P2JW104000-6-A00100-17FFFF5178F ****** MONDAY,APRIL 13,2020~VOL. CCLXXV NO.86 WSJ.com HHHH $4.00 Last week: DJIA 23719.37 À 2666.84 12.7% NASDAQ 8153.58 À 10.6% STOXX 600 331.80 À 7.4% 10-YR. TREASURY g 1 12/32 , yield 0.722% OIL $22.76 g $5.58 EURO $1.0936 YEN 108.35 Rejoicing in Solitude as Pandemic Changes Easter Rituals OPEC, What’s News Oil Allies Seal Deal Business&Finance To Cut audi Arabia, Russia Sand the U.S. will lead a multinational coalition in Output major oil-production cuts afteradropindemand due to the coronavirus crisis Plunge in demand in and aSaudi-Russian feud the virus’s wake spurs devastated crude prices. A1 ParsleyEnergy is working 23 nations to withhold to conserve cash and cut 9.7 million barrels aday drilling to keep costslow as the industryfaces one of the worstdemand drops ever. B3 Saudi Arabia, Russia and the U.S. will lead amultinational The start of earnings coalition in major oil-produc- season this week will give tion cutsafter adropinde- investors a first glimpse of mand due to the coronavirus the impact of the corona- crisis and aSaudi-Russian feud virus shutdown on corpo- S devastated oil prices. rate profits. A1, B9 PRES Thebiggest tech compa- By Benoit Faucon, nies are pursuing talent as TED Summer Said CIA some startups layoff SO and Timothy Puko workers and others freeze AS Y/ hiring amid the pandemic. B1 GA As part of the agreement, ERIC sealed Sundayafter President The $2 trillion stimulus IN PRAYER: A worshiper attended an Easter service at Trinity Baptist Church in SaN Antonio, Texas, on Sunday. Around Trump helped resolveaSaudi package passed last month the world, Christians adjusted their ways of celebrating the holiday amid concerns over spreading the coronavirus. A18 standoff with Mexico,23coun- included all that airlines re- tries committedtowithhold col- quested, and some restraints lectively 9.7million barrels a they find difficult to accept. B1 dayofoil from global markets. Facebook’s ad-auction Thedeal wasdesigned to ad- prices plunged between Officials Mull Lockdown End dressamounting oil glut result- February and March, ac- ingfromthe pandemic’serosion cording to executives at sev- of demand and seeks to with- eral companies that do busi- hold arecordamount of crude ness on the platform. B4 AgainstRisk of Virus Rebound from markets—morethan 13% of world production. TheU.S. Smithfield Foods will keep had never been so activeinforg- itsSioux Falls,S.D., pork plant ing apact likethis. closed indefinitely at the As social-distancing require- Italy’s death toll, according to cases watching priestsorminis- On ahastily convened confer- state governor’s urging ments curbed Easter celebra- datafromJohns Hopkins Uni- ters on TV or over the internet. encecall with delegates from the amid the pandemic. B3 THE tions around the world, officials versity.Globally,the number of At the Vatican, Pope Francis 13-nation Organization of the Pe- Financechiefs are tackling CORONAVIRUS warned that early signs of suc- confirmed coronavirus cases proclaimed what he called a troleum Exporting Countries and the challengeofmaintaining topped 1.8million on Sunday. “contagion of hope” afterheof- others, including Russia, partici- corporateliquidity during the PANDEMIC By Talal Ansari, In Italy,which has asmaller feredMassinanear-empty St. pantsraced to strikeadeal be- coronavirus pandemic. B5 Sadie Gurman population than the U.S. and Peter’sBasilica. fore oil marketsopened Monday. wherethe number of confirmed In the U.S.,health officials In Asian trading early Mon- Mexican stock exchange and Courtney McBride Some schools curtail newcases has trended down for and stateand local leadersex- day, U.S. crude was5.5%higher chief Ruiz Sacristán died, a meal deliveries, A3 cess in slowing the spread of manydays,the death toll hit pressed caution about reopen- at $24abarrel, while Brent month afterhetested posi- the newcoronavirus shouldn’t 19,899. ingthe U.S. economybyMay 1, crude wasup4.5%to$32.90 a tivefor the coronavirus. B5 Anew push fordisclosure by nursing facilities, A7 bring aquick lifting of lock- Under restrictions imposed adatesome Trump administra- barrel. down orders. to battle the pandemic,millions tion officials have posed as a Mr.Trump and his represen- World-Wide Taiwan’ssuccess on virus TheU.S.leads the world in of Catholics and Protestants possible time foreasing restric- PleaseturntopageA2 stirs China tensions, A9 the number of confirmed cases, marked Easter,the holiest day tions. As social-distancing re- at more than 557,000,and fatal- on the Christian calendar,iN Thedebateabout when to Oil CEO wants Texas to cut quirements curbed Easter cel- ities, at over 22,000,surpassing isolation at home,inmany PleaseturntopageA6 output as demand drops.... B3 ebrations around the world, officials warned that early signs of success in slowing U.K. Leader Leaves Hospital the spread of the coronavirus EarningsPoseTestfor Market shouldn’t mean aquick lifting of lockdown orders. A1, A18 Lawmakersare drawing BY KAREN lANGLEY S&P500 earnings growth leading them to furlough em- up proposals forthe federal ployees and drastically cut government to guarantee pri- Thekickoff of earningssea- 30% ESTIMATES spending as they trytostay vate companies’ paychecks sonthis week will giveinves- afloat. during the pandemic. A4 tors afirst glimpse of the im- Despitethe turmoil, stocks Apartisan impasse over pact of the coronavirus 20 have rallied over the past three fresh relief spending contin- shutdown on corporateprof- weeks on early indications that ued, as funds forasmall-busi- its—and potentially clues about 10 social-distancing practices are nessloan program dwindled the outlook forthe rest of the helpingtoslowthe spread of and state leaders called for year. the virus.The S&P 500 climbed more federal aid. A4 Those resultswill offer atest 0 12% last week,its best weekly Johnson left the hospi- /REUTERS forastock market that is at- performancesince1974, and it tal and is continuing to re- REET tempting to rebound aftera has rallied 25% from itsMarch cover from the coronavi- ST bruising selloff.The pandemic –10 23 low. Theindexisstill down rus as recorded deaths is expected to cause asevere 14%for the year. from Covid-19 in the U.K. WNING economic contraction and a “It’sbeen remarkable to DO –20 passed the 10,000 mark. A8 sharp decline in corporateearn- watchmarketsjust climb /10 ingsin2020.What remains un- 2016 ’17 ’18 ’19 ’20 higher and higher,” said Emily U.S. tariffs on Chinese im- WLES known is the extent of the dam- Source:FactSet Roland, co-chief investment portsare exacerbating FO A age. strategist at John Hancock In- shortagesofproductsneeded PIPP Companies from General such uncertainty.Businesses vestment Management. “We to fight the coronavirus,say Prime Minister Boris Johnson was released from the Electric Co.toFedEx Corp.and acrossthe countrysaid revenue PleaseturntopageA4 firms seeking exemptions. A7 hospital and is continuing to recover from coronavirus. A8 Starbucks Corp.havewarned has evaporated following stay- Therecent lapse of aset of they caNNolonger forecast at-home orders and the closure James Mackintosh: Downturn surveillancepowers has begun their ownresultsinaperiod of of nonessential businesses, threatens to leave scars...... B1 to limit the FBI’sability to pur- sue some terrorism and espio- nagesuspects, atop Justice Copy That: Walkie-Talkies INSIDE Department official said. A3 Ford,GMRetool Cities along the Missis- Are No Longer Over and Out sippi River are fighting iii Covid-19-related stresses ForVentilators just as officials face spring People stuck at home in pandemic flooding and the coming hurricane season. A3 embrace the World War II-era device DORSEY Y Congofaces asetback in Auto giants trade drills for tweezers the fight against Ebola, dash- BEVERL ing hopes that an outbreak BY SARAH KROUSE children and viceversa. His to mass-produce lifesaving machines dating to 2018 could for- daughter regularly radios in to LIFE &ARTS mally be declared over. A16 While attorney Eric Monzo ask her dad howhe’sdoing Dutycomes first for took part in abankruptcy-court and to makesurehelooks out three pregnant BY MIKE COLIAS videoconferencelast month, he the windowtowatch heroN cility in Dearborn, Mich., en- JOURNAL REPORT kept an eyeonhis newlink to the monkey bars. physicians on dutyiN Assembly-line workers at gineers plastered a confer- 5G, What’sNext: the world outside the guest “Who knewthat I the same ER. A11 America’s largest auto mak- ence-room wall with yellow Who’s Winning the Key bedroom of his Delaware would be using it?” said ers, ordered to turn their sticky notes last week, mock- High-TechBattles. R1-10 home: aPokemon-themed yel- Mr.Monzo, arestruc- skills from vehicles to venti- ing up a factory layout to lowwalkie-talkie. turing and insolvency lators, must first master produce the machines. Some CONTENTS Opinion.............. A15-17 Afamily friend gave partner at lawfirm tweezers and tiny screwdriv- only weeks ago had been im- Business&FinanceB2,5 Outlook....................... A2 his 6-year-old twins Morris James LLP.“I Y ers. mersed in the launch of the BusinessNews....... B3 Sports....................... A14 MIL Crossword.............. A14 Technology................ B4 two of the push-to-talk am trying to juggle life FA That is one of the many new Ford Bronco SUV. HeardonStreet... B10 U.S. News............. A2-3 devices last year,for a and work and save busi- steps ahead in the race to At a GM plant in Kokomo, Life & Arts...... A11-13 Weather................... A14 ORD way to talk to each nesses and save my CKF convert car plants to medi- Ind., factory workers in sur- Markets...................... B9 World News......... A18 other from different family’s health, and we BLA cal-supply factories before gical masks and latex gloves partsofthe house. arefinding anew way the coronavirus pandemic learned how to whittle to- > Now that the house to communicate.” SPORTS reaches its peak in the U.S.