P2JW335000-5-A00100-17FFFF5178F ADVERTISEMENT There’salwaysmoretodiscover about ETFs. Take acloserlook on page B10. ***** MONDAY,NOVEMBER 30,2020~VOL. CCLXXVI NO.128 WSJ.com HHHH $4.00 Last week: DJIA 29910.37 À 646.89 2.2% NASDAQ 12205.85 À 3.0% STOXX 600 393.23 À 0.9% 10-YR. TREASURY g 4/32 , yield 0.841% OIL $45.53 À $3.11 EURO $1.1963 YEN 104.09 Travel Surges forThanksgiving to HighestLevel SinceMarch S&P What’s News Seeks RivalIHS Business&Finance For $44 &P Global is nearing an Sall-stock deal to acquire IHS Markit forabout $44 bil- Billion lion, which would combine two of the largest providers Combination would of datatoWall Street. A1 create financial-data Bidenintends to nomi- nateateam of liberal and powerhouse and mark centrist economic advisers biggest deal of year to serve alongside planned Treasury Secretary nomi- BY CARA lOMBARDO nee Yellen as he prepares to AND lIZ HOFFMAN confront the economic fall- out from the pandemic. A1 S&P Global Inc.isnearing a S Airbnb and DoorDash are deal to acquireIHS Markit Ltd. planning to release higher- PRES forabout $44 billion, accord- than-expected valuation TED ing to people familiar with the CIA ranges fortheir IPOs,inthe SO matter, alandmark deal that latest sign of strength in the AS would combine two of the market for new issues. A1 HUH/ largest providersofdatato Y. Wall Street. Shopperswent online to M NA Theall-stock deal, which at buy gifts and score Black ROLLING ON: Almost 50 million people were expected to have made a journey during the Thanksgiving holidays as they that pricewould be the largest Fridaydeals they used to get took to the air or the road, said AAA, despite tightening local clampdowns and warnings from federal health officials over of the year,could be an- in malls, as the pandemic the virus. Above, travelers passed through Terminal 3 at O’Hare International Airport in Chicago on Sunday. A3 nounced as soon as Monday, accelerated the remaking of the people said. Thereisal- the U.S. retail landscape. A1 waysachancethe talks could The coming addition of fall apart at the last minute. Tesla, a $555 billion com- IHS Markit, based in Lon- pany prone to huge swings don, has a market value of in price, to the S&P 500 in- Biden Fills Out Economic Team about$37 billion. S&P’sis dex is causing headaches about $82 billion. across Wall Street. B1, B4 The deal would combine BY KEN THOMAS Mr.Biden has chosen Neera eyemo, aformer senior interna- aggressivefiscal stimulus to one of the oldest names in fi- Investors’ penchant for AND KATE DAVIDSON Tanden, head of the Center for tional economic adviser during help return the economy nancial marketswith arelative risk-taking has rejuvenated American Progress, acenter-left the Obama administration, to quickly to itspre-pandemic newcomer.S&P traces itsroots leveraged and inverse WASHINGTON—President- think tank,toserveasdirector serveasMs. Yellen’stop deputy health, acause that could ruN to an 1860 compendium of in- ETFs, a volatile and some- elect JoeBiden intends to nom- of the OfficeofManagement and at theTreasuryDepartment. intoresistanceinaclosely di- formation forrailroad inves- times dangerous group of inateateam of liberal and cen- Budget. Theformer vicepresi- Andhewill turn to two cam- videdCongress. Theadvisers tors and is best known forits exchange-traded funds. B1 trist economic adviserstoserve dent has picked Cecilia Rouse,a paign economic advisers, Jared arealso known foradvocating bond ratings and its stock- Neighborhood grocery alongside planned Treasury Princeton University labor econ- Bernstein and Heather Boushey, expanded government spending market indexes, which serveas stores aim to become ma- Secretarynominee Janet Yellen, omist, to be chairwoman of the to serveasmembersofthe they saywould boost the econ- shorthand forthe health of jor providers of Covid-19 people familiar with his plans CouncilofEconomic Advisers, CEA alongside Ms.Rouse,the PleaseturntopageA4 global markets. vaccinations as they rush said Sunday, as he prepares to these people said. people said. IHS Markit, formed in 2016 to secure medical gear for confront the economic fallout Thepresident-elect has se- Mr.Biden’sselections in- Defense secretary delay by the mergeroftwo smaller administering shots. B1 from the coronavirus pandemic. lected Adewale “Wally” Ad- clude outspoken advocates for amplifies dissent..................... A4 PleaseturntopageA9 World-Wide Closed GM FactorySpawns Airbnb, DoorDash Biden’slooming decision on who should runthe Penta- gonhas become acompeti- tivecontest that pitsformer Wave of Industrial Migrants Aim High for IPOs topDefense Department offi- cial Flournoyagainst an array of potential candidates. A4 BY MAUREEN FARRELL That is greater than the$25 bil- lion people close to the offering Trump accused federal Lordstown workers leave families behind in Ohio for far-away jobs Airbnb Inc.and DoorDash Inc. had expected. law-enforcement agencies areplanning to release higher- Typically companies and ruN by his owN appointees BY MICHAEL M. PHILLIPS AND NORA NAUGHTON Mr. Sherry is one of a cadre of LordstowN than-expected valuation ranges their underwritersseek to set of ignoring his unproven workers turned middle-aged industrial mi- fortheir initial public offerings, relatively conservativeinitial claims of mass election On Zach Sherry’s first day of work at the grants, venturing out alone in search of good the latest sign of strength in a ranges,with room to potentially fraud, as his legal setbacks General Motors Co. factory in Bedford, Ind., pay and benefits. booming market fornew issues. pricethe shares at the high end continued to mount. A5 trainers gave a safety presentation that in- Itinerant work has long been common in Airbnb is planning to target a or abovethem beforetrading Friday’s killing of one cluded an image of a cartoon hand spurting manufacturing, including people moving rangeofaround $30 billion to starts. of Iran’s chief nuclear sci- blood from the ring finger. around the country for fracking jobs. Auto $33 billion—using afully diluted It isn’t clear what per-share entists has set back the The overt message was straightforward: workers haven’t been immune to chasing sharecount—when the home- priceranges the companies will country’snuclear program, Rings caN get caught in the machinery, so their livelihoods across state lines, either. rental startup kicks off itsinves- disclose. which had staged a partial don’t wear them on the job. When GM and Chrysler LLC. closed plants as torroadshowTuesday, accord- Airbnb and DoorDash areoN rebound after the 2015 nu- The symbolism wasn’t lost on the 48- part of their bankruptcy restructurings a de- ing to people familiar with the track forlistingsinmid-Decem- clear deal unraveled. A7 year-old Mr. Sherry, who had transferred to cade ago, workers were moved to the facto- matter. That is greater than $30 ber—typically aquiet month for the Indiana facility after losing his previous ries that survived. billion people close to the offer- offerings, ending abanner year Dr. Fauci warned the job at the GM plant in Lordstown, Ohio, that The workers in Lordstown, many of whom ing had expected. forIPOs with abang.Therehas U.S. could experience “a shut down last year. The transfer meant are multigenerational GM employees, never DoorDash, meanwhile,plans already been arecordamount of surge upon a surge” of leaving his family behind one state away. planned to be among them. The plant was an to target arangeofaround $25 PleaseturntopageA8 new Covid-19 cases over “You just took me 450 miles from my example of American manufacturing might billionto$28 billion on afully the coming weeks. A3 home and you’re telling me to take my wed- when it opened in 1966, churning out Chev- diluted basis ahead of aroad- Tesla set to add $100 billion New York City public ding ring off,” he says. PleaseturntopageA10 showexpected to begin Monday. in trades........................................ B1 schools will reopen Dec. 7 for in-person learning for some students in preschool This Year, Smaller Thanksgivings programs and kindergarten INSIDE HolidayShoppersGo through fifth grades. A3 Mean Bigger Leftover Issues French prosecutors said S iii they are pressing prelimi- Online,Avoid Stores PRES naryassault chargesagainst The guest list shrank but the birds BY SARAH NASSAUER ping season, the online Black four policeofficersallegedly ZUMA AND SUZANNE KAPNER Fridaysurge and an expected involved in the beating of didn’t. Anyone for turkey tikka masala? record dayonCyber Monday a Black music producer. A7 SMITH/ U.S. shopperswent online to will be enough to offset the Died: Tony Hsieh, 46, GOLD purchase holidaygifts and money lost from in-person NN former Zappos CEO. A2 BYERIN AILWORTH no paltrypoultryproblem. She LY scoreBlack Fridaydeals they shopping formanychains. tried—likemanyAmericans— oncecrowded intomalls to Heading intothe critical Even afterfoisting apan of to getinonthe tinyturkey OBITUARY grab,asthe coronavirus pan- season, U.S. consumer spend- CONTENTS Outlook....................... A2 turkey and gravyonher sis- craze for her family-of-four’s Tony Hsieh, former demic accelerated the years- ing has been strong despitethe Arts in Review... A13 Personal Journal A11-12 ter’sfamily and sending heap- downsized Thanksgiving. But long remaking of the nation’s economic shocks and shut- BusinessNews.......B3 Sports....................... A14 CEOofonline shoe Crossword.............. A14 Technology............... B4 ings of Jell-O salad off to her the 11-pounder she ordered retail landscape. downstied to Covid-19.The HeardonStreet... B10 U.S. News............. A2-6 neighborsinEvanston, Ill., through adeliveryservice retailer Zappos.com, Abouthalf as manypeople National Retail Federation, a Markets &FinanceB9 Weather................... A14 EmilyMilman surveyed the transformed intoahefty 21.11 46. A2 visitedstoresonBlack Friday tradegroup,has forecast that Opinion.............. A15-17 World News........ A7-9 foil-wrapped pans and covered pounds by the time it was as they did last year,according holidaysales will increase at dishes packing her dropped off on her to research firms that track least3.6%toabout $755 bil- > refrigerator the front porch.