named. The following movegracefully through various jazzwaltz in which the rhythm sec- atively straightforwardversion of gently and yetwith force. Itsmusic track, “Frida,” is a tense but lovely styles and moods and to sound, by tion calibrates itsaccompaniment the StevieWonder ballad “IfIt’s comes off likeanuanced argument piece composed by Ms. Aldana and turns,authoritativeand playful, to reed and horn solos with note- Magic.” Nevertheless, Ms.Salvant is forafresh point of view. named for the Mexican painter Fr- locked-in or loose-limbed. In the worthysensitivity.The album’s so commanding and musical apres- ida Kahlo, wose struggles to assert tradition of drummer Art Blakey’s most striking piece, Ms.Rosnes’s ence, and Mr.Wonder’s tune so Mr. Blumenfeld writes about jazz herself in an arena dominated by Jazz Messengers, Artemis crafts an “Big Top,” is both challenging and lovely in the firstplace, that such for the Journal. P2JW265000-2-A01600-1------XA

A16 | Monday, September 21, 2020 ** THE WALL STREET JOURNAL. SPORTS DeChambeau Wins the U.S. Open

The 27-year-old American claimedhis first major victory afterbeing the only golfer to finish under par forthe tournament

BY ANDREW BEATON beau’s approach were clear. In his first four tour events back, begin- For years, Bryson DeChambeau ning in June, he won once and has been the curiosity of the golf placed in the top 10 all four times. world. He’s the player who got to Then in August, he finished fourth the cutting edge of the sport by in the PGA Championship. studying analytics and bombing It was a string of success that the ball, but also trudges around cemented DeChambeau as one of the course in a flat cap that was the sport’s top players, but he had fashionable around a century ago. yet to win a major. That left a Now there’s another way to de- question: Could his style work at a scribe DeChambeau. He’s a U.S. championship that severely pun- Open champion. ishes any and all misses? On a day when Winged Foot There are few firmer tests in continued to ravage the best golf- that regard than Winged Foot. ers on the planet, DeChambeau’s Four of the previous five U.S. strength conquered it and deliv- Opens at the course ended with a ered the 27-year-old American his winner over par. And its famous first major victory. DeChambeau difficulties became increasingly finished at 6-under par, six strokes apparent throughout this edition. ahead of 21-year-old Matthew There were 21 golfers under par Wolff, who entered the day with a after the opening round. That fell two-shot lead over him. to six and then three over the DeChambeau, who shot a 3 un- course of the next two days. der 67 in the final round, was the By the time DeChambeau and only golfer who beat par for the Wolff teed off in the final pairing, tournament, which took place GES it was a two-horse race. without fans and in September in- IMA DeChambeau was the one who

stead of June because of the pan- ETTY needed to make up ground, and he demic. /G committed to it unlike any of his The win wasn’t just a crowning MUS competitors. Late Saturday night, SHA

moment for one of the game’s ris- Y after playing 18 holes at the gruel- ing stars. It was a validation of ing course, the lights were still on GOR

both the new-age and big-swinging GRE at the driving range because De- approach that has swept through Bryson DeChambeau finished the U.S. Open at 6-under par,six strokesahead of third-round leader MatthewWolff. Chambeau wasn’t happy with how the sport and the golfer who has he was hitting the ball. He hit the taken it to extremes. And DeCham- ball over and over to try and make beau did it at a historic venue were tied after four holes, after a there.” 65 on Saturday, tying the course a charge. seemingly designed to prevent just bogey from Wolff and a birdie There were two problems with record for a U.S. Open, despite hit- Then, playing with a lead at the that. from DeChambeau, and then De- that. Birdies were a largely fantas- ting just 2 of 14 fairways. start, Wolff fell victim to the same Winged Foot’s West Course, in Chambeau differentiated himself tical notion on this course where That gave Wolff a two-shot lead difficulties as everyone else. De- Mamaroneck, N.Y., entered this by doing what no other competitor mere pars produced sighs of relief heading into Sunday, and the one Chambeau didn’t. Wolff bogeyed U.S. Open with a history as one of achieved on Sunday: shooting un- for most of the field. And through person within striking distance of three holes on the front before ea- the sport’s most daunting tracks. der par. DeChambeau was the only 54 holes, there was another player him was the same one who gling the par-5 ninth. The issue for It lived up to that throughout the golfer to post a red number in the who executed that same strategy emerged as a force on the tour be- him was that DeChambeau eagled tournament. Winged Foot’s fair- U.S. Open’s final round—the ulti- more successfully: Wolff. cause of his ability to play just like it, too. Midway through the back ways are narrow, its rough is thick mate signal of how his approach Wolff, who was aiming to be- that better than anyone else. nine, DeChambeau had opened up and its greens are harrowing. All proved singularly capable of defy- come the youngest major winner When golf returned during the a comfortable lead and the only of its exceptional nuances should ing Winged Foot’s treacherous since Tiger Woods, was on top en- pandemic back in June, DeCham- remaining drama was how much punish golfers who prioritize conditions. tering the final round because of beau didn’t look quite like he had he would win by. power over precision. Before this tournament ever be- his stunning ability to put De- beforehand. He was bigger. He hit Even with that advantage, DeChambeau, the biggest hitter gan, DeChambeau explained his Chambeau’s words into action. the ball farther. The same power though, DeChambeau continued to on the PGA Tour, turned that logic brazen philosophy for the week: While the rest of the field put up that had always differentiated his take out his driver on the tee box on its head. He planned to hit the ball amaz- higher and higher numbers as they game was suddenly supercharged. and swing it with fearless torque. Playing in a final pairing with ingly far and deal with the conse- struggled to hack their way out of During the PGA Tour’s 2020 sea- Doing that would have seemed ir- Wolff, another powerful young quences later. “Even if I hit in the the rough and grapple with the son, he ranked No. 1 in driving dis- rational for just about any golfer golfer, DeChambeau quickly caught rough,” he said on Tuesday, “I still tricky greens, Wolff’s power made tance. Wolff was ninth. on tour—except DeChambeau. It’s up and built a sizable lead. They feel like I can make birdies out it look easy. He shot a 5-under par And the results of DeCham- how he won the U.S. Open. Pogacar Completes Stunning Tour de FranceComeback

BY JOSHUA ROBINSON Saturday’stime trial up to La Champs-Elysées as the youngest improbable.NoSlovenian rider had Planche des Belles Filles,Pogacar Tour winner in the post-World War ever come close to winning the Paris pulled one of the greatest come- II era—beforeturning 22 on Mon- Tour and suddenly two of them—in- As far as Tadej Pogacarwas con- backs in the 117-year historyofthe day. He also claimed the whitejer- cluding Roglic,the former ski GES cerned, his hopes of taking the Tour planet’smost famous bicycle race. sey forbest young rider and the jumper—wereduking it out on the IMA de Francehad died days ago, some- Despitestarting the afternoon trail- polka-dot jersey awarded to the race’s most challenging climbs.

ETTY whereonaFrench mountainside. ing his countryman PrimozRoglic king of the mountains. They were along way from the /G

FP Sure,hesaid, he could dream of by 57 seconds,hefinished 1minute, “I don’t knowwhat to say. Istill training rides they took together /A taking the leader’s yellowjersey 56 seconds ahead of him to flip the don’t believethat I’m sitting herein back home.And if anything could here, on the last dayofmeaningful overall standingsontheir head. yellow,” said Pogacar, who finished dampen Pogacar’sglee on Saturday racing,“but we liveinthe real “It wasnot the best dayfor me,” ahead of Roglic and Richie Porteof night, it wasthat he had to snatch world.” said Roglic afterSaturday’s time Australia. “That’ssomething impos- victoryfromone of his heroes. TRIBOUILLARD

O As it turns out, that’salso the trial. “Tadej wasinadifferent sible to accept in my mind.” “He’sagood friend of mine,”

KENZ world wherePogacar wins the Tour. world.” Thebattlebetween two Sloven- Pogacarsaid of Roglic.“Ifeel him. I Tour de France winner Tadej Pogacar With astorming performancein Pogacarwas crowned on the ians had been as fierce as it was feel his loss.”

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THE WALL STREET JOURNAL. Monday, September 21, 2020 | A17 OPINION Clean Power, No Thanks to Al Gore BOOKSHELF | By Philip Terzian

Here’safun and nail arenow complaining installed belowgrade.Ithas a much difference, and the The Road game.Ask an that it’stoo expensive—like really small core,1/20th the money is betterspent improv- environmen- saying they’reorphans after size of largerreactors, and, ing quality of lifefor earth’s talist about killing their parents. importantly,itcomes with population. So let’sspend pro- his topplan of Imention all this nowbe- passivesafety features. Using ductively. To Camelot action to fight cause earlier this month, and buoyancy, watercirculates in- Remember, there’snoen- INSIDE climate almost miraculously,the Nu- ternally without pumps.Mo- ergy solution without extrane- VIEW change. You’ll clear Regulatory Commission tors lift the control rods such ous costs. Hydroelectric dams JFK: Coming of Age in the American likely getaapproved the design and is- that if electricity is lost, grav- areugly and hurt salmon. By Andy quick answer sued a final safety evaluation ity drops them back intothe Wind turbines gore golden ea- Century, 1917-1956 Kessler urging acar- report foraSmall Modular core,stopping the reactor. gles.And utility-scale solar By Fredrik Logevall bon-neutral Reactor,orSMR,byNuScale Safety first. takes up lots of space, 5 to 10 or net-zero-emission clean-en- basedinPortland, Ore. Nu- Each SMR can generate 60 acres per megawatt. One Nu- (Random House, 792 pages, $40) ergy economy, usually by Scale’sdesign, funded by engi- megawattsofpower, and a Scalecluster on 30 acres re- 2050,echoing the Paris cli- neering firm Fluor and the dozen can be linked together places 11 squaremiles of solar ohn F. Kennedy poses a problem for historians and mateagreement. OK,now ask U.S. Energy Department,joins at onesite. California’srecent panels. J chroniclers of American politics.Hewas aman of good if he’sfor nuclear power, six older federally approved blackouts were from a short- NuScale is not alone.Bill looks,unquestioned charm and public eloquence. He was which has zero carbon emis- designs. But it’s the first that ageof4,000 megawattsof Gates has reportedly invested the Harvard-educated son of awealthyNew England finan- sions,atwhich point he’ll usu- looks as if it canscale and re- power, so only six SMR group- $500 million or moreinTerra- cier,adecorated veteranofWorld WarIIand, not least, an ally stareathis shoes and duce costs. ingscould have solved the Power, which started in 2006 acclaimed author of two books: avolume on foreign policy, mumble something about high problem, carbon free. and washoping to build SMRs writtenwhile he wasstill acollegestudent, and aPulitzer costs. Because NuScale reactors in China beforeTrump trade Prize-winning bestseller,produced while he wasrecovering “The biggest problem with Nuclear energy took a aresosmall and modular,they tensions put the kibosh on from spinal surgery and asubsequent near-fatal infection. nuclearpower,” activist Bill canbemanufactured in facto- those plans. Kennedy wasashrewd member of the House and Senate, McKibben of 350.org told leap toward being cost- ries rather than custom-made No one likes nuclear bombs and his calculated rise to powerwas both swiftand historic. Techonomy, is that “it’sreally effective.Yet thegreen on site. Hopefully that reduces and nuclear accidents—the in- In 1960 he became the youngest expensive.” Al Gore, who costsovertime.Atabout $3 dustryneeds amarketing person ever elected president of sounds more and more like a lobbyhasn’t noticed. billion, “NuScale’s first plant makeover.The HBO series the United Statesand the first revivalist preacher, told Reu- offersacompetitiveovernight “Chernobyl” washaunting but (and, so far,only) Roman Catho- ters last month, “They’ve capital cost in comparison to overblown. Howabout some lic. priced themselves out of the In most nuclear fission re- large gigawatt nuclear facili- rebranding? Instead of nu- But, as every schoolboy market. Electricity from nu- actors, uranium pelletsare ties,” CEO John Hopkins tells clear,call it carbon-free heavy knows, the best-known feature clearpowerplantsisbyfar sealed in metal tubes known me about their 12-module 683- metals.No? Maybe particle of the Kennedy presidency is the most expensiveinthe as fuel rods.These rods are megawatt (net) plant. “Assub- power? Quark spark? Any- that it was ended, in a ghastly world,” while the cost of re- submergedinwater along sequent NuScale plantsare thing but nukes. tableau, toward the end of the newables “iscontinuing to go with control rods that usually built, our already competitive Either way,this setsupa third year of his single term down.” contain cadmium or boron, cost will continue to de- great test. JoeBiden has when he was shot to death by a That’sfunny, because in which absorb neutrons.When crease.” Thefirst potential promised to spend $2 trillion left-wing malcontent in Dallas. 1994the Clinton-Goreadmin- the control rods areremoved, customers are utility compa- on clean energy and “achieve Whatever promise his brief tenure istration canceled research released neutrons cause afis- nies in Utah with rollout be- acarbon pollution-free power may have heralded was extin- fundingfor the Integral Fast sion chain reaction, splitting ginning in the mid-2020s, sector by 2035.” If thereisa guished, leaving few tangible rem- Reactor,which surecould atomsand releasing heat. This though some prospectivebuy- Biden administration and it nants. As his faithful acolyte Ar- have helped us down the heats the water, which circu- ers have dropped out. doesn’t encourage the rollout thur M. Schlesinger Jr. lamented, it was as if Franklin D. learning curvetolower-cost lates through aheat exchanger As forclimatechange, I’m of nuclear power, then, like Roosevelt had been struck down in 1935, before the full carbon-free electricity today. with aseparatewater stream, somewhat in the Bjørn Lom- Messrs. McKibben and Gore flowering of the New Deal or World War II. TheU.S.has constructed a producing steam to turn an borgcamp: Theworld is andother alarmists, that’s Nevertheless, in the immediate aftermath of his death, tiny handful of newnuclear electricity-generating turbine. warming and that might even proof they’renot really seri- the challenge of concocting a legacy for our 35th president plants in the past four de- TheNuScale reactor is be man-made,but the reme- ous about climate change. So was quickly met. Kennedy had been a favorite among cades.Yes,the same folks who smaller—only 65 feet tall and dies areawasteofsocietal what is their agenda? journalists and what we might call the cultural and fought nuclear energy tooth 9 feet in diameter, with much wealth and wouldn’t make Write to [email protected]. intellectual caste in America; and he was, of course, a Democrat, though a somewhat unconventional one. So the man described, in 1965, by the British journalist Malcolm Muggeridgeas “the easy-going, amorous, rather indolent Peru and Brazil: Stay Home and Starve and snobbish, amiable and agreeable American patrician of whom the late President’s intimates used sometimes to History sug- could least affordit. Thedis- on foot. Otherscamped out on seconds,the upshot of what speak” had been transformed, by the end of the decade, geststhat hu- ease spread and death tolls sidewalks waiting foraride. they prescribed?Obviously into the Prince of Camelot, the lost leader of the better mans learn as have spiraled anyway. Elsewheretherewerelong not. angels of our nature—a revered figure. much, or This isn’t out of the ordi- lines to cash government sub- Alexis de Tocqueville wrote To be sure, in due course, the image has been revised more, from nary. Largeinformal econo- sidy checks or shop.Soinfec- in “DemocracyinAmerica” and to some degree downgraded; but the mythology has flops as from mies persist in the region be- tions spread and Peru became that laws work only “when a been resilient. When Kennedy died, in 1963, the previous AMERICAS successes.Itcause the rules to operatein one of the 10 hardest-hit coun- powersuperior to society man- presidential assassination 62 years earlier—of William follows that the formal economyare op- tries in the world. ages to impose them over McKinley (in 1901)—seemed likeantiquity; by contrast, By Mary Covid-19 lock- pressive. TheCovid-19 top- Brazil’sfederalism leftlock- manyyears, or by their perfect JFK remains very much with us. Anastasia down policies down diktats were moreofthe downs up to the states.But harmonywith the mores,hab- Fredrik Logevall, a diplomatic historian at Harvard, is O’Grady present a same.They envisioned atidy governorswho told people to itsand civilization of the peo- aware of Kennedy’s “larger-than-life status.” But, he teaching mo- stay-at-home world completely stay home didn’t save lives ei- ple. In this last case,the laws explains,“few serious biographies ...havebeen attempted, ment.InLatinAmericathe divorcedfromthe reality of ther because Brazilians,like areonly the conspicuous and and there exists virtually no full-scale biography, one that lessons go well beyond the do- most people’slives. Peruvians,knewthat hiding legal manifestation of apreex- considersthe full lifeand times and makes abundant use main of infectious diseases to Peru’s lockdown has argu- underbed until April 2021 istent fact.” of the massive archival record now available.” He may well the realm of all-out govern- ably been the most draconian. wasn’t an option. Thegovern- Tocqueville sawwhat too be right, although it’s hard to think of many presidents ment failure. Practically all businesswere ment’s“cure” wasworse than manypoliticians still miss: more voluminously chronicled than Kennedy. Let’sacknowledgethat cor- ordered to be closed alongside the risks. Therule of lawgrows out of onavirus statistics arefar from astay-at-home mandate. The thenorms and values of the perfect. Weak public-health government centralized all governed, not from the palace. In this account of his political apprenticeship, systems in the region makeit deliveries making it almost Politicians in both Months of lockdown were JFK is depicted as intellectually adventurous, difficult to measurerates of impossible forcharitable or- completely at odds with what infection and fatalities accu- ganizations and companies to countries imposed it means to be human. In personally appealing—and ambitious. rately.And that’sifthe truth is help the needy.President harsh restrictions Pennsylvania, plaintiffs went even an objective. Martin Vizcarraput the mili- to federal court to challenge In Cuba’spolicestate,data tary on the streetstoenforce people couldn’t obey. thestate’s strict lockdown. But fair enough: In “JFK,” the first installment of a pro- can’t be takenany moreseri- his decree. Last week federal judgeWil- jected two-volume biography, Mr. Logevall takes Kennedy ouslythan the regime’sclaims Alockdown maysavelives liam Stickman IV ruled that from his origins to age 39 and his debut as a national in March that superior Cuban during ahurricane or similar “A Postcard from Brazil,” the governor’s closing of “non- phenomenon at the 1956 Democratic National Convention, health care made travel restric- events of limited duration. But written anonymously from Es- life-sustaining businesses” was where, in the last genuinely contested balloting at a party tions unnecessary. Thetruth afteracouple of weeks this piritu Santoand posted on tantamount to “determining conclave,hecame within ahandful of votesofwinning leaked out when Italian tourists use of powertocontain Toby Young’s “Lockdown who could work and who the vice-presidential nomination. “To recapture him,” Mr. began to getsick and were sent Covid-19 became an abuse of Skeptic” website, captures the could not, who could earn a Logevall writes, “one must examine him when he was to dismal island hospitals. power. Theeconomically se- popular sentiment in Brazil. paycheck and who would be young and untried, still finding his way in his large and Even if Cuba had no cure obeyed but probably “The firstfew weeks of the unemployed—and forsome— competitive Irish Catholic family and in the world, still Covid-19 deaths,totalitarianism wouldn’t have gone out any- lockdown went as scripted” whichbusinesses would live, learning what he was about.” would remain morally repre- way.For most everyone else buttwo months in, all bets and which would die.This was Does the author succeed? He certainly shows Kennedy to hensible.Most governmentsin Mr.Vizcarra’sorder was were off.“Theworld’smost truly unprecedented.” be, early on, less assured and worldly-wise than he became the region seem to agree and equivalent to mandating ex- sociable culturedidn’t take Most of Latin America by the time he entered politics.Herecords as much as have stopped short of using treme hardship. well to being isolated. Hand to doesn’t have such institutions maypossibly be known about the formative episodes in Cuba-style terror to eliminate LargenumbersofPeruvians mouth workersweren’t going to rely on when politicians Kennedy’s lifeand career.Hereminds us of his brilliant dissent. who had migrated to Lima to to wait and see if they would bully them. But their yearning and diabolically ambitious father,Joseph P. Kennedy, On the other hand, when work and who livehand to starve to death beforebeing forfreedom is no different. As whose wealth and world-wide connections afforded his theCovid-19 panic hit, some mouth found themselves with- allowedtowork again. Most the anonymous postcard from moresubtle and judicious son an enviable front-row seat countries experimented with out income.Manydecided to people,evenifthey posted dif- Brazil reports, “most people at the mid-20th century—as well as plenty of money and repression lite, not fordays or return home. Since public ferently on Instagram, decided hereare going about their life. timely assistance. Kennedy’s chronic ill-health is also weeks but formonths.This transportation had also been the lockdown wasover.” They called alockdown and recorded in startling detail: periodic episodes of weight has caused enormous eco- curtailed, thousands set out on Did health officials in Peru nobody came.” loss, high fever, debilitating pain, physical delicacy and nomicpain forthose who journeysofhundreds of miles, or Brazil consider,evenfor 30 Write to O’[email protected]. melancholy—not all of it attributable to the Addison’s disease that went undiagnosed until surprisingly lateinlife. In his broad interests and extended apprenticeship, JFK comes across as the most intellectually adventurous, From ‘Torches of Freedom’ to ‘Mask Breath’ certainly the most personally appealing, member of the famous quartet of Kennedy brothers. Jack’s Harvard thesis, By Bob Greene Most of us probably as- concept of itsown. annual Easter Parade down subsequently published as a slim volume titled “Why sumed the only fiscal benefi- Which bringsustoBernays, FifthAvenue smoking ciga- England Slept” (1940), was constructed with considerable he IceBreakersmints ciariesfromrecommending hailed in his obituaryasthe rettes.Hehad the women pro- assistance from well-placed enablers and pushed onstage T television commercial facemasks would be mask “father of public relations.” claim that in the dawning era by his father’s contacts and promotional skills, a process is likely making Edward makers. But Hershey’s—facing Born in Vienna in 1891 and a of female independenceand repeated for the (largely) ghostwritten “Profiles in Bernays—the visionaryofan industrywide sales slump nephewofSigmund Freud, voting rights, they were Courage” (1956). But it’sdifficult to imagine JoeJr., U.S. marketing—smile in ap- as people began to stay Bernays moved to the U.S. and smoking as asign of emanci- Bobby or Teddy embarking on similar projects. proval from the heavenof home—understoodthat if became the pioneer of using pation. Theitems in their And yet, in the long run, Mr. Logevall labors a little too sales wizards. fewermen and women were psychological spurstoin- hands—this wasthe genius strenuously to persuade readers that Kennedy was more Youmight have seen the crease businessfor corporate part of Bernays’s scheme— than the product of his family’s privilege and his own commercial, which begins as if clients. were not merecigarettes, but ambition and modest talentsasintellect and interpreter it were apublic-servicean- Edward Bernays’s Theapexofhis career came “torches of freedom.” The of the world. The facts of his evident sexual appeal are nouncement advocating the when George WashingtonHill, analogywith the Statue of repeated, and repeated again, with undue emphasis; his wearing of masks.The faceof technique forselling president of the American To- Liberty wascalculated. undergraduate insights and gathering worldview in office amasked woman appears, cigarettescomesback bacco Co., approached him in It worked. Thetorches of are recorded in admiring abundance. “JFK” is replete with with admiring wordsabout the 1920s with aproblem: Cig- freedomcarried by the mod- testimonials to his ample qualities, yet nearly all of them her carefulness. in an ad formints. arette sales were strong with ern women in the parade re- are post-mortem assessments from the Kennedy circle. Then the messageabruptly men, butwomen were reluc- ceived news coverage world- (“There was a basic dignity in Jack Kennedy, a pride in his shifts,and the real point of the tant to smokeoutside their wide.The stigma evaporated. bearing,” says one of his longtime aides.) His coterie of commercial kicks in: “How worrying about having un- homes. Smoking in public by Women began smoking openly intimate male friends contained a revealing quantity of about amint beforeyou mask. pleasant breath that might of- women wasseen as asign of in public,and cigarette sales toadies, hangers-on and partners in pleasure. Not Because mask breath? It’s fend nonexistent officecol- loose morals.Manyfeared the soared. surprisingly, they have fond memories of Jack. real.” leagues,therehad to be stigma. Hill realized that apo- EdwardBernays died at 103 The legend, in other words, has been as hard for Mr. Bingo. Themanufacturer of another way to persuade them tential market forhis ciga- in 1995.Will his guerrilla style Logevall to penetrate, much lessovercome,asfor anyof IceBreakers, the Hershey Co., that fresh breath still matters. rettes wasbeing lost. of salesmanship ever fade his predecessors in biography. One comes away from “JFK” has,inthe tradition of Edward Theanswerwas “mask Bernays came up with the away?Don’t hold your mask suspecting that, the more detail we have of this truncated Bernays,reacted to unantici- breath.” It struck achord: Peo- solution. On Easter Sundayin breath. life, the less majestic it will appear to posterity. pated world eventsbycoming ple were becoming all toofa- NewYork City in 1929,hequi- up with anew phrase to sell miliar with theirown breath etly paid agroup of women— Mr.Greene’s books include Mr. Terzian, a contributing writer at the Washington an existing product in need of inside those masks.Ice Break- he wanted them to look like “Chevrolet Summers, Dairy Examiner, is the author of “Architects of Power: Roosevelt, aboost. ersmade the phrase asales debutantes—toslip intothe Queen Nights.” Eisenhower, and the American Century.” P2JW265000-0-A01800-1------XA

A18 | Monday, September 21, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Breaking Judicial Norms: A History Breaking Up or BetterRegulating Big Tech?

enateMinority Leader Chuck Schumer is This violation of norms wasstopped only af- In “The Misguided Antitrust Attack ensure the American dream remains widely reported to have told his Demo- terthe GOP regained the majority and threat- on Big Tech” (op-ed, Sept. 15), Phil attainable for all Americans. S cratic colleagues on Saturdaythat “noth- ened to changeSenaterules.Ahandful of Sena- Gramm and Jerry Ellig critique the REP. KEN BUCK(R., COLO.) continuing congressional antitrust in- Windsor, Colo. ing is off the table fornext tors in both parties then A Democratic Senate vestigations into big tech, calling year” if Republicans confirm a negotiated adeal to vote for them a “misguided” attempt to “de- Theauthorsmakeagood case for Supreme Court nominee in pattern, from Bork nominees except in “extraor- stroy America’s premier companies.” not breaking up the tech companies, this Congress. He means this dinarycircumstances.” Re- They argue conservatives want to but the JusticeDepartment is justified as athreat that Democratswill to the filibuster rule. publicans did not unilaterally break up big tech to rein in censor- in forcing them to abandon their col- break the filibuster and pack break the filibuster forjudicial ship on social media and that pro- lusivebehaviors, which areplainly an- the Court with more Justices nominees. gressives believe everything big is in- ticompetitive. Forexample,itwas re- in 2021 if they take control of the SenateinNo- • Breaking the filibuster for appellate nomi- herently bad, big tech included. ported earlier this year that NBC vember’s election. nees.That norm-breaker wasexecuted by Dem- This simplistic and flawed analysis successfully influenced Google to ex- So what else is new? Democrats have a long ocratsin2013,led by then Majority Leader fails to consider the bipartisan insti- clude ZeroHedgeand the Federalist historyofbreaking procedural norms on judges. HarryReid with the enthusiastic support of Ba- gator for these investigations, that from using the Google Adsprogram. big tech companies are using their While the FirstAmendment doesn’t While packing the Court would be their most rack Obama.Democratsrewrote Senaterules in market dominance to strangle compe- prohibit aprivatecompany, such as radical decision to date, it would fittheir esca- mid-Congress,onaparty-line vote,toadd three tition at the expense of the American Google,fromcensoring conservative lating pattern. Let’sreview the modern histori- seats to the D.C. Circuit. The goal was to stack consumer. Monopolies and unfair speech, the Sherman Act does prohibit callowlightstosee which party has really been that court with liberals who would rubber practices, whether in international Google and NBC from colluding to the political norm-breaker: stamp Mr. Obama’s “pen” and “phone” regula- trade or domestic markets, threaten denytheir competitorsorclientsac- • The Bork assault.When Ronald Reagan se- tory diktats. our long-term economic health. That cess to markets, as they did in that lected Robert Bork in 1987,the judgewas among Those liberals have done that numerous is why the House Judiciary Commit- case.The best remedy isn’t abreakup, the most qualified ever nominated. No lessthan times,while sometimes blocking President tee’s Antitrust Subcommittee has but they should be held to account. JoeBiden had previouslysaid he might have to Trump’sderegulatoryrule-makings. But the po- spent the last year examining poten- Perhaps they should be prosecuted vote to confirm him. Then TedKennedy issued litical cost has been high, as we warned at the tially anticompetitive practices across criminally or sued fortriple damages, his demagogic assault from the Senate floor, time.HarryReid’sprecedent allowedGOP America’s growing technology sector. or both. The American economy is built on DAVID PETERSON complete with lies about women “forced into leader Mitch McConnell to do the same when disruptions: Cable companies were Orlando, Fla. back-alley abortions” andblacks who would Democratstried to filibuster Neil Gorsuch.The disrupted by Netflix, hotels by Airbnb have to “sit at segregated lunch counters.” Dem- GOP majority cannow confirm Mr.Trump’snext and taxis by Uber, to name a few re- Messrs. Gramm and Ellig properly ocratsand the pressthen unleashed an unprece- nominee with 51 votes. cent examples. Each had a longstand- describe the unmeasured positive ef- dented political assault. iii ing market-dominant position that fect of big tech on GDP. An even Previousnominees who had failed in the Sen- Urged on by the progressivemedia, Demo- was upended by innovative entrepre- greater mismeasurement is the posi- ate were suspected of corruption (Abe Fortas) cratsare nowvowing that they’ll break the 60- neurs who saw the potential for a tive tech effect on productivity. It has or thought unqualified (Harrold Carswell). Bork vote legislativefilibuster rule to add two,oreven new path forward and built billion- increased far more than the tools be- was defeated because of distortions about his four,new Justices to the Supreme Court next dollar companies. Monopolies prevent ing used are capable of measuring. jurisprudence. This began the modern eraofhy- year foratotal of 11 or 13.But they have already Americans from achieving this form We should move slowly and thought- of innovation, all while stifling com- fully before tampering with these per-politicized judicial nominations,though for been saying this formonths.Barack Obama gave petition. To maintain our global lead- gifts to our society. the Supreme Court it has largely been aone-way the green light when he used John Lewis’sfu- ership in technological innovation MICHAEL SALL partisan street. neraltocall the filibuster a“Jim Crow relic.” and ensure a prosperous future, our Sunny Isle, Fla. No Democratic nominee has been borked, to Never mind that as aSenator he endorsed afili- economy must remain a dynamic and use the name that became averb.EvenJustice buster of Mr.Alito. Mr.Whitehouse and four col- robust free market. The debate isn’t about the econom- Sonia Sotomayor, whose left-wing legal views leagues explicitly threatened in an amicus brief Big isn’t inherently bad and we ics of big tech, it is about censorship. were obvious upon her nomination, received a that the Court would be “restructured” if Jus- should celebrate American success If companies can build it bigger and respectfulGOP hearing and wasconfirmed tices rule the wrong way. stories. However, when companies better—fine, but don’t assume a right 68-31 with nine GOP votes. Justice Ruth Bader Republicans could surrender and not con- use their success as a bat to bludgeon to censor freedom of speech. Ginsburgwas confirmed 96-3, Stephen Breyer firm anominee,and SenateDemocratswould smaller rivals, Congress must address SAM ASHENBERNER 87-9, and Elena Kagan 63-37. stillbreak the filibuster.Court packing would the root causes of these inequities to Beaverton, Ore. Democrats, meanwhile,haveescalated to then become asword hanging over the Justices character assassination. ClarenceThomas was if they rule contrarytothe policyviews of the unfairly smeared on the eveofaSenatevote Senateleft. Leader Schumer won’t resist be- CongressMust Help Our Local Governments and barely confirmed. Democratsaccused cause he is quaking at the prospect of apri- Samuel Alitoofracism and sexism forbelong- marychallengefromRep.Alexandria Ocasio- Regarding your editorial “Govern- mist Mark Zandi warned that: “If ing decades earlier to an obscurePrinceton Cortez in 2022. ment vs.PrivateCovid Layoffs” lawmakersdon’t quickly passan- alumni group. Contrast this Democratic record,and nowthis (Sept. 9): Your opposition to aid for other sizable rescue packagethat in- Democratspromoted the uncorroborated court-packing threat, with the GOP record.In stateand local governmentsisat cludes help to stateand local gov- claims of women accusersagainst BrettKa- 2016 Mitch McConnell and his colleagues refused odds with the views of noted econo- ernments...the economywill vanaugh from his high school and collegeyears. to confirm Merrick Garland and said the voters mistsonboth sides of the aisle who suffer another downturn—a so-called Sen. Sheldon Whitehouse undertook adeep dive should decide the issue in the election. Mr. have made abundantly clear that double-dip.” Anew analysis by the failuretodeliver aid to local govern- American Enterprise Institute(AEI) intoJusticeKavanaugh’shigh-school yearbook. Schumer had previouslyvowedthe same stan- mentswill createaserious drag on found that combined shortfalls in This treatment has become the real Democratic dard in the final yearsofGeorge W. Bush. Mr. our economy. stateand local government revenue Party “norm.” McConnell essentially made apolitical bet by put- Current and former Federal Re- streams arelikely to reach $240 bil- • Filibustering appellate nominees.It’s ting judicial philosophyand the Supreme Court servechairs, including Jerome Pow- lion forthe current fiscal year alone. mostly forgotten now, but in George W. Bush’s at the center of the 2016 campaign. ell and Ben Bernanke, have said the “The morestate and local employees firstterm SenateDemocratspioneered the use Judges were also on the Senateballot in failuretoaddressstrained local bud- who arelaid off,the higher the un- of the filibuster to block nominees to the circuit 2018 afterthe Kavanaugh ugliness. TheGOP gets will further stall our effortsto employment rate goes and the lon- courts. That was also unprecedented. gained two net seats. Theuse of their elected recoverfromthe current downturn. gerittakes to getthe economyback Miguel Estrada waslefthanging for28 Senatepowernow to confirm anominee would Mr.Powell argued that: “It will hold to normal,” AEI’sMichael Strain has months beforehewithdrew,though he had be awholly legitimateuse of their constitu- back the economic recovery if argued. [states and localities] continue to lay Congressshould heed these dire support from 55 Senators. A2001 Judiciary tional authority. They should notbecowedby people off,and if they cancontinue warningsand deliver what stateand Committeememo to Sen. Dick Durbin wascan- Democratic threatsfromconfirming anominee. to cut essential services.” Mr.Ber- local governmentsneed to accelerate did in urging opposition to Mr.Estrada be- Democratshaveshown they will do what they nankenoted that the budget gaps the national economic recovery. cause “heisLatino” andcouldn’t be allowed want with Senatepowernomatterwhat Repub- facing stateand local governments CLARENCE ANTHONY to reach the D.C. Circuit Court of Appeals lest licans do now. “cannot be closed by austerity CEO and executive director he later become acandidatefor the Supreme What Republicans should do is let the voters alone.” National League of Cities Court. knowabout the Democratic filibuster and court- Moody’s Analytics Chief Econo- Washington Democratsalso filibustered or otherwise packing plans,and makethem acampaign issue. blocked appellatenominees Priscilla Owen, Jan- Democratic Senatorsand candidates should iceRogersBrown, Charles Pickering Sr., Henry have to declare themselves not merely on Mr. Climate Change, Bad Forestry and Wildfires Saad, Carolyn Kuhl, William Pryor, David McK- Trump’snominee but on the filibuster and Regarding Holman W. Jenkins’s Gov.Newsom blames global eague,RichardGriffin and William Myers, court-packing that Mr. Schumer has now told “Finally,WildfireSanity?” (Business warming forthe wildfires along the among others. the country will be on the table. World, Sept. 12): Theprecursor to West Coast. He doesn’t explain how the decimation wreaked by West the West Coast wasselected for Coast wildfires isn’t global warming this disaster.Ifglobal warming Trump, TikTok and Crony Capitalism primarily but recklesshousing de- were the culprit, then logic tells us velopment in areas that never that other forestsinNorth and resident Trump on Saturdaygavehis ner,who took the lead lobbying the Trump Ad- should have been developed in the South Americawould have been blessing to adeal that would giveU.S. ministration, has also donated heavily to Re- firstplace, and it’safailureoflocal similarly afflicted. And what of Eu- P investorsincluding Oracle and Walmart publicansthis year.Walmart also joined the government that this wasn’t rope,Asia and Africa? Do other majority ownership of the bid. stopped. Iagree with Mr.Jenkins’s countries and continentshavea Chinese social-media app Tik- Cfius review isn’t Under the deal brokered by viewthat California Gov.Gavin special dispensation to avoid this Newsom’sreferencetofacing cli- scourge? Tokwhile allowing it to con- supposed to be leverage TreasurySecretarySteven matechangehead on is wrong- It would be bettertoplacethe tinue operating in the U.S. Mnuchin,who chairsCfius, headed. And the statement made in blame whereitbelongs: on states Maybe the deal will protect to favor certain firms. Oracle and Walmart will geta the NewYork Times that “the mech- forbidding the clearing of under- national security as the 20% or so stakeinthe restruc- anism driving the wildfirecrisis is . brush and thinning tree growth. Trump Administration claims, tured TikTok Global, which ..the burning of fossil fuels like Thegreens’ insistenceonletting na- but it reeks of corporatecronyism that will will have majority U.S. ownership,bebased in coal and oil” is equally misguided. tureflourish untrammeled by hu- damage the U.S. government’scredibility and the U.S. and supposedly hire25,000 Americans. Ithink it’sacase of dueling ra- mans has coststhey arenow seeing, reputation forfree-market rules. Oracle will house TikTok dataonits U.S. tionalities that pitsone kind of hu- though they deflect blame because To rewind the tape: Mr.Trump last month servers, abig win forits fledgling cloud busi- man socioeconomic reality—con- they believetheir policies couldn’t ordered Chinese social-media companyByte- ness that is trailing Amazon,Microsoftand struction and development—against be at fault. It’sawillful blindness an equally weighted reality—a tax that brooks no contradiction of the Dancetodivest TikTok afterthe federal Com- others. It will also reviewTikTok’salgorithms on carbon; one to rein in the other. greens’ religious-likefervor. mitteeonForeign Investment in the U.S. (Cfius) and code to ensureU.S.user datadoesn’t get We need some kind of governor on ANTHONY ADOLPH determined the app posed anational-security liftedbythe Chinese. conventional socioeconomic devel- Austin, Texas risk.ByteDancein2017acquired the Chinese Walmart CEO Doug McMillon will getaseat opment which must be fair,bal- video app Musical.ly,anearly version of TikTok on the newTikTok Global board. Bloombergre- anced, rational and effective—like that waspopular with U.S. teens. portsthat Walmart is also seeking acommer- the carbon tax. Pepper ... Cfius could reviewthe deal retroactively be- cial partnership that would allowittoadvertise BOB KATRIN And Salt cause ByteDancenever sought itsapproval and and perform other transactions on TikTok’s Southern Pines, N.C. TikTok collected reams of U.S. user datainclud- platform. So both Oracle and Walmart will be THE WALL STREET JOURNAL ing IP addresses,geolocation-related data, betterpositioned to competewith Amazon, one Farmersare held responsible for browsing and search history, and cookies.This of Mr.Trump’sleast-favoritefirms. flatulent cows, oil companies for leaking greenhouse gases and fossil- is especially worrisome because the Chinese Thenew TikTok Global will also seek aU.S. fuel-fired utilities foremitting CO2. government cancompel Chinese companies to IPO within the next year that would allowU.S. Shouldn’t land ownersand real- turn over dataintheir possession. funds to monetizetheir stakes.The $5 billion estatedevelopers—even federal and While Microsofthad been discussing adeal that the IPO is expected to raise will supposedly stategovernmentswhich ownwood- with ByteDancetoacquireTikTok’soperations fund education, though the details arefuzzy. lands they aresupposed to man- in the U.S.,the President’sdivestment order This capital increase is supposed to stand in for age—be held responsible forthe cli- spurred agovernment-moderated auction. U.S. the feeMr. Trump previouslysaid Treasury mateeffectsofwildfires? Whereis venturefunds with minority stakes in Byte- should getfor underwriting the deal. the EPA? Dancethen went searching foratech company Economic statistsmay cheer all this,but it JAMES LANGLEY that might passmuster with the Trump Admin- surelooks to all the world likeU.S.government Sugar Land, Texas istration to put forwardacompeting bid. meddling that rewarded political allies.Cfius Lettersintended forpublication Enter Oracle,whose co-founder LarryElli- wasestablished to protect national security, should be emailed to [email protected]. son is aprominent Republican donor and CEO not to be used as leveragetosteer investment Please include your city, stateand SafraCatz worked on the executivecommittee to certain companies.Bettertoban TikTok out- telephone number.All letters aresub- “And those are some of the books forthe Trump transition team in 2016.Venture right than negotiateadeal that the French ject to editing,and unpublished letters I would have read if the internet cannot be acknowledged. fund Sequoia Capital’sglobal managing part- would be proud of. had never been invented.” P2JW265000-0-A01900-1------XA

THE WALL STREET JOURNAL. Monday, September 21, 2020 | A19 OPINION Equality’s Gracious Champion Trump Takes Election By Kenneth W. Starr her kindnessand generosity of spirit. “Ruth and Iagree on most ustice RuthBader Ginsburg things,” Scalia would joke, “except Interference served 40 yearsonthe fed- when it comes to the knee-jerk eral bench. Her legacyisen- stuff.” Ruth would laugh. We were during and deep,but it can all friends,evenwhen we disagreed. Seriously J That ethoslives on at the high be summed up in two closely related concepts: equality forall court, whereGinsburgpraised Jus- persons,vindicated under the rule of tice BrettKavanaugh last year for By Robert C. O’Brien law. Not sinceThurgood Marshall “bringing on boardanall-female law hasanAmerican jurist leftsopro- clerk crew” and lamented his 2018 icrosoftreleased a report found amark in serving these unify- confirmation processasa“highly M this month documenting the ing ideals. partisan show.” She remembered effortsofgroups operating As her colleague forsix yearson well her ownconfirmation process from China, Russiaand Iran to un- the District of Columbia Circuit, I in 1993.Republicans who fiercely dermine U.S. election security sawupclose her legendarywork disagreed with her nonetheless through cyberattacks and disinfor- ethic,her “all in” approach to prepa- votedtoconfirm her nomination, mation. William Evanina, director of ration and opinion writing,her con- whichwas approved 96-3. the National Counterintelligenceand summateefficiencyand skill. My Early in my tenure, the D.C. Cir- Security Center,sounded asimilar easiest assignment wasserving un- cuit rejected the claim of an Air warning in August. With voting al- der her leadership on our court’s Forcephysician seeking to wear his ready under way in some partsof S committeetorevise andupdatepro- yarmulkewhile on activeduty.I the country, Americans should be cedural rules.She did almost all the PRES wroteanimpassioned dissent urging concerned.

work; we spent meetingsbrain- ZUMA the full court to rehear the case. Microsoftfound that cyber actors storming and reviewing her handi- Ruth Bader Ginsburg in 2010 Only two of my colleagues—Gins- from China aretargeting former offi- work. burgand Scalia—joined in the call to cials of the Trump administration Inspired by the Declaration of wildly controversial 1973ruling. court’sannual conference, which revisit the panel’sdecision against and people associated with JoeBi- Independence,Ruth wasdeter- Sheasked whywomen should be bringsjudges together with lawyers religious liberty.“This goes to show, den’s campaign. China has conducted mined to servethe goal of equality prevented from pursuing their and legal scholars, some of us would don’t stereotype judges,” said our asignificant number of cyberattacks dreams,such as attending aprevi- cloister foranafternoon discussion colleague JudgeAbner Mikva,alib- in the past six months on targetsin- ously all-male educational institu- of tomes such as RichardPosner’s eral Democrat who had served in volved in thedemocratic process, in- Those who served with tion, and argued that artificial bar- “Law and Literature.” TheGinsburgs Congressbeforejoining the court. cluding think tanks and other organi- riershad to fall in aconstitutional would be out on the golf course,and Thefirst MondayofOctober is Ruth Bader Ginsburg knew order designed to assurethe dig- Marty would preside at the evening two weeks away.The traditional her as a formidable mind nity of everyperson. golf awardsceremony. (Marty died “Oyez!” crywill signal the justices’ It’s not a partisan issue. Forall the powerofher advocacy in 2010.) emergencefrombehind the curtain and a wonderful friend. and jurisprudence, Ruthwas disarm- “Ask Ruth” wasthe usual advice while the marshal intones: “God The administration is ingly shyand soft-spoken. As her when someone in the court’sex- save the United Statesand this hon- focused on challenges from dinner companion at Washington’s tended family had aspecial occasion orable court.” Sadly,Ruth Bader under the law. In athoroughgoing cavernous venues,one had to strain or family setback.JudgeGinsburg Ginsburg’schair will be empty,her Russia, China and Iran. critique of Roe v. Wade in her 1992 to hear what she wassaying.But knew what to do,how to select the servicetoAmerica’sfinest hope—of James Madison Lecture at New this reticenceliftedinher profes- right giftortocraft the appropriate equality under law—nowcomplete. York University—the year before sional home.Ruth and her husband, noteofjoy or concern on behalf of zations Beijing believes it can her appointment to the high Martin, loved to entertain in their the entirecourt. Warm and loving, Mr. Starr served as ajudge on the influence American public opinion. court—she defended her pro-choice warmly welcoming Watergateapart- she doted on her children and even- U.S. Circuit Court of Appeals for the This behavior, coupled with China’s position in terms of women’sequal- ment. It wasaconvivial judicial tually her grandchildren. District of Columbia, 1983-89, and as ever-present influenceoperations ity,but not on the ground of “sub- clubhouse,featuring an extraordi- Her endearing friendship with U.S. solicitor general, 1989-93. He is targeting all aspects of U.S. civil so- stantive” due processembraced by nary chef—Marty. JusticeAntonin Scalia—also afor- author of “Religious Liberty in Cri- ciety and the economy, representsa the deeply divided court in its They livedlifeinfull. At the mer D.C. Circuit judge—betokened sis,” forthcoming in April. serious threat to the integrity of our elections. Russian actors,according to Mi- crosoft, have aimed advanced cyber- Why the ‘Biden Rule’ Doesn’t Apply in 2020 attacks at Republicans and Democrats involved in theelection, as well as By David B. Rivkin Jr. wasinplayin2016.When the nation constitutional philosophy. “Action on choice, sending Donald Trump to the morethan 200 civic and policyorgan- And Andrew M. Grossman chooses apresident and aSenate, it aSupreme Court nomination must WhiteHouse with his list of pro- izations.Russia continues to gather makes itschoiceabout who wields be put off until afterthe election spectivenominees and aRepublican intelligenceonidentified targetsand he week afterPresident Jimmy the powerand bearsthe responsibil- campaign is over,” the futurevice majority to the Senate. There’sno maintains the ability to undertakecy- T Carter lost his 1980 re-election ity to pick and confirm judges.But president insisted. No vacancyarose stalematefor the voters to break ber disruption operations in pursuit bid, he announced the judicial when the president and Senatehave until 1993,when Bill Clinton wasin this time around. of itspolitical objectives. nomination of aclose ally of Senate divergent views on judges and judi- the WhiteHouse and Ginsburg’s There’snot even aserious debate Iran is also aserious threat to U.S. JudiciaryCommitteeChairman Ted cial philosophy, there’snoclear nomination easily passed aDemo- over judicial philosophy. Mr.Trump election security.According to Micro- Kennedy.The nomination sailed mandateonwhat kinds of judges craticSenate. But the Biden rule fit has maintained and expanded his list soft, Iranian actorshavetargetedthe through the Senate, which confirmed ought to be confirmed. Forwell over 2016 to atee. of prospectivenominees,but Mr.Bi- emails of Trump administration offi- the FirstU.S.Circuit Court of Appeals acentury—the last exception was den refuses to release one.That re- cials and campaign staff.Tehran’sso- judge80-10 lessthan amonth later, Chief JusticeMelville Fuller in 1888, flectsthe reality that, while Demo- phisticated cyber operations aim to sixweeks beforeInauguration Day. during President Cleveland’sfirst Voters in 2016 and 2018 cratsbemoan the originalist bent of undermine organizations that have That nominee, Stephen Breyer,now term—the Senatehasn’t confirmed a Mr.Trump’spicks,they embraceno called the Iranian regime to account sitsonthe Supreme Court. Supreme Court nominee chosen in showed a clear preference competing doctrine,only the insis- forits human-rightsviolations. JusticeBreyer’ssecond nomina- an election year by apresident of for Trump nominees’ tencethat judicial powerbewielded President Trump understands the tion, in 1994, gotmoreattention, the oppositeparty.That’swhy,in to achievetheir political ends.Their challengeposed by all three of these but his firstin1980 neatlyillus- 2016,Mr. McConnell let voters break originalist philosophy. instant opposition to anyTrump stateactors, as well as other nations, trates aconstitutional principle: The the stalemate. nominee is of apiece: the exercise of to the integrity of our elections. He president’sauthority to makejudi- This exception waspopularized in powerdivorcedfromprinciple. hasdirected the National Security cial nominations,and the Senate’s 1992 by Sen. JoeBiden, then chair- It’sespecially ill-suited to 2020. Anotherbit of history: In 1980, Council to work closely with federal powertoweigh them, is unaffected man of the JudiciaryCommittee. He Not only does the same party con- Mr.Biden votedtoconfirm Judge departmentsand agencies to ensure by the electoral calendar. urgedPresident George H.W. Bush to trol the WhiteHouse and the Senate, Breyer. that Americans cancast their ballots Minutes afterthe news brokeFri- refrain from making anySupreme but the 2016 and 2018 elections this year with full confidence. daythat JusticeRuth Bader Gins- Courtnominations in that election were both unusually focused on the Mr. Rivkin served at the Justice To that end, the NSChas con- burghad died, SenateMinority year.What made 1992 different from issues of constitutional philosophy Department andthe White House vened morethan 60 high-level policy Leader Chuck Schumer declared his other election years, Mr.Biden ex- and judicial selection, owing to the Counsel’s Office. Mr. Grossman is an meetingsonelection security since opposition to considering anynomi- plained, wasthat “divided Govern- Scalia vacancyand the Democrats’ adjunct scholar at the Cato Institute. September 2019.Atthe direction of nee “until we have anew president.” ment” reflected an absenceofa“na- smear campaign against BrettKa- Both practice appellate and constitu- the president, Ihaveconvened meet- Theargument is an appeal to prece- tionwide consensus” on vanaugh. Thevotersmade their tional law in Washington. ingsofcabinet-level principals on dent; Mr.Schumer’s tweet waslifted this topic,producing extensiveac- from astatement by Majority Leader tion plansfor awhole-of-govern- Mitch McConnell afterJusticeAn- ment response.Thousands of dedi- tonin Scalia’sdeath in February Yo u Can Trust the FDA’s Va ccine Process catedmen and women in the 2016. intelligencecommunity and lawen- Then, the Senatewithheld itscon- By Scott Gottlieb be subject to political influencesim- of badCovid outcomes,wherethe forcement areworking tirelessly to sent from President Obama’snomi- And Mark McClellan ilar to some clumsy,recent intru- barfor safety would be higher. preventthe subversion of our demo- nee,JudgeMerrick Garland. Mr. sions intoreportsissued by the Cen- TheEUA processaffords the FDA cratic processes by Beijing,Moscow McConnell’srationalewas that the fone or moreCovid vaccines ters forDisease Control and other flexibility to makethe vaccine and Tehran. voters should have asay in selecting I provesafeand effectiveinlarge Prevention.Wereject the claim that available sooner.For example,afully TheDepartment of Homeland Se- the next justice. Putaside that Mr. clinical trials,the Food and Drug avaccine EUAinherently falls short licensed vaccine might require curity under acting Secretary Chad Schumer and his caucus were on the Administration should makethem of FDA’sgold standardreview,or months of stability testing,sincethe Wolf has takenaleading role in other side of the issue four years available,inacareful and limited that the processwill be hijacked. vaccine might sit on the shelf of a countering election security threats ago. Theimportant question is: way,tothose at highest risk of con- distributor or doctor’s officefor six and is working directly with state What’sthe right precedent? tracting infection and suffering a months or longer.But forthe Covid and local governmentstoensure It isn’t 2016.Inthe realm of Su- bad outcome. The agency can roll out a emergency, the EUAallows the FDA election integrity.SecretaryofState preme Court nominations,practice Last week we wrote on these to act without some of this testing, MikePompeo has been consistent has long followedprinciple.Twenty- pages howthe FDAcould allowa Covid shot safely, quickly sincethese vaccines areintended to and firm in his repeated warningsto five times presidentshavemade Covid vaccine to be used by specific and without bowing to be delivered to patientsquickly. our adversaries that the U.S. won’t nominationstofill Supreme Court groups of patientsthrough an Emer- TheEUA processalso allows the tolerateforeign influenceorinterfer- vacancies that arose in presidential gencyUse Authorization. This au- political pressure. FDAtorequiremoredataasacon- ence in our elections. election years, and 21 times the Sen- thority,created by Congress to allow dition of authorization. Activecol- Election security isn’t a partisan ateconfirmed the nominee.The gen- the FDAtorespond to apublic- lection of benefit and risk informa- issue.Those who seek to use this eral rule is that when thereisava- health emergency, letsthe agency Theprocess enables the FDAto tion should be required, forexample threat fordomestic political pur- cancyonthe nation’shighest court, authorizethe distribution of aprod- grant astagedentryofavaccine. through connecting vaccine records poses themselves undermine confi- the political branches will fill it. uct beforeafull approval. The FDA has made clear that a vac- with datafromsecureelectronic denceinour electoral process. China, At the same time,the Senatehas Thereisconcern that an EUAisa cine must firstdemonstratesafety medical-recordorinsurance-claim Russia, Iran andother adversaries long observed anarrow exception to lowerbar than the FDA’srigorous and effectivenessinarigorous clini- databases to assessoutcomes. each pose a threat to our elections, that rule—one also guided by consti- standardfor safety and effective- caltrial with at least 30,000 people. We also reject the idea that the and the Trump administration seeks tutional concern—and that’swhat ness. Or that the EUAdecision could It must showfewerand lesssevere FDA’sprofessional staff canbe to counter all of those threatsina infections,not merely an immune cowedbyoutside influences.Be- serious, professional and apolitical response as aproxy. It must also neath all the political rhetoric,the fashion. show no significant safety issues, processfor developing Covid vac- As Nov. 3 approaches, Americans PUBLISHED SINCE 1889 BY DOWJONES&COMPANY whichgenerally arise within the cines has been rigorous.The FDA should also be skepticalwhen con- Rupert Murdoch Robert Thomson firstmonth or two aftervaccination. has prescribed an extensiveprocess suming information from foreign Executive Chairman, News Corp Chief Executive Officer, News Corp Those trials should proceed to formeeting itsvaccine EUAstan- sourcesonU.S.domestic politics, Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher theirconclusion. Then, based on the dards,including apublic assessment particularly as it relates to the presi- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: evidence, it’spossible that an EUA by independent experts. TheFDA dential candidates and their families. Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; could be issued in the latefall or also announced that it will soon ar- Multiple foreign actors have shown Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; winter.The FDAwon’t have all the ticulateits standards foremergency theintent and capability to distort News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; long-termdataitusually requires authorization in guidance. information about both major-party Christina VanTassell, Chief Financial Officer Thorold Barker, Europe; Elena Cherney, Coverage; foranovel vaccine.These dataare Political appointees shouldn’t in- candidates for their own ends. Andrew Dowell, Asia; AnthonyGalloway, Video & important to eliminateremoterisks trude in these endeavors,though the Abraham Lincoln oncenoted that Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; and to see howlong immunity lasts. FDA’sthorough and transparent pro- “the ballot is stronger than the bul- Features &Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; But initially the vaccine would only cess doesn’t lend itself to meddling. let.” Foreign adversaries, who can’t Shazna Nessa, Visuals; MatthewRose, Frank Filippo, Print Products &Services; be used for, say, health-careworkers Anydeviation would quickly be ap- match the military, economic or dip- Enterprise; Michael Siconolfi, Investigations; Kristin Heitmann, Chief Commercial Officer; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; and elderly people in nursing homes. parent. That should reassurethose lomatic powerofthe U.S.,under- Forthese people,evidenceonthe worried about furtiveinfluences. stand Lincoln’swisdom. They seek to GerardBaker, Editor at Large Thomas SanFilippo, Customer Service; Josh Stinchcomb, Advertising Sales; benefitsofvaccination is morelikely sowchaos and confusion in our elec- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page to outweigh the uncertainty. Dr. Gottlieb and Dr. McClellan toralprocess to gain an advantage Jonathan Wright, International TheFDA engages in such risk and served as FDA commissioners, from over us.Rest assured, the Trump ad- WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: benefit balancing acrossits entire 2017-19 and 2002-04, respectively. ministration won’t allowtheir efforts LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head regulatoryportfolio.Avaccine ap- They serveonthe boards, respec- to succeed.

EDITORIAL AND CORPORATEHEADQUARTERS: propriatefor an 80-year-old at great tively, of Pfizer and Johnson &John- 1211 Avenue of the Americas, New York, N.Y., 10036 risk of Covid could be anonstarter son, companies developing Covid Mr. O’Brien is White House na- Telephone 1-800-DOWJONES in a20-year-old at much lowerrisk vaccines. tional security adviser. P2JW265000-0-A02000-1------XA

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Last Week: S&P 3319.47 g 0.64% S&P FIN g 0.22% S&P IT g 1.04% DJ TRANS À 1.32% WSJ $ IDX g 0.46% LIBOR 3M 0.225 NIKKEI 23360.30 g 0.20% See more at WSJ.com/Markets Meat Prices Fall at GroceryShops CEOs Lay New Bets, Shortages fade, shutdowns.Some products, in- Gordon Food Service Inc., keting officer at SpartanNash. levels,according to the U.S. cluding chicken wingsand one of the biggest U.S. distrib- “Barring anyoutbreaks,we’re Department of Agriculture. helping consumers but primerib,are cheaper now utorstorestaurants, is selling feeling pretty good.” Still, Tyson Foods Inc., the Adapting hurting meatpackers than they were beforethe pan- some beef cutsfor half what Thesame factorsthat drove largest U.S. meat company by demic began, according to they cost afew months ago. asurge in meat prices in the sales,inAugust estimated that as well as farmers data from Nielsen. Midwestern grocerychain B& springtime noware driving about one million cattle and To Crisis Risingproduction and RStores Inc., which last them lower, even amongthe about three million hogsre- BY JACOB BUNGE loweroverall demand are spring restricted howmuch priciest cuts. Forexample, main backed up on U.S. feed- BY THEO FRANCIS AND JAEWON KANG pushing down meat prices. ground beef shopperscould meat-plant shutdowns, which lots and farms because of the AND JENNIFER MALONEY Last spring’splant closures buy, recently put it on sale at hurt production in the spring, closures. Meat prices arefalling at leftcattleand hogslingering— a discount. have led to the backlog of live- Near Minneapolis,Kan., Plenty of CEOs remain stuck grocerystoresaslast spring’s and getting fatter—on U.S. SpartanNash Co., afood re- stock now. However, asurge in PerryOwens’s feedlotsstayed working from home and boards shortages fade and livestock ranches and farms.Meanwhile, tailer and distributor based in consumer demand, likethe crowded with cattle as pro- maystill be meeting virtually, clogsfarms,benefiting con- fallout from the coronavirus Grand Rapids, Mich., recently one that rapidly cleared out cessing plants owned by Car- but companies areshifting sumersbut hurting meatpack- has kept steakhouses idle and offered low-price promotions supermarket meat cases in the gill Inc., JBS USAHoldings their sightsfromsurviving the ersand farmersalready hit by reduced meat exports. There- for ground beef, ribs and sir- spring, could tighten supplies Inc. and National Beef Pack- coronavirus pandemic to chart- Covid-19 disruptions. sult is relief forcash-strapped loin steak aftermeat availabil- again. ing Co.closed down following ing newcourses through it. Prices for ground beef and consumers, and morefinancial ity improved over the summer After slaughterhouse shut- infections among workers, Verizon Communications pork loins have returned to pain in farm country, where months. downs in April and Maycut leaving them unable to slaugh- Inc.isjumping intothe lowend prepandemic levels,after producers have struggled for “The supply is plentiful deeply into meat production, terlivestock.Mr. Owens’s of the wirelessmarket. Clorox surging as Covid-19 sickened yearswith lowprices forlive- rightnow,” said Lori Raya, processing hasresumed and backlog,which amounted to Co.directorspicked their next meat-plant workersand forced stock and poultry. chief merchandising and mar- now largely exceeds year-ago PleaseturntopageB2 leader.Arailroad set anew profit goal forthe year.New ownersare taking Neiman $1.2 Marcus out of bankruptcy. Banks Pile Into Treasury Bonds, That attitude is achange from earlier in the year,when most U.S. companies spent the firstmonths of the pandemic Helping to Fund U.S. Borrowing hunkering down, slashing costs, hoarding cash and pulling their 1.0 financial forecasts.Asthe coro- BY SAM GOLDFARB Larger factorsalso arehelp- navirus’sspread continues in AND PAUL J. DAVIES ing drag down Treasuryyields, the U.S. and abroad, businesses which fall when bond prices U.S. commercial bank holdings of Treasury and agency have concluded they’ll coexist Surging depositsand declin- rise.Inflation has been lowfor nonmortgage securities,intrillions with it forsome time.Sothey ing lending aredriving banks to years, investorswant asafe arereviving stalledoperational dramatically increase their placetoput their money,and plans,changing leadersand re- holdingsofU.S.Treasurys,of- the Federal Reservehas been 0.8 issuing financial targets. fering significant support to the both buying bonds and promis- “There’s this realization that bond market at atime of mas- ing near-zeroshort-term inter- the newnormal will last fora sivegovernment borrowing. est ratesfor yearstocome. while,” said GregoryDaco, chief HoldingsatU.S.commercial Even so,demand from banks U.S. economist forOxfordEco- banks of Treasuryand agency and other sourceslikemoney- nomics.“Businesses forwhich securities other than mortgage market funds has playedacriti- thefinances have held during bonds have grownbymore calrole,analystssay,allowing 0.6 thefirst phase of the crisis are than $250 billion sincethe end the government to issue more Commercial loans,leases Deposits in U.S. Money-market funds' looking at an environment where of Februaryastheir totalde- than $3 trillion in debt since at U.S. commercial banks* commercial banks holdings of U.S. Treasurys they see some opportunities.” posits have jumped by more Februarywithout pushing Plenty of companies won’t than $2 trillion,according to yields significantly higher,as be able to makethe shift, espe- Federal Reservedata. Commer- some had feared. Theyield on $6trillion $15 trillion $2.0trillion cially smaller ones with fewer cial and industrial loans ini- the benchmark 10-year note resourcesorwheresales have tially spiked as companies drew settled Fridayat0.694%, down Prime funds 0.4 evaporated,hesaid, adding: on their credit facilities,but from 1.909% at the end of 2019. 1.5 Government “Wehavetomakeadistinction many have sincerepaid bank Investors’ appetitefor Trea- 4 10 funds between small and large com- debt and loan-and-lease volume surys will be further tested this panies.” has fallen. week as the government lines 1.0 This summer,Clorox direc- Analystssay the surge in de- up an additional $155 billion of tors weighed whether the busi- positshas been driven by sev- newnoteauctions.Traderswill nesswas stable enough to name 2 5 eral factors, including govern- also be watching FedChairman 0.2 anew chief executiveafter years ment stimulus programs and Jerome Powell’sappearancebe- 0.5 of succession planning.They de- thecautious behavior of many fore congressional panels on cided it was, and the boardin- individuals and businesses Wednesdayand Thursday, and stalled companyveteran Linda amid the pandemic.Banks, keeping an eyeonstocks after 0 0 0 Rendle as CEO on Monday. meanwhile,havebeen lesswill- major indexesposted their 2016 '20 2016 '20 2016 '20 Ms.Rendle said this past ing to lend because they are thirdstraight week of declines. *Includes industrial loans and leases week that, while her priority is nervous about the economic “The bank accumulation of 0 ramping up production of clean- outlook,giving them morecash Treasurys has very much ing productsaround the pan- to invest in assetslikeTrea- helped financethe higher defi- 2016 '17'18 '19'20 demic,the companyhas exited surys. PleaseturntopageB2 Sources: St.Louis Feddatabase (U.S. commercial banksholdings and deposits); HaverAnalytics (money-market funds’holdings) crisis mode.She is working on waystocapitalizeonflexible schedules and changes prompted by the pandemic.“It European LendersMove to Mergefor Survival has been lessabout Covid inter- ruption and moreabout reimag- ining howwework,” she said. BY PATRICIA KOWSMANN are a way to combine balance A Sabadell spokesman said have yettotranslateintodeal ranging from regulatoryhur- Aftershedding 22 million AND MARGOT PATRICK sheetswhile taking out alarge the bank has aplan to remain talks or takeover offers. And dles to fightsoverwhich man- jobs in March and April, the chunk of costs, including by independent but will study op- most discussions at this stage agement team would runa U.S. economyhas replaced 10.6 The coronavirus pandemic closing duplicatebranches and tions that increase share- arearound domestic rather combined entity. million of them through Au- has brought asense of ur- laying off staff. holder value. than cross-border deals,which Now, the feeling that gust. Thestock market has re- gencytoEurope’sailing banks In Switzerland, UBS Group Christian Sewing, chief ex- offer lesscost synergies and something needs to be done bounded from a24% drop in to scale up or risk dying. AG has studied howitcould ecutiveofDeutsche Bank AG, would requiredeeper govern- and done soon has never March and hit anew high in Around the region’scapi- absorb smallerrival Credit which last year held merger ment involvementtopush been so strong,according to early September.The S&P 500 tals,banks areexploring merg- Suisse Group AG. In Spain, talks with rival Commerzbank through to completion. bank executives and outside is nowtrading up nearly 3% for ersafter adecade of weak re- which has been severely hit by AG that failed, recently said Chatterabout a wave of advisers. the year. turns.They aredrawing plans the pandemic, CaixaBank SA his bank wantstobepart of consolidation in Europe has European banks’ return on Corporateprofits fell in the on howthey canfaceapro- is buying Bankia SA to form consolidation onceitimproves been going on foradecade be- equity, a key metric of profit- firstand second quarters, but longed eraoflow interest Spain’slargest domestic bank. itsprofitability.Commerzbank cause manycountries have a ability,sank to 1.3% at the end PleaseturntopageB2 rates, agloomyeconomic out- Another lender, Bancode itself—alsostruggling to make fragmented banking system of the first quarter from 5.7% look and souring loans that Sabadell SA,isalso exploring money—might still need to with toomanybanks and re- at theend of 2019.Some Euro- areexpected to rise as bor- itsoptions,including adomes- find a suitor. turns on equity have been pean banks arestruggling to rowers struggle to keep their tic merger, aperson familiar Many of the conversations slim or nonexistent. Action even covercosts. In the U.S., INSIDE jobs and businesses. Mergers with the situation said. arehappening internally and wasconstrained by issues PleaseturntopageB9 Payments by Facial Recognition Proves Hard Sell With Chinese

BYSTELLA YIFAN XIE Tencent Holdings Ltd., has taurants, conveniencestores also been expanding in this and supermarkets. SMALL BUSINESS Ant Group Co., which revo- area. “Perhaps facial recognition In the pandemic era, lutionized China’spaymentsin- Thepayment technologyhas as apaymentstool savessome entrepreneursand dustry,islearning howhardit largely failed to gain popular- time,but QR codes arealready is to separatepeople from their ity,analystssay,assome con- convenient enough formost investorsare having to mobile phones. sumershavefound the sign-up consumers,” said Yanxia Lu,as- getmorecreative. B5 Threeyearsago, the finan- processcumbersome and had sociateresearch director for cial-technologygiant controlled concerns about howtheir im- IDC China. Thecoronavirus by billionaireJack Ma em- ages and datawould be used. It pandemic,which forced many barked on an ambitious and shows that even amajor fin- storeclosures and led to an in- costly effort to install facial- tech innovator with alarge crease in mask wearing,has recognition devices at retailers customer base canfaceprivacy also hampered wider adoption that would allowpeople to concerns and struggle to of the technology. JOURNAL make paymentsbysmiling at a changeuser habits. Hangzhou-based Ant, the

REET screen without having to use ManyAlipayusershavebe- world’smost valuable fintech ST theirphones. come accustomed to making startup, is gearing up forapair LL

WA In April2019,Ant’sAlipay paymentsbyscanning Quick of blockbuster initial public of- network said it would spend as Responsecodes on their ferings in Hong Kong and HEARD ON THE THE R much as 3billion yuan, or the phones,preferring that to us- Shanghai this fall. In itslisting STREET FO equivalent of $439 million, to ing credit cardsorcash. While prospectus,itsaid Alipayhas Videogame console promoteuse of the machines the facial scans weren’t meant morethan one billion usersand ARIANO via merchant subsidies and to replaceQRcodes,Ant hoped serves morethan 80 million makershaveabigger UL game to play. B10

RA shopper rebates. they would incentivizepeople merchants. It handled 118 tril- A woman pays her grocery bill with a facial-recognition device. Rival WeChat Pay, runby to transact moreoften at res- PleaseturntopageB2 P2JW265000-2-B00200-1------XA

B2 | Monday, September 21, 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. Meatproduction is returning to prepandemic levels,causing dropped nearly 40% compared Prices of prices to fall. with 2019 levels,executives A Fannie Mae...... A2 National Beef PackingB1 said, as buyersincountries in- Fidelity Investments..B2 Neiman Marcus...... B1 U.S. commercial meat Average unit price, weekly cluding Kazakhstan and Cuba Air Products & production, monthly* Chemicals...... B9 Freddie Mac...... A2 Oracle...... A1,A8 Meat Fall scaled back chicken purchases. All Turtles...... B5 Freeport McMoRan.....B9 Pathmind...... B5 5 billion pounds $10 “Wedon’t knowwhat the NewYork Alphabet...... B9 G Pilgrim's Pride...... B2 bottom is on leg quarters,” strip Chief ExecutiveJoe Sanderson Ant Group...... B1 Q At Grocers General Electric...... B2 said Aug. 27. Apple...... B5,B9 4 Gilead Sciences...... B2 Quest Diagnostics...... B2 8 Manyofthem arebeing B Gordon Food Service..B1 Chicken† R ContinuedfrompageB1 Fresh chicken sold domestically,atbargain Banco de Sabadell...... B1 Guangdong Jiusheng RemoteTeam.com...... B5 around 1,000 cattle,lasted wings prices.B&RStoresrecently Bankia...... B1 Electronics Technology through much of the summer, 3 6 bought atruckload of chicken A8 S Bristol-Myers Squibb he said. “I’m still fighting to leg quartersfor cheap prices B10 I Sanderson Farms...... B2 get rid of some cattle.” Beef and put them on promotions, B&R Stores...... B1 Ioneer...... A2 Sherwin-Williams...... B9 Theextraweeks that cattle 2 Pork 4 Fresh ground companyPresident Mark Grif- beef ByteDance...... A1 J Sony...... B5,B10 spent munching feed on Mr. finsaid. B&Ralso has been C SpartanNash...... B1 Owens’slotsmeant those cat- discounting chicken breasts, JBS USA Holdings...... B1 Fresh pork loin T tle added 100 pounds each, 1 2 he said. CaixaBank...... B1 J.P. Morgan Chase...... B2 much of it fat. As a result, he Falling prices forpoultry Cargills (Ceylon)...... B1 K Tencent Holdings.A1, B1 said,the more-marbled beef staples, like deboned skinless Celgene...... B10 Tyson Foods...... B1 Kansas City Southern B2 from those cattle graded 0 chicken breasts, arepressuring Citigroup...... A12 0 Kraft Heinz...... B2 U higher.Similar slaughtering the industry. Mr.Sanderson Clorox ...... B1 delays acrossU.S.cattlecoun- Jan. July Jan. Sept. estimated that one-thirdof L UBS Group...... B1 CoBank...... B2 tryhaveswelled supplies of *Slaughter, federally inspected and certified †Includes chilled and frozen U.S. chicken companies have V Commerzbank...... B1 Linde...... B9 prime beef, the highest grade Sources: USDA(production); Nielsen (unit price) been losing money sincelate Credit Suisse Group...B1 M Verizon Communications assigned by the USDA.The 2019.SincelateJuly,Tyson B1,B2 D Maverick Ventures.....B5 percentageofU.S.cattleas- lion, or about 8%, in 2020. Meat exportsremain and Sanderson reported de- McDonald's...... B3 W signed the rating in the spring President Trump unveiled slowedbythe pandemic.In clines in quarterly profits, and Deutsche Bank...... B1 jumped above12%, about Thursday $13 billion in new July,chicken exportsfell 2.6% Pilgrim’sPride Corp., another Microsoft...... B5,B10 Walmart...... A1,A8 Discover Financial twicethe five-year average, aidfor farmers hurt by the from the same month ayear toppoultrycompany, dis- Services...... A12 mmhmm...... B5 Z according to datafromagri- pandemic. ago, while beef exports closed a$6million quarterly Mosaic...... B9 F ZeeMee...... B5 cultural lender CoBank. Forconsumers, pricey meat dropped 9% and pork fell 4.8%. loss. Facebook...... A1 N - P ZipRecruiter...... A12 Fattier cattle haven’t much cutsare getting cheaper. Sanderson Farms Inc., one In response,chicken pro- helped beef producerslikeMr. Prime rib steak sold foranav- of the topU.S.chicken compa- ducers arethrottling back, Owens. Slaughterhouse shut- erage$7. 15 apound in the nies,said last month that it sending millions fewer chicks downs meant fewer sales and week ended Sept. 5, down had exported no dark meat to to the large-scale farms that INDEX TO PEOPLE leftmorelivestock on the morethan 11% sincethe begin- China fornearly three months raise them forslaughter.In market, slashing cattle prices ning of the year, according to as Covid-19-related inspec- August the number of chicks A de Guindos, Luis...... B9 Lu, Yanxia...... B1 in the spring.Though livestock Nielsen. New York strip steak tionssnarled shipments, and placed onto farms declined Abuelezam, Nadia...... A3 Didyk, Vanessa...... B5 McCargo, Alanna...... A2 marketshaverecovered, the prices areabout 8% cheaper tighter finances kept many 2.9% compared with Febru- USDA projectsoverall cattle compared with the first week Chinese consumerseating at ary’slevel,the biggest such Ackerman, Bob...... B5 E Murray, Steve...... B4 and calf cash receiptsfor pro- of January, and beef-brisket home.Prices forexport-reliant declinesince2011, according O B Easterbrook, Steve.....B3 ducerswill drop by $5.1 bil- prices have fallen nearly 20%. productslikebulk leg quarters to JPMorgan Chase & Co. Bhattacharyya, Ambar F Oliver, Michael...... B9 B5 Fratantoni, Michael....A2 P Boydas, Sahin...... B5 G Pachter, Michael...... B10 Broadman, Harry...... A8 Parker, Keith...... B2 Goirigolzarri, Jose...... B9 Broady, Kristen...... A2 Pavlick, Stephen...... A8 Gottlieb, Scott...... A3 C - D Phil Libin...... B5 Gwinn, Blake...... B2 Cabana, Mark...... B2 S H Cheng, Cheryl...... B5 Soares, Joáo...... B9 Herbert, Chris...... A2 Clark, Peter...... B9 Stringfellow, Tom...... B9 L - M Coke, Tania...... B5 Syed, Salim...... B10 S PRES

of Frog machine usersscan TED OCIA

Facial their faces to makepayments. SS To encourageshoppersto /A use the machines,Alipayadded Recognition enhancements, including a ORMER REF

function that makes eyes look O larger and skin appear fairer

Is Hard Sell when people see their reflec- TLEBOR tions.The underlying algorithm AT verifies people’sfaces without BR

ContinuedfrompageB1 the filters, it said. /THE

lion yuan, equivalent to $17.4 One stumbling block,ac- DDER

trillion, in payment transac- cording to Alipayusers, has RA tions in the 12 months to June. been the sign-up process. A PHER

Alipayand itsrivals collect user needs to open the Alipay TO

small transaction fees from apptoactivatethe face-pay- KRIS businesses when people use ment function, verifytheir Clorox decided businessinthe pandemic wasstable enough thatitcould name anew CEO. The product is used to clean aschool in Vermont. their payment networks.Over- identity at the retailer by tak- all transaction volumes arestill ing asnapshot of their face Number of S&P500 companies reissuing earnings guidance sealed a $21 billion takeover for growing,but have slowedinre- andthen key in digitsfrom CEOs Start withdrawnatthe pandemic's peak,bysector another biotech with apromis- cent years. Manyretailersin their phone number or enter a ing cancer drug, KraftHeinz China displaysigns forboth Al- passcode sent to their phone. 0 2 4 6 8 10 Co.agreed to sell off ahunk of ipayand WeChat Payand let People sometimes have to per- Adapting Information Technology itscheese business,and Veri- customersmakethe choice. form this processatother re- zonagreed to anearly $7 bil- Facial-recognition devices tailerstouse scannersatmany Industrials lion takeover of prepaid wire- arecommonplaceincities venues. To Crisis lessprovider TracFone. acrossChina. People areoften William Wang,a30-year-old Health Care Manyofthese deals were in subjected to facescans for financial professional in Shang- Consumer Staples the works long beforecoronavi- identity-verification purposes hai, said he scans his facewhen ContinuedfrompageB1 russurfaced and weren’t trig- beforethey enter residential buying groceries at Freshippo, manycompanies weathered the Materials geredbythe outbreak,but in compounds and officebuild- asupermarket chain owned by crisis betterthan investorsex- some cases it did affect timing, ings. Some public restrooms re- Alibaba Group Holding Ltd., be- pected when much of the econ- Financials according to executives and quirepeople to scan their faces cause it savestime.But he omyshut down in the spring. Consumer Discretionary bankers. to collect toilet paper. mostly uses his phone to scan Overall, the S&P 500 reported “Tome, that’sasign of con- Alipaypiloted its“Smile to QR codes forpaymentsatother per-shareearnings23% above Communication Services fidencewhen you’rewilling to Pay” facial-recognition pay- stores,partly because he analysts’ expectations in the go out and do large deals,” said ment system in mid-2017 in doesn’t feel comfortable having second quarter—compared with Note:For guidancewithdrawnMarch 15 through June 30 and reissued July 1through Sept. 17. Keith Parker,head of U.S. and Hangzhou, at anew KFCcon- his facescanned at manyloca- the long-term averageof3%. Sources: MyLogIQ (companies); S&P Global Market Intelligence(sectors) global equity strategyfor UBS. cept storecalled KPROthat tions.Heworries about Companies arestarting to set Largecompanies canmake sold salads andsandwiches. breaches of his personal data. public targetsagain. Of about from 78%inJune,while aquar- half of the year,answering a thesekinds of strategic moves YumChina HoldingsInc., which Asurvey of morethan 6,000 200S&P 500 companies that ternow expect sales or profits question about the company’s because they acted quickly to operates KFCs and PizzaHuts people in China last October withdrew earningsorsales guid- to improve, up from 11%, Price- direction. cut costsearly in the crisis. acrossthe country, said it was found that nearly 80% were ancebyJuly,atleast 30 have waterhouseCoopersLLC found GE pulled itsfinancial pro- Free cash flow forthe S&P 500 “the firstcommercial applica- concerned about personal in- sincereinstated or raised their in an early September survey of jections in Aprilamid the pan- actually increased 20% year- tion of thefacial recognition formation leakagedue to the forecasts, according to data chief financial officers. More demic uncertainty and pressure over-yearinthe second quar- paymenttechnologyglobally.” useoffacial-recognition tech- from MyLogIQ,aresearch firm. than half said they expect to on itsaviation business, which ter—the worstofthe slow- In December 2018,Ant be- nology. An additional 57% were Some,likerailroad Kansas improvesales growth by the is cutting one-quarter of its down, Mr.Parker said. gandistributing face-scanning concerned about being tracked, City Southern,which predicted end of this year. workforce.“Our marketsare, “Despite the worstquarter machines called Dragonfly that according to datafromNandu profitswould be flat from last Even some companies that by and large,stabilizing,but sincethe 1930s,companies did were roughly the sizeofafirst Personal Information Protec- year,said the damagewasn’t as aren’t setting firm targetssay not in anyway rapidly recover- an extraordinaryjob controlling generation iPad to retailers. tion ResearchCenter.About severeasfeared. Otherslike they have abetterviewintothe ing,” Mr.Culp said at aMorgan costs, working down invento- Last year,Ant rolled out asec- 41%ofthose surveyed were QuestDiagnostics Inc., alab final months of the year.Larry Stanley investor conference. ries,potentially negotiating ond-generation model that was willing to scan their faces for companyhandling Covid-19 Culp, the chief executiveof Afterapause in mergerac- rentsand cutting” capital ex- more compact. WeChat Payfol- paymentswhile an additional tests, arecoming out ahead. General Electric Co., told in- tivity early in the pandemic, penditures,Mr. Parker said. lowedwith asimilar machine 39%said they weren’t. Just over half of companies vestorsWednesdaythe some companies arenow mov- —Sharon Terlep, Thomas called Frog. This year,anAmerican arti- expect the pandemic to hurt companywill generatepositive ing forwardwith deals.Inre- Gryta and Drew FitzGerald Thedevicescost 1,699 to ficial-intelligencestartup called sales or profitsthis year,down free cash flow in the second cent days, Gilead Sciences Inc. contributed to this article. 1,999 yuan each. Both compa- Kneron said it wasable to fool nies also rolled out subsidy various facial-recognition sys- planstohelp retailerscover tems around the world using a of riskier investmentsand into concerns about wherethey repeating recently. some costs. In July,WeChat 3-D mask of ahuman face. The Banks Add cash. Most of that has gone could invest it. “There certainly is arisk said use of itsdeviceswas companydescribed what it did intogovernment money-market BlakeGwinn, head of front- that youdosee continued out- growing and about 16% to 20% as atest. funds,which invest only in end ratesstrategyatNatWest flowsfrommoney-market Treasury Treasurys and other govern- Markets, said money-market funds,” Mr.Cabana said. Simi- Ant's revenue from paymentservices has slowedrelativetoits ment-backed securities. funds’ need forshort-term bills larly,hesaid, thereare indica- other digital financeofferings. But managersofprime has helped keep yields in a tions that bank deposits, ex- Alipay’stotal Bonds money-market funds,which can tight rangeevenasthe Trea- cluding reserves,are leveling Annual revenue* payment volume† buy awider rangeofshort- sury began to pump out new out and “aslong as that’sthe Digital paymentand 125 trillion yuan term debt, also have increased bills.These securities made up case,itdoes raise the risk of merchantservices ContinuedfrompageB1 theirholdingsofgovernment $2.5trillion of the $3.3 trillion higher overall Treasuryrates. citneeds of the government,” debt. Together,both types of net Treasuryissuancebetween Still, most analysts, includ- Digital Finance 100 technology platform said Mark Cabana, head of U.S. money-market funds have lifted the end of Februaryand the ing Mr.Cabana, aren’t that con- interest rate strategyatBank of their holdingsofshort-term end of August. cerned yet. One reason: The 75 America. Treasurybills,which carryma- Banks andmoney-market Fedhas helped driveupdepos- 75 billion yuan Banks typically buy Trea- turities of up to one year,by funds have been so important itsbybuying both Treasurys surysinthe one- to five-year morethan $1.3trillion sincethe that some have started wonder- and agencymortgagesecuri- 50 maturity range, analystssaid. end of February. ing howthe market would re- ties,currently at apaceof$120 50 Longer-termbonds aregener- So much cash flooded into spond if either source of de- billion amonth. Those pur- ally lessappealing because they thesefunds that, forashort mand became lessreliable.Bank chases essentially pump money 25 25 aremorevolatile,while time beforethe Treasury lending,for example,isexpected intothe economy, which finds shorter-term debt barely offers started issuing newdebt, yields to increase as the economyim- itsway intodeposits. If the Fed moreinterest than what banks on Treasurybills actually went proves,likely supplanting some repeatsits playbook from the 0 0 canget from their ownreserve negative.Some government bond purchases.Investorsalso aftermath of the 2008-09 fi- 2017 ’18 ’19 ’20 2017 ’18 ’19 ’20 accountsatthe Fed. money-market funds,such as tend to pull cash from money- nancial crisis,itcould be years *10 billion yuan=$1.46 billion; 2020 figurethrough June †1 trillion yuan=$146.3 billion; 2020 data Money-market funds have ones runbyFidelity Invest- market funds oncethey move beforeitstops accumulating is annualized forthe 12 months to June forcomparativepurposes also received hugeinflows as ments, stopped taking money on from major market shocks—a morebonds,let alone reduces Source:the company manyinvestorshavemoved out from newinvestors because of pattern that has shown signs of itsholdings. P2JW265000-4-B00300-17FFFF5178F

THE WALL STREET JOURNAL. **** Monday, September 21, 2020 | B3 BUSINESS NEWS Ex-CEO China’sTech Firms TryCar Repair Argues for BY TREFOR MOSS Tuneup Upturn Keeping SHANGHAI—China’sbig tech China’s carfleetisgrowing companies arecircling the and aging, spelling aboom for auto-repair businessinabid to garages. Severance capturethe boom in vehicle China’s carfleet maintenanceasthe country’s 250 million BY HEATHER HADDON vast carfleet begins to age. Alibaba Group Holding Ltd. Former McDonald’s Corp. and affiliates of Tencent Hold- 200 Chief Executive Steve Easter- ings Ltd., the two superpowers brook said in acourt filing Fri- of the Chinese web, arecon- day that he complied with all fronting the country’sthou- 150 the terms of his separation sands of mom-and-pop repair JOURNAL

agreement with the fast-food shops with the choiceofjoin- REET 100 companyand it shouldn’t be ing one of their newsmart- ST LL

allowed to claw back his mul- phone-based networks or be- WA timillion-dollar severance coming lessrelevant to China’s 50 package. fast-growing ranks of digital /THE SS

In his latest response to the consumers. MO 0

lawsuit McDonald’sfiled seek- Alibaba’sstrategyistolink OR 2013 ’14 ’15 ’16 ’17 ’18 ’19

ing to recoup that severance, itspopular Tmall e-commerce TREF Mr.Easterbrook’sattorney platform with anew physical China’scars areaging and in need of maintenance. Mechanics at aTmall AutoCare chain in Shanghai. Source:National Bureau of Statistics said the former CEO abided by chain of Tmall-branded garages all the demands made in the to createamaintenanceservice market that consulting firm underastandardthree-year fitted, but it hasn’t announced the digital players.Just as severanceagreement. that startsonasmartphone Frost &Sullivan expectstobe warranty.The independent ga- plans to open itsown franchise. many taxi drivershavesigned McDonald’s firedhim last year and ends in abricks-and-mor- valued at $524billion in 2025. rageshandle most jobs thereaf- At Shibalidian AutoCity,a up with Didi Chuxing, China’s afterheacknowledged having tarstore.Tencent has two affil- So-called4Sdealerships— ter. garage hub on the outskirtsof equivalent of Uber Technolo- aconsensual relationship with iates that areboth building standing forsales,service, Small and inefficient, the in- Beijing,mechanics said the gies Inc.,Mr. Chen said he re- an employee. newgarages and joining with spares and surveys—and dependentsare no match for tech companies were starting cently joined the Tuhu car-re- Theagreement required Mr. existing ones to provide physi- mostly small, independent the scale and reach of the new to squeeze the small indepen- pair network and has since Easterbrook to comply with calendpointsfor online auto- mom-and-popgarages have tech-backed networks.“The dents. expanded his customer base by manyterms,including refrain- part sales. dominated China’scar-repair tech companies see that they “Businessisbad,” said Wang aquarter. ing from working forarival China’snational carfleet scene until now. Some interna- canjoin all this up and consoli- Tingsong,who opened his re- Startup Tuhu, whose main for two years, disparaging or quadrupled in sizeinthe past tional chains,notably Exxon dateit,” said Wijaya Ng,head pair shop here14yearsago. investor is Tencent, sells parts suing the company, sending decade to 260 million cars,ac- Mobil Corp.’sMobil 1and Mi- of consulting at Ipsos Strategy3 With younger consumersdoing online and arranges same-day letters to employees or speak- cording to official data, closing chelin,also have asignificant in Shanghai. everything through their repairsatTuhu-branded fran- ing publicly about McDonald’s in fast on the U.S.’s 280 million. Chinafootprint. TheU.S.auto-repair busi- phones,the encroachment of chise garagesand partner without permission. In turn, Theaverage ageofChina’sfleet They,too,are turning to big ness isn’t seeing tech disrup- bigtech seems irresistible,he shops likeMr. Chen’s. Thefirst McDonald’s granted Mr. East- is nowapproaching the six- tech, with Exxon forming a tion on the same scale.Itis said. “First it wasrestaurants, mover in China’sshiftto erbrook payand stock awards, year mark at which cars typi- joint venturewith Tencent ear- home to several large mainte- then barbershops,then pet- smartphone-based carrepairs, his lawyer said in the court fil- cally start to need significant lier this year to enable online nancechains that would be grooming—nowit’sthe autoin- the startup has built a52mil- ing. repairs, promising ajump in consumerstobuy services at harder to dislodgethan China’s dustry’sturn” to be disrupted, lion-strong user base since Mr.Easterbrook’slawyer demand fortire-and-oil Mobil1garages. mom-and-pop shops. he said. launching nine yearsago, a said in the filing that the changes and other mainte- The4Sstores, owned by or Amazon.comInc.sells parts Chen Bao’an, the owner of a companyspokesman said. burgergiant hasn’t kept its nance. associated with the automak- online and partnerswith ga- nearby garage,said the only re- —Raffaele Huang contributed side of theseverance agree- TheprizeisaChinese after- ers, servicethe cars they sell rage chains to have those parts sponse is to join forces with to this article. ment by seeking now to claw back severance. That payout is estimated to be worth $57.3 million, according to execu- Auto-Parts Maker Garrett Motion Files for Bankruptcy tive-pay firm Equilar. “McDonald’sreceived the BY ANDREW SCURRIA lead bidder,orstalking horse, Thecoronavirus pandemic herited in the spinoff from sion. Garretthas called the re- entire benefit of its bargain,” to acquirethe company’sassets also has pressured Garrett Honeywell—all exacerbated by imbursement agreement unfair said Daniel Herr, Mr.Easter- Auto-partsmanufacturer following itsbankruptcy filing along with other autosuppliers Covid-19—have created asig- and sued last year to unwind it. brook’sDelaware-based em- GarrettMotion Inc.filed for on Sundayinthe U.S. Bank- throughout the U.S. as carmak- nificant long-term burden on AHoneywell spokeswoman ployment attorney, in the fil- bankruptcy over apandemic- ruptcy Court in Manhattan. ershavesloweddownproduc- ourbusiness,” GarrettPresi- said Garrettinitiated the bank- ing in the state’sCourt of driven sales drop and adispute Thecompanyturned to tion, laid off workersand dent and Chief ExecutiveOliv- ruptcy forthe “single,improper Chancery. with Honeywell International chapter 11 amid adisputewith burned through cash. ier Rabiller said. purpose” of avoiding “the legit- McDonald’ssaid Fridayit Inc., proposing a$2.1 billion former parent Honeywell over “Although the fundamentals When the two companies imateand reasonable financial would continue to pursue the sale of the businesstoprivate- the costsofdefending and set- of our businessare strong and separatedin2018,Garrett commitments” it took on when return of Mr.Easterbrook’s equity firm KPS Capital Part- tling personal-injuryclaims we have continued to trytode- agreed to reimburse Honeywell it separated from Honeywell. severance. ners LP. from workersand othersex- velop our businessstrategy, the forcertain payoutstovictims —Alexander Gladstone and Oral argumentsfor the case Switzerland-based Garrett posedtoasbestos-containing financial strains of the heavy of asbestos exposurestemming Soma Biswas contributed to are scheduled for Nov. 13. said it would tapKPS as the products. debt load and liabilities we in- from Honeywell’sBendix divi- this article.

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B4 | Monday, September 21, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Nicole Nguyen Prepare Your Tech for Power Outages

As an in- band provider is running on ferno sweeps backup power, youmight still the West and be able to access the internet. hurricanes Look forpowerstations spin over the that canbechargedvia wall Atlantic, socket or acar’s 12V port. poweroutages pose abig risk You’ll also want to buy ade- forthose living in affected ar- vice protected by awarranty, eas.Recently,inCalifornia, sinceadud could leave youin the utility PG&E pre-emptively adiresituation in an emer- shut off powertoprevent the gency. A lightweight outdoor spread of wildfire,leaving solar panel canextendyour hundreds of thousands of cus- device’sfunctionality even tomersinthe dark. longer,though solar charging No matterwhereyou live, cantakeaday or morein it is good to preparefor a bright sunlight—and won’t be blackout. Hopefully you’ve ideal forstormyclimates. already gotaflashlight, Test the battery before hand-crank radio,first-aid putting it to use,and keep it supplies and astore of drink- charged. “But youdon’t want

ing waterand shelf-stable RY to be constantly charging it. food on-hand. Here’show to TO It is damaging to the cell to VA getyour other lifeline—your be pushed to 100% everyhour

smartphone and connected OBSER and bettertolet them fade a

devices—ready and powered TH bit,” said Dr.Murray.Herec-

up in case of an emergency. EAR ommends topping up your SA powerstation weekly,unless Turn on /NA the charge is already full. emergency alerts Manydeviceshaveadisplay EVENS

WirelessEmergency ST that shows battery status. Alerts, or WEA,are messages A All rechargeable lithium- SHU

that canbesent by local and JO ion batteries decline in per- federal authorities,including When the weather threatens to turn, plug everything in while there is still power. Hurricane Laura on the Louisiana coast in August. formancewith age, so the the National Weather Service powerstation will eventually andFederal EmergencyMan- tricity provider, too. els released in 2015 or after. phones, laptops and battery sory is best for charging up need replacing.Jackeryspeci- agement Agency, directly to You’ll find it under your packs fully charged when the electronics while powering a fies that its 240watt-hour smartphones over cellular Turn off Do NotDisturb phone’ssettings—Cellular for lights go out. Download or table lamp for light. Plugging station canendure500 charg- networks.Most devices re- Emergencyalertssent by iPhones,Connection forAn- print out any important doc- in your computer or phone is ing cycles beforethe battery leased after2012 areable to the government aredesigned droid devices. uments you might need. fine, but don’t expect a por- retention reduces to 80%. receivethe alerts. to bypassDoNot Disturb.But If your powerisout, your table station to keep your Of course,you canuse If you’ve ever experienced if the threat of extreme at-home electricity-dependent Consider backup power freezer going. smaller phone-charging bat- a sudden, blaring tone or weather or wildfire continues router and modem won’t work Thereare different types Thecost canrangeany- tery packs,too.Ilike Anker- buzz accompanied by a grim while yousleep,turning your either.Comcast is providing of systems to consider as part wherefromacouple hundred branded productsbecause of message—an alert for a cellphone ringer up and dis- its Xfinity Hotspot service of your preparednessplan. dollarsfor a 200 watt-hour their 18-month warranty and missing person perhaps— abling Do Not Disturb will free to even noncustomers. Thereare electric or gas-pow- model (equivalent to 10 or 20 reasonably priced accesso- that is a WEA. makesureyou don’t missan While that would also likely ered generatorsdesigned to smartphone chargesortwo to ries.The company’s biggest No sign-up is required. By evacuationorder.(If you’re be unavailable in apowerless poweryour whole home.I’m three laptop charges) to up- battery holds about five default, the alertsare turned worried about being awak- neighborhood, the wireless not going to getintothose ward of $1,000 for 1,000 iPhone 11 charges. on, but youshould review ened unnecessarily,you can networks arealso located in here, because whether agen- watt-hour versions (that is Youmay find electronics at what your phone’ssettings muteparticularly noisy apps— businessareas,retail locations erator is appropriatefor you 60+ hoursofminifridgeoper- home that canact as battery are. In iPhone settings, go to or friends—individually.) and transit centers. An inter- depends largely on your area ation or 1,000 phone charges). backups.Myeditor discovered Notifications and scroll to the activemap shows whereyou and the sizeofyour home. Youcan estimateyour power his Sonos Move speaker could bottom. Under Government Enable Wi-Ficalling canaccessthe hot spots. Instead, I’m going to focus needs using awattage work- double as aUSB-C laptop Alerts, you’ll see the option If cell towers aredown, on portable power stations, sheet.And makesureany chargerwhen powerfailed af- to enable Amber alerts, emer- this feature could come in Keep everything which don’t offer as much lamp youplan to powerhas terTropical Storm Isaias hit gencyalertsand public safety handy.Wi-Ficalling allows plugged in power—but are quiet, can be an efficient LED bulb. the East Coast. Dr.Murray alerts. On Android, depending youtomakephone calls to When the weather threat- carried around and are safe AWi-Firouter and modem and his wiferelied on the bat- on your phone,the settings U.S. numbersoverWi-Fi(also ens to turn or you have a no- to operate indoors. They are could even be pluggedintoa teries in their Away smart pageiscalled Call Broadcasts agreat hack forinternational tice of acoming rolling also far less expensive than a powerstation, according to suitcases during California’s or EmergencyAlerts. travel). Verizon, AT&T,T-Mo- blackout, plug everything in generator, and don’t require SteveMurray,vicepresident recent rolling blackouts. “The Sign up for power-outage bile and Sprint support the while there is still power. professional installation. at Exponent, ascientific con- key thing is keeping that text alerts through your elec- feature on most devicemod- You’ll want to have your The boombox-sizeacces- sulting firm. If your broad- phone alive,” he said.

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THE WALL STREET JOURNAL. Monday, September 21, 2020 | B5 SMALL BUSINESS Startups Turn to RemoteFundraising Barred from meeting investors in person, founders use video to capture attention

BY HEATHER SOMERVILLE

Forstartups and venture- capital firms,investing used to be a decidedly low-tech exer- cise.They would trytodraw attention at industryconfer- ences,sizeeach other up over long lunches,belly up to the bar or maketheir pitches dur- ing walks along SanFran- cisco’s waterfront. In the pandemic era, entre- preneursand investorsare having to get more creative.

From elocution lessons to MMHMM highway signs to serenades, Phil Libin wearied of Zoom meetings and developed a new video platform that customizes backgrounds. startupfounderslooking to raise money in the Covid-19 liven up his meetingsbyhang- Entrepreneur Sahin Boydas world,” he said. eraare developing newstrate- ingagreen towelasanimpro- had an idea outside the virtual Some venturecapitalists gies to sell themselves and vised green screen and per- realm. To getinvestors’ atten- aretraveling by plane again to their companies—which might forming faux weather tion, he sponsored several meet startup foundersface-to- be only an idea on paper— forecasts. miles of Interstate280,amain face, and othershavedis- through avideo chat app on “It wasalot of me screwing corridor in Silicon Valley, counted remotemeetingsno their laptop. around,” Mr. Libin said. After through California’s Adopt-A- matter how creative. Chris Nicholson, chief exec- moreexperimenting,hestum- Highway program that cleans “I won’t makeaninvest- utiveofSan Francisco-based bled upon aproduct that be- up litter.Heplaced six signs ment in astartup Ihavenot AI startup Pathmind,istaking came its own startup. In June emblazoned with his startup’s met,” said BobAckerman, a voicelessons to improvehis he closed a $4.5 million fund- name, RemoteTeam.com, longtime cybersecurity inves- inflection in conversations ing round for mmhmm,a along the highway. torwho likens his relationship with investorsoverthe phone video communications plat- The route is frequented by with early-stage startups to a or video chat. form that allows foranimation venturecapitalists, and he was courtship.“Would anyone “We’rereduced to asound and customized backgrounds. betting that enough were still meet someone and have six andanimage,” Mr.Nicholson “You have to at leastbethe on the road despitethe pan- Zoom calls and say, ‘Will you said. He does voicewarm-ups most entertaining thing that demic.Itworked: Afew inves- marry me?’”

beforeimportant calls.“Having AS [investorshave] seen this tors who sawthe signs looked Otherssay virtual investing

an emotional rangeand mak- YD month if not this year,” said up Mr.Boydas and invested has pushed them to do more ing an emotional connection— BO Mr.Libin. “It is very much $250,000. research on startups and place HIN

that’swhat moves people.” SA about performing.Alot of this “I am getting moresigns lessimportanceonafounder’s Investors, meanwhile, have Sahin Boydas put his firm’s name on Silicon Valley highway signs. performancebecame very dif- because it definitely paid off personality,charm or appear- had to adjust to entering mul- ficult over video.” its cost,” he said. ance. timillion-dollar contracts and strummed “Hotel California” “I have trouble keeping all Thingsweretougher for Mr.Boydas started Remo- TJ Nahigian, apartner at yearslong relationships with- by the Eagles. Maverick later of these investors straight so Tellus CEO Tania A. Coke, who teTeam.com, which supports SanFranciscoventurefirm out sharing acoffee or even a invested. of course they aregoing to wasclosing in on afunding companies with remotework- Base10, said his firm is doing handshake. Forthe venture- “It’shardtohaveanew have ahardtime remembering round in Februaryfor her forces, at the end of October. three times the number of ref- capital firms,they have had to memorable experiencewhen me,” said Vanessa Didyk, who medical-devicestartup when He attributes his prescient erencechecks on founders recalibratehow they deter- everyday seems likethe one is fundraising forcollegere- thepandemic roared intoa timing in part to atrip to while doubling the number of mine an investment, becoming before,” Mr.Bhattacharyya cruitment and retention app global crisis and the stock CostaRicainMarch 2019. investmentsfrombefore morethoughtfulabout the said. ZeeMee,whereshe is chief ex- market cratered. It took until While thereheparticipated in Covid-19. metrics they use and opting Startup fundraising,already ecutive. “That part Iworry July to close her $7 million fi- an Ayahuascaceremony, an in- To that point, Cheryl for criteria that don’t include aweary, monthslong task,dur- about—that it alljust looks nancing. digenous ritual involving a Cheng, an investor at BlueRun eye contact. ing lockdowns primarily be- the same.” “We have a hardware com- plant that causes vivid halluci- Ventures, said people may at- Ambar Bhattacharyya, an came aslog of hundreds of Entrepreneur and investor panyand people want to touch nations.Mr. Boydas said there tach too much importance to investor with Maverick Ven- calls over the now-ubiquitous Phil Libin,who is routinely in- and feel your product, espe- he had visions of the pan- in-person meetings for gaug- tures in SanFrancisco, said video communications app volved in fundraising forcom- cially at this early stage,” said demic,and with that, abusi- ing someone’s character. one founder picked up his Zoom, exacerbating the mo- panies that are part of his All Ms.Coke. “Wearen’t in a ness opportunity. “Wemight overestimatethe acoustic guitar during afund- notonyofworking at home Turtles startup studio,quickly placewherewecan just send a “Ayahuascashowedmevalue of an hour face-to-face raising pitch via Zoom and and sheltering in place. wearied of Zoom and tried to product in the mail.” empty streets, aremote with a person,” she said. BUSINESS NEWS PepsiCo Boss Transformed When small CompanyWith Cola Wars businesswins,

BY MIKE ESTERL earlierthan Coke, which had AND JENNIFER MALONEY expanded intomorethan 100 othercountries.Mr. Kendall we all win. Donald M. Kendall, who boasted that Pepsi wasthe first built PepsiCo Inc.intoa American consumer product to snack-and-beveragejugger- be sold in the Soviet Union. naut and introduced the Soviet Mr.Kendall came to know Union to American cola at the several headsofstate,none height of the Cold War, died morethan Mr.Nixon, who was Saturday. He was99yearsold. alegal adviser in the 1960s and Theexecutive, who grew up playedpiano at Mr.Kendall’s milking cowsand finished just wedding in 1965.In1968,after three semestersofcollege, be- being elected president, Mr. came chief executiveofPepsi- S Nixon asked Mr.Kendall to get

Cola Co.in1963 at age42and PRES some advicefromdeparting

presided over the companyun- TED President Lyndon B. Johnson.

til his retirement in 1986.Dur- CIA Mr.Johnson relayedthat the SO

ing that time,sales grew nearly AS audio-taping system he had in- 40-fold through acquisitions Donald M. Kendall stalled wasahelpful organizing and the “Pepsi Challenge”—its tool—adviceMr. Nixon later re- high-profile marketing assault Co. with Dallas-based potato- grettedwhen recordingshelped on the dominanceofrival Coca- chip giant Frito-Lay Co. drivehim from officeduring the Cola Co. Born on a farm in Sequim, Watergatescandal, according to “He was re- Wash., ayoung Mr.Kendall ac- several historical accounts. OBITUARY lentlessabout cepted an athletic scholarship In 1982, as Mr.Kendall was DONALD M. growing our to Western KentuckyState approaching retirement, Pep- KENDALL business, a College and worked part time siCo was hit by a major scan- 1921-2020 fearlessleader, as ashoe salesman. In 1941, he dal afterexecutives falsely in- and the ulti- enlisted as aNavypilot during flated profit forfiveyearsat mate salesman,” said PepsiCo World WarII, flying combat the company’sMexican and CEO and Chairman Ramon La- missions in the Pacific,accord- Philippine bottling businesses. guarta. “In manyways,hewas ing to a company biography. According to acompanybiog- the man who made PepsiCo He joined Pepsi-Cola in 1947, raphy, Mr.Kendall’spay was PepsiCo.” firstworking in abottling plant cut 40% and he canceled bo- Shortly afterMr. Kendall be- in NewRochelle,N.Y., and then nuses and borrowed$1million came CEO,the company on adeliverytruck,beforebe- to buy PepsiCo stock. launched its“Pepsi Genera- coming afountain-syrup sales- By late1983,though, Mr. tion’’ campaign that cast Pepsi man. Five yearslater,at31, he Kendall gavethe green light for We’reinspired by the ways small businesses as the hip,upstart cola for waspromoted to vicepresident Pepsi to sponsor aJacksons re- have adaptedtoaddressincredible young people and Cokeasstaid of national sales.Mr. Kendall union concert tour with Mi- challenges.It’snot easy, but we can help. and old-fashioned. PepsiCo put headed theinternational divi- chael Jackson fora$5million itsflagship brand name on Diet sion from 1957 to 1963,nearly pricetag—regarded as an as- Pepsi, which catapulted diet doubling the number of coun- tronomical figure at thetime. Visit our Resource Centeratmutualofamerica.com soda into the big time,asa tries that sold Pepsi, according Mr.Kendall retired as CEO morecautious Cokestuck with to the company. in 1986,remaining on Pep- forinsights into the currentenvironment, or itsdiet offering,Tab.And un- In 1959,Mr. Kendall orga- siCo’s boarduntil 1991. He kept call 866.954.4321 for one-on-one support. derMr. Kendall, the company nizedabooth at the American an office at the company’s conducted its“Pepsi Challenge” National Exhibition in Mos- headquartersinPurchase N.Y., tastetestspitting Pepsi di- cow.With the help of Vice just afew miles from his home rectly against Coke. President RichardNixon, he in Greenwich, Conn., and wasa Mr.Kendall famously said offered Pepsi to Soviet Pre- frequent visitor.Healso trav- both companies benefited mier Nikita Khrushchev,who eled widely as aPepsiCo am- from the “cola wars,’’arivalry agreed to several refills and bassador—including to Russia, that continues to this day. declared it “refreshing.’’ Pho- wherehereceived an Order of “They brought out the best in tosofthe exchangewerepub- Friendship medal from Presi- us,” he said. “Iftherewasn’t a lished around the world. dent Vladimir Putin in 2004. Coca-Cola, we would have had Pepsi didn’t open itsfirst Mr.Kendall died of natural to invent one,and they would plant in the Soviet Union until causes at home,his family said. Securities offeredbyMutual of America LifeInsurance Company, aregistered have had to invent Pepsi.” 1974, and only afteragreeing to Mr.Kendall is survived by his Broker-Dealer.Mutual of America® is aregisteredservice mark of Mutual of In 1965,Mr. Kendall agreed acomplexbarter arrangement wife, Sigrid, known to friends as America LifeInsurance Company. 320Park Avenue,New York, NY 10022-6839. to another bold move—merg- involving Stolichnaya vodka. Bim, and four children, Edward, ing NewYork-based Pepsi-Cola Still, that wasseveral years Donna, Donald Jr.and Kent. P2JW265000-0-B00600-1------XA

B6 | Monday, September 21, 2020 THE WALL STREET JOURNAL. BUSINESS & FINANCE Ultralow Rates Pose Opportunity, Peril

Fed’smovesare seen near-zerorates forthe next alittle bit, but it maynot be Effectivefederal funds rate said. Ask yourself: Areother Thesituation is different few years. forquitesome time,” said Mr. funding options available? Is forprivate-education loans. 2.50% RECESSION boosting homebuying Davidson. Banks arehesitant the loss of the value of a 529 Ratesfor these aretied to an market but hurting Loans will stay cheap to bring ratesdownwhen they 2.25 account really worth delaying indexsuch as the London in- Mortgagerates arelikely to arefearfulabout losses,he education? terbank offered rate.First, fig- savers, some investors stay low. The average rate on added. 2.00 “Delaying education comes ureout what youcan get. a30-year fixedmortgage is with opportunity costs,” Prof. “I have clientswho have BY JULIA CARPENTER 2.87%, near itslowest level in Noteveryone will 1.75 Ma said.“If Ihad the degree privateloans at 10%, and that AND BOURREE LAM about half a century. benefit earlier,Imay have been able is ano-brainer,” Mr.Lee said. 1.50 That is likely to spur more Borrowers with good credit to find ajob earlier.With that “They could getsomewhere Along-term environment home buying, though caution scores will benefit most from 1.25 income,Imay be able to in- between 5% or 6%, and they with superlow interest rates is warranted. superlow rates. But banks are vest. It’simportant forcon- could lowertheir paymentsby canmean different thingsto “I would never encourage tightening lending criteria. 1.00 sumers to see these things in half—that makes alot of different people—sometimes someone to rush out and buy a That meansriskier borrowers combination. It is really aper- sense.” multiple things to the same home just because ratesare could be left out of the party. 0.75 sonal consideration.” person. low,” said MikeFratantoni, “Consumersshould be Delaying retirement maybe Morerisk, more With the Federal Reserve chief economist and senior aware and not just look at the 0.50 amorepressing need for reward? signaling that benchmark, vicepresident of research at rate advertised,” said Yiming 0.25 many. “I think people are go- While lowrates maytempt short-term interest rates the MortgageBankersAssocia- Ma,assistant professor of fi- ing to save lessin401(k)s and some people to take on more would likely be held near zero tion. “Atthe right point in nanceatColumbia Business 0 IRAs,and people maybe risk,don’t forget: We’restill until 2023,manymay be re- your life, that’swhen youwant School. 2011 '15'20 tempted to put their money in apandemic. minded of the period following to buy a home.” Meanwhile,those who save, under their mattresses,” said “The Fedissending the the last recession, when su- Historically lowmortgage invest or lend maysuffer in Source:Federal Reservevia St.Louis Fed Olivia S. Mitchell, professor of message, we want youto perlow rates lasted for seven ratesalready spurred arefi- this rate environment. businesseconomics and public spend moreand invest in risk- years. nancing wave earlier this year. This is especially true when intobonds and cash as retire- policyatthe University of ier assets,” said Austan Gools- NowAmerica’ssaversand Mr.Fratantoni said the desire it comes to cash. Those with ment or collegeapproaches. Pennsylvania. “I think people bee,aprofessor at the Univer- borrowers face new, possibly to refinancewill likely de- so-calledhigh-yield savings But those assetsare nowlikely will revisit the idea of retiring sity of ChicagoBooth School moredifficult choices.Over crease,sinceaconsiderable accountsalready sawrates to yield far lessand so will young.” of Businesswho served as the previous decade,for exam- shareofthe market has al- drop when theFed started produce less income. chairman of theCouncil of ple,the yield on safe10-year ready done that. In many cutting.The interest rate on Would-be retirees could see Studentloans Economic Advisersunder U.S. government debt aver- cases,banks aresetting refi- GoldmanSachs Group Inc.’s it as “getting both feet Azero-rateenvironment President Obama. “That’swhat aged about 2.4%, according to nance rates higher than rates Marcus online savingsaccount stomped on and then kicked in means different thingsfor fed- the policyisdesigned to do.If FactSet; todayitishovering for home purchases. has dropped to 0.6% in Sep- the knee,” said Greg McBride, eral loans and privatestudent you’re70yearsold, youmay around 0.7%. Credit-cardoffersare re- tember from ahigh of 2.25% chief financial analyst at loans.Right now, those with not.” Lowrates mayencourage covering.Lendersmailed out in June 2019. Bankrate. “Ifyou’redependent federal loans candefer pay- So people maybenefit from some people to buy homes or about 99 million offersinJuly Another group that gets hit: on interest income,relying on mentsuntil Dec.31. keeping money stored up in refinancethem, even as others to potential customers, up those who are approaching a conservativeinvestments, the Be carefulwhen refinancing emergencyfunds rather than consider delaying retirement from 57 million in June,ac- life eventthat requires hold- returns will fall.” or consolidating federal loans, taking on morerisk at this or postponing other money cording to research firm Min- ingsthat produceasteady in- said Malik Lee, acertified fi- time. milestones.Whether superlow tel. Credit-cardinterest rates, come stream. The delayplay nancial planner based in At- “Don’t chase yield without ratespresent opportunity or though, might not drop Examples arepeople with Diminished income streams lanta. Doing so could pull you being mindful of the risk,” Mr. perildepends on whereyou quickly,said Andrew David- target-datesavingsvehicles, maylead some people to delay out of forbearance, which has Leesaid. “We’restill not out fall on theborrowing-saving son, chiefinsightsofficer for such as retirement or 529 edu- retirement, or college. been alifeline forthose strug- of thewater with Covid. I’d spectrum. Mintel. cation savingsaccounts. These Trade-offs should be con- gling to adjust their budgets caution people: Don’t get Here’show to think about “Wemight see it edgedown typically shiftmoremoney sidered carefully,Prof. Ma during thepandemic. greedy.”

Cash Prices | wsj.com/market-data/commodities Friday, September 18, 2020 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. Friday Friday Friday Friday Friday Friday Energy American Eagle-e 2053.38 Platinum,Engelhard industrial 942.0 Wool,64s,staple,Terr del-u,w n.a. SoybeanMeal,Cent IL,rail,ton48%-u 335.40 Coffee,Colombian, NY 1.6496 Mexican peso-e 2365.87 Palladium,Engelhard industrial 2336.0 Grains and Feeds Soybeans,No.1 yllw IL-bp,u 10.1700 Eggs,large white,Chicago-u 0.8050 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Austria crown-e 1919.88 Aluminum, LME, $ per metric ton *1743.5 Wheat,Spring14%-pro Mnpls-u 6.9625 Flour,hard winter KC 15.05 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.700 Austria phil-e 2053.38 Copper,Comex spot 3.1135 Barley,top-quality Mnpls-u n.a. Wheat,No.2 soft red,St.Louis-u 5.8550 Hams,17-20 lbs,Mid-US fob-u 0.70 Metals Silver, troy oz. Iron Ore, 62% Fe CFR China-s 125.2 Bran,wheat middlings, KC-u 98 Wheat - Hard - KC (USDA) $ per bu-u 5.1425 Hogs,Iowa-So. Minnesota-u 67.64 Corn,No. 2 yellow,Cent IL-bp,u 3.6200 Engelhard industrial 26.8800 Shredded Scrap, US Midwest-s,m 283 Wheat,No.1soft white,Portld,OR-u 5.2500 Pork bellies,12-14 lb MidUS-u n.a. Gold, per troy oz Corn gluten feed,Midwest-u,w 112.3 Handy & Harman base 26.9400 Steel, HRC USA, FOB Midwest Mill-s 599 Pork loins,13-19 lb MidUS-u 0.8152 Engelhard industrial 1950.00 Corn gluten meal,Midwest-u,w 403.0 Food Steers,Tex.-Okla. Choice-u 103.50 Handy & Harman base Handy & Harman fabricated 33.6750 Cottonseed meal-u,w 1950.85 Fibers and Textiles 250 Steers,feeder,Okla. City-u,w 149.13 Handy & Harman fabricated 2165.44 LBMA spot price *£20.6200 Hominy feed,Cent IL-u,w 95 Beef,carcass equiv. index LBMA Gold Price AM *1936.10 (U.S.$ equivalent) *26.7450 Burlap,10-oz,40-inch NY yd-n,w 0.6200 Meat-bonemeal,50% pro Mnpls-u,w 183 choice 1-3,600-900 lbs.-u 179.98 Fats and Oils LBMA Gold Price PM *1936.25 Coins,wholesale $1,000 face-a 20559 Cotton,1 1/16 std lw-mdMphs-u 0.6166 Oats,No.2 milling,Mnpls-u 3.0475 select 1-3,600-900 lbs.-u 166.08 Krugerrand,wholesale-e 2033.82 Other metals Cotlook 'A' Index-t *71.65 Rice, Long Grain Milled, No. 2 AR-u,w 29.25 Broilers, National comp wtd. avg.-u,w 0.6348 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.3300 Maple Leaf-e 2053.38 LBMA Platinum Price PM *940.0 Hides,hvy native steers piece fob-u 31.500 Sorghum,(Milo) No.2 Gulf-u,k 5.7850 Butter,AA Chicago 1.5975 Grease,choice white,Chicago-h 0.2850 Cheddar cheese,bbl,Chicago 163.50 Lard,Chicago-u n.a. 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; Cheddar cheese,blk,Chicago 262.75 Soybean oil,crude;Centl IL-u 0.3573 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted; K=Prices are now in $ per bushel *Data as of 9/17 Milk,Nonfat dry,Chicago lb. 107.00 Tallow,bleach;Chicago-h 0.3150 Source: Dow Jones Market Data Coffee,Brazilian,Comp 1.1010 Tallow,edible,Chicago-u 0.3700

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THE WALL STREET JOURNAL. Monday, September 21, 2020 | B7 CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk 52 wk Prem12 Mo Prem12 Mo 52 wk measured by assets. Closed-end funds sell a limited Prem Ttl Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not BR F/R Inc Str FRA 13.54 11.78 -13.0 7.9 Nuveen Muni Val NUV 10.56 10.62 +0.6 3.4 buy their shares back from investors who wish to cash CLEARBRIDGE ENGY MDS OPP EMO NA 9.76 NA -75.8 Nuveen TxAdvDivGr JTD 15.03 13.09 -12.9 -13.7 BlackRock Floatng Rt Inc BGT 13.14 11.56 -12.0 7.9 Nuveen Quality Muni Inc NAD 15.91 14.46 -9.1 4.5 Calmos Dyn Conv and Inc CCD 25.20 23.26 -7.7 38.1 in their holdings. Instead, fund shares trade on a stock ClearBridge MLP & Midstm CEM NA 12.50 NA -76.0 TCW Strat Income TSI NA 5.68 NA 5.0 exchange. NA signifies that the information is not Blackstone / GSO Strat BGB 13.84 12.16 -12.1 10.4 Nuveen Sel TF NXP 16.15 16.65 +3.1 3.2 World Equity Funds available or not applicable. NS signifies funds not in ChnStrInfr UTF 22.85 22.59 -1.1 -10.2 Convertible Sec's. Funds Blackstone/GSO Sr Flt Rt BSL 15.41 13.95 -9.5 9.1 Nuveen Sel TF 2 NXQ 15.43 15.15 -1.8 3.2 ACAP Strategic:A 24.79 NA NA 39.4 existence for the entire period. 12 month yield is Cohen&SteersQualInc RQI 12.20 11.25 -7.8 -22.1 AdvntCnvrtbl&IncFd AVK 16.25 13.83 -14.9 3.2 EtnVncFltRteInc EFT 14.00 12.19 -12.9 7.9 Nuveen Sel TF 3 NXR 16.65 16.34 -1.9 3.1 ACAP Strategic:W 18.49 NA NA 40.5 computed by dividing income dividends paid (during Cohen&Steers TotRet RFI 12.44 12.66 +1.8 -7.7 GI Conv & Inc NCV 5.30 4.69 -11.5 -6.7 the previous 12 months for periods ending at month- EV SenFlRtTr EFR 13.77 12.07 -12.3 8.0 PIMCO MuniInc PMF 12.90 13.20 +2.3 5.0 BMO LGM Front ME;I 6.28 NA NA -24.2 end or during the previous 52 weeks for periods CohenStrsREITPrefInc RNP 22.19 19.95 -10.1 -11.3 AGI Conv & Inc II NCZ 4.75 4.17 -12.2 -7.5 EVSnrIncm EVF 6.53 6.01 -8.0 6.8 PIMCOMuniIncII PML 12.06 13.32 +10.4 5.4 CalamosGlbTotRet CGO 12.43 12.30 -1.0 19.0 ending at any time other than month-end) by the Columbia Sel Prm Tech Gr STK 21.69 21.72 +0.1 10.2 AGI Dvs Inc & Conv ACV 28.65 25.70 -10.3 19.5 FT/Sr Fltg Rte Inc 2 FCT 12.71 11.20 -11.9 9.3 Pimco Muni III PMX 11.00 11.27 +2.5 4.9 Primark Priv Eq Inv:III NA NA NA NS latest month-end market price adjusted for capital DNP Select Income DNP 8.43 10.27 +21.8 -13.6 AGI Eqty & Conv Inc NIE 27.10 23.90 -11.8 18.5 gains distributions. Depending on the fund category, FT/Sr Fltg Rte 2022 TgTr FIV 9.27 8.61 -7.1 3.4 PioneerHilncAdv MAV 12.13 11.00 -9.3 4.2 VirtusTotalRetFd ZTR 8.83 8.04 -8.9 -4.7 either 12-month yield or total return is listed. Duff&Ph Uti&Infra Inc Fd DPG 12.08 10.45 -13.5 -24.2 CalamosConvHi CHY 13.34 11.95 -10.4 17.7 Highland Income HFRO 12.66 8.72 -31.1 10.4 PioneerMunHiIcmT MHI 12.98 11.63 -10.4 4.6 Source: Lipper EtnVncEqtyInc EOI 15.53 14.83 -4.5 2.9 CalmosConvOp CHI 12.66 11.24 -11.2 16.1 InvDYCrOpp VTA 11.12 9.33 -16.1 9.8 Putnam Mgd Inc PMM 7.99 7.83 -2.0 4.9 Prem12 Mo Fund (SYM) NAV Close /Disc Yld Friday, September 18, 2020 EtnVncEqtyIncoII EOS 18.53 18.33 -1.1 14.2 World Equity Funds InvSnrIncTr VVR 4.29 3.67 -14.5 7.5 Putnam Muni Opp PMO 13.67 13.32 -2.6 4.8 52 wk EVRskMnDvsEqInc ETJ 9.79 9.87 +0.8 16.0 Aberdeen Emg Mkts Eq Inc AEF 7.80 6.58 -15.6 -4.9 Nuveen Credit Strat Inc JQC 6.94 6.11 -12.0 18.1 RiverNorth Mgd Dur Mun I RMM 18.54 16.82 -9.3 5.9 Loan Participation Funds Prem Ttl ETnVncTxMgdBuyWrtInc ETB NA 13.95 NA -2.5 Aberdeen Tot Dyn Div AOD 9.28 8.02 -13.6 3.9 NuvFloatRateIncFd JFR 9.63 8.44 -12.4 8.2 Western Asset Mgd Muni MMU 13.65 12.28 -10.0 4.5 1WS Credit Income NA NA NA 6.2 Fund (SYM) NAV Close /Disc Ret EtnVncTxMgdBuyWrtOpp ETV NA 14.24 NA 6.5 Calamos GloDynInc CHW 8.33 8.29 -0.5 18.1 NuvFloatRteIncOppty JRO 9.54 8.40 -11.9 8.2 Westn Asst Mu Def Opp Tr MTT NA 20.24 NA 3.5 AlphCntrc Prime Merid In 9.88 NA NA NS General Equity Funds EvTxMnDvsEqInc ETY NA 11.14 NA 0.4 Cdn Genl Inv CGI 40.82 26.35 -35.4 11.1 PionrFltRate Tr PHD 10.97 10.44 -4.8 6.9 Single State Muni Bond Angel Oak Str Crdt:Inst 21.76 NA NA 8.0 Adams Diversified Equity ADX 18.67 15.99 -14.4 9.4 EtnVncTxMgdGlbB ETW NA 8.88 NA 0.3 China CHN 30.36 25.73 -15.3 36.7 High Yield Bond Funds BlackRock CA Mun BFZ 15.51 13.32 -14.1 3.4 Axonic Alternative Inc NA NA NA 3.9 Boulder Growth & Income BIF 12.36 10.28 -16.8 -4.2 EVTxMnGblDvEqInc EXG NA 7.69 NA -0.1 EV TxAdvGlbDivInc ETG 17.03 15.34 -9.9 0.5 AllianceBernGlHiIncm AWF 12.33 10.81 -12.3 7.2 BR MH CA Qly Fd Inc MUC 15.67 14.28 -8.9 3.8 Blackstone/GSO FR EI D 23.07 NA NA 6.1 Central Secs CET 35.90 29.00 -19.2 -2.9 First Trust Energy Inc G FEN 12.02 9.65 -19.7 -49.1 EtnVncTxAdvOpp ETO 23.66 21.34 -9.8 -8.0 Angel Oak FS Inc Trm FINS 18.52 16.82 -9.2 7.7 BR MH NJ Qly MUJ 15.72 13.85 -11.9 4.6 Blackstone/GSO FR EI I 23.04 NA NA 6.4 CohenStrsCEOppFd FOF 11.52 11.60 +0.7 -1.6 First Tr Enhanced Eq FFA 16.41 15.14 -7.7 0.8 Gabelli Multimedia GGT 6.69 6.76 +1.0 -6.6 Barings Glb SD HY Bd BGH 15.26 13.69 -10.3 11.5 BR MH NY Qly MHN 14.86 13.64 -8.2 4.0 Blackstone/GSO FR EI T 23.00 NA NA 5.9 EVTxAdvDivIncm EVT 21.71 20.08 -7.5 -11.5 FirstTrEnergyInfra FIF 11.44 9.50 -17.0 -36.4 Highland Global Alloc HGLB 9.71 6.58 -32.2 -27.9 BR Corporate HY HYT 11.42 11.06 -3.2 8.3 BR MuniYld CA MYC 15.84 14.11 -10.9 3.6 Blackstone/GSO FR EI T-I 23.57 NA NA 5.9 GabelliDiv&IncTr GDV 21.77 18.70 -14.1 -7.0 FirstTrMLPEner&Inc FEI 6.35 4.97 -21.7 -50.5 India Fund IFN 19.43 16.60 -14.6 -8.7 BlackRock Ltd Dur Inc BLW 16.32 15.28 -6.4 7.7 BR MuniYld CA Qly MCA 15.76 14.77 -6.3 3.9 Blackstone/GSO FR EI U 24.01 NA NA NS Gabelli Equity Tr GAB 5.08 5.23 +3.0 -1.9 Gabelli Healthcare GRX 12.46 10.50 -15.7 5.3 Japan Smaller Cap JOF 10.32 8.53 -17.3 5.6 BNY Mellon Hi Yield Str DHF 3.13 2.78 -11.2 9.4 BR MuniYld MI Qly MIY 15.68 14.02 -10.6 4.2 Blstn Commnty Dev 10.08 NA NA 3.4 GeneralAmer GAM 41.27 34.27 -17.0 0.0 Gab Utility GUT 3.77 7.64 102.7 21.0 LazardGlbTotRetInc LGI 17.74 15.89 -10.4 8.8 Brookfield Real Asst Inc RA 19.21 17.05 -11.2 14.1 BR MuniYld NJ MYJ 15.75 13.86 -12.0 5.1 BNYM Alcntr Glb MS Cr Fd 95.80 NA NA 5.5 JHancockTaxAdvDiv HTD 20.95 19.06 -9.0 -24.8 GAMCOGlGold&NatRes GGN 4.14 3.60 -13.0 -6.2 MS ChinaShrFd CAF 26.84 21.93 -18.3 7.6 CrSuisHighYld DHY 2.42 2.16 -10.7 9.7 BR MuniYld NY Qly MYN 14.28 13.02 -8.8 3.9 CLIFFWATER CL FD;I 10.34 NA NA 4.4 Librty AllStr Eq USA 6.45 6.00 -7.0 3.8 J Han Finl Opptys BTO 20.39 22.08 +8.3 -25.2 MS India IIF 21.06 17.52 -16.8 -6.3 DoubleLine Inc Sol DSL 16.42 16.30 -0.7 11.4 EVCAMuniBd EVM 12.72 11.64 -8.5 3.9 CNR Strategic Credit 9.37 NA NA 9.1 Librty AllStr Gr ASG 6.78 7.38 +8.8 34.7 Neuberger Brmn MLP & EI NML 3.45 2.56 -25.8 -61.4 New Germany GF 20.13 17.16 -14.8 26.7 DoubleLine Yld Opps DLY 19.16 NA NA NS Eaton Vance NY Muni Bd ENX 13.33 11.92 -10.6 4.0 FedProj&TrFinanceTendr 9.92 NA NA 3.8 Royce Micro-Cap Tr RMT 9.48 7.92 -16.5 4.5 Nuv Dow 30 Dyn Overwrite DIAX 15.60 13.74 -11.9 -17.7 Templeton Dragon TDF 25.36 22.15 -12.7 41.7 EVHiInc2021 EHT 9.85 9.60 -2.5 4.0 InvCaValMuIncTr VCV 13.48 12.48 -7.4 4.2 FS Global Crdt Opptys D NA NA NA 7.5 Royce Value Trust RVT 15.10 12.87 -14.8 -0.2 NuvCorEqAlpha JCE 14.02 12.71 -9.3 -4.1 Templeton Em Mkt EMF 17.57 15.56 -11.4 13.1 First Tr Hi Inc Lng/Shrt FSD 15.85 14.26 -10.0 9.3 InvPAValMuIncTr VPV 13.99 12.43 -11.2 4.6 Garrison Capital Inc GARS NA 3.67 NA NA Source Capital SOR 41.63 36.94 -11.3 3.1 Nuveen Nasdaq 100 Dyn Ov QQQX 23.90 24.23 +1.4 16.2 Wells Fargo Gl Div Oppty EOD 4.97 4.33 -12.9 -10.1 IVY HIGH INCOME OPP IVH 13.73 12.23 -10.9 10.3 InvTrInvGrNYMu VTN 14.06 12.40 -11.8 4.5 Schrdrs Opp Inc;A 25.09 NA NA NS Tri-Continental TY 29.87 25.69 -14.0 1.9 Nuv Real Est JRS 8.81 7.70 -12.6 -21.5 Prem12 Mo NeubHgYldStrt NHS 11.88 11.19 -5.8 9.6 Nuveen CA AMT-F Qual MI NKX 16.61 15.32 -7.8 4.0 Schrdrs Opp Inc;A2 NA NA NA NS Specialized Equity Funds Nuveen Rl Asst Inc & Gro JRI 14.42 12.16 -15.7 -23.6 Fund (SYM) NAV Close /Disc Yld New Amer Hi Inc HYB 9.46 8.47 -10.5 6.9 Nuveen CA Val NCA 10.75 10.59 -1.5 3.1 Schrdrs Opp Inc;I 25.12 NA NA NS NuvS&P500DynOvFd SPXX NA 13.36 NA -10.2 Aberdeen Glb Prem Prop AWP 5.60 4.76 -15.0 -16.4 U.S. Mortgage Bond Funds NexPointStratOppty NHF 17.18 9.22 -46.3 19.1 NuveenCAQtyMuInc NAC 16.04 14.64 -8.7 4.2 Schrdrs Opp Inc;SDR 25.15 NA NA NS Adams Natural Resources PEO 12.49 10.59 -15.2 -29.3 NuvSP500BuyIncFd BXMX 12.66 11.19 -11.6 -7.2 BlckRk Income BKT 6.29 6.14 -2.4 6.6 Nuveen CI Nov 2021 Tgt JHB 9.41 9.05 -3.8 4.9 Nuveen MD Qual Muni Inc NMY 14.96 13.18 -11.9 4.1 Invesco Sr Loan A 6.07 NA NA 4.9 AllianzGI AI & Tech Opps AIO 23.78 20.75 -12.7 NS ReavesUtilityIncome UTG 30.52 31.28 +2.5 -9.6 Invesco HI 2023 Tgt Term IHIT 8.21 7.80 -5.0 7.6 Nuveen Crdt Opps 2022 TT JCO 8.22 8.09 -1.6 6.9 Nuveen MI Qual Muni Inc NUM 16.03 14.13 -11.9 3.9 Invesco Sr Loan C 6.09 NA NA 4.1 GI DivInt&PremStr NFJ 13.61 11.83 -13.1 3.0 Tortoise Enrgy Infra Crp TYG 21.01 15.84 -24.6 -79.7 Investment Grade Bond Funds Nuveen Global High Inc JGH 16.06 14.38 -10.5 8.3 NuvNJ Qual Muni Inc NXJ 16.25 13.70 -15.7 4.6 Invesco Sr Loan IB 6.07 NA NA 5.2 ASA Gold & Prec Met Ltd ASA 27.41 23.57 -14.0 84.5 Income & Preferred Stock Funds Invesco Sr Loan IC BlRck Core Bond BHK 16.24 15.98 -1.6 5.1 PGIM Global High Yield GHY NA 13.61 NA 9.3 Nuveen NY AMT/Fr Qual MI NRK 14.70 12.85 -12.6 4.1 6.07 NA NA 5.0 BR Enh C&I CII 16.96 15.31 -9.7 1.4 CalamosStratTot CSQ 13.59 13.41 -1.3 13.3 Invesco Sr Loan Y 6.08 NA NA 5.2 BR Credit Alloc Inc BTZ 15.17 13.98 -7.8 7.0 PGIM High Yield Bond ISD 16.02 14.04 -12.4 8.9 Nuveen NY Qual Muni Inc NAN 15.18 13.67 -9.9 4.3 BlackRock Energy & Res BGR 7.36 6.39 -13.2 -37.7 CohenStrsLtdDurPref&Inc LDP 24.84 24.38 -1.9 2.7 Pioneer Sec Inc 8.81 NA NA NS Insight Select Income INSI 21.99 20.75 -5.6 4.0 PioneerHilncmTr PHT 8.85 8.24 -6.9 9.1 Nuveen OH Qual Muni Inc NUO 17.59 15.19 -13.6 3.4 BlackRock Eq Enh Div BDJ 8.40 7.52 -10.5 -10.4 CohenStrsSelPref&Income PSF 25.60 27.02 +5.5 0.7 Wells Fargo Income Oppty EAD Nuveen PA Qual Muni Inc NQP High Yield Bond Funds InvescoBond VBF 21.33 20.07 -5.9 3.8 8.52 7.55 -11.4 9.3 15.68 13.55 -13.6 4.5 BlackRock Enh Glbl Div BOE 11.35 9.76 -14.0 1.4 FirstTrIntDurPref&Inc FPF 22.89 22.14 -3.3 1.6 WstAstHIF II HIX 7.01 6.69 -4.6 8.7 Nuveen VA Qlty Mun Inc NPV 15.03 15.07 +0.3 3.5 Griffin Inst Access Cd:A NA NA NA 6.5 J Han Income JHS 16.03 15.45 -3.6 4.7 BlackRock Enh Intl Div BGY 6.18 5.44 -12.0 7.8 JHanPrefInc HPI 18.50 19.43 +5.0 -10.2 Western Asset Hi Inc Opp HIO 5.36 5.07 -5.4 7.5 PIMCO CA PCQ 13.91 18.11 +30.2 4.6 Griffin Inst Access Cd:C NA NA NA 6.5 MFS Intmdt MIN 3.99 3.85 -3.5 8.9 BlackRock Hlth Sci Tr II BMEZ 25.84 23.42 -9.4 NS JHPrefIncII HPF 18.18 18.19 +0.1 -15.2 Western Asset Hi Yld D O HYI 15.55 14.74 -5.2 7.6 PIMCOCAMuniII PCK 8.84 9.32 +5.4 4.3 Griffin Inst Access Cd:F NA NA NA 6.5 Western Asset Inf-Lk Inc WIA NA 12.79 NA 3.1 BlackRock Hlth Sciences BME 42.56 41.85 -1.7 15.3 HnckJPfdInco III HPS 16.26 16.25 -0.1 -10.9 Other Domestic Taxable Bond Funds Pimco CA Muni III PZC 10.04 10.72 +6.8 4.5 Griffin Inst Access Cd:I NA NA NA 6.5 Western Asset Inf-Lk O&I WIW NA 11.53 NA 3.6 BlackRock Res & Comm BCX 7.62 6.34 -16.8 -9.3 J Han Prm PDT 12.56 12.65 +0.7 -23.0 Ares Dynamic Crdt Alloc ARDC NA 13.00 NA 9.8 Griffin Inst Access Cd:L NA NA NA 6.5 LMP CapInco SCD Westn Asst IG Def Opp Tr IGI NA 21.29 NA 3.9 52 wk BlackRock Sci&Tech Tr II BSTZ 27.93 24.85 -11.0 26.4 NA 10.79 NA -14.1 Barings Part Inv MPV NA 11.17 NA 8.4 Prem Ttl PIMCO Flexible Cr I;A-2 NA NA NA NS Loan Participation Funds BlackRock Sci&Tech Trust BST 40.81 40.24 -1.4 37.1 Nuveen Pref & Inc Opp JPC 9.08 8.74 -3.7 -6.2 BlackRock Mlt-Sctr Inc BIT 17.74 16.04 -9.6 9.2 Fund (SYM) NAV Close /Disc Ret PIMCO Flexible Cr I;A-4 NA NA NA 10.6 Apollo Senior Floating AFT BlackRock Utl Inf & Pwr BUI 21.40 21.79 +1.8 -3.8 Nuveen Fd JPS 9.32 9.05 -2.9 -1.2 NA 12.98 NA 8.2 BlackRock Tax Muni Bd BBN 25.03 25.72 +2.8 5.0 PIMCO Flexible Cr I;Inst NA NA NA 11.4 CBRE ClrnGlbRlEst IGR 7.44 6.08 -18.3 -14.9 Nuveen Pref & Inc Term JPI 23.14 23.17 +0.1 1.2 BR Debt Strategy DSU 11.30 10.20 -9.7 8.5 General Equity Funds DoubleLine:Oppor Crdt Fd DBL 19.40 18.96 -2.3 7.2 FNEX Ventures NA NA NA N PionrILSBridge NA NA NA 0.0 Duff&Ph Util Cor DUC 9.64 9.30 -3.5 5.8 Specialized Equity Funds WA Middle Mkt Dbt 611.71 NA NA 8.3 EVLmtDurIncm EVV 13.30 11.74 -11.7 9.97 Bluerock Total Inc+ RE:A 28.92 NA NA 1.8 WA Middle Mkt Inc 594.39 NA NA 9.7 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Franklin Ltd Dur Income FTF 9.33 9.00 -3.5 11.0 Bluerock Total Inc+ RE:C 27.57 NA NA 1.1 Other Domestic Taxable Bond Funds J Han Investors JHI 17.31 16.45 -5.0 7.9 Bluerock Total Inc+ RE:I 29.46 NA NA 2.1 Am Beacon Apollo TR:T 10.14 NA NA NS KKR Income Opportunities KIO 14.72 13.76 -6.5 11.1 Bluerock Total Inc+ RE:L 28.69 NA NA 1.6 Am Beacon Apollo TR:Y 10.15 NA NA 3.0 Money Rates September 18, 2020 MFS Charter MCR 8.78 8.35 -4.9 8.2 Broadstone Rl Est Acc:I 9.57 NA NA -5.1 Am Beacon SP Enh Inc:T 9.28 NA NA NS Nuveen Taxable Muni Inc NBB 22.62 22.38 -1.1 4.9 Broadstone Rl Est Acc:W 9.56 NA NA -5.5 Am Beacon SP Enh Inc:Y 9.31 NA NA 4.4 PIMCO Corp & Inc Oppty PTY NA 16.14 NA 9.8 BR Credit Strat;A 10.12 NA NA NS Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a CIM RA&C A 25.19 NA NA NS PIMCO Corp & Inc Strat PCN NA 15.98 NA 8.9 CIM RA&C C 25.12 NA NA NS BR Credit Strat;Inst 10.12 NA NA 5.1 guide to general levels but don’t always represent actual transactions. PIMCOHilnco PHK NA 5.50 NA 12.7 CIM RA&C I 25.22 NA NA NS BlackRock Mlt-Sctr Oppty 82.34 NA NA 8.8 PIMCO IncmStrFd PFL NA 10.20 NA 10.6 CIM RA&C L 25.17 NA NA NS BlackRock Mlt-Sec Opp II 86.94 NA NA 8.6 Week —52-WEEK— Week —52-WEEK— Inflation PIMCO IncmStrFd II PFN NA 9.20 NA 10.5 Clarion Partners REI D NA NA NA NS Carlyle Tact Pvt Cred:A NA NA NA 8.7 Latest ago High Low Latest ago High Low Putnam Mas Int PIM 4.33 4.13 -4.6 8.6 Carlyle Tact Pvt Cred:I NA NA NA 9.6 Aug. index Chg From (%) Clarion Partners REI I NA NA NA NS Putnam Prem Inc PPT 4.80 4.55 -5.2 9.1 Carlyle Tact Pvt Cred:L NA NA NA 9.1 level July '20 Aug. '19 Low 0.0500 0.0500 1.7800 0.0100 Commercial paper (AA financial) Clarion Partners REI S NA NA NA NS Bid 0.0800 0.0800 1.9000 0.0100 Wells Fargo Multi-Sector ERC 12.34 11.30 -8.4 10.4 Clarion Partners REI T NA NA NA NS Carlyle Tact Pvt Cred:M NA NA NA NS 90 days 0.13 0.13 2.53 0.04 World Income Funds U.S. consumer price index Offer 0.1000 0.1100 2.0000 0.0500 GS Real Est Div Inc:A 9.56 NA NA -7.1 Carlyle Tact Pvt Cred:N NA NA NA 9.7 Abrdn AP IncFd FAX 4.69 4.04 -13.9 7.3 GS Real Est Div Inc:C 9.54 NA NA -7.6 Carlyle Tact Pvt Cred:Y NA NA NA 9.3 All items 259.918 0.32 1.3 Libor Treasury bill auction BrndywnGLB Glb Inc Oppts BWG 13.85 12.52 -9.6 6.6 GS Real Est Div Inc:I 9.97 NA NA -6.9 CION Ares Dvsfd Crdt;A NA NA NA 5.9 Core 268.756 0.39 1.7 One month 0.15575 0.15238 2.05363 0.14925 EtnVncStDivInc EVG 13.43 11.57 -13.8 7.8 CION Ares Dvsfd Crdt;C NA NA NA 5.9 4 weeks 0.080 0.090 1.950 0.000 GS Real Est Div Inc:L 9.56 NA NA -7.2 Three month 0.22538 0.25038 2.13463 0.22538 MS EmMktDomDebt EDD 7.03 5.88 -16.4 8.4 GS Real Est Div Inc:W 9.70 NA NA -7.1 CION Ares Dvsfd Crdt;I NA NA NA 5.8 International rates 13 weeks 0.110 0.115 1.945 0.000 Six month 0.27525 0.28188 2.07038 0.27038 PIMCO Dyn Crd & Mrt Inc PCI NA 19.54 NA 13.4 NexPointRlEstStrat;A 15.11 NA NA -23.0 CION Ares Dvsfd Crdt;L NA NA NA 5.8 26 weeks 0.120 0.125 1.870 0.080 One year 0.37388 0.41388 2.06500 0.37388 PIMCO Dynamic Income PDI NA 24.60 NA 12.6 CION Ares Dvsfd Crdt;U NA NA NA NS Week 52-Week NexPointRlEstStrat;C 15.26 NA NA -23.3 PIMCO Income Opportunity PKO NA 23.30 NA 9.7 NexPointRlEstStrat;Z CION Ares Dvsfd Crdt:U2 NA NA NA NS Latest ago High Low 15.26 NA NA -22.6 Secondary market Euro Libor PIMCO Stratg Inc RCS NA 6.31 NA 10.9 PREDEX;I 25.31 NA NA 0.3 CION Ares Dvsfd Crdt;W NA NA NA 5.8 One month -0.565 -0.560 -0.360 -0.621 Templeton Em Inc TEI 8.94 7.52 -15.9 8.4 CNR Select Strategies 11.28 NA NA 0.0 Prime rates Fannie Mae PREDEX;T 25.39 NA NA 0.3 Three month -0.522 -0.507 -0.142 -0.539 Templtn Glbl Inc GIM 6.16 5.39 -12.5 5.2 PREDEX;W 25.39 NA NA 0.3 GL Beyond Income 0.78 NA NA NE U.S. 3.25 3.25 5.00 3.25 30-year mortgage yields Six month -0.497 -0.494 -0.052 -0.498 WstAstEmergDebt EMD NA 13.05 NA 9.2 Principal Dvs Sel RA A 23.06 NA NA -7.2 KKR CREDIT OPPTY;I 26.23 NA NA NS Canada 2.45 2.45 3.95 2.45 30 days 1.949 1.928 3.388 1.751 One year -0.432 -0.418 0.008 -0.441 Western Asset Gl Cr D Op GDO 18.31 17.25 -5.8 6.9 Principal Dvs Sel RA Ins 23.09 NA NA -6.9 KKR CREDIT OPPTY;T 25.98 NA NA NS Japan 1.475 1.475 1.475 1.475 National Muni Bond Funds 60 days 2.002 1.988 3.403 1.804 Principal Dvs Sel RA Y 23.15 NA NA -6.7 KKR CREDIT OPPTY;U 25.00 NA NA NS Secured Overnight Financing Rate AllBerNatlMunInc AFB 15.09 13.87 -8.1 4.2 Lord Abbett Cred Opps Fd 9.45 NA NA NS Policy Rates SharesPost 100;A 31.55 NA NA 7.7 Other short-term rates 0.10 0.09 2.35 0.01 BlckRk Inv Q Mun BKN 16.30 16.18 -0.7 4.4 SharesPost 100:I 31.76 NA NA 7.9 Lord Abbett Cred Opps Fd 9.46 NA NA 8.2 Euro zone 0.00 0.00 0.00 0.00 BlackRock Muni 2030 Tgt BTT 26.14 24.98 -4.4 3.0 SharesPost 100:L 31.35 NA NA 7.4 Lord Abbett Crd Op:U 9.46 NA NA NS Switzerland 0.00 0.00 0.50 0.00 Value 52-Week BlackRock Muni BFK 14.26 13.96 -2.1 4.6 Palmer Square Opp Inc 17.54 NA NA 6.5 Week 52-Week USQ Core Real Estate:I 24.65 NA NA 0.0 Britain 0.10 0.10 0.75 0.10 Latest Traded High Low BlackRock Muni II BLE 14.71 15.25 +3.7 4.7 Versus Cap MMgr RE Inc:I 26.83 NA NA NE Resource Credit Inc:A NA NA NA 7.9 Latest ago high low BlckRk Muni Inc Qly BYM Australia 0.25 0.25 1.00 0.25 DTCC GCF Repo Index 15.54 14.11 -9.2 4.0 Versus Capital Real Asst 24.73 NA NA -0.4 Resource Credit Inc:C NA NA NA 7.1 Call money BR MuniAssets Fd MUA 14.02 14.13 +0.8 4.3 Wildermuth Endwmnt:A 13.21 NA NA -2.2 Resource Credit Inc:I NA NA NA 8.1 Overnight repurchase Treasury 0.093 23.550 2.460 0.002 BR MuniEnhanced MEN 12.18 11.36 -6.7 4.2 Wildermuth Endwmnt:C 12.74 NA NA -3.1 Resource Credit Inc:L NA NA NA 7.6 U.S. 0.09 0.11 2.35 -0.07 2.00 2.00 3.75 2.00 MBS 0.122 51.850 2.651 0.011 BR MuniHoldings Qly MFL 14.68 13.43 -8.5 4.0 Wildermuth Endowment:I 13.27 NA NA -2.5 Resource Credit Inc:W NA NA NA 7.9 BR MH Qly 2 MUE 13.98 12.92 -7.6 4.2 Notes on data: Income & Preferred Stock Funds Thrivent Church Ln&Inc:S 10.95 NA NA 2.8 U.S. government rates BR MuniHoldngs MHD 16.73 15.45 -7.7 4.7 A3 Alternative Cr 10.68 NA NA NS World Income Funds U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, BR MuniVest Fd MVF 9.59 8.64 -9.9 4.6 and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Calamos L/S Eqty and DI CPZ 18.35 15.14 -17.5 NS Destra Int&Evt-Dvn Crd:A 23.85 NA NA 5.4 Discount widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is BR MuniVest 2 MVT 15.05 14.05 -6.6 4.7 Destra Multi-Altrntv;A 11.77 NA NA -7.9 Destra Int&Evt-Dvn Crd:I 23.86 NA NA 5.6 0.25 0.25 2.50 0.25 as of September 17, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted BR MuniYield Fd MYD 14.70 13.56 -7.8 4.8 Destra Multi-Altrntv;C 11.27 NA NA -8.7 Destra Int&Evt-Dvn Crd:L 23.83 NA NA 5.1 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- BR MuniYield Qlty MQY 16.22 16.14 -0.5 4.1 Destra Multi-Altrntv;I 12.00 NA NA -7.7 Destra Int&Evt-Dvn Crd:T 23.81 NA NA 4.9 Federal funds funds rates are Tullett Prebon rates as of 5:30 p.m. ET. BR MuniYld Qlty2 MQT 14.24 13.18 -7.4 4.1 Destra Multi-Altrntv;T 11.44 NA NA -8.4 National Muni Bond Funds BR MuniYld Qly 3 MYI 14.84 13.41 -9.6 3.9 Effective rate 0.0900 0.0900 1.9200 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Flat Rock Opportunity 17.22 NA NA -2.2 PIMCO Flex Mun Inc;A-3 11.01 NA NA NS BNY Mellon Muni Bd Infra DMB 14.16 13.77 -2.8 4.6 High 0.1000 0.1000 2.0000 0.0900 Tullett Prebon Information, Ltd. Variant Altrntv Inc:Inst 26.57 NA NA 6.3 PIMCO Flex Mun Inc:A1 11.01 NA NA NS BNY Mellon Str Muni Bond DSM 8.10 7.38 -8.9 4.9 Variant Altrntv Inc:Inv 26.57 NA NA 6.1 PIMCO Flex Mun Inc;Inst 11.01 NA NA 2.9 BNY Mellon Strat Muni LEO 8.38 8.23 -1.8 5.0 Convertible Sec's. Funds Tortoise Tax-Adv Soc Inf 9.68 NA NA 5.1 DWS Muni Inc KTF 12.51 11.12 -11.1 4.2 EVMuniBd EIM 14.14 13.06 -7.6 4.2 Insider-Trading Spotlight EVMuniIncm EVN 13.90 12.67 -8.8 4.4 IPO Scorecard Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys new EVNatMuniOpp EOT 21.31 20.68 -3.0 4.0 Performance of IPOs, most-recent listed first information about the prospects of a company. Insiders are required to report large trades to the SEC within two business InvAdvMuIncTrII VKI 11.90 10.83 -9.0 4.8 days. Here’s a look at the biggest individual trades by insiders, based on data received by Thomson Financial on September Invesco MuniOp OIA 7.45 7.34 -1.5 5.1 % Chg From % Chg From InvescoMuOppTr VMO 13.32 12.30 -7.7 4.7 Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day 18, and year-to-date stock performance of the company IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer InvescoMuTr VKQ 13.33 12.12 -9.1 4.7 InvescoQual Inc IQI 13.52 12.30 -9.0 4.7 Unity Software 68.35 31.4 ... Broadstone Net Lease 16.75 –1.5 2.8 CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner InvTrInvGrMu VGM 13.75 12.50 -9.1 4.7 U Sept. 18/$52.00 BNL Sept. 17/$17.00 I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: InvescoValMunInc IIM 16.42 14.85 -9.6 4.6 Athira 17.11 0.6 ... Dyne Thera 22.60 18.9 –5.4 unknown VP: vice president Excludes pure options transactions MAINSTAY:MK DEFTR MUN OP MMD 20.44 20.92 +2.3 4.7 ATHA Sept. 18/$17.00 DYN Sept. 17/$19.00 NeubrgrBrm NBH 14.90 15.40 +3.4 4.9 Alpha Healthcare Acquisition 10.00 ...... American Well 23.02 27.9 –0.2 Nuveen AMT-Fr Mu Val NUW Biggest weekly individual trades 16.94 16.02 -5.4 3.0 AHACU Sept. 18/$10.00 AMWL Sept. 17/$18.00 Nuveen AMT-Fr Qlty Mun I NEA 15.65 14.31 -8.6 4.6 Based on reports filed with regulators this past week Nuveen AMT-Fr Mu CI NVG 16.93 15.51 -8.4 5.0 Vitru 16.00 ...... Oaktree Acquisition II 10.45 4.5 0.5 Nuveen Enh Muni Val NEV 15.21 15.22 +0.1 4.5 VTRU Sept. 18/$16.00 OACB.UT Sept. 17/$10.00 No. of shrs in Price range ($) $ Value Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Nuveen Int Dur Mun Term NID 13.89 13.31 -4.2 3.8 ACON S2 Acquisition 10.08 0.8 0.6 Pactiv Evergreen 11.86 –15.3 8.5 Nuveen Mu Crdt Opps NMCO 13.07 12.44 -4.8 NS STWOU Sept. 17/$10.00 PTVE Sept. 17/$14.00 Nuv Muni Credit Income NZF 16.17 14.72 -9.0 5.1 Buyers NuvMuniHiIncOpp NMZ 13.37 13.44 +0.5 5.3 Sources: Dow Jones Market Data; FactSet Sept. 14-15 TransDigm Group TDG R. Small DI 133 504.06-512.72 67,698 505.50 -9.7 Sept. 10 Public Storage PSA T. Gustavson DO 37 216.86-217.85 8,060 221.01 3.8 ADVERTISEMENT Sept. 15 Franchise Group FRG B. Kahn CEO 150 24.99 3,743 27.19 17.2 Sept. 10 IGM Biosciences IGMS M. Behrens D 30 56.41-64.80 1,823 83.88 119.8 Sept. 17 Cassava Sciences SAVA S. Robertson D 214 6.98 1,492 10.07 93.7 The Marketplace Sept. 14 Intra-Cellular Therapies ITCI C. Alafi DI 50 29.60 1,465 31.45 -8.3 To advertise: 800-366-3975orWSJ.com/classifieds Sept. 11 C. Alafi DI 21 28.08 590 Sept. 14 Nikola Corporation NKLA T. Milton HI 41 30.10-33.60 1,280 34.19 231.3 BUSINESSOPPORTUNITIES BANKRUPTCIES Sept. 11-14 American Assets Trust AAT E. Rady CEOI 45 24.69-25.32 1,137 25.16 -45.2 Sept. 10 Guess? GES C. Alberini CEOI 83 12.05 1,000 13.73 -38.7 Sept. 10-11 Franklin Street Properties FSP D. Mcgillicuddy DI 152 4.25-4.54 660 3.88 -54.7 )!# '&$% *+ (,"%# .JN/S5 0/;/S0 9;JM1.2/7I73.1/F03./OS1J 5N0/1N7/ 3R JS- I31M Sept. 14-15 JBG SMITH Properties JBGS S. Estes D 20 27.19-27.87 549 26.56 -33.4 (1FC"=8 !I 1078F A9 "@F8C B7 <)8 *BG178; 5(A8>< !? CR><(!$? 2<>+(()!?$D , U 7C:( J>D *BE,*,%, HKQG Sept. 11 Vector Group VGR R. Lampen O 50 10.15 508 10.11 -24.5 *-'!%& -$ +&'!'!-* $-))&%-"*!'!-*-$($-)&!"* +)-%&&#!*" (*# ,-'!-* $-)(* $- :BJ8; 3C8>78J<<1<)8 <)1F13+)!F8; -)#&) ")(*'!*" )&%-"*!'!-* -$ ($-)&!"* +)-%&&#!*" (*# )&.('&# )&.!&$ Sept. 10 JMP Group JMP J. Jolson CEOI 200 2.39 478 2.34 -27.6 F"@8 ="F+8 C)1,,B7+ 2LS;0S /;MS J3/N7S 'He' ,- 6K+'K.dK) C@\BXBX\ Oe-&KD Oe)'^-K`[VGLeDI,\'HK e++,G-'KL Sept. 14 Schlumberger SLB O. Le Peuch CEO 25 17.95 449 18.73 -53.4 J,)KGI- )K+)K(K-'e'G%K _'HK 5R><(!$? 1(=<(:(?8C8!4(3] G- 'HK ed,%K[Me+'G,-KLMHe+'K) C? Me(K :"== "@F1CC <)8 C<3] e-L G'( (MHK.K Sept. 9-10 VOXX International VOXX B. Kahli BI 67 6.03-6.28 410 8.59 96.1 /.5D-64DE/A/ +),MKKLG-I &-LK) 'HK !,.+e-GK( #M'BXX> _'HK 5S?$T!:" 2<>+(()!?$3] dKJ,)K'HK TGIH !,&)',J Sept. 15-16 B. Kahli BI 52 6.78-7.09 361 R&('GMK\"&(G-K(( e-L 8),+K)'a !,&)'( ,J W-IDe-L e-L /eDK(\ S-(,D%K-Ma e-L !,.+e-GK( !,&)'\ fDKL _G] e+K'G'G,- J,))KM,I-G'G,- ,J 'HK W-IDG(H 8),MKKLG-I_'HK 52(8!8!>?3] &-LK) MHe+'K) C? ,J 'G'DK CC ,J Sept. 11-14 B. Kahli BI 55 6.36-6.63 357 'HK 2-G'KL 6'e'K( !,LK\ _'HK 59C?V<6=8+P 7>)(3] e-L _GG] 'HK +#<;#%C#B .2- 8D$#@%;<;#% #C 9#BD;@% +0;% 859!>*99 (=;0BM*D1*7!;!>%& >B#$DD";%@( .22- 8D$#@%;<;#% #C 9#BD;@% 8D!BD?D%<0<;7D( .222-8D$#@%;<;#% #C 60%$<;#% AB"DB 0%" 8D40$?!8!>? K>8!>?3]Z Sellers 1*7B!MH=,5MB; K=?* 0BM*9 2LS;0S /;MS R.1/OS1 J3/N7S 'He''HK "e-E)&+'Ma !,&)'He( (MHKL&DKL eHKe)G-IdKJ,)K 'HK T,-,)edDK Oe)'G- UDK-- ,J 'HK 2-G'KL 6'e'K( "e-E)&+'Ma !,&)'J,) 'HK 6,&'HK)- jG(')GM' ,J NKc Sept. 16 Scientific Games SGMS R. Perelman HI 9,376 28.00 262,523 32.96 23.1 )!L;9C 0B?* I=.B7!=> => 859L i,)E\9-K ",cDG-I U)KK-\ NKci,)E\NKc i,)E CXXX@\ ,- 3+8>A(< WF *B*B C8 ,BUBB CD@D H=<(4C!T!?$ 17C$ !> K=>*9,BM*E2: SC:8(C>*7 "e-E)&+'Ma !,LKZ 4HKTKe)G-IcGDD dK e- K%GLK-'Ge)aHKe)G-Ie'cHGMH cG'-K((K( .ea'K('GJaZ 44,082 2LS;0S /;MS R.1/OS1 J3/N7S 'He'\ G- eMM,)Le-MK cG'H UK-K)eD 9)LK)O[?@A\ Le'KL Oe)MH BX\ Sept. 15 J. Levy DI 5,458 8.08 44,082 BXBX _O,))G(\ !ZRZ] _5UK-K)eD 9)LK) O[?@A3]\B 'HK TKe)G-I cGDD dK M,-L&M'KL 'KDK+H,-GMeDDaZ#-a +e)'GK( cG(HG-I ', +e)'GMG+e'K.&(' L, (, 'KDK+H,-GMeDDa da .eEG-I e))e-IK.K-'( 'H),&IH !,&)'6,D&'G,-( PP! Sept. 14 TransDigm Group TDG B. Iversen O 65 505.77-512.63 33,049 505.50 -9.7 (717.);7: )5 &+2(7,#+9 %:0,#:- *#:7 _cccZM,&)'[(,D&'G,-(ZM,.]Z S-(')&M'G,-( ', )KIG('K)J,) !,&)'6,D&'G,-( PP!e)K e''eMHKL ', UK-K)eD Sept. 15 Square SQ J. Mckelvey D 200 150.89-157.89 30,786 145.01 131.8 $7.747#.34 %.#35):, /6 (757+80".7 ')#3! 9)LK) O[?@AZ ,??), C?>"?. B; 5.;=+"? !E -!84'' ?,$.;:?" 2LS;0S /;MS R.1/OS1 J3/N7S 'He'UK-K)eD 9)LK) O[?@A\eD,-I cG'H ,'HK) 'K.+,)e)a+),MKL&)K( Sept. 15-17 Schrodinger SDGR D. Shaw BI 574 51.43-57.25 30,453 56.05 G.+DK.K-'KL da 'HK "e-E)&+'Ma !,&)'G-M,--KM'G,- cG'H 'HK !91Sj[C;+e-LK.GM _G-MD&LG-IKDKM'),-GM 9@>", 9;. 83-A;>B/ 5?.+;" ?&.>+>18<2# 5&+" fDG-I +),MKL&)K( J,)+), (K +e)'GK(] Me- dK J,&-L da %G(G'G-I H''+:YYcccZ-a(dZ&(M,&)'(ZI,%e-L MDGMEG-I Sept. 15 Broadcom AVGO H. Tan CEO 78 365.92-370.62 28,797 359.73 13.8 &B 80642 5?. A;>B/ &>" @>"?.:.+BB?> %7 ,- 'HK 5!,),-e%G)&( !91Sj[C;8),',M,D3 de--K)Z 2LS;0S /;MS R.1/OS1 J3/N7S 'He''HK "e-E)&+'Ma !,&)'.ea ,)LK) 'HK (MHKL&DG-I ,J eMe(K Sept. 10 Installed Building Products IBP J. Edwards CEOI 300 91.00 27,300 97.49 41.6 (C;7", ;. *.+>),0 #-*36' 6.0'!6',*313**35( .e-eIK.K-' M,-JK)K-MK ', M,-(GLK) 'HK KJfMGK-' eL.G-G(')e'G,- ,J 'HG( !He+'K) C? !e(KZ 7*.43*)$-'/ )3*-.&) -0%3)'.*) .02" ,23!)3+ 2LS;0S /;MS R.1/OS1 J3/N7S 'He' e-a)K(+,-(K ,) ,dFKM'G,- ', 'HK 7KM,I-G'G,- O,'G,- .&(' dK Sept. 9 CrowdStrike Holdings CRWD G. Kurtz CEOI 212 124.47-129.13 27,037 131.43 163.5 fDKL G- eMM,)Le-MK cG'H 'HK "e-E)&+'Ma !,LK\ 'HK P,MeD 7&DK( ,J 'HK 2-G'KL 6'e'K( "e-E)&+'Ma !,&)' !12."!., -%&#+ ($/)#(($ 10 -(/&+ *%$)$&'& J,)'HK 6,&'HK)-jG(')GM' ,J NKci,)E e-L 'HK VKLK)eD 7&DK( ,J "e-E)&+'Ma 8),MKL&)K\ G- ec)G'G-I 'He' Sept. 14 Peloton Interactive PTON W. Lynch P 314 80.88 25,356 89.70 215.8 (K'( J,)'H'HK de(K( 'HK)KJ,) cG'H (+KMGfMG'a e-L 'HK -e'&)K e-L Kb'K-' ,J 'HK)K(+,-LK-'0( MDeG.( Sept. 14 T. Cortese CO 300 80.83 24,250 eIeG-(' 'HK jKd',)Z6&MH )K(+,-(K ,) ,dFKM'G,- .&(' dK _e] fDKL KDKM'),-GMeDDa cG'H 'HK !,&)',-'HK !,&)'0( KDKM'),-GM Me(K fDG-I (a('K. G- eMM,)Le-MK cG'H e-L KbMK+' e( +),%GLKL G- UK-K)eD 9)LK) Sept. 14-16 BeiGene BGNE J. Oyler CEO 81 247.01-257.97 20,588 273.96 65.3 COMMERCIAL REAL ESTATE O[A;;e-L 'HK !,&)'0( 8),MKL&)K( J,)'HK VGDG-I\ 6GI-G-I e-L 1K)GfMe'G,- ,J j,M&.K-'( da WDKM'),-GM OKe-( _M,+GK( ,J KeMH ,J cHGMH .eadK%GKcKL,-'HK !,&)'0( cKd(G'Ke'H''+:YYcccZ-a(dZ&(M,&)'(Z Sept. 11 Floor Decor Holdings FND G. West DI 275 71.15-72.64 19,667 73.24 44.1 I,%]$ _d] LKDG%K)KL','HK !He.dK)( ,J 'HK T,-,)edDK Oe)'G- UDK-- 2-G'KL 6'e'K( "e-E)&+'Ma R&LIK\ Sept. 15 Workday WDAY D. Duffield DOI 79 206.82-212.75 16,391 200.45 21.9 #1)A0(0;0C;5A0><$55;1)<8 )> #0>/!7;C!4 &% 9-K ",cDG-I U)KK-\ NKci,)E\ NKci,)E CXXX@[C@X<$ e-L _M] (K)%KL&+,- _G] !DGJJ,)L !He-MK 26 #-5%5?D"=:C"=:BB>?+A0+DD55)+?/7E+9"A5D5=A:E PP8\AC/K(' ?B-L 6')KK'\NKc i,)E\NKc i,)E CXXC;_#''-: RK--GJK) !Z jKOe)M,\ W(*Z\ e-L OGMHKDDK Sept. 15-16 Broadridge Financial Solutions BR R. Daly OD 115 135.98-136.37 15,664 131.51 6.5 OZ OMU)KeD\ W(*Z]\ _GG] eDD ,'HK) +e)'GK( 'He' )K*&K(' -,'GMK G- 'HK !He+'K) C? !e(K +)G,) ', 'HK Le'K,J 7"EA?5ED 6+A- "? +?A5E5DA +? 8595C:7+?/ "?+?5 (&MH (K)%GMK\ e-L _GGG] eDD ,'HK) +e)'GK( 'He' 'HK "e-E)&+'Ma !,&)'.ea LG)KM'\ G- KeMH Me(K :> C: 8> A( Sept. 10-11 Anaplan PLAN F. Calderoni CEO 263* 55.76-59.48 14,803 58.07 10.8 4<1 "=E5AE"=A :2 7E:75EA0 C:="A58 +? :>E &+DA:E+= C+86CTTP<(+(!4() AP (C+">&8"(@ ?> TC8(< 8"C? 'UBB =D@D H=<(4C!T!?$ SC:8(? 3+8>A(< *F (:6?A:6? *>D+?5DD(+DAE+=A. %5E25=A 2:E E5/+:?"C *B*BZ#DD +e)'GK( G- G-'K)K(' ,++,(KL e-L cG(HG-I ', ,dFKM' ', 'HK 8K'G'G,- ,) 'HK7KM,I-G'G,- O,'G,- * Half the transactions were indirect **Two day transaction -5"8,>"EA5ED; D5=>E+A0 :75E"A+:? =5?A5E;@>D+?5DD .&(' e++Ke) 'KDK+H,-GMeDDa e' 'HK TKe)G-I e' 'HK 'G.K e-L +DeMK (K' J,)'Hed,%KZSJ-,)K(+,-(K ,) 7E:=5DD:>AD:>E=+?/; $!(; E5A"+C; E5D+85?A+"C; ,dFKM'G,- G( 'G.KDafDKL e-L (K)%KLe(+),%GLKL ed,%K\'HK "e-E)&+'Ma !,&)'.ea I)e-' 'HK )KDGKJ p - Pink Sheets )K*&K('KL da 'HK V,)KGI- 7K+)K(K-'e'G%KcG'H,&' J&)'HK)-,'GMK ,) HKe)G-IZ #-a)K+Da (HeDDdKfDKL e-L "?8 B+358 >D5. ':EB:E5+?2:EB"A+:?; 9+D+A + (K)%KLG-eMM,)Le-MK cG'H 'H,(K +),MKL&)K( (K' J,)'HG-'HK "e-E)&+'Ma !,&)'0( ,)LK) I)e-'G-I 'HK Buying and selling by sector &C;1)2!"0/< '(*:09/)<0 !< ,<<5/6--:::3 V,)KGI- 7K+)K(K-'e'G%K0( O,'G,- J,)W-')a,Je-9)LK) 6MHKL&DG-ITKe)G-Ie-L 6+KMGJaG-I 'HK V,). .C;1)2!:0/<02!37;A-20;0C;5A0><+;55;1)<83 e-LOe--K) ,J 6K)%GMK ,J N,'GMK hW!V N,Z ?g da 'UBB =D@D >? 3+8>A(< #F *B*BZ Based on actual transaction dates in reports received this past week 2LS;0S/;MS R.1/OS1J3/N7S 'He''HK TKe)G-I .eadKeLF,&)-KL J),. 'G.K ', 'G.K cG'H,&' J&)'HK) -,'GMK ,'HK) 'He- e.,'G,- ,- 'HK L,MEK'G-'HG( !He+'K) C? !e(K ,) e- e--,&-MK.K-' G- ,+K- M,&)',J'HK eLF,&)-KL Le'K,)Le'K( ,J e-aJ&)'HK) eLF,&)-KL HKe)G-IZ Sector Buying Selling Sector Buying Selling NOTICE OF SALE 2LS;0S/;MS R.1/OS1 J3/N7S 'He' G' G( e-'GMG+e'KL 'He' 'HK !,&)'.ea M,..&-GMe'KLG)KM'Da cG'H\,))K*&K(' G-J,).e'G,- ,) e((G('e-MKLG)KM'Da J),.\ 'HK W-IDG(H!,&)' e-LY,) 'HK V,)KGI- Basic Industries 297,143 13,494,181 Finance 11,273,133 40,717,439 7K+)K(K-'e'G%K+&)(&e-' ', (KM'G,- C?B? ,J 'HK "e-E)&+'Ma !,LKZ 0""$.+/.++ .$$/#$ "+/.*2).%- !*, 2LS;0S /;MS R.1/OS1 J3/N7S 'He' M,+GK(,J'HK 8K'G'G,-\ 'HK 7KM,I-G'G,- O,'G,- e-L MK)'eG- Business services 57,289 10,386,699 Health care 1,908,871 95,149,632 ,'HK) +DKeLG-I( fDKL M,-'K.+,)e-K,&(Da 'HK)KcG'H e)K e%eGDedDK da _e] eMMK((G-I 'HK "e-E)&+'Ma Capital goods 00Industrial 214,690 11,496,719 !,&)'0( WDKM'),-GM !e(K VGDG-I 6a('K.\ cHGMH Me- dK eMMK((KLJ),.'HK "e-E)&+'Ma !,&)'0( cKd(G'Ke' (4.$1.&3 "526' H''+(:YYKMJZ-a(dZ&(M,&)'(ZI,%_e8#!W7 D,IG- e-L +e((c,)Le)K )K*&G)KL ', )K')GK%K eL,M&.K-']\,) Consumer durables 1,252,227 22,029,140 Media 30,320 11,812,631 $K="D;$K) ?"" 6?G:KG1 I,LJ!1?":3=7M Sources: Thomson Financial; Dow Jones Market Data P2JW265000-0-B00800-1------XA

B8 | Monday, September 21, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market IPO Scorecard B7 Last Year ago Last Year ago 27657.42 t8.22, or 0.03% last week Trailing P/E ratio 27.15 19.35 3319.47 t21.50, or 0.64% last week Trailing P/E ratio * 36.74 23.26 Public Offerings of Stock High, low, open and close for each of P/E estimate * 24.36 17.67 High, low, open and close for each of P/E estimate * 25.59 18.25 the past 52 weeks Dividend yield 2.23 2.28 the past 52 weeks Dividend yield * 1.79 1.91 IPOs in the U.S. Market All-time high All-time high 29551.42, 02/12/20 3580.84, 09/02/20 Initial public offerings of stock expected this week; might include some offerings, U.S. and foreign, open to institutional investors only via the Current divisor 0.15198707565833 30000 4100 Rule 144a market; deal amounts are for the U.S. market only Symbol/ Pricing Expected primary Shares Range($) 28000 3800 pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s) 9/22 8/21 Corsair Gaming Inc CRSR 14.0 16.00/ GS, Barclays, Credit Suisse Manufacturer of 3D Nq 18.00 printers and additive 26000 3500 manufacturing machinery. 65-day moving average 9/22 8/21 Bentley Systems Inc BSY 10.8 17.00/ GS, BofA Securities 200-day moving average Software company Nq 19.00 RBC Cptl Mkts 24000 3200 engaged with computer- aided design solutions. Week's high 9/22 8/28 GoodRx Holdings Inc GDRX 34.6 24.00/ MS, GS, Barclays, JPM, 22000 2900 Software-Medical Nq 28.00 BofA Securities, DOWN UP Technology company Citi, Credit Suisse, Monday's open Friday's close 65-day moving average engaged with building RBC Cptl Mkts t consumer-focused digital healthcare platform. Friday's close Monday's open 20000 200-day moving average 2600 t 9/24 8/31 Hygo Energy Transition Ltd HYGO 23.1 18.00/ MS, GS Downstream energy Nq 21.00 company. Week's low 18000 2300 9/22 8/31 Laird Superfood Inc LSF 2.2 18.00/ Canaccord Genuity, Bars measure the point change from Monday's open Software-E-Commerce N 20.00 Craig-Hallum company engaged with Group 16000 2000 providing nutritional supplement products. S O N D J F M A M J J A S S O N D J F M A M J J A S 9/23 9/2 Taysha Gene Therapies Inc TSHA 6.6 18.00/ GS, MS, Jefferies Primary Commercial stage Nq NYSE weekly volume, in billions of shares t 20.00 market t Composite biopharmaceutical Financial Flashback company. 36 24 The Wall Street Journal, September 21, 2000 Lockup Expirations 12 The SECnabbeda15-year-old NewJerseyboy forusing the 0 Internet to manipulate small stocks, reaping $272,826.Itisthe None expected this week first time the SECallegedthataminor committedstock fraud. S O N D J F M A M J J A S Other Stock Offerings *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Secondaries and follow-ons expected this week in the U.S. market Major U.S. Stock-Market Indexes Nasdaq Composite None expected this week Latest Week 52-Week % chg t 60.26, or -0.56% High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Off the Shelf Dow Jones “Shelf registrations” allow a company to prepare a stock or bond for Industrial Average 28364.77 27487.97 27657.42 -8.22 -0.03 18591.93 l 29551.42 2.7 -3.1 7.4 sale, without selling the whole issue at once. Corporations sell as Transportation Avg 11690.82 11300.24 11431.92 149.28 1.32 6703.63 l 11555.14 9.4 4.9 6.3 11300 conditions become favorable. Here are the shelf sales, or takedowns, Utility Average 830.43 796.26 797.95 -1.98 -0.25 610.89 l 960.89 -7.5 -9.2 2.6 over the last week: Total Stock Market 34989.65 33620.17 33916.43 -32.81 -0.10 22462.76 l 36434.12 10.6 2.7 9.4 Takedown date/ Deal value Barron's 400 722.68 705.89 712.02 4.58 0.65 455.11 l 752.15 4.1 -2.8 2.7 11000 Issuer/Industry Registration date ($ mil.) Bookrunner(s) Nasdaq Stock Market Forterra Inc Sept. 16 $135.0 Credit Suisse, BofA Securities, 10700 Construction/Building Dec. 13,319 Citi, DB, RBC Cptl Mkts, Truist Financial Corp Nasdaq Composite 11245.41 10639.95 10793.28 -60.26 -0.56 6860.67 l 12056.44 33.0 20.3 18.7 Kornit Digital Ltd Sept. 16 $230.4 Citi, Barclays, GS Nasdaq 100 11495.40 10769.40 10936.98 -150.42 -1.36 6994.29 l 12420.54 39.8 25.2 22.3 Machinery Sept. 14,320 10400 S&P Humanigen Inc Sept. 17 $68.0 JPM, Jefferies 11 14 15 16 17 18 Healthcare Aug. 28,320 500 Index 3428.92 3292.40 3319.47 -21.50 -0.64 2237.40 l 3580.84 10.9 2.7 9.9 September ADT Inc Sept. 16 $435.0 MS, GS, Barclays, RBC Cptl Mkts, MidCap 400 1921.90 1852.09 1865.86 10.99 0.59 1218.55 l 2106.12 -4.1 -9.6 1.9 DJ US TSM Professional Services Sept. 15,320 Citi, DB, Mizuho SmallCap 600 894.25 861.39 870.57 8.64 1.00 595.67 l 1041.03 -9.5 -14.7 0.1 t 32.81, or -0.10% Other Indexes last week Public and Private Borrowing Russell 2000 1572.06 1499.38 1536.78 39.51 2.64 991.16 l 1705.22 -1.5 -7.9 2.2 Treasurys NYSE Composite 13128.68 12779.40 12833.57 60.53 0.47 8777.38 l 14183.2 -2.0 -7.8 1.9 Monday, September 21 Tuesday, September 22 Value Line 479.07 462.02 467.09 5.07 1.10 305.71 l 562.05 -11.4 -15.4 -4.0 35250 Auction of 13 and 26 week bills; Auction of 2 year note; NYSE Arca Biotech 5460.62 5239.20 5368.67 217.01 4.21 3855.67 l 6142.96 20.0 5.9 8.7 announced on September 17; settles on September 24announced on September 17; settles on September 30 NYSE Arca Pharma 674.28 659.78 671.50 12.65 1.92 494.36 l 675.64 13.5 2.7 7.1 34500 KBW Bank 78.70 75.81 76.27 -0.07 -0.09 56.19 l 114.12 -24.5 -32.7 -7.1 Wednesday, September 23 Thursday, September 24 PHLX§ Gold/Silver 159.26 150.41 151.51 1.17 0.78 70.12 l 161.14 60.2 41.7 20.4 Auction of 5 year note; Auction of 4 and 8 week bills; 33750 PHLX§ Oil Service 35.40 32.37 34.01 1.247 3.81 21.47 l 80.99 -52.8 -56.6 -36.8 announced on September 17; settles on September 30announced on September 22; settles on September 29 PHLX§ Semiconductor 2235.79 2133.63 2160.97 24.60 1.15 1286.84 l 2370.18 38.3 16.8 23.0 Auction of 7 year note; CBOE Volatility 28.92 24.84 25.83 -1.04 -3.87 11.54 l 82.69 68.6 87.4 36.5 33000 announced on September 17; settles on September 30 11 14 15 16 17 18 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data September A Week in the Life of the DJIA International Stock Indexes Commodities and Alook at how the Dow Jones Industrial Average component stocks Currencies did in the past week and how much each moved the index. The DJIA Latest Week 52-Week Range YTD Region/Country Index Close % chg Low Close High % chg Last Week YTD lost 8.22 points, or 0.03%, on the week. A$1change in the price of Close Net chg % Chg % chg any DJIA stock =6.58-point change in the average. To date, a$1,000 World The Global Dow 3041.81 0.02 2138.97 • 3300.22 –6.4 DJ Commodity 642.75 22.86 3.69 0.07 investment on Dec. 31 in each current DJIA stock component would DJ Global Index 432.65 0.26 292.30 • 451.87 –0.3 have returned $29,828, or aloss of 0.57%, on the $30,000 DJ Global ex U.S. 252.71 0.91 174.38 • 267.54 –4.1 TR/CC CRB Index 151.54 5.13 3.50 -18.43 investment, including reinvested dividends. Americas DJ Americas 773.44 –0.28 512.68 • 830.76 1.7 Crude oil, $ per barrel 41.11 3.78 10.13 -32.67 Brazil Sao Paulo Bovespa 98289.71 –0.07 63569.62 119527.63 –15.0 The Week’s Action • Natural gas, $/MMBtu 2.048 -0.221 -9.74 -6.44 Pct Stock price Point chg $1,000 Invested(year-end '19) Canada S&P/TSX Comp 16198.97 –0.14 11228.49 • 17944.06 –5.1 chg (%) change in average* Company Symbol Close $1,000 Gold, $ per troy oz. 1952.10 14.30 0.74 28.47 Mexico S&P/BMV IPC 36017.35 –0.87 32964.22 • 45902.68 –17.28 6.43 2.23 14.67 Walgreens WBA $36.93 $646 Chile Santiago IPSA 2570.02 0.46 2045.49 • 3722.44 –23.0 U.S. Dollar Index 93.00 -0.33 -0.36 -3.52 2.17 6.54 43.03 UnitedHealth Group UNH 308.02 1,061 EMEA Stoxx Europe 600 368.78 0.22 279.66 • 433.90 –11.3 WSJ Dollar Index 87.97 -0.41 -0.46 -1.78 2.03 3.38 22.24 3M MMM 169.55 989 Stoxx Europe 50 2978.59 –0.25 2383.14 3539.12 –12.5 • Euro, per dollar 0.8445 0.0004 0.05 -5.29 1.85 4.51 29.67 Amgen AMGN 247.72 1,049 Eurozone Euro Stoxx 362.47 –0.46 261.53 • 421.34 –10.3 1.57 1.33 8.75 Merck MRK 85.81 966 Euro Stoxx 50 3283.69 –0.97 2385.82 • 3865.18 –12.3 Yen, per dollar 104.57 -1.59 -1.50 -3.75 1.35 2.25 14.80 Honeywell HON 168.70 971 Austria ATX 2206.24 –1.18 1630.84 • 3250.61 –30.8 U.K. pound, in dollars 1.29 0.0123 0.96 -2.57 Belgium Bel-20 3375.86 0.73 2528.77 • 4198.31 –14.7 1.24 0.61 4.01 Intel INTC 49.89 848 52-Week 1.07 1.30 8.55 IBM IBM 122.76 950 France CAC 40 4978.18 –1.11 3754.84 • 6111.24 –16.7 Low Close(l) High % Chg Germany DAX 13116.25 –0.66 8441.71 • 13789.00 –1.0 1.04 0.52 3.42 Dow DOW 50.37 968 Greece Athex Composite 658.54 3.54 484.40 • 948.64 –28.2 DJ Commodity 433.70 l 647.86 4.11 1.04 2.27 14.94 McDonald’s MCD 220.27 1,136 Israel Tel Aviv 1324.17 1.45 1171.21 • 1751.79 –21.3 TR/CC CRB Index 106.29 l 187.39 -14.55 0.96 1.93 12.70 Visa V 202.61 1,083 Italy FTSE MIB 19524.94 –1.49 14894 • 25478 –16.9 Crude oil, $ per barrel -37.63 l 63.27 -29.23 0.95 1.40 9.21 Johnson & Johnson JNJ 149.18 1,043 Netherlands AEX 550.85 –0.21 404.10 629.23 –8.9 • 0.94 0.56 3.68 Verizon VZ 60.35 1,015 Portugal PSI 20 4252.43 –1.37 3596.08 5435.85 –18.4 Natural gas, $/MMBtu 1.482 l 2.862 -19.18 • 0.67 0.52 3.42 Chevron CVX 78.21 676 Russia RTS Index 1228.64 0.46 832.26 • 1646.60 –20.7 Gold, $ per troy oz. 1452.10 l 2051.50 29.51 0.57 0.91 5.99 Boeing BA 161.14 South Africa FTSE/JSE All-Share 54673.65 –2.52 37963.01 • 59001.87 –4.2 498 Spain IBEX 35 6929.80 –0.19 6107.2 • 10083.6 –27.4 U.S. Dollar Index 92.14 l 102.82 -5.36 0.08 0.08 0.53 American Express AXP 103.44 842 Sweden OMX Stockholm 729.00 2.38 478.95 732.67 7.1 –0.13 –0.32 –2.11 salesforce.com CRM 242.78 1,493 • WSJ Dollar Index 87.52 l 97.02 -3.73 Switzerland Swiss Market 10539.17 0.95 8160.79 • 11263.01 –0.7 –0.18 –0.07 –0.46 Cisco CSCO 39.81 850 Euro, per dollar 0.8378 l 0.9352 -6.96 U.K. FTSE 100 6007.05 –0.42 4993.89 • 7674.56 –20.4 –0.41 –1.14 –7.50 Home Depot HD 275.19 1,283 Asia-Pacific Yen, per dollar 102.37 l 112.11 -2.77 –0.56 –0.77 –5.07 Procter & Gamble PG 137.37 1,121 Australia S&P/ASX 200 5864.50 0.09 4546.0 7162.5 –12.3 l • U.K. pound, in dollars 1.15 1.34 3.56 –0.94 –1.44 –9.47 Caterpillar CAT 152.39 1,056 China Shanghai Composite 3338.09 2.38 2660.17 3451.09 9.4 • –1.03 –1.41 –9.28 Walmart WMT 135.29 1,153 Hong Kong Hang Seng 24455.41 –0.20 21696.13 • 29056.42 –13.2 Real-time U.S. stock –1.19 –0.61 –4.01 Coca-Cola KO 50.45 935 India S&P BSE Sensex 38845.82 –0.02 25981.24 • 41952.63 –5.8 quotes are available on –1.58 –1.79 –11.78 Travelers TRV 111.61 832 Japan Nikkei Stock Avg 23360.30 –0.20 16552.83 • 24083.51 –1.3 WSJ WSJ.com. Track most- Microsoft MSFT Malaysia FTSE Bursa Malaysia KLCI 1506.63 0.12 1219.72 • 1615.67 –5.2 .COM active stocks, new –1.78 –3.64 –23.95 200.39 1,281 Singapore Straits Times 2497.71 0.31 2233.48 • 3285.72 –22.5 highs/lows, mutual –2.37 –3.12 –20.53 Walt Disney DIS 128.63 889 South Korea Kospi 2412.40 0.66 1457.64 • 2443.58 9.8 funds and ETFs. –2.69 –2.72 –17.90 JPMorgan Chase JPM 98.35 725 Taiwan TAIEX 12875.62 1.58 8681.34 12976.76 7.3 • All are available free at –2.83 –3.34 –21.98 Nike NKE 114.66 1,140 Source: FactSet; Dow Jones Market Data WSJMarkets.com –3.02 –6.06 –39.87 Goldman Sachs GS 194.86 863 –4.61 –5.16 –33.95 Apple AAPL 106.84 1,465

*Based on Composite price. DJIA is calculated on primary-market price. Consumer Rates and Returns to Investor Benchmark Yields and Rates Source: Dow Jones Market Data; FactSet. U.S. consumer rates Selected rates Treasury yield curve Forex Race A consumer rate against its 5-year CDs Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Currencies benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 0.64% U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, CFG Community Bank 0.90% 2.50% 8% Fri YTD chg Fri YTD chg 2.00% Baltimore, MD 888-205-8388 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) One year ago 2.00

NBKC Bank 0.90% s Euro Vietnam dong .00004314 23180 0.03 s Americas 1.50 t 4 Yen Overland Park, KS 913-341-1144 1.50 Argentina peso .0133 75.3078 25.8 Europe 1.00 VirtualBank 0.90% 0 Brazil real .1855 5.3911 34.1 Czech Rep. koruna .04427 22.590 –0.4 Tradeweb ICE Friday Close 1.00 Canada dollar .7573 1.3206 Denmark krone .1591 6.2840 Miami, FL 877-998-2265 1.7 –5.7

t Chile peso .001310 763.30 3.2 Euro area euro 1.1842 .8445 –5.3 Federal-funds t 0.50 First Internet Bank of Indiana 1.01% 0.50 –4 s target rate Colombiapeso .000268 3730.01 13.7 Hungary forint .003286 304.31 3.0

t Five-year CD yields Indianapolis, IN 888-873-3424 WSJ Dollar index Ecuador US dollar 11unch Iceland krona .007345 136.15 12.4 0.00 0.00 –8 Mexico peso .0473 21.1369 11.7 Norway krone .1100 9.0948 3.6 TAB Bank 1.10% O N D J F M A M J J A S 1 3 6 1 2 3 5 7 10 20 30 Uruguay peso .02357 42.4350 14.3 Poland zloty .2654 3.7676 –0.7 Ogden, UT 2019 2020 2019 2020 800-355-3063 month(s) years Asia-Pacific Russia ruble .01320 75.736 22.0 Sweden krona .1141 8.7650 –6.4 maturity Australian dollar .7291 1.3716 –3.7 Yield/Rate (%) 52-Week Range (%) 3-yr chg Switzerland franc 1.0970 .9116 –5.8 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data China yuan .1477 6.7690 –2.8 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Turkey lira .1323 7.5605 27.1 Hong Kong dollar .1290 7.7503 –0.5 Ukraine hryvnia .0354 28.2500 19.3 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.00 India rupee .01360 73.540 3.1 Corporate Borrowing Rates and Yields UK pound 1.2919 .7741 2.6 Prime rate* 3.25 3.25 3.25 l 5.00 -1.00 Indonesia rupiah .0000679 14735 6.1 Spread +/- Treasurys, Japan yen .009563 104.57 –3.7 Middle East/Africa Libor, 3-month 0.23 0.25 0.23 l 2.13 -1.10 Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002370 421.86 10.5 Bahrain dinar 2.6520 .3771 0.01 Money market, annual yield 0.22 0.23 0.22 l 0.78 -0.05 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1252 7.9870 –0.4 Egypt pound .0634 15.7637 –1.8 Malaysia ringgit .2430 4.1145 0.6 Israel shekel .2926 3.4171 –1.1 Five-year CD, annual yield 0.64 0.65 0.64 l 1.58 -0.79 U.S.Treasury,Barclays 0.500 0.4808.81 5.34 New Zealand dollar .6760 1.4793 –0.4 Kuwait dinar 3.2738 .3055 0.8 30-year mortgage, fixed† 2.93 3.07 2.93 l 4.22 -0.90 U.S. Treasury Long,Barclays 1.330 1.30018.62 11.49 Pakistan rupee .00602 166.145 7.2 Oman sul rial 2.5974 .3850 unch 15-year mortgage, fixed† 2.48 2.58 2.48 l 3.57 -0.59 Aggregate,Barclays 1.170 1.140n.a. 39 127 7.86 5.24 Philippines peso .0206 48.480 –4.4 Qatar rial .2719 3.678 0.9 Singapore dollar .7354 1.3598 1.0 Saudi Arabia riyal .2666 3.7510 –0.01 Jumbo mortgages, $510,400-plus† 2.94 3.10 2.94 l 4.43 -1.39 Fixed-Rate MBS,Barclays 1.300 1.200n.a. 28 132 4.56 3.62 South Korea won .0008584 1165.00 0.9 South Africa rand .0612 16.3301 16.7 High Yield 100,ICE BofA 4.497 4.619 416 271 10181.359 3.603 Five-year adj mortgage (ARM)† 2.86 3.28 2.86 l 4.65 -0.47 Sri Lanka rupee .0053914 185.48 2.3 Muni Master,ICE BofA 1.027 1.035 30 -12 41 4.872 3.972 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.18 4.18 4.15 l 4.65 1.11 Taiwan dollar .03448 29.000 –3.1 EMBIGlobal,J.P. Morgan Thailand baht .03216 31.090 4.5 WSJ Dollar Index 87.97 0.15 0.17 –1.78 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest 4.664 4.579 380 277 662 3.558 3.640 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 Sources: Tullett Prebon, Dow Jones Market Data P2JW265000-0-B00900-1------XA

THE WALL STREET JOURNAL. Monday, September 21, 2020 | B9 MARKETS Materials StocksRoarAhead of Rest of S&P

Commodities rebound Over the pastthree months,prices forcommodities have been rising and materials stocks and manufacturers’ have outperformedthe highflying technology and consumer-discretionarysectors. orders fuel the sector Commodity futures prices

as tech declines 20% Soybeans BY PAUL VIGNA Copper Shares of the companies Corn that mine or makeraw materi- als arelately tradinglikeonce- 10 hot technologystocks.

TheS&P 500’smaterials S

sector,which includes compa- NEW nies such as Linde PLC, Air G Products&Chemicals Inc.and 0 Crude oil Sherwin-Williams Co., is up OOMBER 5.4% this month, even as the /BL KER

broaderindexhas fallen more AC than 4%. Thegroup has NIEL

climbed 16% this quarter,the DA –10 Bets on a recovery have boosted companies like Sherwin-Williams. best performanceamong the July AugustSeptember S&P500’s11sectors. Some individual companies tum Structural Analysis,“that Companies in the sector of- S&P500 equal-weight indexes have posted even biggergains. likely won’t stop until it tenoperateinconsolidated in- Crop-nutrient producer Mo- reaches extreme excesses of its dustries with earningspro- 20% saic Co.has risen 54% this own.” tected by contractsand rental Materials quarter,while miner Freeport Companiesare starting to income,said PeterClark,an McMoRan Inc.has added 47%. rebuild afterthe economic col- analyst at Société Générale. Consumer discretionary That is areversalfromear- lapse this spring and putting Specialty-gases provider lier in the year, when tech in ordersfor thingslikelum- Linde,the materials sector’s 10 stocks including Apple Inc. ber,copper and zinc,said Tom largest companybymarket and Google parent Alphabet Stringfellow, president of capitalization, is itself part of S&P500 Equal Inc.poweredmajor indexesto Frost Investment Advisorsin that consolidation, aresult of WeightIndex newhighs and the materials SanAntonio,Tex. amergerbetween Linde AG Information sector largely traded in line Businesssurveysalso re- and Praxair.The companyhas 0 technology with theS&P 500.The tech flect that effort. Neworders beaten earningsexpectations sector on Fridaynotched a from manufacturershave forthe past six quarters. thirdconsecutiveweekly de- Shares areupmorethan 17% cline, its longest string of this quarter. weekly losses this year. Rising prices for Therebound in materials –10 Fueling gains in materials shares could be asign that the July AugustSeptember shares: betsonaneconomic lumber and steel economyisrecovering enough recovery,which have powered reflect rising orders to liftother beaten-down sec- Shareprices arebound in prices forcom- tors,such as industrials and fi- modities likeoil and industrial in housing and cars. nancials,Mr. Stringfellowsaid. 30% metals. Gains in the materials sec- Materials stocks began out- toroffer abetterreading on Air Products pacing thebroader indexafter the broader economythan the &Chemicals the Federal ReserveinMarch been up forthree months,ac- climb in tech, he said. announced it would do what- cording to the Institutefor Risingprices formaterials 20 Sherwin- ever it takestosupport mar- Supply Management. Mean- like lumber andsteel reflect Williams kets and the economy. By while, inventories have been rising ordersinindustries like Linde June,the BloombergCommod- contracting. housing and autos.That will ity Index—which in March hit That dynamic should lead eventually drivemoreactivity itslowest point in at least 20 to growth in newdeliveries, and bring in even moresec- 10 years—was rebounding. Mr.Stringfellowsaid. Tech’s tors,likeenergy and banks Therecent climb in com- gains have been predicated on shares. modity prices suggestsmateri- the idea that moreofdaily life “Some of the sectorsthat als shares could go even is moving online.Materials haven’t participated yet, I higher,some investorssaid. mark abet that the real econ- think they do” in the coming 0 “Commodity longsare omywill recover, and grow,he months,hesaid. “I would say July AugustSeptember about to be on the right side said. “It’slikethe canaryin overall economic growth is of amajor asset-classmove,” the coal mine,” Mr.Stringfel- building,despitenot being out said Michael Oliver of Momen- lowsaid. of Covid territory.” Source:FactSet

Shareofbankdeposits, 2019 Indexperformance talks between the banks are pean banksare trading at a European Topthree banks 10% currently under way, the peo- fraction of their net worth, a ple said. Anydeal would likely sign investorsdoubt their abil- have to involveselling busi- ity to surviveorachievesuffi- 0 BanksMove Germany Other banks nessunitssinceSwitzerland cientprofitability.Incontrast, makes banks hold morecapital U.S. banks areexpected to Stoxx Europe 600 -10 if they get too big. bounceback morequickly To Merge Spain So farthis year,European from the pandemic. banks have posted relatively “Weexpect the pain forEu- -20 stable results, giving the im- ropean banks to really begin ContinuedfrompageB1 Switzerland pression they are weathering next year,” said João Soares,a banks thrived in astronger -30 the severe economic contrac- partner with Bain &Co.’s fi- economyfor years, allowing tion well. nancial-services practice. “Un- them to spend on technology Italy But that is mainly because til then, banks need to prepare andbuild up capital without -40 governmentsare sustaining for the storm.” having to go to shareholders. the economies by paying com- TheEuropean Central Singapore Stoxx Europe “Weare in amoment of -50 600 Banks panies to keep people in their Bank, which supervises the disruption,” said Bankia 02% 55075100 2020 Sept. jobs and getting banks to give largest banks in the euroarea, Chairman José Ignacio Goir- borrowers payment breaks on has recently issued adraft igolzarri. “And when there’s Sources: Bain &Co. (bank deposits); FactSet (indexperformance) their loans.Oncethose pro- guide on howitplans to treat disruption, we have to react grams are lifted, analysts ex- some of the common issues in to it.” some $900 million from an- ersare expecting to get have weathered thepandemic pect awaveofdefaultsthat mergers,inanattempt to Bankia and CaixaBank, nual costs. Spain has more draggedintotakeoversby better than other large Euro- could push weaker banks to boost banks’ appetitefor which agreed on adeal two bank branches per capitathan governmentseager to find a pean lenders because of their the brink of collapse. deals. weeks after saying they were almost anymajor economy, savior fortheir weaker banks. focus on global wealth man- That is particularly true for “Beforethe Covid crisis,the exploring amerger, said it was with around 55 per 100,000 Othersare considering howto agement and arelatively countries moreseverely hitby need to adjust costs, eliminate being driven by the pandemic people,according to World position themselves if large strong home economy. But the the pandemic,including Spain excess capacity,and restruc- and lowprofitability from per- Bank data, almost double the cross-border mergers eventu- possibility of the two merging, and Italy,orwhose govern- ture the banking sector was sistently low interest rates. figure in the U.S. ally begin. thesubject of perennial specu- mentsdon’t have the money to very important,” Luis de Guin- Bankia nearly collapsed and Other banks have also “Mergers, right now, are a lation, wasstudied again re- support the economy, such as dos, the ECB’s vice president, had to be rescued in 2012 by stepped up internal conversa- survival move,” said an official cently by UBS as a way to cut Greece. told reporters recently. the Spanish government, tions,trying to figure out if at a Spanish bank. “You need costsand stay competitive In turn, banks’ depressed He said the pandemic whichretained amajority they,too,should seek acom- to gain scale to faceall the un- against U.S. and European ri- share prices make it hard for stepped up those needs and stake. Mr.Goirigolzarri said bination, according to bank certainty that Covid has vals,according to people fa- them to raise morecapital called forbanks to consolidate the combined entity would executives and outside advis- brought.” miliar with the bank. from investors. The Stoxx Eu- “quickly and urgently.” have roughly 25% of Spain’s ers. Even the stronger banks Switzerland’stwo dominant Multiple hurdles would rope 600 Banks indexisdown —Ben Dummett loans and deposits and shave with little appetitefor merg- banks,UBS and Credit Suisse, have to be cleared, and no close to 40% this year.Euro- contributed to this article.

THE TICKER | Market events coming this week

Tuesday Refin., previous New-home sales down 4% July, previous 901,000 Existing home sales Aug, expected 885,000 July, previous 5.86 mi. Aug., expected 6.0 mil. Earnings expected* Estimate/Year Ago($) Earnings expected* Cintas 2.13/2.32 Earnings expected* Estimate/Year Ago($) General Mills 0.87/0.79 Estimate/Year Ago($) AutoZone 24.92/22.59 Accenture 1.72/1.74 Neogen 0.28/0.28 Nike 0.46/0.86 CarMax 1.05/1.40 Thursday Costco 2.83/2.69 Wednesday Short-selling reports Darden 0.05/1.38 Ratio, days of trading volume of current position , at Aug. 31. FactSet 2.50/2.61 EIA status report Vail Resorts Previous change in stocks in NYSE 3.8 millions of barrels Nasdaq 2.7 (3.47)/(2.22) JOURNAL Crude-oil stocks,

REET down 4.4 ST

LL Gasoline stocks, EIA report: natural gas Previous change in stocks in WA down 0.4 Friday Distillates up 3.5 billions of cubic feet THE

R Up 89

FO Durable-goods orders

Mort. bankers indexes Initial jobless claims July, previous up 11.4%

BENNETT Purchase, previous Previous 860,000

SE down 1% Expected 858,000 August, expected up 1.8% RO Y * FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN EMIL PARENTHESES)  ADJUSTED FOR STOCK SPLITNOTE: FORECASTS ARE FROM DOW JONES WEEKLY SURVEY OF A Nike store in Michigan. The company on Tuesday is expected to report lower earnings. ECONOMISTS P2JW265000-0-B01000-17FFFF5178F

B10 | Monday, September 21, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY

Console Videogame segment revenue,quarterly $7 billion Biotech’s RiskiestBet Makers 6 FacesDecision Time Adjust 5 4 Sharepricefor Microsoft Crunchtime is approaching for an all-or-nothing biotech bet: Will Bristol-Myers Squibb CVR 3 Sony Their Game investors pocket nearly $7 billion $4.5 2 or come up empty-handed? When Bristol-Myers Squibb bought Celgene last year, the 1 4.0 Services take on holder of each Celgene share re- ceived a tradable security known greater importance 0 as a contingent value right, or 3.5 2016 ’17 ’18 ’19 ’20 CVR, as part of the package. Each Source:the company(Microsoft); S&P Global Market Intelligence(Sony) Microsoft Corp. and Sony Corp. CVR entitles the holder to a $9 3.0 have cooled their long-running payment if Celgene can win Food price war over videogame con- But ultimately,awar over unit and Drug Administration approval soles. But that is because a much sales becomes lessimportant as the for three drug candidates. Specifi- 2.5 bigger contest looms. game businessevolves.Now enter- cally, it must win approval for the Thetwo companies have dueled ing their thirddecade of competi- multiple sclerosis drug ozanimod over pricesince2006.That is when tion, both Sonyand Microsofthave and cancer treatment liso-cel by 2.0 Sonylaunched itsPlayStation 3for enormous bases of players with es- the end of 2020, as well as cancer $100 morethan Microsoftwas ask- tablished game libraries—a growing treatment bb2121 by the end of 1.5 ing forits Xbox360,which hit the portion of which is digital games March 2021. That amounts to a 2020 MarchMay July Sept. market the year before. That cost runasaservice. Such players are nearly $7 billion payout if success- Sonysome valuable ground, as the lesslikely to switch over,given their ful. Failure to satisfy those re- Source:FactSet PlayStation 3ultimately sold alittle investment. In itslast earningscall quirements renders the securities S over half the amount of the previous in July,Microsoftreported that its worthless. FDA granted liso-cel what is PlayStation model. Microsoftmade PRES XboxLivemembership has hit Ozanimod was approved in known as priority review status the same mistakeinthe next cycle, TED nearly 100 million players.Notably, March, which sent the CVR above earlier this year, which is typically

initially charging $100 morefor the OCIA XboxLivemembership has more $4.50. But investors clearly still a good sign. SS

XboxOne than the PlayStation 4 /A than tripled during the lifespan of have their doubts that all three And investors shouldn’t assume when both made their debut in 2013. the XboxOne,evengiven that con- conditions will be satisfied: Today, that approval is a low probability

TheXboxOne likewise is estimated CHEUNG sole’srelatively poor performance. they trade at just over $2, which is event just because of the low

to have sold just alittle over half KIN Thesuccess of XboxLivereflects little changed from a year ago. The price. Because of the binary nature the unitsofits predecessor—and People linedupfor PlayStation 5 Microsoft’slargercorporategoal of price implies a low probability of the payout, it is logical for the lessthan half of what the competing preorder sales FridayinHong Kong. driving use of itssoftware and of success. securities to trade below anyone’s PlayStation 4has sold to date. cloud services.The companyeven The source of investor concern intrinsic valuation. After all, at Both companies seem to have noted Thursdaythat the console sells PlayStation versions of Mine- is clear. The FDA is set to rule on $4.50 a share, the downside risks tired of this particular fight. The wasalready fetching a50% pre- craft—the popular world-building the application for liso-cel in No- begin to outweigh the upside, ac- newflagship models of the Xbox mium over itssticker priceoneBay. game it spent $2.5billion on in vember, but necessary inspections cording to biotech analyst Salim Series Xand PlayStation 5coming Microsoft, which opens preorders 2014.Sony, by contrast, is far more of two key manufacturing plants Syed at Mizuho. He rates the secu- out this fall will carrythe same this week,will also lack the next dependent on itsgames business, have yet to take place. In ordinary rities “buy” with a price target price forthe firsttime since2001, version of itspopular Halo game, which made up morethan aquar- times, those inspections would oc- of $6.17. when Microsoft’sfirst Xboxcame which wasdelayed intonextyear. terofthe company’srevenue for cur far earlier in the application- So for investors who place an on the scene to challengeSony’s However, Microsoftmay appeal the trailing 12-month period ended review process, leaving investors appropriately small bet, the risks game business. Theflagship version to some bargain hunterswith a in June,compared with about 8% to wonder how badly Covid-19 has taken can lead to a major reward. of each console will cost $499 when $299 version of the new Xboxthat forMicrosoftfor the same period. delayed proceedings. If the re- If the CVR pays out, new buyers they go on sale in early November. lacks an optical drive.But that de- Microsoft’soverall cloud strategy quired inspections can’t take place today can make about four times So who wins? Analystsstill give vicealso carries aslowerprocessor has garnered the companyamarket or reveal even minor issues, the their money in slightly more than an edgetoSony, given the com- and lesssystemmemorythan the value of morethan $1.5trillion—up approval timeline is likely to slip six months. The securities also pany’slonger historyingames,bet- flagship,while Sony’s$399 “digital nearly fivefold sincethe start of the into 2021 and serve investors the have the advantage of being un- ter-known brand and strength in edition” of the PlayStation 5carries most recent console cycle in late kind of doughnut that nobody correlated with a volatile stock marketssuch as Europe and Japan. the same componentsasthe main 2013 and morethan 16 times that of wants to eat. market. Theinitial stock of PlayStation 5 version. Still, Wedbush Securities Sony’s. PlayStation maykeep win- Clearly, some caution is in order This risk is still worth taking— unitsavailable forpreorder sold out Inc.analyst Michael Pachter notes ning the console war, but Microsoft with any security that can quickly for investors who fully understand fast last week,and Colin Sebastian, that $299 foranext-gen console is will be very hardtocatch in the lose all of its value. But not all their tolerance for pain. an analyst at Robert W. Baird &Co., a“pretty compelling entrypoint.” much bigger game. —Dan Gallagher data points are flashing red: The —Charley Grant Trying to find relevant investing information online is aneverending headache foryou.

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