P2JW275000-6-A00100-17FFFF5178F

****** THURSDAY,OCTOBER 1, 2020 ~VOL. CCLXXVI NO.78 WSJ.com HHHH $4.00

DJIA 27781.70 À 329.04 1.2% NASDAQ 11167.51 À 0.7% STOXX 600 361.09 g 0.1% 10-YR. TREAS. g 10/32 , yield 0.677% OIL $40.22 À $0.93 GOLD $1,887.50 g $6.80 EURO $1.1722 YEN 105.44 Stocks What’s News Defy the Pandemic Business&Finance In Bullish .S.stocks turned in a U second consecutive quarter of dramatic gains, Quarter continuing ahistoric stock- market recovery.For the quarter,the S&P 500,Dow Indexes close with big and Nasdaq rose 8.5%, 7.6% GES gains after stretch of and 11%, respectively. A1 IMA  Palantir and Asana both volatility; risks ahead GETTY

completed direct listingson SE/ as U.S. election nears the NYSE on the same day, amilestone forthe little- BY GUNJAN BANERJI

tested way to go public. B1 ANCE-PRES FR  China’sgovernment has U.S. stocks turned in asec- been deeply involved,often ENCE ond consecutivequarter of dra- from behind the scenes,ina AG matic gains,continuing ahis-

wave of acquisitions across NGAN/ toric stock-market recovery Europe over the past decade, that few predicted in the according to newresearch. A1 depths of the March downturn. MANDEL

S; TheS&P 500 and Nasdaq  Carl Icahn’s son, Brett, Compositehit astring of re- is set to rejoin his father’s PRES cordsinthe thirdquarter,a

firm as a manager, share- TED journey that has confounded

holder and board member OCIA many investorswith itssheer as part of the succession SS /A velocity and strength. Despitea plan at Icahn Enterprises. B1 stretch of volatility that

 The biggest U.S. banks HARNIK damped momentum in Septem- will face curbs on divi- ber,the S&P 500 and Dow dends and share buybacks Jones Industrial Averagegained ANDREW

for another three months, P: 8.5% and 7.6%, respectively, the Federal Reservesaid. B1 TO over the past three months. OM Theadvancesbuilt on even  Boeing got atentativeen- FR Joe Biden was on the campaign trail in Pittsburgh and President Trump flew to Minneapolis a day after their debate. biggergains in the previous pe- dorsement forfixes to the 737 riod, capping the best two- MAXfromthe FAA’schief quarter performancesince afterhepersonally took one 2009.Both indexesare up more of the jetsonatest flight. B2 Debate ChaosSparksRule Review than 26% sincethe end of  TheJusticeDepartment March. TheNasdaq Composite is investigating whether surged11% in the thirdquarter acquisitions by Medtronic Chaos at Tuesday’sfiery Politicians from both parties tweaking howmuch time a postsand changing the rules in and rose 45% over the past six limited competition in ven- presidential debateprompted on Wednesdaysaid the debate candidatecould speak and the middle of the game,” months,its biggest two-quarter tilator manufacturing. B3 organizerstopromise to aday earlier in Cleveland whether the moderator could spokesman Tim Murtaugh said. gain since2000. change the structureofthe re- wasn’t informative, with both shut offacandidate’smicro- Mr.Biden’scampaign didn’t All three indexesclimbed  Shell said it would cut up to maining matchups between Messrs. Trump and Biden at phone,according to one mem- respond to arequest forcom- Wednesdaytoend the period 9,000 jobs in abroad restruc- times talking over each other ber of the commission’sboard. ment on the announcement. On on astrong note. turing, as the energy giant and lobbing insults, though the While the commission said the campaign trail earlier in Companies that arenew to grapples with continuing fall- By Joshua Jamerson in Washington president appeared to inter- moderator Chris Wallaceof the day, the former vicepresi- the public marketshavealso out from the pandemic. B3 and Sabrina Siddiqui rupt his opponent more. FoxNewsshowedskill in host- dent said he hoped that in fu- been embraced by investors.  TheTokyo Stock Exchange in Alliance, Ohio Thenonpartisan Commis- ing Tuesday’sclash, Mr.Wal- turedebates,“there’saway in Shares of software companies halted all stock trading for sion on Presidential Debates, lace repeatedly had to step in which the debatecommission Palantir Technologies Inc.and Thursday’ssession because President Trump and Democrat which sponsorstelevised de- and frequently chided the Re- cancontrol the ability of us to PleaseturntopageA7 of asystemproblem. B10 JoeBiden, as membersofboth bates andpicks the modera- publican presidentfor inter- answerthe question without parties criticized the president tors,said it soon would an- rupting his challenger. PleaseturntopageA4  Quarterly markets review and on Wednesdayfor his deflec- nouncechanges “toensurea TheTrump campaign outlook...... R1-6 World-Wide tions when askedtocondemn moreorderly discussion of the blasted the move. “They  Gerald F. Seib: Uncertain payoff  Palantir and Asana launch white-supremacist groups. issues.” These could include shouldn’t be moving the goal on Trump’sbig gamble...... A4 direct listings on NYSE...... B1

 Chaos at Tuesday’s fiery presidential debateprompted THE COVID STORM organizerstopromise to Beijing’s Influence on Deals changethe structureofthe remaining matchups between Trump and Biden, as mem- Broken Data System bersofboth parties criticized In Europe Often Goes Unseen the president forhis deflec- tions when asked to condemn StymiesHospitals white-supremacist groups. A1 BY DANIEL MICHAELS Level of Chinese state creasingly worrythis leaves  The House postponed a influenceinfirms acquired by companies exposed to unwanted foreign influence, lossofcritical vote on a$2.2 trillion coro- China’sgovernment has Chinese companies,2010–2018 innovations and an erosion of Officials needed information to ensure navirus aid package as Dem- been deeply involved—often Number of companiesin cutting-edgeindustries. ocratstried to find com- from behind the scenes—in a resources went where demand was greatest each category TheEuropean Union aims to mon ground with the White wave of acquisitions across House on abipartisan agree- Europe over the past decade. High Medium Low start filling that gapwith new rules that take effect on Oct. 11 BY MELANIE EVANS director,asking him to inter- ment, though they remained Of 650 Chinese investments in Europe since2010,about and should flag potential secu- AND ALEXANDRA BERZON vene.“Please,please help us,” far apart on key issues. A2 Germany 40% have high or moderatein- rity consequences of foreign he pleaded.  American and United U.K. volvement by state-owned or investments. China is aprime El CentroRegional Medical Doctorsand nurses at El will go forwardwith more France than 32,000 job cutsThurs- state-controlled companies,in- target. EU officials arealso Center wasoverrun with doz- Centroswapped text messages Italy pressing memberstoensure ens of Covid-19 patientsin and made phone calls,blindly dayinthe absenceofmore cluding some in advanced theircompanies aren’t sold at May, with nowheretosend the searching foropeningsat government relief,the air- technologies,according to new Netherlands research by Dutch consulting fire-sale prices amid the corona- critically ill. Theonly other other hospitals. lines told employees. B1 Sweden firm Datenna BV.The analysts virus economic contraction,as hospital in Imperial County, In the emergencyroom,  Democratic lawmakers are combed through millions of Switzerland critics said happened during the Calif., also wasswamped. coronavirus patient Jose Ma- expected to call on Congress recordsinChina’scompany- 0 50 100 150 eurozone crisis adecade ago. Chief ExecutiveAdolphe nuel Abundis Gomezwaited. It to blunt the powerofbig tech- registration databases. State-linked enterprises are Edwardcalled the state’s took 20 hourstofind another Note:Dataare forcountries with 30 or more nology firms,possibly through In manyofthe European such acquisitions. Source:Datenna critical to China’stop-down emergencymedical services PleaseturntopageA10 forcedseparation of online mergers and acquisitions,Chi- economy, giving the govern- platforms,asaHouse panel nese stateinfluencewas effec- pean governments’ lack of a ment and the Communist finishes itsBig Tech probe. A3 tively hidden by layers of own- system as powerful or activeas Party outsizeinfluencein the CommitteeonForeign In- business. Western govern-  Thenational intelligence ership, complex shareholding vestment in the U.S.,known as mentsand executives have chief ignored calls from senior structures and deals executed PleaseturntopageA8 U.S. officials not to release in- via European subsidiaries, Cfius,which canblock interna- formation about Russian in- Datenna found. tional acquisitions in theU.S. telligencematerialcontaining TheextentofChinese state based on national security  Intelligence agencies weak on grounds.European officials in- China, House panel says..... A7 unverified claims about Hillary involvementhighlightsEuro- Clinton, according to people familiar with the matter. A6 If your critical Russia’s Love Affair With Fungi  Supreme Court nominee INSIDE Barrett disclosed that the Has Mushroomed in Pandemic applications are president had offered her the nomination just days af- iii terJusticeGinsburgdied. A6 failing, so is your  Astate-run nursing home With lots of down time, hunters comb forveterans in NewJersey business. failed to attributenearly 40% the forests for coveted ‘king bolete’ of itslikely Covid-19 deaths S TIE’ to the virus,according to the BY YULIYA CHERNOVA lose you. Mushrooms have kid- napped you,’ ” she adds. NETSCOUT vigilantly guards state’shealth department. A3 CHRIS Formanypeople around the Foraging for mushrooms is the critical applications of the world, the coronavirus pan- alongstanding tradition in PERSONAL JOURNAL CONTENTS Personal Journal A11-12 demichas been an excuse to Russia. According to a2019 With live-streaming world’s largestcompanies. BusinessNews... B3,6 Sports...... A14 learn ahomey newskill like survey by theRussian Public Capital Account.... A2 Tax Report...... B1 this fall, anything goes Capital Journal...... A4 Technology...... B4 knitting or pastry-making. Opinion Research Center, Crossword...... A14 U.S. News.... A2-4,6-7 For Russians, it’s all about nearly half the population in at the world’stop Visibility Without BordersTM Heard on Street.B12 Weather...... A14 the mushrooms. the biggest cities,St. Peters- auction houses. A11 Opinion...... A15-17 World News...... A8-9 “I go everyother dayand burgand Moscow,participate. Services Without Interruptions can’t getenough. Iwant more, That wasbeforethe pan- > more, more,” says Svetlana demic leftpeople with limited THE MIDDLE SEAT Gladysheva, who has had more travel options and more time Airlines’use of time than usual to hunt for on their hands.This year,aSt. disinfectants to fight fungi in the woods,because Petersburg-focused mush- goNETSCOUT.com thetheater whereshe runs a rooming group on the social- the coronavirus raises s 2020 Dow Jones & Company, Inc. All Rights Reserved cafeteria wasclosed. “My hus- media siteVKhas nearly dou- concerns. A12 band told me: ‘I’m afraid to PleaseturntopageA10 P2JW275000-5-A00200-1------XA

A2 | Thursday, October 1, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip Demographics,DebtHang Over U.S. Growth

If you’re certain thingsthat probably rises.They also sayuncer- FewerAmericans and mayhavetoagain. It tional economic models like worried about won’t happen, forexample tainty and anxiety associated Projected U.S. population sees the fertility rate return- the CBO’ssay government the short-term that all of President Trump’s with the 1918 flupandemic ing to 1.9by2026,but Ms. debt soaks up saving and economic out- personal income-tax cutswill coincided with aplungein 400 million people Kearney disagrees: “Even if thus crowdsout privatein- look,Ihave expire, as required by cur- births the next year.Inboth 390 2016 projection thereisarapid recovery and vestment, and the U.S. is bad news: The rent law, in 2026. cases,births aren’t merely no lingering Covid effect on about to have alot more long-term outlook is worse. Yetit’sstill auseful exer- postponed; women end up 380 2019 birthrates,the fertility rate debt. TheCBO thinks the fed- That’swhat emergesfrom cise because the CBO system- having fewerbabies.Combin- projection has generally been trending eral debt will soar from 79% the latest long-term budget atically combines everything ing these results, they think 370 downward.” And while falling of grossdomestic product outlook released by the Con- we knowtodayabout the the current pandemic and re- 360 fertility strengthens the eco- last year to 189% of GDP in gressional Budget Officelast factorsdriving growth into cession could reducebirths nomic case forimmigration, 2049,compared with its week.Itcontained this so- an internally consistent story by 300,000 to 500,000. 350 Sept., 2020 it doesn’t necessarily make forecast of 144% ayear ago, bering number: Theagency about the future. This is similar to the projection voters morereceptive, as the thanks to pandemic-related expectsannual economic CBO’sprojection that total 340 backlash of recent yearsin borrowing and Congress’sin- growth to average just 1.6% hat storyisinfluenced fertility—the number of ba- both the U.S. and Europe has crease in discretionary 330 over the next three de- surprisingly little by bies awoman is expected to shown. spending and elimination of cades—down by about a T the pandemic-induced have over her lifetime—will 320 the taxonhigh-cost health quarter of apoint from its recession. TheCBO expects drop to 1.6nextyear,the 2016 '20'25 '30'35 '40'45 '50 ot only will the U.S. insurance. forecast ayear ago—and just this year’s steep contraction lowest in at least acentury have fewerworkers The“crowding out” model 1.5% by the 2040s.The U.S. will be followedbyfaster and well belowthe 2.1 rate at Source:Congressional Budget Office N than previouslypro- hasn’t fared well in recent hasn’t had trend growth that growth in subsequent years, whicheach generation ex- jected, they’ll be lessproduc- years: Steep deficitshaveco- slowsincethe 1930s.Only a leaving growth over the com- actly replaces itself.Those expects2.5 million fewerim- tive: TheCBO has sharply re- incided with ultralowinter- bit of this is because of the ing decade barely changed. births translateintofewer migrantsinthe coming de- vised down growth in output est rates. This is probably pandemic.Most reflectslon- It’sinsubsequent decades, people entering the labor cade than it said last year as per worker between 2031 because investment has been ger-lasting forces,namely de- though, that the picture force20yearslater,and aresult. and 2050.Several factorsare persistently weak globally mographics and productivity. darkens.Abig reason is de- fewernew parents. Thenet result is fewer at work.One is that a relativetosaving.Perhaps Of course,all economic mographic developmentsal- TheU.S.could makeupfor Americans: 374million in the smaller workforce by itself interest rateswill stay low, forecastsare essentially edu- ready under way.Inarecent falling fertility with immigra- year 2046,10million fewer leads businesses to invest allowing government debt to catedguesses,especially report, Melissa Kearney and tion, but the CBO notes that than what the CBO thought less. TheCBO also thinks an grow indefinitely with no ill those that extend so far into Phillip Levine, economistsat coronavirus-related travel re- last year and 34 million aging population will want effect. But in that scenario, the future. Manyofthe as- the University of Maryland strictions,reduced visa-pro- fewerthan it expected in lesshousing,and this re- U.S. investment and produc- sumptions underlying such and Wellesley College, re- cessing capacity and fewer 2012. duces futureinvestment and tivity growth would likely be projections will turn out to spectively,citeresearch foreign entrantswithout le- TheCBO has had to revise growth. even weaker than the CBO be wrong.The CBO in partic- showing births decline pre- galstatus have already re- down estimated population Theelephant in the room nowsees—not afuturetobe ular is required to assume dictably when unemployment duced immigrant inflows.It repeatedly in recent years is the national debt. Conven- embraced. Fed Confronts Risk Of Asset Bubbles

BY NICK TIMIRAOS policystance“if risks emerge that could impede the attain- Federal Reserveofficials’ ment of the committee’sgoals.” promises to hold interest rates Mr.Kaplan said his concerns very lowfor along time could were reinforcedinMarch after pose adilemma oncethe pan- the pandemic triggeredanear demic is over: howtodeal with financial panic.“Isaw…a lot of the risk of asset bubbles. forced selling,” he said. “There Those concerns flared when were just some people who Dallas FedPresident Robert came intothis with toomuch S Kaplan dissented from the cen- risk.” NEW

G tral bank’sSept. 16 decision to To be sure, with millions of spell out those promises.The Americans displaced from work Fedcommittedtohold short- and loan defaultsonthe rise, OOMBER

/BL term ratesnear zero until infla- no one at the Fedisworrying

AS tion reaches 2% and is likely to that theirpolicies aretoo easy stay somewhat abovethat right now. Rather,the question NTRER level—something most officials is about the trade-offs they CO don’t see happening in the next might faceif, afterthe pan-

OLIVER three years. demic has passed, inflation re- Treasury Secretary Steven Mnuchin met with House Speaker Nancy Pelosi for 90 minutes on Wednesday, but failed to reach a deal. “Thereare coststokeeping mains slowtorise to their goal ratesatzerofor aprolonged of averaging 2%. period,” Mr.Kaplan said in an “I sharealot of Rob’scon- interview. He added that he cerns,” said Boston FedPresi- House PostponesAid-PackageVote worries such acommitment dent Eric Rosengren, who “causes people to take more doesn’t have avoteonthe Fed’s risk in that they knowit’smuch rate-setting committeeuntil lesslikely that they’regoing to 2022.“Iamworried about fi- In Hopes of Bridging Broad Rifts be able to earn on savings.” nancial-stability aspectsofthis Thequestion of whether the policy. Ithink we’regoing to Fedshould raise ratestopre- need to addressitoverthe next BY NATALIE ANDREWS Theproposal includes addi- vent bubbles has long vexedof- couple of years,” he said in an AND KRISTINA PETERSON Senate Passes said theyhope to passfull-year tional aid forsmall businesses, ficials.Mr. Kaplan’sconcerns interview. spending bills in December. the airline industryand showhow the lack of consensus Financial-stability concerns WASHINGTON—TheHouse Spending Bill Sen. Patrick LeahyofVer- schools,Mr. Mnuchin said. He could one daysow doubtsover motivated Mr.Rosengren to postponed avoteona$2.2 mont, the topDemocrat on the said he andMrs.Pelosi have the central bank’sability or vote against three separatein- trillion coronavirus aid pack- Senate Appropriations Commit- agreed that anydeal will in- willingnesstofollowthrough terest-ratecutsin2019.Hehas ageasDemocratstried to find The Senate overwhelmingly tee, said Wednesdayhewas cludemorestimulus checks. on thenew lower-for-longer warned of potential excesses common ground with the passed ashort-term spending committedtoproducing bipar- “We’renot going to do a rate framework FedChairman building in commercial real es- WhiteHouse on abipartisan measuretofund the govern- tisan Senate appropriations $2.2 trillion deal,” he said, re- Jerome Powell has unveiled. tate that would worsen adown- agreement, though they re- mentuntil mid-December and bills beforemid-December.“The ferring to the pricetag forthe Thenew strategy, adopted turn, aprophecyheworries the mained far apart on key issues. avoid apartial government lastthing our country needs is Democratic plan. “The good unanimously by the Fed’sfive pandemic will fulfill. Democratic aides said shutdown after midnight. agovernmentshutdown in the news is the speaker has come governorsand 12 reserve-bank “People reach foryield in Wednesdaythat the delaywas Hours beforethe govern- middle of aglobal pandemic down from her $3.4 trillion presidents,altershow the cen- commercial real estatewhen to allowthe two sides one more ment’scurrentfunding expires, and an unprecedentedeco- deal. If there’safair compro- tral bank will react to changes interest ratesget quitelow,and daytokeep talking beforea the Senate voted84-10 to ex- nomic crisis,” he said. mise we’reprepared to do it.” in the economy. TheFed is now youstart doing riskier projects, vote.Aswrittennow,the legis- tend it through Dec. 11. Presi- All10novotes in the Sen- Mr.Mnuchin on Wednesday seeking periods of inflation and when the economyhitsa lation has no hope of advancing dentTrump wasexpected to atecame from Republicans, made a$1.6trillion counterof- aboveits 2% target to compen- shock—in this case,itwas a in the GOP-controlled Senate, sign the bill, which was ap- who balked at passing the con- fertoMrs.Pelosi that included satefor periods likethe current pandemic—it means that big but manycentrist Democrats provedbythe House lastweek. tinuing resolution, or CR. “Un- $250 billion in stateand local one,when inflation is running losses aregoing to likely oc- were eager to passanew bill The stopgap spending mea- fortunately,this CR is much funding,according to someone belowthat goal and short-term cur,” Mr.Rosengren said. before they returned to cam- surepushes the next funding morethan ashort-term spend- familiar with the offer.That ratesare pinned near zero.This While Mr.Powell hasn’t paigning in their home districts. deadline until after the election, ing bill to bridge the gap which marksanincrease from the means the Fedwill effectively ruled out using interest ratesto TreasurySecretarySteven whose outcome will shape the Iamnot willing to accept, so I $150 billion that the adminis- abandon itsprior approach of one dayaddressfinancial bub- Mnuchin and House Speaker political dynamics of Congress votedno,” Sen. RonJohnson tration had supported during raising ratespre-emptively,be- bles,hehas repeatedly played NancyPelosi (D., Calif.) met and the WhiteHouse at the (R., Wis.) said on Twitter. the negotiations this summer fore inflation reaches 2%. down such prospects. “Mone- Wednesdayafternoon for90 year’s end. Lawmakers have —Kristina Peterson with Democratic leaders. The TheFed’sstatement spelling tary policyshould not be the minutes and failed to reach an House Democrats’ bill released out the newframework in- firstline of defense,” he said in agreement. “Wefound areas this week included $436 billion cluded an escape clause of September. whereweare seeking further pricetag of economic relief to night, Mr.Mnuchin said he had forstate and local governments. sortsbysaying that achieving When pressed on whether clarification,” Mrs. Pelosi said. $2.2 trillion, compared with aproductiveconversation with Mr.Mnuchin and Mrs. itsinflation and employment theFed would raise ratesif “Our conversations will con- the $3.5 trillion bill the House Mrs. Pelosi about the adminis- Pelosi have made alatepush goals “depends on astable fi- other defenses didn’t material- tinue.” passed in May. tration’snew relief proposal, to trytoreach acoronavirus- nancial system.” izeorwereinadequate, Mr. Theupdated legislation re- In an interviewwith Fox whichhesaid is in the neigh- relief deal beforethe election. TheFed’ssubsequent Sept. Powell implied the bar was leased this week shavedthe BusinessNetwork Wednesday borhood of $1.5trillion. TheHouse is slated to leave 16 rate guidancealluded high. “It’snot something we’ve foramonthlong recess at the obliquely to financial bubbles done,” he said. endofthis week. by saying officials would adjust —Michael S. Derby THE WALL STREET JOURNAL CORRECTIONS Republicans and Democrats their current lower-for-longer contributed to this article. (USPS 664-880) (Eastern Edition ISSN 0099-9660) areinagreement on manyof (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) AMPLIFICATIONS the policyitems under discus- Until the mid-1990s,rising inflation promptedthe Fed Editorial and publication headquarters: sion including additional aid to raise rates. Adownturn ensued. 1211 Avenue of the Americas, New York, N.Y. 10036 forsmall businesses,restau- Published daily except Sundays and general legal holidays. 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SUBMIT IT AT WSJ.COM/TIPS by emailing [email protected] or  American, United to proceed Sources: Commerce Departmentvia St.Louis Fed(12-month rate); by calling 888-410-2667. with airline job cuts...... B1 Federal Reservevia St.Louis Fed(effectiverate) P2JW275000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Thursday, October 1, 2020 | A3 U.S. NEWS Democrats Colleges Take Steps to Slow Spread To Call for BY MELISSA KORN Big Tech ProvidenceCollegeput it- self on lockdown in August, barringstudentswho liveon Breakups campus from traveling into town and telling those who BY RYAN TRACY live off campus to shelter in place, using food-deliveryser- WASHINGTON—Demo- vices.Classes moved online. cratic lawmakersare expected Students could socialize only to call on Congresstoblunt with their roommates. thepowerofbig technology Thegoal: Save the semes- companies,possibly through ter. forced separation of online “Ifwecan getthis outbreak platforms,asaHouse panel under control, we will have concludes its Big Tech probe. the opportunity—together—to TheHouse Antitrust Sub- writeagreat comeback story,” committeeisnearing comple- Dean of StudentsStevenSears tion of areport wrapping up wrotetostudentsoverthe its15-month investigation of weekend, soon afterthe re- Alphabet Inc.’sGoogle, Apple strictions were renewedfor Inc., Amazon.com Inc.and anotherweek.The Rhode Is- Facebook Inc. The report fol- land school, with about 4,800

lows thecommittee’scollec- students, has recorded more S tion of morethan amillion than 200 cases so far, includ- NEW

documentsfromthe compa- ing more than 100 in a three- G nies and competitors, as well day span.

as aJuly hearing with CEOs of Providenceisamong col- OOMBER

the four tech giants. legestaking drastic steps to /BL

Rep.David Cicilline (D., trytoslowthe spread of ORR R.I.), who chairs the subcom- Covid-19, essentially pressing

mittee, has indicated the panel pause to salvagethe rest of CHENEY is poised to recommend signif- their fall term forface-to-face Students took part in a class at the University of Arizona in Tucson on Aug. 24. The school stepped up restrictions in September. icant measures targeting Big instruction and campus activi- Tech’spower, including requir- ties.The University of Arizona giving and then sending stu- A week after classes began Daily positiveCovid-19 tests line,but on Sept. 14 it stepped ing ownersofhugetechnology urgedstudentstoshelter in dents home to finish the final there, 19% of the day’s418 among students and up itsrestrictions further.The platforms to separatethose placefor two weeks,while the few classes and their exams. Covid-19 testscame back posi- employees at the University school requested—but didn’t platforms from other busi- University of Wisconsin-Madi- TheUniversity of North tive. NotreDame shiftedto of Arizona outright demand—that stu- nesses. son and University of Colorado Carolina at Chapel Hill, Tem- online instruction fortwo dentsshelter in place, after 250 Shelter-in- Mr.Cicilline hasn’t released Boulder quarantined thou- ple University and North Caro- weeks,barred visitorsfrom placebegan the positivity rate forCovid-19 details,but such alaw could sands of students and moved lina State University have dra- dorms and halved the cap on on Sept.14 tests ticked up over 8%. potentially ban Amazon from classes online for weeks, too. matically shiftedaway from gatherings, to 10 people. The 200 Those who had in-person competing with sellersonAm- “This maybethe last op- original plans. Indiana school also stepped up classes could still attend, and azon.com, or Google from of- portunity forour campus to All three schools moved to itssurveillancetesting,to they could go to the grocery 150 fering services that consumers bend the curveofinfection fully online instruction, with catch hot spots faster. By the storeorpharmacyand take look for on its search engine. and return to in-person in- studentsdispersing to off- end of that two-week period, care of other essentials. “You can’t set all the rules, struction beforeweare campus housing or their just afew testswerecoming 100 “It wasreally away of say- forced to movetoremoteop- hometowns.Public-health offi- back positive each day. ing,‘Just don’t go out and erations forthe remainder of cials caution against sending Similar measures seem to party in large groups,’ ” said 50 Proposals include the semester,” Colorado studentshome unlessthey be working at Wisconsin. That President Robert Robbins,a Chancellor Philip DiStefano have tested negative, because school placed two large dorms cardiac surgeon. requiring platforms warned in anotetothe they could carrythe coronavi- housing 2,200 studentsunder 0 CU Boulder,incoordination to be separated from school last week.“Let’sprove rusacrossgeographies and to quarantine because of out- Aug. 4 Sept.1 with county health officials,is- we candothis.” more vulnerable populations. breaks,and classes went on- sued astay-home order on Note:Figures only include testscompleted other businesses. Colleges and universities Many schools say their ex- line for two weeks beginning on campus. Some students living Sept. 15 that urgedall stu- tried arangeofapproaches to periences this fall areshaping in mid-September. off-campus aretestedbythe county. dentstheretoself-quarantine reopening this fall, with some their spring plans,including Administratorshad Source:The UniversityofArizona fortwo weeks,with most opting foronline instruction beefing up testing require- watched with consternation as classes moving online. control the marketplaceand from the start, othersbringing ments and thinning out dorm case countsticked up from 38, “Our collectiveeffortshave Newcases fell to 254 last also sell on it, in the way that asmall shareofstudentsto populations. to 146acouple of days later, worked,” Chancellor Rebecca week from 457 the prior week, Amazon does,for example,” campus,and still othersinvit- Anumber of schools have to 290 by Sept. 9. Blank said last week as she but those numberswerestill Mr.Cicilline said in arecent ing back their entirepopula- pointed to the University of With movement restricted, liftedthe quarantines and an- too high. podcast for the Brookings In- tions.Manyadjusted their ac- NotreDame as amodel for thenumber of newcases fell nounced aphased return to in- Theschool moved all un- stitution think tank. ademic calendars, eliminating howtotighten restrictions, quickly back into double dig- person classes. dergrad, graduateand law Thecommittee’sfinal re- long weekends in the hopes of briefly, and then loosen them its, and it continues to trend Arizona had already started classes online foratleast two port could include the plat- sprinting through to Thanks- again successfully. downward. the term with most classes on- weeks beginning Sept. 23. form-separation idea among a series of policyoptions,Mr. Cicilline has said. Othersin- clude boosting the budgets of Insurers Roll Back U.S. antitrust enforcement agencies, amending U.S. anti- trust laws with an eyetoward Telehealth Coverage making them less permissive and mandating “interoperabil- ity” so that consumersand BY ANNA WILDE MATHEWS the health-caresystem. Doc- businesses canmoreeasily AND ROBBIE WHELAN tors and hospitals canceled move from one tech platform much of their routine, in-per- to another. Insurersare rolling back soncareand patientsstayed

Republicans saythe inquiry REUTERS the terms of telehealth cover- home. leftthem concerned about the S/ age they launched this spring, Insurersand the federal

companies’ powerindigital PRES with some UnitedHealth Medicareprogram rushed out markets, but they differ on RK Group Inc.and Anthem Inc. expanded coverage forvirtual PA

how to address the problem. Y customersset to faceout-of- visits, oftenincluding reim-

“I don’t think there’sany BUR pocket chargesoncertain vir- bursement for doctors on par AS

doubt that both sides think O/ tual visits starting Thursday. with what they hadreceived

there is a problem,” said Rep. ELL Major insurersare taking forseeing patientsintheir of- Kelly Armstrong (R., N.D.), a ST different approaches to cover- fices. CO

member of the committee. But P. ing remotecare, which is typi- Consumer surveysbythe broad measures requiring Big S cally done by phone or video. Deloitte Center forHealth So- Tech to separatelines of busi- Thecompanies areoffering an lutions found 28% of respon- THOMA ness could affect other indus- An additional 39 people probably died from the virus at the Menlo Park home, health officials said. array of deadlines,reimburse- dentsinApril said they had tries that also operate online, ment strategies and charges, used a virtual visit in 2020. an issue Congresswould have depending on factors like the ForKaren Smith, afamily to study, he said. Covid-19 OmittedasCause type of plan or the purpose of physician in Raeford, N.C., “Wewould be betterserved the medical visit. about one-thirdofher patient by attacking very narrow Doctorsand hospital offi- visitsinatypical week are problem setsand seeing if we cials saythe complexrules are now virtual, she said. The ex- could come up with asolu- In Dozens of VeteranDeaths leading to confusion—and the panded coverage provided afi- tion,” he said, pointing to bi- cost-sharing chargescreate nancial lifeline to her practice partisan concern about Ama- concern that patients, faced and enabled her to stay in zon’streatmentofthird-party BY CHRISTOPHER WEAVER Wednesday, said his agency Ms.Kearney said,aswell as with an increasedfinancial touch with patientswho were sellersonits marketplace, AND NORA ECKERT “mournseach and everyvet- some other types of deaths. burden fortelehealth, might afraid to come to the office. among other issues. eran that passes away in our Veterans agencyrecords delay or avoid visits. Patientsmight be lesslikely Republicans also say exist- Astate-run nursing home Memorial homes…. Much like viewedbyThe Wall Street Jour- “It’sreally very compli- to use the remotevisitsif ing antitrust laws aresuffi- forveterans in NewJersey other long-term care facilities nal shownearly 100 people died cated,” said Ted Okon, execu- thereisacharge,Dr. Smith cient to bring enforcement ac- failed to attributenearly 40% of across the state and country, at theMenlo facility in April tive director of the Commu- said:“If they do have to pay, tions against large tech itslikely Covid-19 deaths to the Covid-19 created unprece- alone.That’sabout as manyas nity OncologyAlliance. “It our patients are not going to companies. virus,according to the state’s dented circumstances and de- the facility typically loses in a should be simplified and uni- accept the service.” Anyproposal to separate ownDepartment of Health. mands within our veterans year,historical recordsshow. fied so that you don’t have to Doctorsand hospitals say big tech platforms’ businesses TheMenlo Park Veterans memorial homes. During this Mr. Westhoven also said in constantly go back to this they are also struggling with would facestiff opposition Memorial Home in Edison, time,all deaths were reported an earlierinterviewthat the grid.” uncertainty about future cov- from the industry. Amazon N.J.,attributed 62 deaths to to the Department of Health.” department only counted The new Anthem and Unit- erageoftelehealth, sincemany CEOJeff Bezos, at the com- the newcoronavirus on the Thetwo state-run nursing deaths when adeath certifi- edHealth changes,for in- insurershavesaid their cur- mitteehearing July 29,said he websiteofthe state’sveterans homes have faced abarrageof cate expressly listed Covid-19 stance, apply only to certain rent policies areguaranteed doesn’t believe it is a conflict affairsagency. But aDepart- criticism from families of de- as the cause. plans and don’t include virtual only until the end of the year. of interest for Amazon to sell ment of Health spokeswoman, ceased residents. William Hefele,aNavyvet- visitsrelated to Covid-19, UnitedHealth is tweaking productsonthe e-marketplace NancyKearney,said late In the early days of the eran and Menlo resident, was which will generally continue itscost-sharing policyas“the it controls. Wednesdaythat an additional pandemic,testing wasn’t hospitalized in early April.His to be free forpatients.Some health-care system is return- “The consumer is the one 39 people probably died from widely available to residents daughter,Susan Hondo,said other insurershad ended cost- ing to normal levels,” a ultimately making thedeci- the virus at the facility during at many facilities.Alarge shegot acall from hospital sharing waiversfor telehealth spokesman said. Thechange sions,” said Mr. Bezos. He ap- a wave of infections there. number of deaths at Menlo in staff informing her that he had visits earlier in the year. affectsin-network non- peared before the committee Another state-run veterans April, thepeak of that facil- tested positive for Covid-19. “Shifting the copayment Covid-19 visitsfor people with via video along with Apple’s home in Paramus,N.J., also ity’s outbreak,wereattributed He turned 90 yearsold in back to patientsnow presents MedicareAdvantage and fully TimCook, Facebook’sMark likely had moreCovid-19 deaths to other causes,such as pneu- his hospital bed and battled arisk that patientswill cancel insured employerand individ- Zuckerbergand Google’sSun- than the totalitattributed to monia, even as the death toll with the virus fordays before telehealth appointmentsor ual plans, the company said. dar Pichai. the virus,Ms. Kearney said. soared above usual levels. dying on April18, Ms.Hondo seek in-person visits that Anthem said patientsen- Mr.Cicilline hasn’t ex- Thefindingsshowhow TheParamus facility re- said in an interview. When she heighten the threat of infec- rolled in fully insured em- plained in detail howthe publicly reported nursing ported 81 deaths linked to received his death certificate, tions,” said Thomas Owens,se- ployer and individual plans breakup proposal would apply home mortality figurescan fail Covid-19.Ms. Kearney said an which wascertified by adoctor nior vicepresident of Duke will generally facecost-sharing to specific companies,though to reflect the true toll the pan- additional eight patientsat working forMenlo,Covid-19 University Health System. fornon-Covid-19 virtual video he has implied it might not be demic has taken on the facili- that facility probably died wasn’t listed as acause. Though manypeople with in- visits with network providers. necessary for every platform. ties, which are home to some from the virus. Rather,she said, the certificate surancewould be chargeda But telephone visits—with no Thecongressman has called of themost virus-vulnerable Thestate counted as proba- listed several causes that are flat copayfor virtual visits, video—will remain free at least the idea “Glass-Steagall forthe people in the country. ble deaths those that weren’t linked to the virus: pneumonia, othersmight owe the full cost until year-end. Theinsurer’s Internet,” invoking a1933 law Aspokesman forthe New clearly explained by another heart disease and sepsis. or ashareofit. MedicareAdvantage enrollees that divided traditional bank- Jersey Department of Military cause wherepatients had The veterans agency didn’t Telemedicine grew rapidly will also have no cost-sharing ing businesses from Wall and Veterans Affairs, Kryn Covid-19 symptoms,orautop- respond to questions about in- this spring and summer as the on video or phone visitsat Street investment banks. Westhoven, in astatement sies found signs of Covid-19, dividual cases. pandemic shut down swaths of least until next year. P2JW275000-5-A00400-17FFFF5178F

A4 | Thursday, October 1, 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 Trump Gambles Big, but Payoff Is Uncertain

CAPITAL JOURNAL By Gerald F. Seib

Donald Trump is agam- bler,and not just because he onceowned casinos.Heran one of the biggest gambles of his lifeinTuesdaynight’s presidential debate,and whether it pays off nowis very uncertain. Thepresident’sultra-ag- gressiveperformanceinthe firstpresiden- tial debate— aggressiveto the point wheremoder- ator Chris Wallacethree times had to ask him to sim- ply let challenger JoeBiden

answeraquestion—can’t OL PO

have been an accident. It was S an effort by acandidatebe- PRES

hind in the polls to shakeup Y/ the race by driving home his

principal line of attack: that DOULIER Mr.Biden is tooweak to be

president. OLIVIER Former Vice PresidentJoe Biden and PresidentDonald Trump sparred on stage TuesdaynightinCleveland in the firstofthree debatesbetween them. r. Trump chose not simply to saythat his lentlessferocity of the on- refrain among Trump voters, simply turn away from the Mr.Biden leavesrelatively strategyonhow to win the M slaught—and if the plan was in fact, is that he is rough spectacle afterhalf an hour debateand an election, opponent is tooweak, little oxygen fortalking about or tooold, or tooafraid of his to getthe challenger to over- and crude,but that they see or so? what the president himself Trump came last night with party’s leftwing,but rather react by calling the president that as part of his strength. In that sense,the debate would do if given four more an approach to annihilatehis to trytodemonstrateitbe- a“clown,” well, that did hap- Yes, they say, he’sabully,but captured the fundamental yearsinoffice. And tradition- opponent and seizepower,” fore aworld-wide audienceby pen at one point. This is he’sour bully. gamble of the entireTrump ally,that is something unde- said former ChicagoMayor attacking and belittling him. what those who call Mr. Yetthe political point of a campaign. Thegoal of the cided voters at leastsay they Rahm Emanuel. Thesubliminal message: If Trump undisciplined don’t debatesuch as Tuesday president appearstobeto arewaiting to hear before Forhis part, Mr.Biden ap- youcan’t stand up to me,how entirely grasp: He is very dis- night’sisn’t to makeyour getthose relatively few wa- making their decision. peared to be making his own canyou stand up to the ciplined in driving home his supporterssupport youeven vering voters to decide they calculations on the flyinde- leader of China, or those per- main message, and will do so more, but rather to win over have to vote against Mr.Bi- he bottomline is this: ciding howtorespond, and petrating violenceinthe again and again and again, the relatively small sliceof den and aDemocratic Party TheTrump campaign oftenthat wasn’t agood look streetsofPortland? without remorse or apology, voters who aren’t already moving toward the leftas T forhim either.Inthe faceof wantsthis election to And perhaps it worked. as he did Tuesdaynight. locked in on their views of much as vote forthe presi- be moreareferendum on Joe such aggressiveness, is the Nobody who watched wasleft But at what price? the president. dent. Yetthat is atactic more Biden than on Donald Trump, best reaction to respond in in anydoubt about the core Therewas little likable And therein lies the oftenassumed by achal- but it is unclear whether this kind, or to trytostayabove argument of Mr.Trump’s about the presidential per- Trump gamble.Are such vot- lenger than an incumbent. debatefurthered that goal. It the attacks,ortoignorethe campaign, which is in large sona that came acrossonthe ersreally drawntothe One of the prices that mayhavedone the reverse opponent and speak instead measureabout the assertion debatestage.Maybe that strength and aggressiveness comes with Mr.Trump’sap- by making the race even directly to voters and view- that his foeisn’t up to the de- doesn’t matterasmuch as it they sawonthe stage, or are proach—and this is true of more about the president ers? Mr.Biden tried all of the manding job of sitting behind used to in politics: Thepresi- they repelled and perhaps his campaign generally,not than it already was. aboveatvarious times,never the ResoluteDesk. dent has demonstrated that even frightened by the style just this week’sdebate—is Some Democratssaw a to clear effect. Mr.Biden did at times people don’t have to likehim on displaythere? Or,perhaps that the focus on getting the darker Trump strategyat In that sense,therewas no seem takenaback by the re- to support him. Acommon even morelikely,did they undecideds to vote against work.“Biden came with a “winner.”

Floridians with felony Unpaid Fees Curb Vote forFlorida Ex-Felons records—who owe money— registeredasaRepublican less oftencompared with overall BY COULTER JONES among them at least 9,700, or previousresearch based on money,ex-cons generally must county registrations. AND JON KAMP 69%, still owedmoney,accord- datafromall 67 counties,bya check with county-court Felons registeredasa ing to aJournal analysis of the University of Florida re- clerks,though sometimes Democrat who owe money As theelection nearsin researcher’s data. searcher who testified for courtshavefailed to accu- hotly contested Florida, re- Criminal-justice advocates plaintiffs,which showedmost rately record details of paid fi- Overall registeredDemocrats strictions affecting felon vot- sued the stateand argued that Floridianswho completed nancial obligations. Felons registeredasa ing rightscould block thou- adding arequirement to pay prison, parole and probation Beforevoting in the March Republican who owe money sandsfromcasting ballots, legal and financial obligations, terms still owe money related Democratic primary, 44-year- Overall registeredRepublicans potentially altering the state’s likefees and court costs, was to their cases. oldChristi Garrison said she outcome in the presidential an illegal barrier to the ballot Georgetown LawProfessor called the stateDivision of Hillsborough County race,according to aWall box. They won afavorable U.S. Neel Sukhatme and recent doc- Elections and went to the Bro- Street Journal analysis. District Court ruling in May, toralgraduateAlexander Billy ward County Clerk of Courts Twoyearsago, areferen- but afederal appeals court rul- areusing the datatosupport a officetoconfirm she had no

dum gaveanestimated 1.4 ing reversed that decision in ON nonprofit organization and fines to pay. According to Ms. million people who completed September. websitethey created, FreeOur- Garrison, who has five felony BrowardCounty

sentencing terms including These would-be voters,who GARRIS Vote.com, to help Florida vot- convictions related to drug

prison,parole and probation likely number in the hundreds TI ersidentifyfines and fees. chargesfrom1996 to 2000,she

the right to vote.But last year, of thousands,havefaced diffi- CHRIS Felon voting rightsvary wastold that her registration the GOP-led legislaturepassed culties in accurately figuring Christi Garrison received around the U.S. Felons in wasactiveand that she didn’t Pinellas County a new law saying before they outwhat they owe with the conflicting information when Maine and Vermont never lose owe money related to felonies. could cast aballot, those peo- registration deadline looming trying to determine if she their rightsand cancast bal- County recordsreviewedby plewith felonyrecords had to on Monday, advocates say. owed any fines before voting. lotsfromprison, and amajor- the Journal and FreeOur- firstpay all fees,fines and “Several months agothere ity of states automatically re- Vote.org, however, showshe restitution related to their were several hundreds of thou- about half the rate of voters in store rights when people owesatleast $870infines and 0% 20 40 60 sentences.They could also sands of returning citizens in the state, the Journal found. In completeprison terms or post- fees related to four of those Sources: Florida Division of Elections; seek to get a court to dismiss Florida whowent to bed at 2016,Donald Trump wonFlor- prison supervision. Florida is convictions.“This canfeel im- FreeOurVote.com the debt or convert it to com- night thinking they could ida by about 113,000 votes. among four states that until possible,” said Ms.Garrison, munity service. vote,” said Neil Volz,deputy Thedataisalmost certainly recent yearshad lifetime vot- who says she has been drug- with apro-bono lawyer and Newdatafromresearchers director at the Florida Rights an undercount because it is ing bans unlessagovernor or andalcohol-free for20years. waslooking to payoff her at Georgetown University Law Restoration Coalition, which is limitedtopeople with out- government panel specifically If courthouse clerks had fines afterbeing contacted by Center showthe lawcould raising money to help payfel- standing fines or fees from fel- restored rights. Among those looked up the case,they the Journal. mean alarge shareofregis- ony-related financial obliga- onies in only half the counties states,governorsinVirginia, should have found the finan- “The people of the state teredvoterswith felonyre- tions forpotential voters.“A in the statewho also served Iowa and Kentuckyhaveused cial obligations, said Broward votedtogiveusour rights cordsstill facehurdles.The re- couple of weeks agothose peo- time in stateprisons.It their executive powers to County Clerk of CourtsChief back and then they turn searchersidentified about ple were told they cannot.” doesn’t count people whose broadly re-grant rights. Operating Officer Dian Diaz. around and do what they did,” 14,000 people within this Thenew voters in the felonysentences didn’t involve In Florida thereisnostate- Ms.Garrison said she is still she said. “The fact that it’sso group who have registered to Georgetown dataskewleft, prison terms. wide database of court fees. motivated to gettothe polls. difficult to getany information vote sincethe end of 2018,and registering Republican at Their findingsalign with To find out whether they owe She has reviewedher case makes it all so much harder.”

in Kenosha, Wis.,and Portland, olina, one of three Black mem- makepublic changes soon. Debate Ore. Mr. Trump said: “Sure, TV Ratings Fall 13% against former Secretary of bersofthe Senate and the only On Tuesdaynight, Messrs. I’m willing to do that, but I State Hillary Clinton, according one who is aRepublican, said Trump and Biden also touched would say, Iwould sayalmost From 2016 Event to Nielsen. he thought the president mis- on the Supreme Court vacancy, Spurs Rule everything I see is from the The figures from Nielsen in- spoke when he deflected the the administration’shandling leftwing.” clude people who watched the white-supremacist question. “I of the coronavirus and more. AfterMr. Biden urgedthe About 73.1 million people debate on TV as well as think he should correct it. If he Mr.Trump targeted his Demo- Review president to denouncethe far- watched Tuesday night’s presi- through streaming apps on in- doesn’t correct it, Iguesshe craticrival’sson forcriticism, right group Proud Boys, Mr. dential debate between Presi- ternet-connected TVs, known didn’t misspeak,” said Mr. while Mr.Biden said the other Trump said: “Proud Boys. dent Trump and former Vice as smart TVs. But they exclude Scott, who in the past has been man was“the worstpresident ContinuedfromPageOne Stand back,and stand by,but President Joe Biden on TV. some digital viewers, such as critical of the president on is- that Americahas ever had.” interruption.” I’ll tell youwhat, I’ll tell you Viewership of the debate those who watched the debate sues of race. At one point,Mr. Trump Tuesday’sfirst of three de- what: Somebody’s got to do was 13% lower than for the on devices such as computers, Theother presidential de- said he had the support of law- bates offered the president’s something about antifa and first presidential debate of the tablets and smartphones, bates arescheduled forOct. 15 enforcement groups,including campaign one of itslast major the left.” 2016 election cycle, when 84 when they aren’t connected to and 22,with avice-presiden- in Portland. Thesheriff,Mike opportunities to changethe dy- Mr.Biden, who wasona million viewers tuned in to smart TVs. tial debate set fornextweek. Reese,responded in atweet: namics of aracethat polls train tour Wednesdayaimed at watch Mr. Trump square off —Benjamin Mullen Newton Minow, alongtime “Asthe Multnomah County showheistrailing nationally highlighting his plans to revi- member of the debatecommis- Sheriff Ihavenever supported andinkey states. talizeU.S.manufacturing,said sion who sitsonits boardof Donald Trump and will never While Mr.Trump said his ownmessagetothe Proud ifornia, the House GOP leader, Sen. Susan Collins (R., directors, said he couldn’t re- supporthim.’’ Wednesdayhehad received Boys,agroup that engages in defended Mr.Trump.“Ithink Maine), who is in atough re- member anothertime adebate Rep.Tim Ryan (D., Ohio), good reviews forhis perfor- political violence, would be to the president’sbeen very clear election battle, said Mr.Trump sponsor sought to changethe who attended the debateinhis mance, his commentsabout “cease and desist.” that he’sagainst anybody for shouldn’t have been so vague. rules oncethey had already home state, called the evening whitenationalists reverberated. Mr.Trump,asked about the committing violenceinthe “That wasamistake,” Ms.Col- been agreed upon by both “the worst90minutes of my Mr.Wallaceatone point group Wednesday, said, “I streets,” Mr.McCarthysaid. lins said. Ms.Collins also campaigns. adult life” and said it wouldn’t asked Mr.Trump if he would don’t knowwho the Proud However, some fellowRe- called the matchup “the least “Everything has been dis- sway manysuburban voters. condemn white supremacist Boys are. Whoever they are, publicans said he should have educational debateofany pres- cussed,” Mr.Minowsaid of po- —Kristina Peterson, Rebecca groups and urge them to stand they need to stand down.” takenaclearer stanceagainst idential debateI’veeverseen.” tential tweaks.Hesaid the Ballhaus and Lindsay Wise down in clashes such as those Rep.KevinMcCarthyofCal- such groups. Sen. Tim ScottofSouth Car- commission wasexpected to contributed to this article. P2JW275000-0-A00500-1------XA

THE WALL STREET JOURNAL. Thursday, October 1, 2020 | A5 P2JW275000-4-A00600-1------XA

A6 | Thursday, October 1, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Trump Made Quick Offer For Court Post

Judge Barrettsays day, subject to the vetting pro- cess,and she accepted. WhiteHouse approach Mr.Trump announced his came soon after death selection of JudgeBarrettthis past Saturday, afterearlier of JusticeGinsburg saying he had narrowedthe field to five women. BY SIOBHAN HUGHES “We’relooking at five in- AND JESS BRAVIN credible jurists, five incredible people,women that areex- WASHINGTON—Supreme traordinary in every way,” he Court nominee AmyConey told an Ohio campaign rally on OL PO

Barrettdisclosed that Presi- Monday, Sept. 21. “I mean, S dent Trumphad offered her honestly, it could be anyone.”

the nomination just days after JudgeBarrettwas consid- KI/PRES

JusticeRuth Bader Ginsburg ered afront-runner through- OWS died, a timeline that suggests out the process, but other theweek of suspense before names such as Judge Barbara SMIAL the pick waspublicly revealed Lagoa, of the Atlanta-based AN

was largely for show. 11th U.S. Circuit Court of Ap- BREND JudgeBarrettsaid in aques- peals, had also been floated. Sen. Todd Young (R., Ind.) and Judge AmyConeyBarrettgreeted each other Wednesdayasshe prepared forher confirmation hearing. tionnaire submittedtothe Sen- TheWhiteHouse didn’t ateJudiciaryCommitteethat comment. Her response to the ques- 10.Ajusticewho wasn’t on the cant opinions sincejoining the possessing firearms. The ma- on Saturday, Sept. 19—one day TheJudiciaryCommittee tion, which is a standard part court fororalargumentstypi- Seventh Circuit in 2017,Judge jority, after finding historical after JusticeGinsburgdied— has set confirmation hearings of the Supreme Court vetting cally wouldn’t participatein Barrett listed cases involving evidenceoffounding eraprac- she received aphone call from to start on Oct. 12 with opening process, goes directly to an is- the decision. some of the most significant tices inconclusive, determined WhiteHouse counsel PatCipol- statementsfromthe committee sue raised by Democrats, who Judge Barrett affirmed she issues likely to reach the Su- that the restriction was “sub- lone and WhiteHouse chief of membersand the nominee, have said that JudgeBarrett made no promises about how preme Court, including Second stantially related to an impor- staff Mark Meadows to discuss with the questioning of the would need to recuse herself she might rule on any case if Amendment rights, religious tant governmental objective,” the vacancy. She spoketothem judgefromsenatorstobegin from anyelection-related confirmed. exceptions to antidiscrimina- preventing gunviolence, and again on Sunday, when they in- the next day. Republicans are cases given that Mr.Trump Mr.Trump had previously tion law, executive discretion therefore constitutional. vited her to the WhiteHouse, hoping to gether confirmed to hassaid that the outcome of pledged that he would appoint to enforce immigration law, JudgeBarrettviewedthe andPresident Trump called to the court by Election Day. the presidential election could justices who would overturn collegepolicies to addresssex- case differently,noting that confirm the invitation. JudgeBarrett, who on be decided by the Supreme the1973Roe v. Wade abor- ual assault, and the scope of thedefendant had been con- By Monday,Sept. 21, she Wednesdaycontinued holding Court and said that is areason tion-rightsprecedent. Social qualified immunity,alegal victed of anonviolent offense, wasatthe WhiteHouse,where privatemeetings at the Capitol he wantstoquickly fill the va- conservatives have been par- doctrine that blocks lawsuits mail fraud. “Looking to the she had meetingswith the with senators, said in the ques- cancy. ticularly supportive of Judge for misconduct against police Founding era history, I ex- three men, along with Vice tionnairethat no one involved in Democratshavealso Barrett’s nomination and be- officers and other officials. plained that legislatures have President MikePence. Judge selecting her forthe court had warned that if JudgeBarrettis lieveher record shows that Judge Barrett put the Sec- the powertoprohibit danger- Barrett,48yearsold, amember discussed anypending or spe- confirmed to the court quickly, shemay favoratleast aroll- ond Amendment case at the ous people from possessing of the Chicago-based Seventh cific case,legal issue or question she could be acrucial vote in a back of Supreme Court prece- topofher list. In it, she dis- guns,but that powerextends U.S. Circuit Court of Appeals in away that could be construed case seeking to overturn the dent on abortion rights. sented from apanel decision only to people who aredanger- since2017, said Mr.Trump of- as seeking expressorimplied Affordable Care Act. The ACA Asked in the questionnaire upholdingfederal and state ous,not to nonviolent felons,” feredher the nomination that assurances on such acase. case is on the docket for Nov. to name her 10 most signifi- laws prohibitingfelons from she wroteinthe questionnaire. Parscale U.S. Spy Chief Leaves Ignored Calls on Trump Campaign Russian Material

BY CATHERINE LUCEY BY DUSTIN VOLZ on the panel’srejection of the AND WARREN P. STROBEL Kremlin’sinformation. WASHINGTON—Brad Mr.Ratcliffe’s decision to re- Parscale is stepping away WASHINGTON—President lease the material prompted from the Trump campaign fol- Trump’sspy chief ignored urg- criticismininterviews,onso- lowing astandoff with police ingsfromsenior U.S. officials cial media and in congressional that culminated in his hospi- not to release information testimonyfromDemocratic

talization forpsychiatric eval- GES about Russian intelligencema- lawmakersand former senior

uation,acampaign official IMA terial containing unverified al- U.S. intelligenceofficials—many said Wednesday. legations about HillaryClinton of whom have served both Re-

Mr.Parscale has been serv- GETTY and the 2016 election, accord- publican and Democratic ad- ing as asenior adviser to Y/ ing to people familiar with the ministrations—that Mr.Ratc-

President Trump’sre-election CHERR matter. liffeisusing his position to help

campaign sinceJuly,when he JON Officials at the Central Intel- Mr.Trump’sre-election cam- was demoted from the cam- Protesters demanding justice for Breonna Taylor demonstrated Wednesday in Louisville, Ky. ligenceAgencyand National Se- paign. paignmanager post he had curity Agency, as well as nonpo- “This is the most blatant act held forayear and ahalf.He litical career personnel within of politicization by aDNI that I didn’t respond to arequest Grand Jury Recording Release the officeofDirector of Na- have ever seen,” wroteMike forcomment. tional IntelligenceJohn Ratc- Morrell,aformer senior CIA of- Mr.Parscale’sdeparture liffe, feared that sharing the in- ficial under PresidentsGeorge from the Trump campaign was Delayed in Breonna Taylor Case formation with Congresswould W. Bush and Barack Obama, on reported earlier by Politico. givecredencetounsubstanti- Twitter. Mr.Parscale wasdetained ated Kremlin-backed material. Former FBI Director James by Fort Lauderdale,Fla., law BY ARIAN CAMPO-FLORES tonendangerment forfiring of the grand jurytodisclose They argued the claim was Comey told the SenateJudi- enforcement on Sunday. Ac- intoaneighboring apartment, information and details about sourcedtoRussian intelligence ciaryCommitteeonWednesday, cording to policerecords,offi- Astate judgeallowedmore but not the two officerswho the proceedings. services that interferedinthe “It contains within it astate- cers were called to his home time forthe Kentuckyattorney officials sayshot Ms.Taylor. At the arraignment forMr. 2016 election to denigrateMrs. afterhis wife, Candice general’s office to release the Attorneysfor Ms.Taylor’s Hankison on Monday—in Clinton, that year’s Democratic Parscale,reported apossible recording of the grand jury family have questioned which he pleaded not guilty— presidential nominee,and could Officials feared the suicideattempt by her hus- proceedingsinthe Breonna whether Mr. Cameron pre- JudgeAnn Bailey Smith or- have been deliberatedisinfor- band.According to the re- Taylor case. sented all of the evidenceand dered that the recording of the mation,the people said. disclosure would cords, officersalso noticed Theroughly 20 hoursofau- gavethe grand jurythe oppor- grand juryproceedingsbefiled ACIA spokesman referred endorse Kremlin­ bruising on Mrs. Parscale’s dio could shed light on how tunity to consider homicide by noon Wednesday. Ahead of reporterstothe Officeofthe arms,which she said were the Attorney General Daniel Cam- chargesagainst the officers, or the deadline,Mr. Cameron’s Director of National Intelli- backed allegations. result of aphysical altercation eron presented the case to the if his officedecided on itsown office sought an extension to gence, which Mr.Ratcliffe runs. with herhusband days earlier. grand jury—an issue that has that such chargeswereunwar- redact personal information of TheNSA declined to comment Afterpolicearrived, Mr. triggereddebatesincehean- ranted. Mr.Cameron said in a witnesses named in the re- andreferred questions to the Parscale exited the house at nounced the grand jury’sdeci- statement Mondaythat the cording,for their protection. same office, known as the ment that it is unverified infor- the request of an officer who sion in the case last week. only charge his officerecom- Thejudgegranted the re- ODNI. mation, so Ireally don’t know wasafriend. Officersasked Mr.Cameron has faced crit- mended to the grand jurywas quest on Wednesday, giving “Wedon’t comment on in- what he’sdoing.” him to get on the ground and icism forhis handling of the the one against Mr.Hankison, theattorney general’soffice ternal [intelligencecommunity] Nick Merrill, aspokesman tackled him when he didn’t case of Ms.Taylor,a26-year- forwanton endangerment. untilnoon Fridaytosubmit deliberations,” an ODNI spokes- forMrs.Clinton, said the claim comply,according to the po- old Black woman killed in Ajuror filed amotion in the audio. woman said. was“utter, baseless, bullshit.” licereport. He wassubse- March by policeexecuting a statecourt on Mondayciting In astatement on Monday, On Tuesday, Mr.Ratcliffe Mr.Trump made abrief ref- quentlytransported to the search warrant at her apart- concerns about howMr. Cam- Mr.Cameron said, “Oncethe sent alettertoSen. Lindsey erencetothe letteratTuesday Broward Health Medical Cen- ment. eron presentedthe case,and public listens to the recording, Graham (R., S.C.), the chairman night’spresidential debate. terunder the Baker Act, which AfterMr. Cameron’soffice seeking the release of all re- they will see that over the of the SenateJudiciaryCom- “What happened todaywith allows authorities to detain a presented itscase last week, cordings,transcriptsand re- course of 2½ days,our team mittee, that disclosed that Rus- HillaryClinton, whereitwas a person at a mental health fa- the grand juryindicted one of- portsofthe grand jury. Theju- presented athorough and sian intelligenceanalysis ob- whole big conjob,” Mr.Trump cility forupto72hoursifthey ficer—former DetectiveBrett roralso asked the court fora completecase to the grand tained by U.S. spy agencies said. areconsidered mentally unsta- Hankison—on chargesofwan- declaration allowing members jury.” claimed that Mrs. Clinton, the Following the disclosureof ble and adanger to them- 2016 Democratic nominee for his letter, Mr.Ratcliffe denied selves or others. president, had approved acam- the Kremlin-sourcedclaims Mrs. Parscale told Politico paign plan that year to tie then- were Russian disinformation, the statementsshe made to po- ManChargedinDeputyAmbush candidateDonald Trump to and said they had “not been as- liceweremisconstrued, saying, Moscow’s hacking of Demo- sessed as such by the intelli- “My husband wasnot violent cratic emails.Mr. Graham then gencecommunity.” towardsmethat dayorany BY ZUSHA ELINSON At anewsconference deep-seated hatred toward law released the letterpublicly. Mr.Ratcliffe,aformer Re- dayprior.” She didn’t respond Wednesday, authorities de- enforcement that they’rewill- “The [intelligencecommu- publican congressman, wasa to arequest forcomment. A36-year-old man was clined to comment on what ing to kill unprovoked,” the nity] does not knowthe accu- vocalsupporter of Mr.Trump Trump campaign spokes- chargedWednesdaywith at- motivated the suspect, identi- sheriff said. racy of this allegation or the ex- before taking the spy-chief job man Tim Murtaugh said: “We tempted murder in the shoot- fied as Deonte Lee Murray, to Mr.Murray has pleaded not tent to which the Russian earlier this year.Democrats hope only forthe best forBrad ing of two LosAngeles County walk up to a squad car on the guilty and denied the charges, intelligenceanalysis mayreflect have accused him of abusing his and his family.” Sheriff’s deputies. evening of Sept. 12 and fire his public defender said. exaggeration or fabrication,” position to trytohelp Mr. Bill Stepien, alongtime Theattack,which wascap- five rounds at the two depu- Mr.Murray,whom authori- Mr.Ratcliffe said in the letter. Trump in the November elec- aide who previouslyserved as tured on video,occurred while ties,who both suffered serious ties said had gang ties,was TheSenateIntelligenceCom- tion,arguing Mr.Ratcliffe is deputy campaign manager, the deputies sat in apatrol car wounds but survived. firstarrested on Sept. 15 in mittee, on which Republicans seeking to wield intelligence— waspromoted in July to cam- in Compton, acity in the south But LosAngeles County connection with acarjacking have amajority,had already re- especially as it relates to Rus- paign manager.Heisthe for- of Los Angeles County. Sheriff AlexVillanuevasaid and a shooting that occurred viewedthe Russians’ claim sian election interference—on mer WhiteHouse political di- It came at atime of height- that it waspart of atrend of on Sept. 1. about Mrs. Clinton and deemed behalf of Mr.Trump,who dis- rector and in 2016 wasthe ened tensions with police more attacks on police. Mr.Villanuevasaid at the it to lack factual basis,accord- missed previous intelligencedi- Trumpcampaign’snational acrossthe countryand set off “It’sascary situation there time the case wasn’t related to ing to people familiar with the rectorsafter clashing with them field director. a manhunt for the shooter. arepeople that have such the shooting of the deputies. matter. Politicoearlier reported over the issue. P2JW275000-0-A00700-1------XA

THE WALL STREET JOURNAL. Thursday, October 1, 2020 | A7 U.S. NEWS Intelligence U.S. AdmitsFewestRefugees on Record Agencies BY MICHELLE HACKMAN of displaced people since World WarII. AreWeak TheU.S.has admittedjust Theslowerpaceofresettle- under 11,000 refugees during mentshas affected the dis- the fiscal year ended Wednes- placed world-wide,including On China, day, the smallest number in Muslim-minority Rohingya the refugeeprogram’s40-year fleeing persecution in Bud- history, according to State De- dhist-majority Myanmar,which Panel Says partment data. now faces agenocide case at Each year President Trump the topU.N. court,and Congo- BY WARREN P. STROBEL has been in office, he has set lese people fleeing ethnic and AND KATE O’KEEFFE the annual caponthe number sexual violencethere. TheU.N. of refugees the U.S. would ac- reported a34% increase in WASHINGTON—AHouse In- cept at a record low. The cap conflict-related sexual violence telligenceCommitteereport forthe fiscal year ended in Congoin2019. concludes that U.S. spy agen- Wednesdaywas 18,000 refu- Mr.Trump has made re-

cies arefailing to meet the gees,but the number wasfur- JOURNAL stricting refugeeadmissions a multipronged challengeposed ther reduced by atemporary key pieceofhis broader effort REET

by China and calls forchanges moratorium due to the corona- ST to reducenearly all forms of to focus on pandemics,trade virus pandemic and by other LL immigration. He has said the and other issues oftengiven limits the administration im- WA program might allowterrorists THE

lessattention by intelligence posed. R to enter the country, though

professionals. Theslowdownhas com- FO refugees facemoresecurity Thereport, most of which is pounded abacklog of refugees SE checks than other immigrants. BO

classified, portrays the $85 bil- who have been vetted but are H One reason the number of JA

lion-a-year U.S. intelligence waiting,sometimes years, fora RA refugees admittedinthe fiscal community as overly focused placeinline.AsofSeptember, Arooj Nirmal Sayhoon settled in Spokane, Wash., as a refugee after fleeing her native Pakistan. year ended Wednesdayfalls on traditional targets such as about120,000 refugees areon short of the cap, expertssay,is terrorism and adversaries’ alist forpossible resettlement By the time he found his wife U.S. refugeeadmissions “It’sbeen so painful and anew system of category- militaries.Pandemics,asevi- in the U.S.,according to State in SriLanka in 2017, she was and resettlement ceilings hard, waiting forhim,” Ms. based limitsthe administration denced by the coronavirus,and Department dataprovided to preparing to movetoSpokane, Annual ceiling Nirmal Sayhoon said. “I can’t introduced beneath itsoverall China’stechnological prowess resettlement agencies. Wash., as arefugee,she said. It Number of admittedrefugees sayhe’ssafewhereheis, but ceiling.The administration re- in areas such as artificial intel- “The annual refugeeadmis- wastoo latefor him to join at leasthe’ssurviving.” served 5,000 of its18,000 slots ligencepresent an equal threat, sions ceiling is not atarget her. 250,000 Mark Finney,Ms. Nirmal forpeople fleeing religious per- according to asummaryofthe but rather an upper limit on Ms.Nirmal Sayhoon spoke Sayhoon’scase manager at secution, acap that has nearly report released Wednesday. refugeeadmissions forthe fis- in an interviewfromSpokane. 200,000 World Relief,the resettlement been filled. That is thecategory Thereport recommends cal year,” a State Department Mr.Sayhoon, still in SriLanka, agencyofthe National Associa- under which Mr.Sayhoon fundamental changes in the spokesman said. couldn’t be reached to com- 150,000 tion of Evangelicals,said it would likely be able to come. way intelligenceagencies oper- Among those affected by ment. isn’t clear whyMr. Sayhoon’s Government datashow ate, including providing greater theslowdownare the Say- Mr.Sayhoon has since case has takensolong.Before other category-based caps re- 100,000 support to the Commerce De- hoons,aPakistani Christian passed an interviewcertifying the Trump administration, main unfilled. TheU.S.set partment, the National Science couple waiting to reunite. him as arefugee eligible to such processing typically took aside acombined 1,500 slots Foundation, public-health or- Arooj Nirmal Sayhoon, 33 come to the U.S. and cleared 50,000 about two years, according to forrefugees from Guatemala, ganizations and other agencies yearsold, said she fled her na- the requisitesecurity and med- resettlement agencies.Under Honduras and El Salvador,the outside the usual national-se- tive Pakistan in 2012 when her ical checks,according to Ms. 0 refugee-program rules,Mr. Northern Triangle countries curity bureaucracy. husband, who ran a blog that Nirmal Sayhoon. All he awaits 1980 2000 ’20 Sayhoon’sbackground check that together makeupthe larg- “Absent asignificant and told stories of fellowperse- is avisa and aspot in the line. and medical screening areeach est source of migrantscrossing Note:Dataseries began following the immediatereprioritization and cutedPakistani Christians, Meanwhile,Christian refu- enactmentofthe Refugee Actof1980. Includes valid forabout six months,so the U.S.-Mexicoborder to seek realignment of resources, we sent her to SriLanka with the gees have become targetsof Amerasian immigrants except in FY1980 to he will need newones the lon- refuge.The U.S. has accepted will be ill-prepared to compete little money they had. bombingsinSri Lanka: Ase- 1988.FY2020dataisthrough Sept. 25,2020. gerhewaits. 575refugees from the three with China—diplomatically,ec- Her husband, SunnySay- ries of coordinated attacks at Source:State Department Thereductions in the refu- countries combined. onomically,and militarily—on hoon, had promised to join a churches and luxuryhotels on gee-admission ceilingshave Of the 4,000 slotsthe ad- the global stagefor decades to few days later,she said. When Easter Sunday2019 killed more She is saving up forthe home come as the number of refu- ministration earmarked for come,” said the committee’s he didn’t,she assumed he had than 250 people and wounded she hopes to buy forherself gees fleeing violenceand per- Iraqis who aided the American chairman,Rep.Adam Schiff been killed. more than 400. and Sunny, and forthe nursing secution around the world has military, 123 refugees have (D., Calif.). Mr.Sayhoon had been cap- Ms.Nirmal Sayhoon said she degree she must redo in the swelled to 71 million people, been resettled, though about John Ratcliffe, the director of tured by Muslim extremists, has spent the past three years U.S.,she said. All the while,she according to the United Na- 107,000 people have entered national intelligence, said: “I’m Ms.Nirmal Sayhoon said, in school and working foralo- exchanges anxious WhatsApp tions High Commissioner for the resettlement pipeline as of glad to see that there’scongres- though he eventually escaped. calcabinet-building company. messages with her husband. Refugees, thehighest number last year. sional recognition of what I’ve been saying sincemyconfirma- tion: China poses agreater na- U.S. WATCH tional security threat to the U.S. than anyother nation.” TheHouse report and two WASHINGTON others published this week are part of agrowing consensus on Telemedicine Fraud Capitol Hill that newthinking Charges Are Filed andbipartisan support arere- quired to addressBeijing’schal- Morethan 300 people were lengetoU.S.global primacy. charged with bilking insurance Thereportsand their findings providers of morethan $6 billion suggest that harder-line China in afederal sweep of alleged policies arelikely to prevail in fraud involving the misuse of the coming years, whether in a telemedicine, drug-treatmentfa- second Trump term or in aBi- cilities and prescription opioids, den administration. authorities said Wednesday. TheChina Task Force, a The Justice Department said group of 15 Republican mem- it has filed 192 criminal cases bersofCongress, in itsown across the country over the past report calls China the “great- several months against defen- estnational andeconomic se- dants such as physicians, tele- S

curity challengeofthis gener- medicine companies and opera- PRES

ation.” It offers morethan 400 tors of substance-abuse TED

recommendations,ranging treatment facilities. CIA from providing safeharbor to Over $4.5 billion of the fraud SO AS people fleeing China’sdemoc- alleged Wednesday involved the OBE/

racy crackdown in Hong Kong misuse of telemedicine, a service GL

to working on atrade agree- that increasingly plays a role in ON ment with Taiwan. health-care scams, authorities ST Thetask force, headed by said. BO Rep.Michael McCaul of Texas, Justice Department officials said it gavepriority to recom- said many of the cases were CKI/THE

mendations with bipartisan discovered through database UMA support, many of which have analysis that helps to identify TL

been included in legislation red flags in Medicare and other JOHN that has been passed by either insurance-provider billings. MAJOR DAMAGE: A tree toppled onto David Haigh’s home in Pembroke, Mass., as a fierce storm hit parts of the Northeast on the House or the Senate. Morethan $845 million in al- Wednesday morning, with gusts as high as 72 miles an hour near Boston. In Maine, more than 120,000 utility customers lost power. TheChinese Embassy in leged fraud wasrelatedtotests Washingtondidn’t comment on and treatments forpatients seek- LAS VEGAS ternational and its insurers to killed 58 people and injured among potential claimants.” the reports. Beijing has said ing treatmentfor drug or alcohol more than 4,400 relatives and more than 850 at an open-air MGM Resorts, owner of the China’sdevelopment benefits addiction, authorities said. Pa- Settlement Over victims of the Las Vegas Strip concert near the Mandalay Bay hotel and the concert venue, ac- world peaceand prosperity. tients were sometimes prescribed Massacre Approved shooting that was the deadliest resort. knowledged no liability with the “Wedon’t intend to and will not controlled substances and other in recent U.S. history. Clark County District Court settlement. It will pay $49 mil- pose anythreat to other coun- medications thatenticed them to A court approved a total of The action settles dozens of Judge Linda Bell, in her brief or- lion, while its insurance compa- tries,” aChinese Foreign Minis- stay at afacility, theysaid. $800 million in payouts from ca- lawsuits on the eve of the third der, cited “near-unanimous par- nies will pay $751 million. tryspokesman said this week. —Dave Michaels sino company MGM Resorts In- anniversary of the shooting that ticipation in the settlement —Associated Press

ticked up from abysmal levels Thefirm expectsthe S&P 500 been rushing to land moreliv- Some investorsgrewsoopti- the latest quarter. Stocks Rise, earlier in the year and hiring in to hit 3600 by the end of the ing space, anticipating they will mistic about stocks likethese Concerns remain that coro- the U.S. has picked up forfour year,about a7%jump from continue working from home that they turned to the deriva- navirus infections could tick up consecutivemonths. Wednesday’sclose. during thepandemic. tives markets to makeaggres- in the colder months.Addition- End Strong Meanwhile,the Federal Re- Despitethe market’sgains Shares of D.R. Horton Inc. sivebetsonthe market, fueling ally,lawmakerssofar haven’t serveapproved ashiftinhow it sinceMarch, stocks areessen- and PulteGroup Inc.both even greater gains at times. been able to agree on another setsinterest ratesinthe third tially back to wherethey jumped 36% in the quarter. Roadblocksemergedinthe stimulus bill. Quarter quarter,signaling it would started the year.The S&P 500 is Lennar Corp.stock rallied 33%. tail end of the quarter,pulling Thestock rally in the quar- leave them lowfor years. up 4.1% for2020,while the Dow NewHome advanced 62%. major indexeslowerand crimp- terignited greater debate “The big surprise wasthe industrials aredown2.7%. Only Butshares of tech darlings ing an epic runfor the technol- about whether value stocks, ContinuedfromPageOne adaptability,” said Stephen Lee, a the tech-heavy Nasdaq Compos- and growth stocks stole the ogysector.The Nasdaq Compos- thoselikecyclical companies Asana Inc.started trading founding principal at LoganCap- itehas clinched ameaningful showagain, and therehave itefell intoacorrection territory with relatively lowprice-to- Wednesdayonthe NewYork ital Management. “The economy been exceptional moves by the —defined as at least a10% drop earningsratios,would manage Stock Exchange, both climbing showedhow adaptable it is.” U.S. stock market’sbehemoths. from the recent high—just three to soar past their faster-grow- in their debuts. Still, thereare plenty of po- The tech industry Apple Inc.’s valuation crossed sessions afterhitting arecord, ing peers. Their entrancetothe public tential challenges ahead forin- the $2 trillion mark,making the speediest-ever such fall. Al- Therehas been arecent shift marketsunderscores howro- vestors. Manyare closely track- and consumer the iPhone manufacturer bigger though the indexhas sincere- in market leadership between bust the market fornew issues ing the presidential election in spending have given than entireglobal markets. The coveredsome of the losses,the stocks that benefitfrompeople hasbeen this year,particularly November,warythat the result company’sshares soared 27% abrupt fall highlighted howfrag- staying at home during the pan- as investorshavefavored tech- might not be known immedi- fuel to the rally. over thepast three months. ile marketsappear. demic and those that would get nologycompanies. ately.This has spurred betson And Tesla Inc.surgedtoa Stock funds recently sawthe aliftfromaprolonged economic Manyinvestorsattributethe volatility through the end of fresh high in August, gaining a biggest weekly outflowssince recovery,highlighting that much broader stock market’sstrong the year in marketsfromderiv- market value of morethan $400 2018,according to Deutsche remains unknown about the performancetoaneconomy ativestocurrencies and bonds. gain forthe year,up24%. billion. Theshares almost dou- Bank.Meanwhile,traditionally path of the virus and economy. that has steadily improved— “In the short term, both in- Among the big winnersin bled in the thirdquarter. safer investmentslikeTrea- “All of this jockeying is be- though it remains far from terest ratesand risk sentiment the thirdquarter have been Both stocks have been favor- surys and gold have done well. cause people areuncertain,” said whereitwas to start the year— have the potential to shiftpost- shares of home builders, which ites among institutions,aswell Theyield on the 10-year U.S. IlyaFeygin, managing director as well as apowerful surge in election, leading to sharp have benefited from an epic as individual investors, manyof Treasurynoteslipped in Sep- at brokerageWallachBeth Capi- big technologystocks that has changes in equity prices,” Gold- housing boom as the pandemic whom arenew to trading tember to 0.677% as bond tal. “Wehaveahugeamount of steered the market higher and man Sachs analystswrote has created ahistoric shortage stocks or have ramped up ac- prices rose forthe month, uncertainty as to what the path higher.Consumer spending has Tuesdayinanotetoclients. of homes forsale.People have tivity significantly this year. though yields ticked higher for of thevirus will be.” P2JW275000-0-A00800-1------XA

A8 | Thursday, October 1, 2020 THE WALL STREET JOURNAL. WORLD NEWS Pompeo ChidesVatican Over Beijing Ties

Secretary of state “He is clearly exploiting the is- sue of religious freedom in view condemns China’s of the election in November.” attacks on religious Mr.Pompeo said later Wednesdaythat his stancewas freedom in Rome visit unrelated to the election and wasthe longstanding policyof BY FRANCIS X. ROCCA the Trump administration. AND COURTNEY MCBRIDE He explicitly attacked the Vatican-China agreement in an ROME—SecretaryofState article published in September MikePompeo launched a in FirstThings, aconservative strong attack on religious per- religious magazine,saying the secution in China and called on deal hadn’t protected Catho- the Vatican to stand up forreli- lics’ religious freedom and gious freedom there, in an im- warning that arenewalofthe plicit criticism of Pope Francis’s pact could jeopardizethe Holy rapprochement with Beijing. See’s moral authority. “Nowhere is religious free- Senior Vatican officials ex- dom under assault more than pressed surprise about the ar- S in China,” Mr. Pompeo said in ticle.Vaticanofficials argue aspeech in Rome.Hecited PRES that Beijing has,for the first China’streatmentofUighur TED time,recognized the pope’s CIA

Muslims andother religious SO authority as head of the Cath-

minorities,including Catho- AS olic Church in China, but con- lics, as well as the crackdown cede that progress on Catho- on Hong Kong’spro-democ- lics’ religious freedom has

racy movement. “Wemust MEDICHINI/ been disappointing. support those demanding free- Cardinal Joseph Zen,afor-

dom in our time.” ANDREW mer bishop of Hong Kong and Mr.Pompeo,who wasad- Secretary of StateMikePompeo,left, with Cardinal Raymond BurkeinRome on Wednesday, urged support for‘those demanding freedom.’ aprominent critic of the Vati- dressing a conference on reli- can’sagreement with China, gious freedom organized by referencetothe Vatican’sdip- vasion of Iraq in 2003, which China. Critics saythe deal has pressed irritation with Mr. spent five days in Rome last the U.S. Embassy to the Vati- lomatic effortstoward Beijing, Pope John Paul II opposed. helped Beijing to bring the Pompeo’s suggestion the Holy week trying unsuccessfully to can, invokedthe courageof he added: “Earthly consider- TheU.S.administration has “underground” or unofficial See hadn’t been standing up meet Pope Francis to dissuade Pope John Paul II in opposing ationsshouldn’t discourage been critical of the Vatican’s Catholic Church in Chinaun- forreligious freedom in China. him from renewing the deal. Soviet Communism. principled stances based on cooperation deal with China, der greater government con- “Wespeak about religious “I came to makeone last ef- “Maythe church, and all eternal truths.” signed in 2018,which Pope trol.Chinese Catholics have freedom to China all the time, fort to tell the Holy Father to those who knowthat we are China has become the Francis is seeking to renew. fordecades been split between but we do so in our ownway,” put religious considerations ultimately accountable to God, strongest source of tension be- Theagreement gives Bei- underground and government- the official said. He suggested over political considerations,” be so bold in our time,” Mr. tween Washingtonand the jing andthe Vatican asay in approved churches. Mr.Pompeo’s speech wasmoti- Cardinal Zen told TheWall Pompeo said. In an apparent Holy See sincethe U.S.-led in- appointing Catholic bishops in Asenior Vatican official ex- vatedbyU.S.domestic politics: Street Journal. FactoriesBolsterChina’sEconomy Chinese Drugmaker to

BY JONATHAN CHENG Test Va ccine at Home

BEIJING—China’seconomy BY CHAO DENG of testing. gathered moresteam in Sep- At the same time,Beijing tember as arebound in global AChinese drugmaker that hasoverseen an unorthodox demand and the government’s is collaborating with Astra- campaign to inject membersof supportivemeasures bolstered Zeneca PLC on production of a itsmilitary—as well as hun- factoryactivity and helped coronavirus vaccine has won dreds of thousands of employ- push sentiment in the service approval from Chinese regula- ees of state-owned enter- sector to itshighest level in tors to test one of itsown vac- prises,journalistsand other nearly seven years. cine candidates at home. people—with homegrownvac- China’sofficial manufactur- Shenzhen KangtaiBiologi- cine candidates beforetheir ing purchasing managersin- calProducts Co., one of the clinical trials are complete. dexrose to 51.5inSeptember, world’slargest producersof In August, the Cambridge, according to data released by hepatitis Bvaccines,said on U.K.-based AstraZenecaand the National Bureau of Statis- Tuesdayinastock-exchange Shenzhen Kangtaisaid they tics on Wednesday, higher filing it will begin testing its would produceatleast 200 mil- than both the 51.2 forecast by Covid-19 vaccine candidateon lion doses of the British drug-

economistsand August’sread- GES people immediately,after it maker’s experimental Covid-19

ing of 51.0. IMA wasfound to protect miceand vaccine forthe Chinese market Aseparateprivategaugeof monkeys from the new virus. by the end of 2021. manufacturing activity,the GETTY The company, based in the Shenzhen Kangtaiaims to Caixin China manufacturing SE/ southern Chinese city of Shen- finish building afacility to purchasing managersindex, zhen, didn’t saywhereit produceAstraZeneca’svaccine

stood at arobust 53.0, roughly ANCE-PRES would conduct the trials. by theend of the year,accord-

in line with the previous FR Because China has largely ing to Tuesday’sfiling. month’slevel.Readingsabove brought the virus under con- AstraZeneca’svaccine can- ENCE

50 suggest an expansion in ac- AG trol at home,its drugmakers didateisbased on arelatively tivity,with higher numbers A worker welds truck-body panels at a factory in Weifang, in China’s eastern Shandong province. have had to venturetoother newtechnique known as an pointing to abroader-based countries wherecoronavirus is adenovirus vector, which acts trend. statistics bureau said. August for the first time this beaten economists’ gloomyex- still aproblem to runlarger- as a carrier for the portion of China’sservicesector,a Officials on Wednesday ex- year,logging a0.5%increase pectations repeatedly this scale advanced clinical trials. the vaccine intended to trigger weak link in the economy for pressed hope that an eight-day from ayear earlier.The con- year. The country’s relatively Their initial trials to test an immune response against much of the summer because holiday, which begins Thurs- sumer sentiment had been de- quick resumption in factory for safety, however, generally the coronavirus. of lingering coronavirus con- day, will further liftconsumer pressed by infection concerns activity in the spring made it have taken place in China. The separate Covid-19 vac- cerns, also turned in a strong spending nationwide,aslocali- and elevated jobless rates. possible to churn out medical Shenzhen Kangtaialso said cine candidatefor which Shen- September.China’sofficial ties launch promotion cam- On the manufacturing side, equipment and work-from- it has built anew facility for zhen Kangtairecently won nonmanufacturing PMI, which paigns. both the official and private home electronic goods as the producing the vaccine,for Chinese regulatoryapproval is includes both the service and Lu Ting,chief China econo- measures pointed to improv- rest of the world struggled which it would seek separate based on amore-established construction sectors, jumped mist at Nomura, told clientsin ing demand from overseas with the pandemic. regulatory certification. method of producing vaccines. to 55.9 in September,its high- anoteonWednesdaythat the markets. Theofficial export- While some economistsex- Dozens of drugmakers and It involves growing viruses in est result sinceNovember holidaywill “likely present order subindexclimbed into pect demand forpandemic-re- medical institutions around petri dishes and then weaken- 2013 and better than the pre- good numbers for retail sales expansionaryterritoryfor the lated goods to wane in the the world are running human ing them for use on humans. vious month’sreading of 55.2. and tourism due both to a first time this year, while the coming months,Ms. Zhou said clinical testson40Covid-19 Such so-called inactivated Theimprovement in the pent-up demand, government Caixin survey showedexport she believes the rebound in vaccine candidates,according vaccines aresimilar to three servicesector,which Goldman promotions,and restrictions ordershitting athree-year global demand will continue to to the World Health Organiza- Chinese candidates the gov- Sachs says accountsfor about on overseas travel.” high. buoy China’s exports. tion, in aglobal effort to fight ernment approved fordomes- 80% of the weighting in the China’sretail sales,amajor “Improving external de- On thelabor front, both the apandemic that has killed tic emergencyuse beginning nonmanufacturing PMI, was measurement of domestic con- mand added fuels to China’s official and Caixin PMI reports morethan one million people. in July. boosted by abounceback in sumption and the last holdout recovery which could not rely showedfurther gains in hiring Chinese institutions arebe- Chinese drugmakershave the transportation, hotel and in negativeterritoryamong solely on domestic demand,” in September. hind manyofthose experi- made lessheadway compared restaurant industries, as con- China’s major economic indi- said Serena Zhou,anecono- —Grace Zhu mental vaccines and arere- with their Western peersin sumersappeared morewilling cators formuch of the year,fi- mist with Mizuho Securities. and Bingyan Wang sponsible forfour of the 10 more-advanced methods draw- to travel and spend, China’s nally returned to growth in China’sexport machine has contributed to this article. candidates in the final stages ing upon genetics technology.

Co., ZTECorp.and TikTok eign-direct investment pub- have been done by clearly about stateinvolvement. State ogyCo.—also known as Beijing’s owner ByteDance Ltd. has be- lished last year,found 57 acqui- state-owned companies. companies “are independent in China WaferLevel CSPCo.— come atense political issue in sitions by Chinese state-owned Less evident hasbeen Chi- decision-making,” most are took last year a 73% stake for the U.S.,Australia and other enterprises between 2010 and nese stateinvolvement in hun- listed on stock exchanges “and €32 million (equivalent to $37 Role in Deal countries.While most European 2017. Datenna identified 160 dreds of smaller deals and have ahealthycorporategov- million) in Anteryon. The governmentshaveavoided fol- dealsoverthat period with those without an announced ernance structure.” buyer is controlled through lowing the Trump administra- what it considerssignificant price. Many of the deals “The investment and devel- multiple layers of interlinked Scrutinized tion’sconfrontational approach Chinesestate influence, and Datenna analyzedhad no pub- opment of Chinese enterprises shareholderswho areulti- with Beijing,pressurefor ac- 100 morewith moderatein- lished value.About 15% were in Europe aremarket-oriented mately in the hands of state tion is rising. fluence. TheEUisupdating its done through European subsid- decisions,” the report said. entities, Datenna concluded. ContinuedfromPageOne Discerning stateinfluence analysis,aspokeswoman said. iaries or earlier acquisitions, Datenna Chief Executive Anteryon’sDutch CEO Gert- long accused Chinese compa- in Chinese companies has European countries includ- meaning they evaded scrutiny Jaap vanEtten, aformer JanBloks said itsnew share- nies of predatoryand anticom- grownmoredifficult as Presi- ing Germany, Franceand the Dutch diplomat, said that holdersare very professional. petitivebehavior,often backed dent Xi Jinping has tightened U.K.,which this year left while morethan half of Chi- “Fromastrategic and opera- by preferential financing. government and Communist the EU,haverecently assumed nese investmentsinEurope tional perspectiveIdonot see A spokesman for the China Party control over the econ- powers to block deals.Alicia have little state involvement, anyinvolvement from the Chi- Chamber of Commerce to the omyand society.The party’s Garcia-Herrero, chief econo- 57 “when thereisstate influence, nese government in our com- EU, founded by large Chinese Central Committeerecently mist forAsia-Pacific at French it’soften at averyhigh level.” pany” or in itsowners, he said. state-owned investorsinEu- advocated greater work “tore- bank Natixis,said Europe is Chinese state firms’ European State involvementemerges Chinese investmentsinEu- rope,said the bloc “isama- alizethe party’s leadership enticing to China for its tech- acquisitions, 2010-17, EU says in manysmall acquisitions tar- rope have become increasingly tureand open market and over the private economy.” nologyand because itsinvest- geting advanced technologies controversial afteracquisitions Chinaiswilling to open its Beijing’sinvolvement ment-screening mechanisms that Beijing seeks foreco- of leadinghigh-tech companies door even wider.” in European acquisitions for arelax compared with those in nomic independence, espe- such as German industrial-ro- Now, China’s state-backed yearsdrewlittle scrutiny. The other advanced economies. as foreign investments. cially amid trade fightswith bot maker Kuka AG in 2017 enterprises faceincreased in- European Court of Auditors, Privateresearcherswho Datenna, which specializes Washingtonthat have crimped and storied brands likePirelli. ternational scrutinyamid Bei- an EU watchdog,inareport in track Chinese financial flows in investment screening and access to microchips and other TheEUChamber of Com- jing’sgrowing appetitefor ad- September said official infor- in Europe have previously export-control regulations, cutting-edge products. merce in China said in are- vanced Western technologies, mationonChinese direct in- found that, measured by value, spent almost four yearsbuild- Mr.Van Ettenpointed to port last year that “the contin- ahunger that has sparked con- vestment is “not timely…frag- stateenterprises arebehind ing its ownership database. Anteryon Optical Solutions in ued mixing of politics and cerns that China is buying Eu- mented and incomplete.” morethan half of announced TheChina Chamber of theNetherlands,aspinoff of business, with the [Communist ropean know-howitcan use to Chinese investment is “a black acquisitions.China’slargest Commerce to the EU spokes- Philips Electronics that makes Party] insinuating itself into leapfrog European companies. hole fordata,” said court investments, likeChina Na- man referred questions about digital equipment forcameras the governancestructures of Chinese government influ- member Annemie Turtelboom, tional Chemical Corp.’s$7.9 the research to areport the and robotics.Asubsidiaryof privatecompanies,” is blurring enceintechnologygiantsin- who led the analysis. billion acquisition of Italian group recently published, Shanghai-listed Suzhou Jing- the distinction between busi- cluding HuaweiTechnologies TheEU, in areport on for- tiremaker Pirelli &C.in2015, which plays down concerns fang Semiconductor Technol- ness and the state. P2JW275000-0-A00900-1------XA

THE WALL STREET JOURNAL. Thursday, October 1, 2020 | A9 WORLD WATCH WORLD NEWS

SYRIA TURKEY U.S. Blacklists European Union Will Rwanda Holds Off Virus, at aCost Officials, Businesses Pursue Diplomacy BY NICHOLAS BARIYO The Trump administration Europe is struggling to re- blacklisted several top Syrian of- spond to Turkey’s increasingly Drones mounted with mega- ficials and alleged financiers on frequent flexing of military mus- phones buzzaboveRwanda’s Wednesday, including the cen- cle, which has become one of streetsand villages,reminding tral-bank governor and an intelli- the European Union’s biggest pedestrians to social distance. gence chief, part of a series of foreign-policy challenges and left In one clinic,sleek whitero- U.S. actions meant to oust long- it divided over what actions to bots chastise people for not time ruler President Bashar al- take. But at a summit Thursday, wearing masks.Health work- Assad. EU leaders plan to stress diplo- ersinprotectiveclothing The U.S. Treasury and State macy over antagonism. take test samples from drivers departments said their actions Turkey’s decision to send at trafficintersections. were designed to hold individu- troops into Libya,its uncondi- Thetinycentral African na- als accountable for helping a tional support forAzerbaijan in tion of Rwanda is implement- government accused by Western renewedfighting with Arme- ing one of the continent’smost

officials and human-rights nia,its acquisition of advanced aggressive—and technologi- GES

groups of committing war weaponry from Russia, and a cally sophisticated—strategies IMA crimes during its long-running standoff overmaritime zones and to contain the coronavirus.

civil war, including the use of energy resources in the Eastern One of the firstAfrican GETTY chemical weapons. Mediterranean have EU capitals countries to detect an out- SE/ Blacklisting several prominent concerned thatPresidentRecep break in March, Rwanda has business people, including Khodr Tayyip Erdogan wantstoproject sinceregistered 4,800 cases ANCE-PRES

Taher Bin Ali, and 13 of his com- Turkish powerattheir expense. and 29 deaths. FR panies, should also help disrupt EU officials recently floated It is one of only 11 countries funding flows that help keep Mr. options to member states in- world-wide—and the only one in ENCE AG Assad and his family in power, cluding new targeted sanctions Africa—that the European Union People accused of virus-related infractions listen to speeches at Kigali’s Nyamirambo Stadium. Treasury officials say. against Turkish officials and en- considersasafetraveldestina- The Syrian mission to the tities over Turkey’s energy explo- tion, although the U.S. Centers Confirmeddaily Covid-19 guidelines areblared through masks or breaching social-dis- United Nations didn’t respond to ration in waters claimed by forDisease Control and Preven- cases, 7-dayrolling average loudspeakersfittedondrones tancing rules. a request to comment. Efforts Greece and Cyprus. Despite calls tion warns against nonessential that hover abovecongested sub- Failuretowear amask nor- to reach Mr. Bin Ali weren’t suc- to raise the pressure, a push by travel to the country. Some 1,500 urbs in the capital, Kigali. mally carries a$26 fine on the cessful. Berlin and officials in Brussels to tourists, drawntotrekking tours At intersections,health firstoffense,but those violating —Ian Talley hold off steps that could pro- to see Rwanda’smountain goril- workerstakesamples from the guidelines morethan twice voke fresh tensions is set to las and the country’snational drivers, who arechosen at ran- canbejailed foruptoayear. CHINA prevail for now, diplomats said. parks,havetrickled back. dom and whose permission is Manyofthose arrested have —Laurence Norman International health agen- 1,000 required. Thesamples aresent been detained in sportsstadi- Hong Kong Residents cies and public-health experts to government labs,with re- ums,wherethey have spent Formally Arrested INDIA have held up Rwanda—the sultsusually delivered within nightslistening to public-health most densely populated nation 24 hours. Those who test posi- messages over loudspeakers Chinese authorities said they Hindus Acquitted in on the African mainland, tiveare traced and ordered to and under the watchofarmed Ethiopia have formally arrested 12 Hong Mosque Demolition where13million people livein 500 stay in agovernment-run clinic. guards,activistssay.Some Kong residents who were caught an area roughly the sizeof Their contactsmust quarantine. have reported being beaten or fleeing the city in an ill-fated es- An Indian court acquitted Maryland—as aposter child Thegovernment has raped while detained, accord- cape to Taiwan, paving the way more than two dozen senior for howtotackle the coronavi- Uganda banned public gatheringsof ing to Human RightsWatch. for them to be tried on the Hindu-nationalist politicians and rus on the continent. Kenya morethan five people,and Authorities provide little or mainland. activists accused of orchestrat- Butits strategy, built on a drones record images to re- no legal justification forthe 0 D.R. Congo The dozen were caught Aug. ing the destruction in 1992 of a tightly enforcedlockdown and Rwanda port to policeany infractions. arrests and release most peo- 23 in the South China Sea after controversial mosque in the other restrictions that have AMJJAS Rwanda has conducted some pleafter afew days,human- leaving Hong Kong by speedboat northern town of Ayodhya that led to the arrestsofmorethan 37,000 testsper one million rights groups say. Source:European Center forDisease Prevention and have been held in China. sparked nationwide riots. 70,000 people forcoronavirus- and Control people,the third-highest num- Journalists and opposition Prosecutors in Shenzhen said 10 The court ruled Wednesday related infractions,has ber of testsinAfricaafter South activistshavebeen detained were arrested for crossing the that there was insufficient evi- alarmed human-rightsadvo- than half of itspopulation Africaand Mauritius.That is forattempting to chronicle al- Chinese border illegally, while dence to support any of the cates, who saysome of the lives in poverty.But the coun- fewerthan in the U.S.,which leged police beatings, accord- the other two were held for or- charges against the 32 men and measures areoverly aggres- trystarted screening travelers has undertaken alittle more ing to Human Rights Watch. ganizing the crossing. women, according to the 2,300- siveand have led to abuse and forCovid-19 in Januaryand than 300,000 per million, but it President Paul Kagame,a The decision indicates the page judgment. violenceofthose detained. was the first nation in Africa is triple the rate in Mexico. former guerrilla fighter who prosecutor is preparing to bring Purnendu Chakravarty, ase- Thepolicehavesaid equip- to impose a total lockdown in Rightsgroups and opposi- hasbeen in powersincethe charges and gives authorities nior special counsel forCentral ment being used to enforce March, which also shut the tion activistssay Rwanda’sag- 1994 genocide,has defended the green light to keep the Bureau of Investigation, said the public-health measures will country’s borders. gressiveapproach has come at his security forces’ response. group in a mainland detention agency would decide whether to later be used to maintain pub- Today, with large partsofthe acost. Human-rightsorganiza- Policehavedenied allega- center for months. appeal the ruling. Indian National lic order and control borders. economyopen again, morethan tions say the government has tions of abuse during the en- Family members have de- Congress, the main opposition Rwanda has just one doctor 10,000 field workersvisit stretched the boundaries of forcement of the measures, manded the group be given ac- party, said the verdict rancounter for every 10,000 people, com- homes,villages and towns to the lawinarresting 70,000 but the Defense Ministry has cess to lawyers and phone calls to “the constitutional spirit” and pared with 26 in the U.S., ac- conduct contact tracing,submit- people forcoronavirus-related said it is investigating some of and be returned to Hong Kong. asked the governmenttoappeal. cording to World Health Or- ting daily reportstothe govern- infractions such as violating itspersonnel over “criminal —Wenxin Fan —Krishna Pokharel ganization data, and more ment. Coronavirus-prevention night curfews, failing to wear allegations.”

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A10 | Thursday, October 1, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

munities in disasters. Poor Data Arizona had more success. Officials in March began to set up astatewide “surge line” Stymies that tapped intoother existing datasystems foranautomated and constantly updated view Hospitals of beds. Through lateAugust, the system had transferred about ContinuedfromPageOne 2,400 patientstoother hospi- hospital with abed forthe 71- tals and the median transfer year-old retired stateadminis- took only about 87 minutes, trator,said Alidad Zadeh, his according to the state. primarycarephysician. In California, doctors, case By the time Mr.Abundis was managersand nurses typically transferred, his oxygen levels work anetwork of contactsby haddropped. He later died. phone forthe best nearby During apandemic,hospitals opening. and local, stateand federal JOURNAL Thesurge of patientsinIm-

agencies rely on arangeofreal- REET perial County began in May, time metrics to respond to ST quickly swamping the county’s emergencies quickly.They need LL two hospitals. Coronavirus in WA to knowhow manybeds are the community wasspreading, THE

available at each facility, R and sick U.S. citizens were whether hospitals need more FO driving over the border for

nurses and the available number UCHA medical care.

of ventilatorsand other critical ZA “Accept all manpowersup-

supplies.That way,patients can ON port from anywhere,” El Centro gettransferred quickly and Chief ExecutiveDr. Edward ALLIS medicine distributed to those in Annette Gomez reads a patient’s records at El Centro Regional Medical Center. The hospital was overrun with Covid patients in May. wroteonMay 12 in response to most need. stategovernment officials’ offer TheU.S.has tried—and veillancesystem. Knownasthe Neglected Care cording to areport viewedby to dispatch medical staff. failed—over the past 15 yearsto National HealthcareSafety the Journal. One hospital re- California’shospital associa- build asystemtosharesuch in- Network,the CDC system was Hospital PreparednessProgram spending peaked in 2004.The ported 15,000 beds.Another tion sent aplea to executives formation in acrisis.When the used by about 6,000 hospitals federal program prepares hospitals foremergencies. said it had anegativenumber of asking which facilities had open pandemic started, nothing likeit to routinely report infection beds occupied. beds.“Thestate is averaging 40 existed. Thelimited and incon- data to the agency. Appropriated Granted An HHSspokeswoman said phone calls to placejust one of sistent access to datahas been a RobertShankman, an HHS $600 million theagencygenerally collects these COVID patientsinneed,” major impediment to providing official working on datagather- datawithout filtering forerrors Carmela Coyle,president of the hospital care during the pan- ing,emailed the WhiteHouse on up front, then works to resolve association, wrote. demic,according to interviews March 24 to saythat the estab- incorrect information. California emergencyoffi- with industryand government lished CDC system would have a HHSfirst began exploring a cials,too,began spot polling 400 officials and thousands of inter- higher success rate “than push- nationwide bed tracking system hospitals foropenings. That ef- nal documentsand emails. ing out our ownsurvey and under the Bioterrorism Hospital fort waslabor-intensiveand un- Weeks afterthe coronavirus starting areporting system PreparednessProgram. Thepro- reliable.Evenhospitals that surfaced, administration offi- from scratch,” according to doc- gram wascreated by Congress said they could take patients cials began putting together a umentsviewedbyThe Wall 200 afterthe 2001 terrorist attacks, would later seem unable and solution. It wasriddled with Street Journal. Hospitals could which exposed hospitals’ poor unaware they had received are- mistakes and slowedbycompet- begin to use the CDC reporting preparation forlarge-scale di- quest, according to emails ing agencyattemptstosolvethe system within days,headded. sasters. viewedbythe Journal. problem, the interviews and HHS nonethelessmoved 0 With waitsextending to as documentsshow. Today, with ahead with aprototype foran- FY2002 ’10 ’20 long as four days,some patients some U.S. cities bracing for other hospital data-reporting HAvBED’sflaws arrived at their destination with Note:Fiscal year ends Sept. 30 morecases,thereisstill no via- system, granting acontract to a Source:National Association of County and CityHealth Officials and Trustfor America’sHealth Part of the program, which damaged lungsfrompoorly con- ble way to broadly track what’s private-sector company, Tele- funneled money to hospitals trolled ventilatorsand without happening inside hospitals. Tracking Technologies Inc.HHS Industryexecutives on the corrections from states and through states and major met- catheterstomonitor forseptic “It’sstaggering to most announced hospitals could use call were surprised that hospi- North Carolina received ropolitan areas,was ahospi- shock or deliver critical medica- people how little visibility the newly built option in April. tals had widely failed to report, “steady” shipmentsofthe drug. tal-datareporting system tion, according to medical pro- thereisoutside of aparticular Mr.Shankman referred are- and they volunteered to track Publicly,the administration called HAvBED,orHospital fessionals who sawthem. Some health system,” said Gregg questtoHHS.AnHHS spokes- down offenders. Theadministra- faulted hospitals forfailing to Available Beds forEmergen- traveled as far as Sacramento Margolis,aformer U.S. Depart- woman said he “expressed an tion supplied alist. report. cies and Disasters. andSan Francisco. ment of Health and Human opinion on what maybeaquick It wasfilled with mistakes. “The dataweare receiving is Yetits creatorsatDenver “You arethinking,‘howcan Services emergency health fixfor the immediateneed for Many hospitals on it had prop- not always completeortimely Health in Colorado warned of a there not be a single ICU bed planning official. the pandemic response,” not erly submitteddata, whichwas enough to be effective,” said a flaw.Transferring patients“is a open south of the BayArea?’ ” Lawmakersand federal offi- necessarily along-term solution. missing from government re- lettertogovernorsinJuly second-by-second issue,” the said Andrew LaFree,who runs cials have warned foryearsthat Thetwo systems were meant cords. Otherswereclosed. signed by Dr.Birx and HHS Sec- HAvBED developerssaid in are- El Centro’semergencydepart- up-to-the-minutehospital data to be complementaryand not HHS relied on hospital data retary AlexAzar. port. “Having dataentered once ment. would be essential in emergen- competing,the spokeswoman to decide howmuch remdesivir Theletterannounced an aday is not timely enough.” cies.Morethan $100 million for said. Hospitals could choose be- to allot each state. Supply of abrupt changetofederal report- HHS deployedthe system na- the technologywas cited in leg- tween the TeleTracking and CDC the promising Covid treatment ing.All datasubmittedbyhospi- tionwide to stream datafrom Warning signs islation but never formally ap- reporting options. wastight. tals must be done through Tele- hospitals to the agencyand When newhealth-agencyof- propriated. Resistancefromhos- Both arecumbersome,in- North Carolina received rem- Tracking,unlessstates states during the 2009 H1N1, or ficials arrived under the Trump pitals and medical-record dustryofficials say. Each day, desivir shipmentsinMay and submittedonhospitals’ behalf,it swine flu, pandemic.Dataar- administration in 2017, they software companies to report hospital staff hunt fordata June.Then, as hospitalized cor- rived toolateatHHS to inform were hit with aheavy hurricane the datahas exacerbated the is- needed forthe response—work onavirus patientscrept above the federal response.Evenwith season and quickly found that sue,former federal health offi- that caninvolvemultiple soft- 1,000 forthe firsttime,the ‘There was the swine fluspreading,officials reporting systems were inade- cials and other expertssay. ware systems,weeding state’s112 hospitals learned stopped using HAvBED. quate. Aspokeswoman forHHS de- through medical recordsor North Carolina had been shut widespread HHS later raised concerns Aweek afterHurricane Maria fended the data-reporting sys- walking through hospital units outofashipment. agreement that it about HAvBED,saying in a hit PuertoRicoofficials relied temthe Trump administration to physically count patients. Amanda Moore, the pharma- 2012 reviewthat agap in data largely on adashboardofstatic putinplaceascomprehensive Some hospitals have balked. cist to the North Carolina De- just didn’t work.’ was“particularly notable for dataonbed capacity,which they and unprecedented, and said the Anumber of small hospitals partment of Health and Human inpatient hospital care.” HHS found wasoften out of dateand government is “poised to go skip weekends because they Services public health division, officially shelved the program full of errors, according to for- even further by making this sys- don’thavethe staff available said she began quickly calculat- in 2016. mer officials. temfully automated.” to report, said officials familiar ing howlong remaining supplies said. TheCDC would stop ac- “Therewas widespread Officials in the federal hospi- with the reporting. Others would last, culling information cepting dataasofJuly 15.Hos- agreement that it just didn’t talpreparednessprogram began have submittedidentical num- hospitals report to the stateon pitals that weren’t already re- work,” said Lauren Knieser,a surveying states and asking Slow U.S. response bersfor weeks. remdesivir use and inventory. porting to TeleTracking had former manager with the HHS them to verifydatasuch as bed When the pandemic hit, gov- In lateJune,WhiteHouse State hospitals moved dwin- days to makethe switch. Not all hospital preparednessprogram. capacity and hospital staffing. ernment officials racedtoput a coronavirus coordinator Debo- dling supply whereitwas ur- of them did. Theproblem wasthey had What they found alarmed makeshiftsysteminplaceto rahBirx admonished health-care gently needed and braced to run Public health and industry nothing to replaceit. them: Manystatesdidn’t have track hospital data, including industryexecutives on acall as out. Ms.Moorereached one expertssaid the federal move During the pandemic, hos- theinformation or weren’t able the number of beds occupied to Covid-19 cases surgedacrossthe hospital system with some jeopardized the response and pitals,statesand emergency to getittothe federal govern- ventilator inventoryand South and West. doses leftand commandeered it created morerisk forerrors. Dr. management agencies had to ment in ausable format, accord- Covid-19 admissions.Fromthe It is easier to getdatafrom to prevent shortages elsewhere. Birx told hospital executives in improvise. ing to people with knowledgeof start, therewerecompeting ef- HIV clinics in Africathan U.S. Alater stateaudit found August that therewereplans In Texas,Houston-area hos- the survey. fortsoverseen by HHS. hospital data, said Dr.Birx,a North Carolina hospital data under way to movethe system pitals can’t see howmany It wasn’t until August 2019 TheCentersfor Disease former ambassador forglobal missing from federal totals,even back to the CDC. beds areavailable at neighbor- that HHS sought proposals from Controland Prevention,an AIDS coordination, according to though the state’shospitals had In an internal report in Sep- ing rival hospitals.Instead, companies that could collect HHS agency, moved quickly to people familiar with the call. Dr. been reporting to HHS. tember,the CDC found anum- that information is reported real-time hospital data. HHS add Covid-19 questions to an Birx declined to comment An HHSspokeswoman said beroferrorsinhospital data onceaday to aregional coun- hadn’t funded one beforethe existing hospital-disease sur- through aspokesman. theagencyregularly reviews sincethe changeofsystems,ac- cil, chargedwith helping com- pandemic hit.

buysspecial basketsmade out sees just the moss, the dry forest at 3a.m., just as the sun Mushroom of extra-resilient vines shipped leaves, and the branches wasabout to rise in the north- from America, she says.Ms. sprinkled with dew. But then ern region, picking and then Pudovkina says an obsession she spotsamushroom. “I want going to work exhausted. Fad Grips with mushroom picking is an to squeal from joy. Ifeel likea “One time I did feel a little “inherited disease,” and she is puppy greeting itsowner,” Ms. guilty and apologized,” he says sometimes joined on mush- Gladyshevasays about finding about poaching Ms.Pu- Russia rooming huntsbyher 91-year- fungi. dovkina’s locations. old grandmother. On arecent trip Ms.Glady- Yana Oparina gotserious Ms.Pudovkina, anurse who shevaand afriend quickly about the “quiet hunt”—a Rus- ContinuedfromPageOne worked long shifts in ahospi- packed two basketswith sian name formushrooming— bled to over 39,000,according tal treating Covid-19 patients mushrooms,aswell as ajacket this year.Atage 32, she to Anton Kubyshkin, the ad- earlier this year, was worried that they used as an extra learned howtouse acompass ministrator of the St. Peters- she’dmissout on the season sack.Onthe way back to the via YouTube and gotavu- burg-focused group. altogether.Back in Mayshe car, they lost their way,had to vuzela that she blows into Pickerscompeteontheir posted aphotoofherself from cross a river on a narrow log upon arrival in the woods to gathering ratesand showoff the hospital, wearing a white and tear through athick forest scareoff anywild animals.She their cupboards laden with hazmat suit, goggles and shoe full of tall nettle.Then they works on aremotebasis this Mason jarsfilled with mari- covers,holding ahandwritten got drenched in a downpour. year and has arranged her nated and salted fungi, a sta- sign in her gloved hands that Did they consider leaving schedule around her mush- ple of Russian cuisine. read: “Have the mushrooms some of themushrooms to room hunts, she says. It doesn’t hurt that this has come in yet?” free their hands? Not all of her trips were been a banner year for mush- Her patiencewas rewarded. “Are youkidding? That’s successful. Ms.Oparina has rooms in the boreal forests Ms. Pudovkina set a personal VKINA our catch. That’sour precious gotten lost, her friend sank

hugging St. Petersburg. record,gatheringabout a PUDO cargo. We still gothome thighdeep in abog,and she A

“Mushrooms started com- 1,000mushrooms with her LY happy.” had to dump one day’s worth ing in very early and in huge mom on a three-hour hunt. TA Mushrooming cancause of pickingafter learning the NA quantities,” said AlexeyProzo- “It washorrific,” Ms.Pu- Natalya Pudovkina hunts mushrooms with her 91-year-old stressasfriends competeon mushrooms grew too near an rov, who took abreak from dovkina said about the long grandmother and calls her obsession an ‘inherited disease.’ the same terrain. industrial site. The deer flies, taxi driving to makealiving nighther entirefamily spent Earlier this summer,Ms. however, have been the worst. selling these gifts of the forest cleaning,freezing,drying and grow in complexsymbiotic re- capwith aporous whiteun- Pudovkina, the nurse, invited “Everytime Igotothe this summer. marinating the mushrooms. lationships with the surround- derside,let alone filling a Mr.Kubyshkin, the social-me- woods,Iexperienceapsycho- Early each morning Mr. Thenextday Ms.Pudovkina ing trees, according to Liud- whole basket with the mush- dia administrator, to join her. sis because of these deer Prozorov putsonrain boots was back in the woods. mila B. Kalinina, ajunior room, creates ahigh and And when he sawMs. Pu- flies,” Ms.Oparina says.“They and heads out to the boggy Something else driving the researcher in the Komarov Bo- pushes foragers to return to dovkina’ssecret mushroom crawl in your hair, they crawl woods with a thermos of cof- mania this year in St. Peters- tanical Instituteofthe Russian the woods for their next fix. patches,Mr. Kubyshkin says, all over you, they cause horri- fee and a pack of cigarettes. burgisthe common appear- Academy of Sciences. When Ms.Gladysheva, the he lost his mind. ble discomfort.” Still, she One of the record setters is anceofthe covetedking bo- Encountering aking bolete, head of the theater cafeteria, Between July 20 and Aug. adds,“That doesn’tstopme NatalyaPudovkina, who brings lete, known as porcini by with itsbulbous whitestem, firstgetstothe forest, often 3, he returned to that same because Ireally lovepicking in such heavy hauls that she Italians.These mushrooms crowned by areddish brown at thebreak of dawn, she first area nine times,getting to the mushrooms.” P2JW275000-4-A010A0-1------NS

THE WALL STREET JOURNAL. **** NY Thursday, October 1, 2020 | A10A GREATER NEW YORK Virus NYCBoostsCovid-19 Enforcement Surge BY MELANIE GRAYCE WEST ity rate waslessthan 1% on since last week that they may ticketstopeople who aren’t tem. He said the city would be AND JIMMY VIELKIND Wednesday, down from 3.25% shut down nonessential busi- wearing masks,hesaid, but shutting down streetstoset on Tuesday,ahigh that hadn’t nesses and limit large gather- added that he isn’t ready to call up block-party-style testing Clues Despiteincreased public- been seen since early June. ingsinaffected neighborhoods forfurther steps such as clos- tentsfor residents, wherehun- awarenesscampaigns,testing “Itissoimportant forev- if the positivity ratesdidn’t ing businesses or restaurants. dreds of people could be effortsand enforcement, the eryone to go out and get decrease. “You knowwhat really tested in a day. Found percentageofpeople testing tested,” the mayorsaid. “We Covid-19 cases also have makes people really unhappy? Democratic City Council positivefor Covid-19 contin- need to getaveryclear pic- surgedinrecent days in Rock- Dying,” Mr. Cuomo said. “Lo- member Carlina Riverasaid ued to rise in several NewYork tureofwhat is happening land and Orange counties. cal governments: Enforce the Wednesdayduring acouncil Online City neighborhoods,prompt- around the city.” Mr.Cuomo said ZIP Codes law.” hearing on the city’s coronavi- ing Gov.Andrew Cuomo to say Theaffected neighbor- in those counties wherethere Mr.deBlasio said the city rus-testing program that she is that the city isn’t doing hoods,which include Brook- areclustersofcases overlap would send about 400 police concerned that community- BY MELANIE GRAYCE WEST enough to prevent the spread. lyn’s Midwood, Borough Park, with areas that have large ul- officersand hundreds of other based groups and local health Six of eight hot-spot areas, Gravesend and Homecrest, tra-Orthodox Jewish commu- city workerstothe affected workershadn’t been incorpo- In an effort to detect surges in South Brooklyn and Queens, have seen more than a three- nities.OnWednesday, the gov- areas to provide free masks ratedearlier intothe city’s re- of Covid-19 patientsearlier, sawanincrease in the shareof fold increase in cases in the ernor said he spokeabout the and remind New Yorkers that sponse to the hot spots. beforethey arriveatanemer- people testing positivefor past two weeks,health offi- rise in cases with local offi- wearing them is the law. He “While Iknowthe city is gencyroom, one NewYork Covid-19,New York City Mayor cials have said. Theconcern is cialsand religious leadersin said no summonses had been nowacting to ensurethat hospital system is turning to Bill de Blasio said at anews that the hot spotswill grow ultra-OrthodoxJewish com- writtensofar because there communities experiencing web-browsing traffic. conferenceWednesday. The intowider community spread, munities in those counties and had been good compliance, but spikes arereceiving the re- Officials forNorthwell city also is monitoring four officials said. in the city. that the city is prepared to is- sourcesthey need and that Health,which operates 23 hos- additional areas,hesaid, State officials said Wednes- Local governments’ failure sue them. they areperforming meaning- pitals,havedeveloped apredic- wherethe rate of people test- daythat 605 NewYorkers to enforce laws on mask usage City workershaveamecha- ful outreach, it feels as if our tivemodel that examines more ing positivefor the virus is were hospitalized as aresult and the size of social gather- nism to count mask compli- response has been tooreac- than adozendatapointsin trending up. of the newcoronavirus.The ingshas made the situation anceoncity streets, and usage tionary,” said Ms.Rivera, who millions of pageviews of its Mr.deBlasio said the number has increased foreach worse, Mr.Cuomo said during of facecoveringshas im- representspartsofManhattan. websitetodetermine when seven-day rate of people who of the last 10 days,upfrom a conference call with report- proved, said Mitchell Katz,the “Weshould be proactively en- physicians might reliably see test positiveis1.46%, up from 467 people on Sept. 18. ers Wednesday. head of the city’s Health + suring spikes such as the one an uptick in the number of peo- Tuesday. Theone-daypositiv- City officials have warned Policeofficersshould issue Hospitals public hospital sys- we are seeing never happen.” ple coming to the hospital and testing positivefor Covid-19. Using datafromthe firstsix months of the pandemic in Indoor Dining Returns, With Some Limits NewYork,officials found that changes in certain areas of webtraffic preceded Covid-19 BY CHARLES PASSY positivediagnoses in the hos- pital by two weeks. When Grand Central Oyster Thecategoriesofdataex- Bar reopened Wednesdayfor amined include overall page the firsttime in six months, views to the system’swebsite, the restaurant waswithout its including for pandemic news, aceoystershucker,who found wait times at the emergency work elsewhereduring the department, doctor-profile pandemic shutdown.And it views and directions to ahos- couldn’t source the hot-dog pital. buns it once used forits be- Eric Cruzen,chairman of the loved lobster rolls. emergencydepartment at Le- But the loyalcustomers noxHealth Greenwich Village, whomade their way to the part of Northwell, said in pre- 107-year-old restaurant, aNew dicting the next wave,“the best York City fixture, didn’t seem tool is anytool youcan find.” to notice. Most were simply NewYork City area hospitals grateful to be back in the spa- arepreparing forwhat many cious dining spot that is situ- expect will be aresurgenceof ated deep within GrandCen- cases of coronavirus in the fall. tral Terminal. Public-health expertshavefor “Weneed to reclaim what’s months warned of arise of NewYork,” said Michael cases as people grow tired of Popok,anattorney who works wearing masks and social-dis- in the area. Mr. Popok joined tancing measures,and the two of his partnersfor alunch that included—what else?— plenty of raw oysters. S Northwell Health is Such wasthe mood PRES throughout the city as indoor examining web­ dining restarted,albeit with a ZUMA NewYork state-mandated 25% browsing traffic to SMITH/ capacity limit and with ahost N detect cases early. of other requirements, includ- YA BR ing customer temperature Chelsea Square Restaurant in Manhattan welcomed patrons Wednesday as indoor dining restarted in New York City, at 25% capacity. checks. ForrestaurantslikeGrand As Mr.Guarino surveyed his who were alarge part of its in the fresh air or perhaps be- Mr.Foster,82yearsold, weather turnscool and more Centralthat didn’t have the restaurant while his team did businessbefore the pandemic cause they simply felt safer. wasabit perturbed by the activities move indoors. ability to open outside during some final cleaning in advance put Broadway on hold. Nevertheless, restaurant need foratemperature Already,New York City has the summer,the daycarried of adinnertime opening,he But Mr.Guarino remains ownersand staff predicted check—“It’s just more regula- seen asharp increase in the plenty of significance. But noted the challenges he still hopeful, talking about the bis- that patrons increasingly tions,” he barked—but he number of people who test even forestablishmentsthat faces. tro-style favorites—from would opt forindoor seating quickly and quietly settled positive for the disease in ar- kept busy with al frescodin- With acapacity limit of steaks to bowls of mussels— as the weather turns brisker. into a seat by the window for eas in southern Brooklyn and ing,which the stateallowed 25%, it is difficult to turn a that he planned to serve. At Chelsea Square Restau- his standardmorning order of partsofQueens.The rate of starting in early summer, profit,evenwhen factoring in Not that all customerswere rant, apopular spot in the coffee,toast and fresh- people testing positivefor the therewas asense of asemi- the restaurant’s outdoor-din- eager to head inside at dining namesakeManhattanneigh- squeezed orange juice. coronavirus in New York City return to normalcy. ing revenue,hesaid. (The spots throughout the city. borhood, at least one regular, TheodoreLazaridis,who had held at around 1% forsev- “I guess‘relieved’ is the statemay increase the limit to At restaurants that offered Richard Foster, already found has worked as a waiter at the eral weeks.OnTuesday, the word I’duse,” said Robert 50% in the coming weeks both indoor and outdoor ser- it chilly enough to merit hav- restaurant for38years, said daily rate hit 3.25%, ahigh not Guarino, apartner in Mar- based on Covid-19 data, Gov. vice,the clear preferencewas ing his breakfast inside,by- he wasgratefultoservediners seen since early June. seille,aFrench restaurant in Andrew Cuomo has said.) forthe latter—perhaps be- passing the restaurant’selabo- wherever they decide to sit. City officials have said that Manhattan’sHell’sKitchen Moreover, Marseilles can’t cause it was a relatively mild rately constructed outdoor “Ifthe customersare they arerolling out moretest- neighborhood. rely on thetheater patrons autumn day suited for sitting setup. happy, we arehappy,” he said. ing and increasing public awareness in these communi- ties to prevent wider spread of GREATERNEWYORKWATCH the virus,which would set the city back at a time when pub- lic schools are reopening and limited indoor dining has be- gun. Several neweffortshave been rolled out to bolster sur- veillancesystems that canpre- dict a rise in cases. TheNew York City Depart- ment of Health and Mental Hy- giene over the summer fine- tunedanexisting surveillance system used to detect cases of Legionnaires’ disease or food-

borne illnesstopick up clus- S ters of Covid-19 cases.The goal is to tease out links in clusters PRES and tracethem back to an ini- TED CIA

tial source of infection. SO A spokesman for New York AS O/ City’s Department of Environ- mental Protection said a sur- veillancesystemthat can MINCHILL monitor the spread of Covid-19 JOHN in the wastewatersystem will ClareBronfman arrived WednesdayatBrooklyn federal court, whereshe wassentenced to nearly be expanded. sevenyears behind bars forher role in agroup wherewomen were branded and used as sex slaves. At Northwell, hospital execu- tives were searching forways to BROOKLYN Ms. Bronfman, 41 years old, bedroom window and struck her, predict an increase in coronavi- admitted in a guilty plea last New York Police Department of- ruscases beforepatients arrive Seagram Heir Gets year that she harbored someone ficials said. at thehospital. Paul Lambson, 81 Months in Prison who was living in the U.S. ille- Bertha Arriaga, 43 years old, corporatedirector of customer gally for unpaid “labor and ser- was hit in the neck by the bullet insightsand analytics,and a A wealthy benefactor of vices,” and that she committed while in her third-floor apart- few membersofthe marketing Keith Raniere, the disgraced credit-card fraud on behalf of ment in Jackson Heights, the of- staff began reviewing the hospi- leader of a self-improvement Mr. Raniere, leader of the group ficials said. Her 14-year-old son tal’sweb traffic from March to group in upstate New York con- called Nxivm. found her in her room and called see if it correlated with what victed of turning women into —Associated Press 911, according to the officials. washappening on the ground in sex slaves who were branded Police released surveillance the hospital system. with his initials, was sentenced QUEENS video of two people they say are Thepredictivetool Mr. Wednesday to nearly seven persons of interest in the case. Lambson’s team developed is years in prison in the federal A Stray Bullet Kills The two individuals were trying now included in a larger data conspiracy case. Woman in Her Home to steal a mountain bike that setdesigned to help the sys- Seagram Co.liquor fortune was locked up outside Mrs. Ar- temdetermine resources, heir ClareBronfman wastaken A mother of three was killed riaga’s apartment building before staffing and other staging ef- into custody to begin her 81- in her home in Queens early the shot was fired, police offi- fortsfor apotential influx of month sentenceafter her appear- Wednesday morning when a cials said. Covid-19 patients. anceinfederal court in Brooklyn. stray bullet passed through her —Emma Tucker P2JW275000-2-A010B0-1------NS

A10B | Thursday, October 1, 2020 NY ** THE WALL STREET JOURNAL.

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© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, October 1, 2020 | A11 An Auction Season When Anything Goes

BY KELLY CROW standing tradition. Christie’sChief ExecutiveGuil- ollectorswho tune into laume Cerutti said the Christie’slive-streamed houses no longer need masterpiecesale next to persuade collectors week will also getthe to convene anywhere Cchancetobid on adino- forsales,sothere’s saur.That’snot asly dig lessneed to sync at apasse painter. their sales with ri- Thelast offering in the house’s vals.Case in point: Tuesdaysale—following works by TheT.rex is part Paul Cézanne,Pablo Picassoand of an estimated Jackson Pollock—is an estimated $6 $300 million million T. rex, consigned by the auction Chris- Black Hills InstituteofGeological tie’srecently Research in South Dakota. Christie’s added to its expert James Hyslop said the sale’s NewYork other sellersdon’t mind sharing a lineup.Mr. Ce- catalog with a67million-year-old ruttisaid, “We’ve skeleton nicknamed Stan. “Stanis had to question so sculptural,” Mr.Hyslop said. “He everything.” has the pull of aPollock.” Hereare four This fall, anything goes at the artistsand objects world’stop auction houses.Now to watchthis season: that they realizebidderswon’t feel safepacking intoauction salerooms Korakrit soon, they aretaking dramatic Arunanondchai steps to stand out online—some are (1986-) even tossing out their traditional calendarsaltogether. This former teenagerap- Sotheby’s,Christie’sand Phillips per based in Bangkok is remain mum about their plans to known formaking messy in- hold major sales of impressionist, stallations and performances modern and contemporaryart in that usually involvedenim—his $6 million+ NewYork in November—a long- signaturematerial—to examine A T. Rex named differing pop cultures. Stan is up for Forsale: “2558” (asking price: auction at $80 million $77,000 to $155,000) Christie’s. Above: Botticelli’s Auction record: Five yearsago, ‘Young Man Holding Christie’ssold his 2013 burnt-denim a Roundel.’ abstract, “Untitled (HistoryPaint- “Sue” for$8.4million to aconsor- ing),” for$148,371. tium who donated the specimen to Sotheby’s Hong Kong sales, Chicago’sField Museum. $6 million+ which runOct. 3-9,offer plenty of This dino will round out aChris- Left: Baselitz’s expected ceramics and Chinese tie’ssale on Oct. 6that includes an ‘The last self-portrait I.’ modern landscapes.Its Oct. 6con- early Jackson Pollock drip painting, temporarysale will offer arare “Red Composition,” (estimated to glimpse intothe edgier tastes of sell foratleast $12 million), aPaul SandroBotticelli younger Asian collectors. Mr.Ar- Cézanne (estimated at $25 million). (1445-1510) unanondchai’spiececomes from Cosmetics tycoon Ron Perelman is This Florentine master of the agroup of 34 works being sold selling an estimated $180 million early Renaissanceisbest by Hong Kong investor Law- worth of pieces by Willem de Koon- known forhis elegant myth- renceChu and his wifeNatalie ing and others. ological scenes likethe “The Chan Chu, whoare planning Stanhas itsown back storytoo: Birth of Venus” and “Spring,” to open aChu Foundation It is being sold off as part of a2018 both in the Uffizi Gallery.

D. artist residencyinJapan court resolution between paleontol- Forsale: “Young Man LT next year. ogistsPeter Larson and his brother Holding aRoundel,” circa

GES Neal, who ranthe instituteas late1470s-early 1480s (ask-

IMA Tyrannosaurus rex shareholdersuntil Neal sought to ing price: $80 million) S (LateCretaceous) end his partnership by liquidating work from the artist’sseries of hero Auction record: Seven yearsago, TIE’ This theropod roamed the the companyin2015.Tofund his portraitsfor $9 million three years Christie’ssold Botticelli’s“Madonna

CHRIS American West roughly 67 mil- buyout, aSouth Dakotacircuit- ago. and Child with Young Saint John the S;

Y’ lion yearsago. Its 188 bones repre- court judgehas ordered the insti- London has long held the art Baptist”—also known as the Rockefel-

THEB sent one the most completeT.rex tutetosell the dinosaur and divvy world’sattention each October,but ler Madonna because itsties to the

SO skeletons ever found. Thefossil gets the proceeds. this year the Frieze Art Fair is banking family—for $10 million. itsnickname from StanSacrison, mostly shifting online.The houses Rarely do collectorsget achance the paleontologist who found him GeorgBaselitz (1938-) arestillconducting sales the week at 2-for-1, but this portrait of an un- PHILLIPS;

S; in South Dakotain1987. This German painter gained fame in of Oct. 19.Baselitz’s painting, known young man being sold by Y’ Forsale: “Stan” (asking price the 1970s forhis upside-down por- based on EdvardMunch’slast self- NewYork property magnateSheldon

THEB without reserve: $6 million to $8 traitsthat aim to redirect the portrait and coming from French Solowhas been inset with asmall, SO : million) viewer’sfocus from the subjects collector MarcelBrient, will be the round 14th-centurypanel painting of Auction record: In 1997,So- themselves to the canvases’ expres- star of Phillips’sOct. 20 sale. asaint. Christopher Apostle,head of RIGHT

P theby’s sold aT.rex nicknamed sivesurfaces. Chairwoman Cheyenne Westphal NewYork’sold master paintingsde- TO Forsale: “The last self-portrait said the house built abigger, partment, said the house took its OM

FR I,” 1982 (asking price: $6 million to splashier studio set to showcase its pricing cues from recent works by $77,000+ $8 million) live-stream bidding so this painting centuries-newerartistslike Francis WISE A detail from Korakrit Auction record: Sotheby’s Lon- and otherswill “look super sharp,” Bacon, who have sold during the OCK

CL Arunanondchai’s ‘2558.’ don sold “With Red Flag,” a1965 Ms.Westphal said. pandemic for$80 million-plus.

ANATOMY OF ASONG |MARCMYERS London. I had already come up with the “bump-bump clap, bump- bump clap” rhythmic pattern. The Making of Queen’s But therewas aproblem. We couldn’t getthe stamping sound I Anthem ‘WeWill Rock You’ wanted out of the studio’s floor.SoI looked around. In acorner,someone had leftadozenorsowooden ager to engage concertgoers at ten to what we were playing. boards used to support adrumriser. Elarge venues, Queen recorded Then one night in May, at abig Iwent over and stamped on them. an audience-participation song cowshed of aplacecalled Bingley They soundedgreat. Idragged the for its sixth studio album, “News Hall in Stafford, between Birming- boards intothe middle of the studio, of the World.” ham and Liverpool, the audience Brian May, and we had them mic’dup. ReleasedinOctober 1977, “We sang along to all of the songswe right, and We rantape,and stamped and Will Rock You” opened the album, played. As we waited off-stagebe- Freddie clapped. It took about an hour to followedby“We Arethe Champi- fore going back on forour encore, Mercury record 50 different takes. This gave ons.” Afterthe two songsbegan to the audiencebroke into“You’ll performing us the multiple versions needed for be playedasone on the radio, Never Walk Alone.” in 1977. the effect. Iwanted the sound to the single featuring both The song was and is feel as if alarge audiencewas all reached No.4onthe an endearing anthem around you, stamping and clapping. Billboardpop chart sung by fans of the When Freddie, Roger and John and wasinducted into Liverpool Football three verses would be the three day / You got mud on your face / heard the song’s punch developing, the GrammyHall of Club. Hearing stages of life—childhood, young Big disgrace / Somebody better they became more confident in the Fame in 2009. such a revered adulthood and old age. put you back into your place!” song. So did I. Recently, Brian song sung for us The first verse was about being It’s the evolution of someone Then Freddie went into the stu- May, Queen’slead was emotional. a kid, wondering if you’re going to who wants to change the world, dio and sang two or three takes of guitarist and com- After the con- make a mark in the world: who never quite gets a handle on his lead vocal. He was instinctive poser of “WeWill cert, the four of “Buddy,you’reaboy,makeabig his rage but learns to live with it. and full of passion. You can hear it Rock You,” recalled us—me, Freddie noise /Playin’ in the street, gonna In my songs, there’s always an ele- in his voice. He was tearing him- the making of the hit. Mercury, Roger Tay- be abig man some day/You got ment of irony. self up, no holds barred. Queen’snew album, “Live lor and John Deacon— mud on yo’face/You big disgrace/ Isang all of this intothe tape Forthe guitar solo,Iimprovised Around the World,” with talked about the audience’s Kickin’ your canall over the place.” beforegoing to bed. Iwas abit ner- three different takesand kept the singer Adam Lambert, is due on Fri- growing role and why it wasn’t As ayoung adult, we feel the vous about bringing it to the band. bitsIliked. Ididn’t want to inter- day. Edited from an interview. such a bad thing. That night, back powerwehave, we getangryabout Eventually,Isang it forFreddie.As rupt the flow of the chanting, GES at the hotel, I thought about the thingsand we trytochangethem: Isang the lyrics,Iwatched hisface. stamping and clapping.Instead, I IMA Brian May: During the start of our audience and started writing a “Buddy, you’re a young man, Freddie was nodding slowly and placed the solo at the end.

ETTY British tour in early ’77, audiences song. It would let them engage hard man / Shoutin’ in the street, sagely. It was hard to know what We lost Freddie in 1991. I miss /G were pretty quiet. They might tap with us by singing, stamping their gonna take on the world some day he was thinking. Freddie was in- him every day, especially his their feet but they didn’t partici- feet and clapping. It also needed / You got blood on yo’ face / You stinctive, not analytic. More than wicked sense of humor. He was pate. They just listened and made some sort of a chant. In my head, I big disgrace / Wavin’ your banner likely, he was figuring out whether great fun to be with. a big noise at the end. Singing heard, “We will, we will rock you.” all over the place.” he could make something of it. Today, what Ilovemost about along was still considered uncool. I wrote three verses by singing And the last verse was about When I finished, Freddie said, “I the song is that people think it’s EN/MAI/REDFERNS

SS But as our tour progressed, we them into my small hand-held cas- old age and acceptance: like this, I like this, let’s try it.” traditional, that no one wroteitand

RO noticed something odd. Audiences sette tape recorder. I had this “Buddy, you’re an old man, poor That summer, we went into that it’sbeen around forever. To N

VA were singing. At first we sort of story in my head about the power man / Pleadin’ with your eyes, Wessex Sound Studios, a large me,that’sthe greatest compliment

LEX felt they should keep quiet and lis- of a person as he or she ages. The gonna make you some peace some space in St. Augustine’s Church in of all. It makes me feel empowered. P2JW275000-0-A01200-1------NS

A12 | Thursday, October 1, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | TRAVEL AND ENTERTAINMENT

been evaluating our product, as well as other disinfectants, for its TheAirlinesBetonDisinfectants impact on multiple uses through- out the day. There has been no ev- idence of any accumulation for Calla 1452,” says Zip-Chem re- Scientists areconcernedabout unknown long-term effects of antiviral chemicals used by carriers search and development lab man- ager Jason Smith. After several months THE MIDDLE of use in cabins, airlines SEAT and unions representing SCOTT crew members report no McCARTNEY complaints. Judith An- derson, an industrial hy- gienist and health and any airlines have safety expert for the As- suspended beverage sociation of Flight At- service because of tendants, says the union the pandemic, but has had some reports Mthey are serving a from members con- new brew in passen- cerned about the prod- ger cabins: multiple doses of disin- ucts being sprayed, but fectants. no reports of illnesses Between flights, most are spray- or problems. ing seats, armrests, tray tables, Flightattendantshave overhead bins and other areas been much morecon- with chemicals that come with tox- cerned about passengers icity warnings and require gloves refusing to wear masks, and eye protection to apply. The Ms.Anderson says. virus-killing mixtures have been While she can’t un- approved by the Environmental equivocally declare the Protection Agency, and manufac- chemical spraying safe, turers and airlines say they are she says, her group’s safe. But they have never been main concern is the used with such frequency and vol- spread of Covid-19. ume on aircraft. Celestesays Sani-Cide Makenomistake—killing the vi- EX3 is registered with rusthat has killed amillion people the EPAfor use on air- world-wide is the priority.But sci- craft, as well as general entistssay long-term effectsofone industrial and commer- chemical used by several airlines, cial settings, and has including the three biggest U.S. gone through test criteria carriers, aren’t well known, and designed by the airline multiple applications of it each day A worker sprays disinfectant inside a Delta airplane at Ronald Reagan Washington National Airport in Arlington, Va. industrytobecompati- hasn’t been studied. Thechemical ble with cabin interiors. is aquaternaryammonium com- “When used as di- pound. QACs,orquats, have been ensure chemicals aren’t lingering Acleaner called Calla 1452, ap- product’s manufacturer, Zip-Chem rected, Sani-Cide EX3 should not linked to lung damageand asthma. in the air or on surfaces, they say. proved foraircraftuse since2000, Products. (Many household-clean- leave anyundue residue on the sur- The coronavirus is not hard to “The regular once-in-awhile is used by American and Delta. ing products earn the EPA’s faceand is safefor multiple times a kill: Many types of cleaners and flier has nothing to worry about,” Southwest uses Sani-Cide EX3,a fourth-highest rating.) The chemi- day,” says Emily Romblad, Celeste’s disinfectants can do the job. And says Jagdish Khubchandani, pro- lactic acid cleaner and disinfectant cal dries quickly, but gloves and customer marketing manager. some that work, including those fessor of public health at New made by CelesteIndustries.United, safety glasses are recommended Dr.Evans says lactic acid prod- made with citric acid or hydrogen Mexico State University, who has for routine use and people should uctslikeSani-Cide EX3 don’t peroxide, are less toxic than QACs. studied QACs. But crews and fre- avoid breathing vapors, the prod- raise as manyconcerns as QACs. Either way, scientists say there quent fliers, once frequent flying The chemicals have uct information says. She and otherssuggest airlines needs to be more study of long- resumes, would be more at risk, he QACs are found in household should be rotating productsto term exposure. says. “We are on a dangerous path never been used with cleaning products, but not in the minimizethe exposuretoparticu- “It’s definitely a concern, and here,” Dr. Khubchandani says. such frequency and quantities sprayed in airplanes. lar chemicals.Another concern: Is one that we’re watching with a lit- TheMiddle Seat quizzedeach Mount Sinai’s Selikoff Centers for dousing the cabin with sprayers tle bit of alarm,” says Sarah Evans, U.S. airline on exactly which chemi- volume on aircraft. Occupational Health issued a pa- overkill? Workerswiping down

S assistant professor of environmen- cals they areapplying in cabins.All per in 2015 citing studies linking high-traffic surfaces could be just

PRES tal medicine and public health at responded except Alaska. Spirit de- asthma to use of cleaning products as effective, scientistssay.But Icahn School of Medicine at Mount clined to disclose what it is using— containing QACs. that takesmoretime and labor TED

CIA Sinai in New York. aspokesman said that was“propri- JetBlue and Hawaiian use both. Zip-Chem Products, based in and maynot be as reassuring to

SO The potential risk comes mainly etary” information. While airlines Calla 1452, made with QACs, is Morgan Hill, Calif., says the EPA an apprehensivepublic.Airlines AS from the possibility of inhaling have been quick to promotetheir rated in the EPA’s second-highest toxicity level is for the concen- saythe disinfecting will continue

GREN/ QACs. Airlines say cabins are dry cleanlinessprograms—cleanliness hazardous category for health and trated form and is lower when di- afterthe pandemic.

ELL and odor-free before pilots, flight has become a competitiveissue can severely irritate and damage luted for normal industrial use. That’s a concern to some. “We attendants and passengers board. during the pandemic—it turns out skin and eyes, according to the “With regards to multiple appli- cannot be living like this forever,” THAN

NA But there’s little if any testing to most areusing the same stuff. safety data sheet issued by the cations on surfaces, Boeing has Dr. Khubchandani says.

HERE’S WHAT IS STREAMING THIS WEEK New Release: ‘Dick Johnson Is An Expert Recommends: ‘WALL-E,’ Dead’ ‘Cars’ (Disney+) (Netflix) Alec Baldwin is the host of To pitch the idea of a film about “Match Game” (Hulu) and her father dying over and over has frequently portrayed again, filmmaker Kirsten Johnson Donald Trump on “Saturday first had to shoot his funeral. Night Live” (Peacock), which One of his former patients said a kicks off its new season this few words. His best friend weekend. Here, he recommends a pair of sobbed. Dick Johnson, very much alive, watched Pixar films. Edited from a transcript. as it was filmed. “Dick Johnson Is Dead,” out “If I told you the premise of ‘WALL-E’—about Friday on Netflix, was awarded a special jury daughter making the most of the last of their a small robot left on the abandoned Earth, a now because of my kids, it’s like one of the award for innovation in nonfiction storytelling at time together. In real life Mr. Johnson suffers de- space ship containing a human colony—you greatest movies ever made. I love this movie.’I the Sundance Film Festival earlier this year. mentia. In the movie, though, he suffers from a might think maybe it’s a four panel cartoon or wound up doing the same thing with Owen Wil- The film is sold as a documentary about a lot more: a tumble down a flight of stairs, for ex- something. It’s tough to get your hands around. son because of Lightning McQueen and the filmmaker making a movie about her father, a re- ample, with blood pouring out of his head, di- And then you watch it and you go: oh my God, ‘Cars’ movies. My kids had every—I mean, Light- tired psychiatrist in the declining years of his life. rected by his daughter. “The funeral was a proof this is one of the most original children’s films ning McQueen shower curtains, bath towels, all But by merging scenes of what is happening and of concept,” says Ms. Johnson. “Can we merge I’ve ever seen in my life. I emailed the director, the wardrobe you could imagine. It was insane. ON what will happen—fiction and nonfiction—the crazy things…It was very consciously this blend- Andrew Stanton, and said: ‘I know that you did So, I wrote Owen a love letter. I said: ‘Can you

WILS movie unfolds like a memoir of a father and ing of what is real and what is not yet real.” this a while ago, but I’m just coming upon this believe how this lives on in generations of kids?’” B RO BY IONS

AT New Release: ‘The Boys in the New Release: ‘Monsterland’ (Hulu)

TR Band’ (Netflix) US

ILL “Monsterland,” a new horror an-

(2); “The Boys in the Band,” a new thology series that premieres Fri- film that began streaming this day on Hulu, looks at characters week on Netflix, is about a birth- at the end of their ropes, the NETFLIX

U; day party, an unexpected guest monsters they interact with and

HUL that pushes the evening side- the decisions they make that, ac-

S; ways and a group of gay friends cording to creator Mary Laws, forces the audi-

PRES in pre-Stonewall New York. ence to question who the real monster is in each It’s a story that’s been told before. Mart Crow- episode. UMA

/Z ley’s play of the same name made its debut in From a young, single mother raising a daugh- than Ballingrud. Ms. Laws says she was particu- AR 1968 and was followed by a film in 1970. In when he unpacked the material, he saw a way to ter with violent tendencies to a teenage son car- larly drawn to the collection’s characters—blue- PIX : 2018, producer Ryan Murphy and director Joe present it as timeless. When it was presented in ing for his sick mother, “each of our characters collar workers, lonely kids, parents going through Mantello launched a revival of the play with a the 1960s, it was a document of its time. Today, makes some kinds of disastrous decision in each a divorce—just struggling to get by. Unglamor- RIGHT

P cast that included Zachary Quinto, Tuc Watkins, it’s something else. “It allows us to look at these episode, and this series is really trying to unveil ous? Yes, but also the kinds of people she could TO Andrew Rannells and star Jim Parsons. The characters in the context of a very particular the why of that, to see closer into our humanity relate to. OM

FR same crew returns for the new film. time when something was about to explode,” he through the lens of these sort of monster sto- “Those are the kinds of characters that I want Mr. Mantello says that he was hesitant to says. “That’s a different way into the play as op- ries.” to write,” she says. “And those are the kinds of WISE take on the project when Mr. Murphy asked him posed to 1968, where it was the first and only “Monsterland” is based on “North American characters I want to put on people’s televisions OCK

CL to direct, initially considering it “antiquated.” But play to put gay men’s lives center stage.” Lake Monsters,” a book of short stories by Na- and in peoples’ homes.” —Chris Kornelis P2JW275000-0-A01300-1------XA

THE WALL STREET JOURNAL. Thursday, October 1, 2020 | A13 ARTS IN REVIEW

Philip Guston’s ‘Painting, Smoking, Eating’ (1973)

pletefailureofmission. Themuseums had already in- vited 10 contemporaryartists— some,such as William Kentridge and Glenn Ligon, whose work ad- dresses issues of race and social justice—tocontributetheir insights on Guston to the catalog alongside those of the curators. But in last week’sstatement the directors speak of postponing to allowtime to bring in “additional perspectives and voices to shape howwepresent Guston’swork to our public.” How manydoyou need? TheJune 2019 release announc- ing the showhad promised “a bal- anced viewofthe artist’s50-year career.” This seems unlikely now. In their statement the directorsomi- nously speak of the need to “re- build” the showinorder to “pres- ent areconsidered Guston exhibition” four yearshence. Imust admit that I’venever re- ally “gotten” lateGuston, having been unable to reconcile the ironist of the figurativework with the true

. believer in the redemptivepowerof

A.P purepainting as evidenced in his D. lush, loving handling of the medium that we see in both the abstract and TBOOK

AR representational phases of his ca- N/ reer.I’d been looking forwardto TO testing these perceptions and arriv- GUS ing at abetterunderstanding.

PHILIP Beyond placing great works of

OF art beforeus, this is one purpose of E exhibitions likethis: to allowvisi- TAT

ES tors to come to reasoned judgments

THE of their own. But Ican’t help feeling that the “reconsidered” Philip Gus- CULTURAL COMMENTARY tonshowwill be asafety-first exer- cise that tells us lessabout Guston than would the exhibition in its Going,Going,Guston present form. In its2017Biennial exhibition, the Whitney Museum displayeda painting titled “Open Casket” (2016) The decision to postpone a much-anticipated retrospective was a surprise—and a mistake by Dana Schutz about the murder of EmmettTill, the 14-year-old Black boykilled in Mississippi in BY ERIC GIBSON National GalleryDirector Kaywin member of the Klan, aKlan sympa- encounterswith the Klan as a 1955 forallegedly whistling at a Feldman, along with the heads of thizer,oraracist. And his work nei- young Jewgrowing up in LosAnge- whitewoman. Thework sparked eforethe lockdown, one of the three other museums involved ther expresses nor shows solidarity les in the 1920s,symbolizenot just protestsand demands forits re- the most eagerly awaited in theexhibition—the Museum of with racist ideologies of anykind but the scourge of racism in America moval on grounds of cultural appro- eventsofthe summer cul- Fine Arts, Boston; the Museum of instead explores issues of violence, but evil in all itsforms. priation because Ms.Schutz is tural season had been the Fine Arts, Houston; and London’s self-concealment and masquerade. Which is whyitissowrong to white. But Director Adam Weinberg BPhilip Guston retrospective Tate Modern—issued ajoint state- He had turned to representation postpone “Philip Guston Now.” insisted that it remain on viewand at the National Galleryof ment moving the showto2024. because he felt that the social up- Works of art aren’t one-dimensional scheduled programming in which Art in Washington. Guston Morepandemic-related fallout? heavals of the 1960s—the civil- schematic images,likethe icons on the issues it raised could be dis- (1913-1980) made his name as an Not quite. Thestatement speaks of rightsmovement, the Vietnam War our smartphones.They arecomplex, cussed in an open forum. Ms.Feld- Abstract Expressionist, but in the the need to wait until “the powerful and, later,the presidencyofRichard layered, oftendifficult creations that, man cited that episode approvingly 1960s turned to representation. messageofsocial and racial justice Nixon—needed to be addressed, but to be properly understood, require the following year in an essayinthe Though the movewas seen in avant- that is at the center of Philip Gus- that abstraction wastoo ivory- thoughtfuldiscussion and analysis. British magazine Apollo,concluding gardecircles as pureapostasy,the ton’swork canbemoreclearly inter- towerfor the job.Inanoft-quoted This is what art museums are that museums “risk irrelevanceun- resulting work had aprofound im- preted.” Yetweare lefttospeculate statement, he said at the time: uniquely qualified to do and what the lessthey step up to addressformi- pact on younger painters, contribut- about what exactly prompted the “What kind of aman am I, sitting at organizing curatorsofthis show, dable and pressing societal issues.” ing significantly to the wholesale move, and Ican only assume it was home,reading magazines,going HarryCooper,Alison de Lima Greene, Funnyhow different thingslook embraceofrecognizable imageryin one of Guston’ssignaturetropes,fig- intoafrustrated fury about every- Mark Godfrey and Kate Nesin, had when your owninstitution is in the the 1980s and after. Theretrospec- ures—known as “hoods”—who pop- thing—and then going intomystu- spent the past five yearsworking on. spotlight. Still, she wasright the tive, then, looked to be that rare ulatehis latework in the form of the dio to adjust ared to ablue.” Explaining,interpreting and con- firsttime.Bynot following Mr. thing,acelebration of ahistorical white, pointed head coveringsofthe Along with thingslikecyclops textualizingworks of art is,infact, Weinberg’sprincipled example and figure with contemporaryrelevance, Ku Klux Klan. No doubt the directors heads puffing on cigarettes, piled- one of museums’ most important stepping up to the Guston show moreover one whose achievements felt that displaying them in the cur- up legs, boots, and mounds of cher- social roles,one never moreneces- now—not in 2024—Ms.Feldman arestill being debated. rent climateofheightened racial ries,the hoods were part of apri- sarythan now, when emotionally and her colleagues mayleave the “Philip Guston Now” had been sensitivity,with Black Lives Matter vate mythologycouched in astyle chargedimages aresoeasily misun- public wondering just what art mu- scheduled to open on June 7. protests, whitesupremacist clashes derived from comic books and in- derstood and so readily inflame seums arefor. Covid-19 forced postponement to and the like, would be deemed inap- fused with something of their sub- passions.Topunt on that at this July 3ofnextyear.Then last week propriateand offensive. versivehumor.The hoods them- critical junctureisamonumental Mr. Gibson is the Journal’s Arts in came the stunner: Out of the blue, But let’sbeclear: Guston wasn’t a selves,which grew out of his abdication of responsibility,acom- Review editor.

BY DAVID MERMELSTEIN

WATCHING AGREAT foreign film in acrowded movie theater remains a cultural pinnacle forany true cin- easte—albeit aluxurydenied most of Clockwise us currently.But Martin Scorsese’s from left: World Cinema Project, in partnership scenes with the Criterion Collection, has from ‘Soleil come to the rescue with the next best Ô,’ ‘Pixote’ thing: acurated multipictureexperi- and ‘Lucía’ encefor home video—ideally seen on alarge screen using aBlu-ray player. Mr.Scorsese’sFilm Foundation created the World Cinema Project in 2007 with the expresspurpose of salvaging important but neglected movies from partsofthe globe un- derrepresented cinematically.Start- ing in 2013,some of the project’sef- FILM REVIEW two monks of the title (Carlos Villa- fortswerereleased on home video toro as Javier and Víctor Urruchúa by Criterion. Thelatestrelease,the as Juan) were best friends before thirdboxedset, contains six movies An Atlas of World Cinema their lovefor Anita(Magda Haller) in adual-format packagethat in- drovethem, separately,tothe clois- cludes both Blu-rays and DVDs. ter. And that story, told twicein Thevaried genres,erasand na- Usmar Ismail’s arcnotwith- flashback—oncefromeach man’s tional characteristics of the films in “After the Cur- standing.It’sa perspective, but with the Expres- these collections lend them vital few” (1954) drops familiar tale: An sionist mise-en-scène intact—is critical mass. And the carefulresto- us in Indonesia in outsider arrives what makes this movie irresistible. ration lavished on what were often 1945,immediately and altersami- Thebest-known picturehereis woebegone printsonly increases afterthe Dutch crocosm, with also the only one in color, “Pixote” their value.The latest set takesthat have been ousted mixed results. (1980), atour-de-force from Brazil commitment to anew level with 4K and the native Theagent here that brought itsdirector and co- transfersacrossthe board, making population begins is adistracted writer,Héctor Babenco, interna- these films especially watchable. self-rule,anoily schoolteacher, tional celebrity.Forty yearson, the “Lucía” (1968), directed and co- businessthat Mr.Hekmati (the film—a harrowing sagaofneglected writtenbyHumbertoSolás,tra- some,likethe sen- wonderfulParviz male youths failed as much by their verses Cuban historythrough the sitiveidealist Is- Fannizadeh), in families as by society at large— lives of three women named Lucía. kandar (A.N.Al- lovewith apu- packs no lessagut punch than on Theperspectiveisrevolutionary— caff), can’t adapt pil’sbeautiful itsinitial release.The movie’sbru- the overthrow of Spanish rule in to,evenasformer (much older) tality is graphic; itsprofanity,inces- 1895,the undermining of the comrades thrive. sister.Yet what sant. But itsgrip is total, relentless, Machado regime in 1932, and the It brought to mind the 1985 film of Acombination of puredocumentary appearstobejust acharming comic essential and unforgettable. Communist triumph of the 1960s. David Hare’splay“Plenty,” which and improvisation, the film lacks a romanceisinfact asober indict- TheWorld Cinema Project has But it’snot just Cuba that’schanging explores similar themes of postwar conventional plot but offersinstead ment of lifeinshah-eraTehran. And thus far restored over 40 films from in this black-and-whiteepic (the first ill-adjustment half aworld away. manygripping scenes—none more the film’sconclusion is shattering. 25 countries. This volume bringsto two episodes contain gripping battle Theeffectsofcolonialism loom so than aseries of horrified reac- “Dos Monjes” (1934), written 24 the number on disc,with others

(3) scenes); it’salso the role of women. even largerinMed Hondo’s “Soleil tion shotsfromordinaryParisians and directed by Juan Bustillo Oro, presumably arriving in due course. Whereas the firstLucía (Raquel Re- Ô” (1970), aFrench-Mauritanian on seeing Liensol and ablonde also at firstseems to be one kind of That meansmorestimulating global

CTION vuelta) is avictim and the second production that confrontsracism (Michèle Perello) canoodling on the film only to become another.It cinema headed our way.For some LLE (Eslinda Núñez) asubordinatehelp- head-on, with itsunnamed Black Champs-Élysées. opens,and closes,inaMexican of us,itcan’t come fast enough. CO mate, the third(Adela Legrá) protagonist (the magnetic Robert BahramBeyzaie’s “Downpour” monastery, astartling example of emergesasafierce equal to her Liensol) unsuccessfully trying to (1972), from Iran, is another largely gothic Expressionism. But in be- Mr. Mermelstein writes for the

CRITERION stubborn husband. find work and acceptanceinParis. improvised effort, itsstrong story tween lies aclassic melodrama. The Journal on film and classical music. P2JW275000-0-A01400-1------XA

A14 | Thursday, October 1, 2020 THE WALL STREET JOURNAL. SPORTS Titans Won’t Play On Sunday

BY ANDREW BEATON

ANOTHER PLAYER for the Tennessee Titans has tested positive for Covid-19, adding to an outbreak that has caused the NFL to postpone the team’s game against the Pitts- burgh Steelers on Sunday. The Titans suspended in- person activities on Tuesday after eight members of the or- ganization—three players and five other personnel—received positive tests. The Minnesota Vikings, Tennessee’s opponent last Sunday, did the same. The Vikings haven’t received any positives this week, including the results received Wednes- day. The NFL, in a statement, said the Titans will play the Steelers on Monday or Tues- day. The situation has drawn a Alexander Bublik reacts swift reaction from the league, after beating Gael Monfils which has sent a pair of at the French Open. memos to teams over the last two days urging them to ad- here to health and safety pro- tocols or face potential retri- bution, including potential The TrickiestShotinTennis suspensions and draft picks. “If we are to play a full and uninterrupted season, we all must remain committed to our In the era of the baseliners, the humble underhand serve is seeing a resurgence efforts to mitigate the risk of transmission of the virus,” BY JOSHUA ROBINSON the servewas sportsmanliketore- What backtracking baseliners cutes quitelikethe man from Ka- NFL executive vice president surface. never considered wasthat they zakhstan. Bublik is so committed of football operations Troy Paris Plenty of puristssee the move were leaving the forecourt wide that he uncorked one on his very Vincent wrote to teams in a azakhstan’sAlexander as an insult to tennis,asport of open. All it would take to exploit it firstcompetitiveserveafter the Wednesday memo obtained by Bublik,the tennis power, precision, and immaculate wasthe firstshot learned by every six-month pandemic hiatus. The Wall Street Journal. playerwho says he mechanics.When it comes to Bub- 6-year-old with aracket: ashort His version of the spoon isn’t In the coming days, the test Khates tennis,was on lik,ranked no.49inthe world, underarm serve. the underhand thwack forwhen results from the Titans and Vi- the French Open’scen- they wouldn’t be entirely wrong. “People should be using it,” said you’vejust put five straight serves kings could have momentous tercourt Mondaynight when he He did, afterall, recently saythis LindsayDavenport, athree-time in the net. These aretriumphs of implications for these teams did one of the few thingsheactu- to the French sportsdaily Grand Slam tournament winner deception. He begins by hunching and the outlook of the season. ally likes about this sport: He hit a L’Equipe: “I despise tennis with all and analyst forthe Tennis Channel. over his racket, as if he’sabout to This is the first trial for shot so dumb it wasbrilliant. of my heart. Ionly playitfor the “It’salmost anecessaryskill that bouncethe ball again. But right whether the NFL’s protocols Instead of walloping atradi- money.” needs to be taught when yousee when youexpect him to straighten can thwart the spread of the tional serveatmorethan 100 miles And much of tennis despises the the return positions people have up,hewhips aforehand sliceover coronavirus inside a team be- per hour,hedinked an underarm underarm serve. Rafael Nadal, the started taking in this sport.” the net. Then he tries not to grin. fore it disrupts the season. shot just over the net and into high priest of hit- Thegenre’s AfterMonday’seffort from Bub- The NFL postponed the Ti- Gael Monfils’scourt at about the ting the ball in- widely held master- lik,Monfils simply dropped his tans game while their virus speed of apaper plane.The move credibly hardall of At Roland­Garros, piececame herein head and trudged acrossthe court. count has continued to grow, wascompletely legal. And it was the time,isamong 1989.Back then, a But Chile’sCristian Garin took it with the possibility that play- so stunning that it wasalso an ace. those who have there’s nothing 17-year-old Michael much worseataFrench Open ers may not be allowed back It wasn’t the firsttime Bublik called the move underhanded about Chang wassoad- tune-up in Hamburg. into their facility until the S

had pulled the stunt, known here downright disre- dled by exhaustion “What?” Garin yelled at Bublik. weekend. In the meantime PRES as aservice alacuillère—a “spoon spectful. an underhand serve. in his match “What areyou doing?” players and personnel will

serve.” It wasn’t even the first Theirony is that against world No.1 Theanswerwas: winning the continue to be tested. ZUMA

time he’dpulled it in September. Nadal is partially Ivan Lendl that he point with minimal effort. The The Vikings-Texans game on SMI/

Afterdeploying the underarm shot to blame forits re- could only muster a movewouldn’t save Bublik on Sunday is still scheduled. ON to destructiveeffect in atourna- surgence. spoon serve on his way to amo- Wednesday, when he waselimi- /IC

ment last week,ithas become Modern players servethe ball mentous comeback.The fans at nated in the second round by It- LEWIS

Bublik’snot-so-secret weapon. with such forceand topspin that Roland-Garros weren’t surewhat aly’s LorenzoSonego. But that’s Y

Now, with people catching on, the the only way to getahandle on they’d just seen. not to saythe underarm serveisa AND spoon servecould turn intoParis’s these violent high-bouncing as- In the yearsthat followed, they tool of the unskilled player. In the must-have accessoryofthe fall. saultsistokeep moving back.Na- would decide they didn’t much first-round match against Monfils, REUTERS;

Less than 24 hoursafter Bublik, dal made it fashionable to return care forit. In 1999,they were mer- Bublik showedhewas capable of U/

Romania’sMonicaNiculescu also servefromsofar off the court that cilesswith Martina Hingis when producing moreconventional ten- TIA

tried one in her first-round match, he might as well be standing in the she twicefaked out SteffiGrafin nis magic if he had to.Inthe first PLA though it wasangrily punished by concession line.Nowheredid he the French Open final and show- set, he polished off one rally with a her opponent with abackhand push the boundaries further than ered her with boos. physics-defying lob,hit on the run CHARLES

winner.Wednesdayalone sawat hereatRoland-Garros,wherethe Though Nick Kyrgios deserves and between the legs. P: least three moreattemptsacross backcourtsare 5feet deeper than the credit forbringing it back into Roland-Garros called that one— TO OM

the tournament. It didn’t take long they areatthe U.S. Open or on fashion with at least half adozen not the spoon serve—the tourna- FR forthe debateoverwhether or not Wimbledon’sCentreCourt. examples last season, no one exe- ment’sshot of the day. TheTitans’ virus countisatnine.

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THE WALL STREET JOURNAL. Thursday, October 1, 2020 | A15 OPINION ‘Will Yo u Shut Up, Man?’ BOOKSHELF | By Crawford Gribben

Areader voters from dayone.The den is still good at—par- The Gospel, emailed me strategyhas two prongs. rying attacks,whether beforedawn First, runagainst Mr. from former presidential Wednesdayto Trump’spersonality and candidateKamala Harris saythat in character.It’sthe idea GES or Mr.Trump.When Mr.

IMA Sans Miracles morethan 60 that whatever youthink Trump finally playedthe

WONDER yearsofpresi- of hispolicies,“Trump” GETTY Hunter Biden card and LAND dential de- with his double-dose per- SE/ “cocaine use,” Mr.Biden The Jefferson Bible bates,hehad sona has worn out his said his son, “likealot of By Daniel never seen welcome in just four people at home,” wasfix- By Peter Manseau Henninger anything like years. ANCE-PRES ing the problem—and (Princeton, 221 pages, $24.95) what hap- Thesecond, policy- FR millions of moms nodded

pened hoursearlier.Yes,it’s based prong is to drive ENCE in sympathy. owever else he is known, Thomas Jefferson ought to true,we’restill in Trump Land, the perception of Mr. AG Mr.Biden ranthrough be remembered as the great American prophet, the ON/ H Toto. Trumpthat is freshest his talking points, how- founder of a new nation and apostle of its faith. In TS

One canimagine analysis in thepublic’smind— WA ever preposterous,such “The Life and Morals of Jesus of Nazareth,” his scrapbook

will arrive from Trump Land that he mishandled the JIM as suggesting cops take of New Testament excerpts, the third president offered a that blowing up the debate coronavirus,the biggest joe Biden debates on Tuesday night. along apsychiatrist on dramatic revision of Christian tradition. TheNew Testament wasMr. Trump’splan going in. public-health threat of 911 calls.The biggest Bi- presented “the most sublime and benevolent code of morals What otherthan athought-out our lifetimes.Set aside how formances established Mr. den vulnerability came when which has ever been offered to man,” he recognized, even if strategy, perhaps to capture little the reality comports Trump in manyvoters’ minds he asserted,“Youcan’t fixthe he hoped to sharpen those qualities by means of redaction. the so-called secret Trump with this charge.Reality is ir- as the Anti-Politician. economy until you fix the Recycling select passages from the Gospels,heincluded their voters,could explain the presi- relevant to an opposition Thecrack-back compulsion Covid crisis.” Lockdowns to ethical content but omittedany referencetothe supernatural dent dynamiting it from start election strategy. continued with the White the horizon. and presented the Messiah lessassavior than as savant. to finish? Polls have put public disap- House presscorps,and in time Thepresident’sresponse— But Jefferson kept his project secret, worried that his proval of Mr.Trump on the vi- became lessamusing.Instead that people want their freethinking devotional pastime could become aserious rusatnearly 57%, ahigh num- of opportunities to explain his schools and restaurantsopen political liability and discussed it with only ahandful of Five words may tip bergiven that most governors policies,the exchanges turned andthat he restarted Big Ten similarly enlightened friends.Hehad little to be worried have strong approval ratings intotiresome,predictable cat football—was OK but not about. Thenation that he andhis philosophical friends voters undecided on the virus.This is almost en- fights. Goading Mr.Trump be- enough on an issue central to created in their imageneeded this version of Jesus. between Joe Biden tirely afunction of the early, came apress routine,like his re-election. PeterManseau knows the Jefferson Bible well. As asenior ill-runcoronavirus news con- working out at the gym. Mr.Trump has agood story curator at the Smithsonian Institution’sNational Museum of and Donald Trump. ferences,which consisted Mr.Trump has been called, to tell. Thespeakersatthe im- American History, he has come to understand the scrap- mainly of Mr.Trump promot- not without justification, a pressiveGOP convention cre- book—literally—inside out. His outstanding biographyofthe ing himself and picking fights necessarybull in the dusty ated anarrativetemplatefor text, thelatestentryinPrinceton’sLives of Great Religious Conventional wisdom is with reporters, when the coun- chinashop of politics.But the campaign, but that story Books series,pays carefulattention to itsstatus as private that because it wasadebacle, trywas tuning in daily for Tuesdaynight he looked likea wasn’t told Tuesdaynight. project, published book and political symbol. thedebatedidn’t changeany straight information about the bull on the floor of an arena, When asked to addressrace Mr.Manseau’sshort but minds.But the high percentage emerging crisis.IfMr. Trump tiring and turning firsttoface in the U.S.,giving Mr.Trump a penetrating narrativebegins of committedparty-line voters loses,those pressconferences picador Chris Wallaceand then chancetotalk about his prison with the book’scomposition. has been areality formonths. will be the straw that did it. lurching back at Mr.Biden’sto- releases and minority job cre- In aproject firstdeveloped Other than driving turnout Central to the Biden team’s reador.Itgot hardtowatch. ation,hesegued intoa25- over many evenings in the from apolarized electorate, strategy is their recognition Mr.Biden proved he isn’t year-old anecdoteabout Mr. WhiteHouse,heshows us, these presidential debates are that Mr.Trump’sAchilles’ heel Mel Brooks’s 2,000-year-old Biden and “superpredators.” Jefferson deconstructed about winning at the margin is personal criticism. He can’t man, but he is an aging politi- Even sympathetic voters have sacred tradition by distin- by pulling over undecided or take it. Ever.His instinct to cian, unable to sustain anor- difficulty absorbing agood po- guishing (as he put it) leaningvoters. crack back is hair-trigger. malcampaign and struggling litical record if it’sconveyed “diamonds from dunghills” This especially includes This worked forhim in the to reconcile or explain his to them in random semi- in Gospel accountsofthe women, with whom Mr.Trump 2016 GOP primarydebates party’s abrupt drifttothe edge soundbites. ministryofChrist. As his lately has been underwater against LowEnergy Jeb, Lyin’ of socialism. But with 47 years This firstpresidential de- project developed, Jefferson and sinking in battleground- Ted, Little Marco and the in the trenches,Mr. Biden is a batewill be remembered for took apenknifetoEnglish, statepolls.Here’sguessing few rest. It sort of worked be- political pro, which means be- five words: “Will youshut up, French, Latin and Greek New women migrated to the Trump cause the jammed stagemini- ing case-hardened against per- man?” Amazingtothink that Testaments, pasting about column Tuesdayevening. mized his time on target. sonal criticism. maybewhat turns deciding 1,000 verses intoascrapbook TheBiden team has had a Though not to everyone’s Thedebatewas 90 minutes votesinthis election. that by 1820,when he was plan forappealing to gettable taste, his primarydebateper- of maybe the only thing JoeBi- Write [email protected]. nearing 80,hehad bound in redleather,the reading of which seems to have constituted the scope of his private devotions.When he died in 1826,the scrapbook disappeared. It wasonly in the late19th centurythat “The Lifeand This Was the Debate From Hell Morals of Jesus of Nazareth” wasrediscovered and identified as aimportant American text. Jefferson’sJesus—all morals By Karl Rove needed it more. Team Trump erty? Whyoffer “I don’t hold Mr.Trump did walk away and no miracles—became an ethical guide foreveryman. hoped Mr.Biden would dis- public office” as his excuse for with some victories.His eco- The sudden celebration of his Bible was largely due to ell, that was differ- solveinincoherence, while not counseling Oregon offi- nomic stewardship remains a the work of Cyrus Adler, aJew who became aprofessor of W ent—really different. Team Biden thought they cials to take steps to end Port- strength, and he did adecent Semitic languages at Johns Hopkins University and who We’venever seen could buryMr. Trump over his land’s violent nightly ram- job of undermining Mr.Biden’s held aseries of senior Smithsonian positions.During his anything quitelikeit. It was handling of the coronavirus. pages? All this confirmed Monday-morning-quarter- doctoral studies,inthe mid-1880s,Adler had stumbled the least enlightening,edify- Neitherhappened. Both sides some people’ssuspicions that back claim that he’dhavehan- acrosssome of the editions of the NewTestament that ing or elevating presidential arelikely to reviewtheir per- Mr.Biden might be tooweak dled Covid-19 better. Mr.Bi- Jefferson had mutilated in order to populatehis scrapbook. debate in U.S. history. formances,congratulate them- forthe job. den’sline saying the president Jefferson’shabit of textual criticismhad been aggressive, Both candidates probably selves on winning,and then do Team Trump thought their “caused the recession” isn’t and the NewTestamentshehad discarded afterexcerpting excited their bases in Tues- thingsdifferently in the re- man created distancebetween credible.But in the next de- those saying of Jesus he believed to be authentic encour- day’s “Clash in Cleveland.” maining debates. Mr.Biden and his party’s bate, Mr.Trump should add aged Adler to believethat the scrapbook itself might yetbe President Trump dominated While Mr. Trump clearly Sandernistawing when the supporting evidence. Thepres- recovered. Soon enough, it was. In 1895,after several years thebout—for good and ill— gotunder Mr.Biden’sskin by former vicepresident refused ident also handled fornow his of searching,Adler found the scrapbook and bought it. and kept both former Vice talking over him, the president to endorse ending the filibus- personal income-tax issue, In 1895,atthe CottonStatesand International Exposition, President JoeBiden and de- toooften came acrossasrude, terand packing the Supreme mainly by claiming forcefully in Atlanta, Adler mounted an exhibition of biblical materials batemoderator Chris Wallace even though it provoked Mr. Courtand wasprodded into that he’dpaid “millions of dol- that included Gothic and Anglo-Saxon editions of the Bible; off balanceall night. Forhis Biden to escalatethe conflict. dismissing theBiden-Sanders lars,” not $750 ayear. Wycliffe, Tyndale,Coverdale,Genevaand King James trans- part, Mr.Biden cleared the low One example: When Mr. Mr. Trump’s biggest win lations; the “Eliot Indian Bible,” atranslation of the Geneva bar set by Team Trump: He Trump argued Democrats wasgoading Mr.Biden into Bible intothe Massachusettlanguage; and, as agrand finale, wasvisibly tiring by evening’s would “extinguish” private Trump and Biden both pledging to “eliminate the Jefferson’stextual collage. ForAdler,Jefferson’sBible was end but mostly lucid and co- health insurancebyoffering Trumptax cuts.” Thepresi- the American book—an ethical system supporting republican herent throughout. taxpayer-subsidized coverage sought a clear win and dent should nowmeet with democracythat showedhow religious communities could Thecandidates defended that drives privateinsurers didn’t get one, but middle-class families whose benefit from the separation of church and state. their recordswhen entrusted out of business, Mr.Biden said taxcutswould be erased by with high office—Mr.Trump “that’ssimply alie.” It isn’t, Trump needed it more. Mr.Biden, so he candescribe as presidentand Mr.Biden as butoncehestarted down In- the fallout in apersonal way. In excising the miracles from the Christian BarackObama’s vicepresident. sult Road, Mr.Biden found it But the ferocity of Mr. gospels, did Thomas Jefferson remove This laid abaseline foreffec- hardtostop, calling Mr. Unity Task ForceRecommen- Trump’sattacks maywell have tiveappeals,but neither man Trump “a liar,” “a clown,” “a dations (“Thereisnomani- turned off some of these vot- the very thing he needed most? putforth avision forAmer- racist” who uses “dog whis- festo”) and disavowing the ers, whose support he must ica’sfuture, except forbrief tles” to incite“racist hatred,” Green NewDeal (“Not my gain to win. momentsseparated by long and“Putin’spuppy.” He told plan”). This is afalse hope. Tuesdaydid not changethe Senior figuresinTeddy Roosevelt’sadministration agreed. stretches of interruptions,in- thepresident both to “shut TheDemocratic Party’s left campaign’sbasic trajectory. In 1904, Congressauthorized the printing of 9,000 copies of sultsand invective, oftenfrom up” and to “keep yapping.” hates Mr.Trump so much that Behind in public polls, Mr. the Jefferson Bible to the consternation of large numbersof the hyperaggressivepresident. This diminished Mr.Biden— this won’t diminish their en- Trump needed to bend the Christian clergy,who understood itsassault on traditional Sincethe futureiswhat most whose rationale forrunning is thusiasm in November.Itwill, election’s course morethan orthodoxies.The Jefferson Bible took on alifeofits own people want to hear about, the to heal our nation’sbitterdivi- however, cause the lefttoin- Mr. Biden did. But undisci- when it became aprinted artifact. While itssymbolic status debatewas alossfor the vot- sions—morethan it harmed crease itseffortstopressure plined andputting toomuch continued, itscontentswerequietly adapted as publishers ersstill up forgrabs. Mr.Trump. Mr.Biden leftward if he be- emphasis on the attack, he reinstated in itslifeofChrist manyofthe supernatural ele- Both had good lines: Mr. Mr.Biden also created comes president. And while missed an opportunity.Hehas mentsthat Jefferson had removed. Since1904, Mr.Manseau Trump’s“In 47 months,I’ve problems forhimself by evad- attacking Hunter Biden’s ethi- two morechances: Better demonstrates,Jefferson’sBible has existed in manyforms done morethan you’vedone in ing simple questions.Why not calfailures infuriates his fa- makethem count. and offered manymeanings. It has been read in support of 47 years,” and Mr.Biden’s admit or denythat he would ther,it’sasideshow. Thepres- conservativereaction and progressivechange, as asymbol of “This is not about my family urge the Senatetoend the fili- ident would be betteroff Mr.Rove helped organize Christian exceptionalism and of humanity’s manymistaken or his family.It’sabout your buster and pack the Supreme spending his debatetime the political-action committee faiths.Atoncesingular and multiple,faithful and heretical, family.” But the debatewasn’t Court? Whyavoid condemning pushinghis second-term American Crossroads and is the Jefferson Bible is afitting symbol of the nation to which the game-changer that either antifa, amovement that riots, agenda and establishing big author of “The Triumph of it belongs. candidatesought. And trailing loots, commitsarson and at- contrastsontaxes,trade,na- William McKinley” (Simon & For Adler, of course, was right. Jefferson’s Bible was an in the polls,the president tacks policeand privateprop- tional security andgrowth. Schuster,2015). American book. Its project was to make Jesus politically useful, to represent Jesus as an idealized American man. But in turning the Gospels into a handbook of morals Jefferson failed as areligious teacher.For his Jesus is forever Joe Biden’s ObamaCare Tax Avoidance on the brink of doing something extraordinary—but never does.“Jefferson’sJesus stories areall set up with no payoff,” By Chris Jacobs YetMr. Biden has takenad- released their 2019 taxreturn nessprofits).” Another CAP Mr.Manseau notes.“Time and again, Jesus indicates that he vantageofthe taxcode to beforethe debate, and again report said that closing such might be able to perform amiracle of some kind, and then oe Biden slammed Presi- avoid paying the taxesthat they use this dodge. “loopholes” would “raise close does nothing.While this no doubt made him moreacceptable J dent Trump at Tuesday’s fund ObamaCare. I reported in TheBidens paid federal in- to $300 billion over 10 years.” in Enlightenment circles,one imagines it would have made debatefor both his tax August that in 2017 and 2018 come taxes on all their earn- Mr.Biden stretched the Jesus far lesspopular in Galilee”—and lessinteresting,one policies and his personal tax Mr.Biden and his wife, Jill, ings. But they avoided payroll truth in attributing Mr. might add, everywhereelse. management: “The taxcode characterized large amounts taxesonthe portion of in- Trump’stax maneuverstothe But, though it is agreat book in itsway,Jefferson’sBible that put him in aposition that come characterized as corpo- TaxCutsand Jobs Act. It will do little to enhancethe reputation of itseditor.Just as he pays lesstax than on the rate profits—$228,703 in didn’t take effect until 2018, Jefferson took apart his copies of the NewTestament, so money aschoolteacher In 2019 he and his 2019,and atotal of morethan and the Trump taxreturns Smithsonian curatorshavetaken apart his scrapbook in their makes,” Mr.Biden said, “isbe- $13.5 million since Mr. Biden coveredinrecent pressre- ongoing conservation efforts. What they have found promises cause of him.” The reference wife legally dodged leftofficein2017. All told, the ports go up only to 2017. But to reveal as much about Jefferson’sbody as his soul. The was to the Tax Cuts and Jobs payroll levies on Bidens have avoided paying the act did repeal Obama- DNA evidencesupplied by the hairsthey discovered in the Act, which Mr. Trump signed morethan $513,000 in payroll Care’s individual-mandate disbound manuscript maysettle the question, to the degree in 2017. $228,703 in income. taxes. penalty, aregressivetax on that thereisstill reasonable doubt, of his relationship with The challenger also vigor- In a2019 report,the liberal theuninsured. In the past his slave Sally Hemingsand of the paternity of her children. ously defended the Affordable Center forAmerican Progress three years, meanwhile,the In “The Lifeand Morals of Jesus of Nazareth,” Jefferson CareAct, promising to “ex- of book and speaking income complained that “the current Bidens avoided paying stripped from the messageofJesus anydiscussion of repen- pand ObamaCare” andfault- as corporateprofits rather taxcode allows manyhigh-in- $121,000 in ObamaCarepay- tanceand forgiveness. But, Mr.Manseau reminds us,those ing Mr.Trump forsupporting than taxable wages, allowing come individuals to avoid roll taxes alone. might be the elementsofJesus’ teaching that the sageof alegal challengetoit. them to circumvent Medicare Medicare taxes on their busi- Monticello needed most. “ObamaCareispersonal to and ObamaCarepayroll taxes, nessincome (including,in Mr. Jacobs is founder and me,” Mr.Biden declares in a of 2.9% and 0.9% respectively, some cases,labor income that CEO of Juniper Research Mr. Gribben is aprofessor of history at Queen’s University campaign ad. on that income.The Bidens is mischaracterized as busi- Group. Belfast. P2JW275000-0-A01600-1------XA

A16 | Thursday, October 1, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Pre-Existing Condition Fiction Biden: Catholic and Presidential Candidate

oe Biden claimed at Tuesday’sdebatethat Take a2018 survey that found morethan I think it is shameful to use the Any debate concerns the value soci- “100 millionpeople who have pre-existing 90% of National Cancer Institute-designated body of Christ to make a cheap politi- ety and policy makers place on that J conditions” will lose insuranceifthe cancer centersare “out of network forsome or cal attack on Joe Biden, an honest, life and whether it is worthy of pro- decent, Christian, Catholic man (“Bi- tection. The Catholic Church has af- Trump Administration wins an all health exchangecarriersin Biden repeats familiar den’s Faith Meets a Polarized Elector- firmed the sanctity of innocent hu- Affordable CareAct case at the their state.” Thesurvey notes ate,” Page One, Sept. 25). “And why man life and its inviolability at all Supreme Court. Democrats false claims about that coverage mandates may do you look at the speck in your stages. have terrified voters with this have “accelerated the use of brother’s eye, and do not consider WILLIAM J. NORTON SR. fiction foryears, and Republi- ObamaCare. narrow networks to control the plank in your own eye?” (Mat- Louisville, Ky. canconfusion has helped keep health plan costs” on the ex- thew 7:3). the fear alive. So let’sexplain changes. President Trump is “pro-birth,” at Of the more than 70 million Catho- the reality one moretime. As health expertsJohn Goodman and Devon least while it is politically expedient lics in the U.S., a majority support Stipulatefirst that the GOP attorneysgeneral Herrick have noted, Houston’s MD Anderson for him to be so. I agree that abor- abortion rights and the protection of asking the court to strikedownthe Affordable Cancer Center doesn’t accept “a single private tion takes the life of an innocent, un- those rights for all as a matter of CareAct arecommitting political malpractice. health insuranceplan sold on the individual born child. I think it is a grave deci- conscience and social justice. As sion that should be made by the Catholics, we believe in the inherent As we wroteMonday, Chief JusticeJohn Rob- market in Texas.” Having an insurance card is mother, the father, if he is in the pic- dignity of each person, including erts’sCourt is not about to strikedownthe en- no comfort to cancer patientsshut out from top ture, her doctor and her spiritual ad- those most marginalized and ignored tirelaw,and Democratsknowit. But the Trump hospitals and doctors. viser. Meanwhile, being “pro-life” by people in power. Our vote is our Administration’ssupport of the lawsuit has Thetheoryofthe 2017GOP ObamaCarerepeal concerns much more than abortion. voice when defending, supporting and handed Democratsapotent line of attack. effort wasthat it would be bettertodefray the The death penalty violates the Catho- empowering those on the margins of Yetonthe merits, the leftoverstatesthe health costsofthese patientsdirectly through lic Church’s teaching to respect life society. We are also called to follow problem of pre-existing conditions to justifypo- high-risk pools.That would also reducehigh pre- from conception until natural death. our conscience in all matters of moral litical control of health care.Mr. Biden’s100 mil- miums forthe healthy. TheGOP plan would have How many priests refuse Holy Com- decision-making and to respect one lion figure maycome from an estimateofhow allowedstatesrelief from some of the Affordable munion to those who advocate for another’s right to do the same. There manyAmericans have acondition but aren’t en- CareAct’srules,aslong as states availed them- capital punishment? Meanwhile, it is no way that 300 bishops—or rolled in MedicareorMedicaid. Those two pro- selves of billions in funding to subsidizethose isn’t pro-life to deny assistance to three—can represent the views of poor mothers and poor children or to American Catholics. The church is the grams coverabout one-thirdofthe U.S. popula- with pre-existing conditions. withhold health care for the unin- people in the pews. The people are tion, including seniorsand the poor who have TheGalen Institute’sBrian Blase pointed out sured. What is pro-life about separat- pro-choice, and they vote like it. pre-existing conditions.Another roughly 160 last week that the Affordable CareAct is on track ing families at the border and putting SARA HUTCHINSON RATCLIFFE million Americans have employer-sponsored in- to cost taxpayers $1.8trillion over the next de- children in cages? Acting President surance, whererules on pre-existing conditions cade,and toomuch of that goes to payinsurance JERRY J. COLLEY Catholics for Choice dateto1990s privacylaw. companies for“healthyenrollees who need mas- Alpharetta, Ga. Washington Thequestion is not howmanyAmericans sivesubsidies to affordthe coverage that the have ahealth condition, but howmanyAmeri- ACAmade much moreexpensive.” Republicans In the article, a bishop likens re- The real question isn’t how Catho- cans buying insurance in the individual insur- should runwith this line of thinking: $1.8trillion fusal of Communion to someone be- lic Joe Biden is, but how Catholic are ancemarket have acondition that makes them could be betterdeployed, particularly in directly cause of public support of legalized Catholic voters. Are Catholic voters abortion with someone being refused willing to ignore the sanctity of life difficult to insure at prices they can pay. Keep helping the seriously ill. Communion because he believes for the most vulnerable, not to men- in mind that the Affordable Care Act set up a President Trump deserves credit forhis ef- global warming isn’t happening. This tion the persecution of those who be- subsidized transitional plan for anyone with fortstoexpand insuranceoptions likehealth-re- is a faulty analogy. Global warming, lieve in those life issues (e.g., Little pre-existing conditions denied insuranceinthe imbursement arrangementsthat allowworkers the degree to which it is happening, Sisters of the Poor)? Mr. Biden has individual market. Peak enrollment: about to buy aplan with pretax dollars. And it’sapity its causes, its direct or indirect threat flip-flopped throughout his career on 115,000 in 2013. that his rule allowing moresmall businesses to to human life and how to address it is this issue, when it is politically expe- The White House in an executive order last band together to offer insurance(association a diverse and continuing debate dient, as he is doing now. Last time I week noted that, by the Obama Administra- health plans) has been ensnared in acourt fight. among scientists and policy makers. checked, the Catholic doctrine hadn’t tion’sown report, amere2.7%ofanestimated Mr.Trump says he supportsprotecting those There is no such debate about the ex- changed. roughly 130 million people with pre-existing with pre-existing conditions,and his health-care istence of human life from conception KATHERINE WHITE conditions gained access to health insurance executiveorder last week included several dis- to death. Medical science proves that. Glenview, Ill. through the Affordable Care Act. cretegood ideas. One of the biggest political cons of the past But voters want a larger plan for how he’d decade is the left’sclaim that only ObamaCare help Americans in tough times paytheir medi- Two Cities and Religion Separate From State could keep these Americans from being de- calbills while allowing everyone else morepor- prived of health care.Infact the law’sregula- tability and choice. The media trope that the I am a Protestant and would be the Williams.One of the geniuses of the tions and mandates have oftenresulted in right has no ideas on health care is false. But first to say “Amen” to Dominic American experiment is howreadily narrow networks and high out-of-pocket too few Republican politicians have the disci- Green’s statement that Western “no- the thousands of Catholic immigrants costsfor patientswho most need good and pline to learn the details and the political cour- tions of free conscience and other sa- in the 19th and early 20th centuries affordable care. age to sell reform to voters. cred rights emerged from Protes- embraced this Protestant version of tants’ struggle for religious freedom” church and state. Having done this, (“Everybody Expects the Anti-Catho- they also brought arich tradition of lic Inquisition,” op-ed, Sept. 28). natural lawintothe mainstream of ‘I Am the Democratic Party’ However, in the West, there has al- American jurisprudence. Natural law ways been a belief that there are two presumes that the civil/secular king- odeclared JoeBiden at Tuesdaynight’s Mr.Trump: “Why wouldn’t youanswerthat kingdoms, described by St. Augustine dom canestablish acommon legal debateashetried to parryPresident question? Youwant to put alot of newSupreme as the city of God and the city of cultureoutside religious dogmas and S Trump’scharge that he will be afalse Court Justices. Radical left.” man. This conviction has existed institutions.Although natural lawre- frontman forthe Democratic Party’s increas- Mr. Biden: “Will you shut up, man.” since Jesus first said, “Render to Cae- lies on certain Christian moral axioms ingly dominant left. But foraman who says he’s Theformer Veep never did answer. But his sar the things that are Caesar’s; and (as well as those of the Greeks and in charge,the former Vice President sureisre- party certainly has,including his close allies. to God the things that are God’s” Romans), it existsapart from the au- luctant to saywhat he believes in. BarackObama has called the filibuster a“relic (Matthew 22:21). thority of the church. His firstduck and covercame early in the de- of Jim Crow” that has to go. His former Dela- America’sFounding Fathersad- If JudgeAmy Coney Barrettad- opted amoreradical Protestant ver- heres to the longstanding natural-law bate when moderator Chris Wallaceasked if ware Senatecolleague,Chris Coons, has also sion of this two-kingdoms ideology, as tradition, she will be far morefair and he’dsupport the party’s increasingly vocalde- endorsed removing the 60-voterule to pass firstexpressed by people likeRoger objectiveinher decision-making than mands to eliminatethe Senate’slegislativefili- legislation if Democratstakethe Senate. And those who adheretothe one-kingdom buster and then pack the Supreme Court. Minority Leader Chuck Schumer has said that world of the radical progressiveleft. Mr.Biden: “Whatever position Itakeonthat, “everything is on the table” if Republicans Conditional Citizens? That JOAN GATES BROWN that’ll become the issue.The issue is the Ameri- confirm JudgeBarrettthis year. Is a Very Jaundiced View St. Louis canpeople should speak.You should go out and This means that with asimple majority Dem- vote.We’reinvoting now, vote and let your ocratscould add Justices to the Court and add My view couldn’t be more different Senators know how strongly you feel.” Puerto Rico and Washington, D.C., as states of than the one expressed in Laila La- Postal-Ballot Issues Will Mr. Biden was trying to change the subject the union. These ideas were once fringe in the lami’s book “Conditional Citizens,” re- Hit State, Local Elections back to the confirmation of Mr.Trump’sSu- Democratic Party,but they’vegone mainstream viewed by Tunku Varadarajan (Books, Sept. 19). As a child, I met students Regarding your editorial “Will a preme Court nominee,Amy Coney Barrett. But along with single-payerhealth care and a100% who came to Mombasa, Kenya, as ‘Blue Shift’ Swing Wisconsin?” (Sept. that is a separate question. What voters want green-energy mandate. Shouldn’t Mr.Biden at part of JFK’s Peace Corps. I was im- 23) about the election being stolen to knowiswhat he’ll do about the filibuster and least have aviewonthe filibuster he supported pressed by the openness of the by Republicans or Democrats, and High Court if he’s elected. in the Senate for 36 years? young, white Americans to us, people votesnot being counted whether Mr.Trump: “Are yougoing to pack the Court?” Millions of voters dislikeMr. Trump’sdivi- of color, and was amazed that they they arepostmarked or received by Mr. Biden: “Vote now.” sivebehavior in office, but their fear about Mr. bothered to learn to sing songs in our Election Day. Mr.Trump: “Are yougoing to pack the Biden is that he’ll refuse to stand up to pres- native Swahili—it was so different Ibelievewhat is being missed is the Court?” surefromthe left. That’snodoubt whyhesaid from my experiences with our British big picture: If the statesupreme Mr.Biden: “Makesureyou, in fact, let people Tuesdaythat “the platform of the Democratic colonial masters. This was my first courtsorthe U.S. Supreme Court start know, your Senators.” Party is what I, in fact, approved of” and “the contact with the soul of America, and throwing out ballotsbecause presi- Mr.Trump: “He doesn’t want to answerthe party is me.” But if he won’t tell voters that it was probably at that time, age 13 dent Trump or JoeBiden claim fraud, or 14, that I knew where I was going. then what happens to all the down- question.” he’swilling to stand up to his party on some- I have witnessed racism by another ballot races? Areall the votesfor the Mr.Biden: “I’m not going to answerthe ques- thing as radical as Court-packing,maybe that’s name in Africa, with different tribes U.S. Senateinthat statealso tossed tion.” because he really is afigurehead. in Kenya hating each other. Irish “rac- out? What aboutthe statelegislatures, ism” was disguised as religion. There county racesand wheremyinterest is, is a different racism of tribes and municipal elections? Pompeo and the Pope castes in India. I have seen the con- Itold my friends on both sides of tempt of elite Arabs for their own cit- the aisle that Ihope the individual ikePompeo arrived in Rome Wednes- of Muslims in Xinjiang,its abuse of Catholic izens, let alone the treatment of counties and states have agreed-upon dayatasensitivemoment forthe Ro- priestsand laypeople,and itsassault on Prot- workers from the Philippines and In- rules and followthose rules because, M man Catholic Church. The Vatican is estant house churches—all of which areparts dia. It’s almost impossible for an im- as much as I’m interested in the presi- migrant to become a citizen in Arab dential election, Iknowthat local beginning talks to renewacontroversial provi- of a‘Sinicization’ campaign to subordinateGod countries. racesaffect my lifeonaday-to-dayba- sional agreement with China that expires Oct. to the Party while promoting [President] Xi The U.S., while definitely not per- sis much moresothan the presidency. 22. In a speech at a U.S. Embassy symposium [Jinping] himself as an ultramundane deity.” fect, is one of the least racist coun- KEITH S. LONDON,FORMER MAYOR on religious liberty,the SecretaryofState said Then thereare the arrestsofthe two most tries in the world.As my mother used Hallandale Beach, Fla. the world is abetterplacewhen the church ex- prominent layCatholicsinHong Kong: Martin to say in Hindi: “Everything appears ercises its“bold moral witness”—especially in Leeand JimmyLai, both champions of freedom yellow to a person with a jaundiced dealing with regimes such as China. and democracy. eye.” I’m tired of the angry victim. Pepper ... Mr.Pompeo wasscheduled to meet with Mr. Pompeo’s larger point is that a regime HUMAYUN JAMIDAR And Salt Pope Francis.But the Vatican canceled afterMr. that doesn’t respect the right to religious free- Ormond Beach, Fla. Pompeo published an article in FirstThings dom will not respect much else. He reminded THE WALL STREET JOURNAL magazine about China’s human-rights abuses his audience not to underestimate the power On Mere Boasting vs. Lying against religious believerssincethe provisional that comes from challenging dictatorships at Sino-Vatican deal wassigned in 2018.Inatweet their weakest point: moral credibility.The fear- Andy Kessler calls “Dizzy” Dean’s promoting his article, the secretary said “the lesswitnessofPope John Paul II wasresponsi- frequently invokedline: “‘It ain’t Vatican endangers its moral authority, should ble for “igniting the revolution of conscience braggin’ if youcan back it up’” “fair it renew the deal.” that brought down the Iron Curtain,” Mr. enough” (Inside View,Sept. 28). Ac- tually,that is the very definition of Hong Kong’sCardinal Joseph Zen, an outspo- Pompeo said. bragging.Ifyou can’t back it up, kencritic of the Sino-Vatican deal, flew to Rome Mr.Pompeo wasasked afterhis speech about you’renot bragging—you’relying. aweek beforeMr. Pompeo to sharehis concerns Vatican officials who seem to think he is attack- JOHN SOARES about China. He too was denied an audience ing the church. To the contrary, he said, “I South Bend, Ind. with Pope Francis. wrote that piece to honor the moral authority Thedeal’sterms remain secret, but it has of the Catholic Church and itscapacity to influ- Lettersintended forpublication failed if itsgoal wastoensurefreedom of wor- enceand makethingsbetterfor people all should be emailed to [email protected]. ship.Inhis FirstThingspiece, Mr.Pompeo acrossthe world.” It is awelcome messagefrom Please include your city, stateand went intosome detail about China’spersecu- aU.S.SecretaryofState,and the Vatican would telephone number.All letters aresub- tions.These include the “Communist Party’s do well to at least hear him out as it enters its ject to editing,and unpublished letters “Hon! Get down here— cannot be acknowledged. program of forced sterilizations and abortions latest negotiations with Beijing. the foliage is peaking!” P2JW275000-0-A01700-1------XA

THE WALL STREET JOURNAL. Thursday, October 1, 2020 | A17 OPINION Sex, Due Process and Amy Coney Barrett

By KC Johnson victims’ rightsgroup writeher criticism of JudgeBarrettasajurist statement and then declined to ap- focused on outcomes and blinded by my Coney Barrett’sSu- pear at the Title IX hearing.Athree- ideology. Theaccused student also preme Court nomination member university panel nonethe- alleged that Purdue violated his con- likely will bring renewed lessfound her claims credible, stitutional rights, including by deny- A attention to the issue of despite never hearing directly from ing him the chancetocross-examine Title IX litigation filed by her. his accuser.Such claims arecommon studentsaccused of sexual miscon- Thepanelistsbased their decision in Title IX litigation; afterthe Obama duct on campus.Asajudgeonthe on an investigativereport that the administration “strongly” discour- Seventh U.S. Circuit Court of Ap- accused student said university offi- aged cross-examinations,most uni- peals,Ms. Barrett wrotea2019 deci- cials refused to let him see.Their versities barred them. sion that revolutionized howcourts decision cost the accused student The Purdue case provided an al- consider Title IX claims from ac- his ROTC scholarship and apotential most perfect fact pattern forajudge cused students. Lawsuitsinthis area career in the Navy.His case eventu- eager to impose across-examination have multiplied since2011 guidance ally came beforeapanel of Judges requirement. YetJudgeBarrett’s from the Obama administration, Barrett,Diane Sykesand AmySt. opinion held that because Purdue’s which pressed universities to adopt EveinSeptember 2018.JudgeBar- conduct might have violated the stu- biased procedures to favoraccusers, rett wroteits unanimous 30-page dent’srightsonmoreclearly defined ruling nine months later. questions—insufficient noticeofthe Theopinion wasnoteworthyfor evidenceagainst him, and possibly a Threeother appellate three reasons.First, it devised anew DAVID GOTHARD “sham” hearing—the court didn’t standard—both simpler and fairer— need to addressthe cross-examina- courts followedher 2019 forcourtstoevaluateTitle IX claims likely innocence, the university’s also using the Purdue standard, is- tion issue.JudgeBarrettexercised TitleIXopinion—a mark filed by accused students. Theprevi- procedural irregularities,and possi- sued asimilar ruling in acase in- judicial restraint. ous standard, offered by the Second ble sexbias by the organization that volving aUniversity of Arkansas stu- As NancyGertner,aHarvardlaw of her qualityasajurist. Circuit in 1994, required accused draftedthe accuser’s statement. dent whose guilty finding the court professor and aformer federal studentstojump through doctrinal Second, the quality of the opinion described as “unexplained” based on judge, recently observed, “Judges of hoops to raise aplausible claim. has given it an outsizeimpact. In the record.And the ThirdCircuit ex- all stripes around the countryhave hoping that doing so would increase Courtswould firstestablish whether the past four months,three other plained that JudgeBarrett’spro- been concerned with fairnessin reporting of campus allegations. awrongfulfinding of guilt might appealscourtshaveadopted the posed “straightforwardpleading these proceedings.” It’sunlikely that Several other courtsofappeals em- have occurred, then search forsex Purdue test forTitle IX lawsuitsin standard ...hewsmost closely to JudgeBarrett’snomination will rise braced JudgeBarrett’sstandard, discrimination elsewhereinthe pro- states under their jurisdiction. Cit- the text of TitleIX.” Given that Su- or fall on her decision to join scores whichnow applies to claims in 22 cess,rather than evaluatingthe col- ing the Purdue opinion, JudgeRay- preme Court opinions must not only of her colleagues in issuing aruling states.Beyondits importancetoTi- lege’sadjudication as awhole. mond Kethledgeofthe Sixth Circuit decide the case beforethem but also favorable to astudent accused of tle IX law, the opinion speaks to JudgeBarrett’sopinion dispensed argued in aJune decision that an provide clear guidancefor lower sexual misconduct. But to the extent JudgeBarrett’squality as ajurist. with all this.Instead, she returned Oberlin Collegeaccused student’s courts, it’ssignificant that other ap- that concerns such as intellectual Thecase involved arelationship to the text of thestatute, and in- “strongest evidenceisperhaps the peals courtsare adopting the Purdue quality or judicial temperament still between two Purdue University stu- structed courtstoask asimple ques- merits of the decision itself in his opinion’sreasoning. playarole in the confirmation pro- dentsthat ended afterthe male stu- tion: “dothe alleged facts, if true, case,” sinceinaTitle IX case where JudgeBarrettdevisedastandard cess,JudgeBarrett’s Purdue opinion dent reported his girlfriend’ssuicide raise aplausible inferencethat the aschool finds aseemingly innocent that protectslikely innocent stu- should serveher well. attempt to school officials.Four university discriminated against [the student guilty,“the meritsofthe de- dents, giving priority to the text of months later, the female student accused student] ‘onthe basis of cision itself,asamatterofcommon thestatuteitself to produceasim- Mr. Johnson is aco-author of claimed that beforethey brokeup, sex’?” ThePurdue panel answered sense,can support an inferenceof pler test forcourtstofollow. It is an “The Campus Rape Frenzy: The At- herboyfriend had sexually assaulted that question in the affirmative, cit- sexbias.” impressiveaccomplishment. tack on Due Process at America’s her as she slept. She had acampus ing the combination of the student’s In September,the Eighth Circuit, Finally,the Purdue opinion rebuts Universities.” The Trump-Biden Stakes: Yo ur Life Savings

By Grover Norquist Mr.Biden’scritique might have yearstoreap the benefits. by 56%. Then they would have fallen he will win. And the policies that made sense when he began his polit- President Trump’stax cuts, de- during the Covid shutdown, but brought increased wealth to tens of n Tuesday’s debate, President ical career.But today, morethan 100 regulation, energy policies,and ap- never far enough to drop to the millions of people will be sustained I Trumpmentioned his greatest million Americans save in 401(k)s, pointmentofself-restrained judges Obama-Biden-erahigh of Nov.8, forthe youngest workersnow be- gifttothe American people—but up from 19 millionin1990,along have put Americans on afaster 2016.Covid wasnot as damaging to ginningtobuild their ownsavings. if youblinked youmight have missed with many othersusing individual course toward savingsgrowth. On your lifesavingsasare Democratic Thepresident gets it. Twoweeks it. “When the stock market goes up, retirement accounts, 403(b)s and Election Day2016,the last day policies. before the debate, in his own Penn- that means jobs,” he said. Then he 529 collegesavingsplans.And this when many Americans and Wall Todaythe market has rebounded sylvania town hall, he said: “Look, added, crucially: “It also means growing “investor class” is increas- and is almost at itsprevious height. we’rehaving atremendous thing in 401(k)s.” That pointhitshome ingly aware.They receivefrequent In contrast, nearly everysingle pol- the stock market, and that’sgood among the millions of Americans reportsand cancheck their state- Millions of Americans have icyproposed by Mr.Biden and Ka- foreverybody.But people that with savingsinatax-advantaged in- mentsonline anytime to see how mala Harris would decrease the aren’t rich ownstock,and they have vestment vehicle,who watched their theirsavingshavegrown, fallen or 401(k)s, making highstock value of your lifesavings. Taxeson 401(k)s.” retirement funds rise in the prepan- rebounded. They watched the Trump valuesaboon forMain businesses.Taxes on workers. Regu- Themoderator tried to cut him demic stock surge. presidency drive up the value of lations on industry. Strictly limiting off when he brought up the stock On stage, JoeBiden had nothing their lifesavings. Street—eveninScranton. independent-contractor status na- market. Thepresident replied, “I’ve to saytothis point. But in aPenn- “Wealth” is a slur to the left. Yet tionwide,asCalifornia did this year. set recordsonthe stock market sylvania town hall this month, he if youask ordinaryAmericans not Empowering unions to makelabor even during thepandemic.And that pooh-poohed the stock market as a about their “wealth” but about their Street believed that we would be lessflexible,mobile and productive. doesn’t happen by accident.” concern only of the distant rich. “All savingsina401(k) or IRA, manycan living under Obama-style economic And perhaps gravest, increasing the With barely amonth beforeElec- that Trump cansee from Park Ave- tell youits value to the penny. Skep- policies,the S&P 500 stood at 2140. taxyou’ll paywhen youcash your tion Day, President Trump should nue is Wall Street. All he thinks tics arguethat the market’sperfor- By this February, afterthree years stockout. pose afew questions of his ownto about is the stock market, and tell- mancematters only to investors of President Trump’spolicies,the Thereisnoidea proposed by the American voters:“Areyour lifesav- ing them, ‘We’regoing to do all with the biggest stakes,but that ar- S&P peaked at 3385 right beforethe Democratic Party that will increase ingsbetteroff than they were four right, everybody owns stock.’ How gument gets thingsbackward.Youn- Covid shutdown—an increase of 56% the value of your savings. yearsago?Who do youtrust to manyofyou all ownstock in Scran- gerAmericans,just beginning to sinceMr. Trump waselected. If Mr.Trump’scampaign can keep your 401(k) growing? ton? In my neighborhood in Scran- save in an IRAor401(k), have an If your retirement savingswere communicatethis messagetoafrac- ton, not awhole hell of alot of peo- even greater interest in pro-growth simply invested in the S&P during tion of the Americans whose life Mr. Norquist is president of ple ownstock.” economic policies.They have more that period, they would have grown savingsare at stake on Election Day, Americans for Tax Reform. Leave No Country Behind in the Post-Covid Recovery

By Robert B. Zoellick Emerging-market assetsfell sharply, back and deleverage. ease and economic disaster—de- are models in President Bush’s ini- but then some rebounded because Economic and social shocks create pends on revivals elsewhere. Amer- tiatives to counter HIV/AIDS,malaria evelopingeconomies faceade- the flood of central-bank liquidity hugepolitical wavesthat overwhelm icaFirst shouldn’t morph into and tuberculosis. D cade of stagnation. Their led investorstochase higher yields, governments. This crisis is kicking AmericaAlone.Evenmodest moves TheG-20accepted an IMF stop- plight poses dangersfor the especially fordollar-denominated out the laddersunder families climb- toward cooperation canbuild confi- gaprecommendation to let the U.S. and the world. During the global debt and equities.Yet as developing ing up from poverty to attain in- dence. PresidentsGeorge W. Bush poorest nations defer payment on financial crisis adecade ago, emerg- market currencies depreciate, inves- comes and hopes—nowdashed. andBarack Obama,aswell as the debt owedtogovernments. Other ing marketssupplied asupportiveen- tors have grown fearful. Schooling will suffer.Small and mid- U.S. Congress, recognized these in- countries will need help as well. Pri- gine of growth. This time they might Themost vulnerable—Argentina, sizeenterprises and those without terconnections in 2008-09.The 2009 vate lenderswho chased higher re- throw recovery intoreverse. Ecuador,Lebanon—have already fal- internet connections will lose out. G-20 summit in London established turnsinriskier marketswill need to Formonths,Covid-19 spread tered. Turkey and South Africa are The U.S. has paid a big price in the astable floor on which countries be- restructuredebts. Some investors slowly in the developing world. Now stumbling toward the edge. Thewise past for political upheavals in Latin gan to rebuild. will claim that revised terms will about 70%ofnew cases plague and wary recall that when events America, includingthrough migra- hurt borrowers’access, but extraor- poorer countries,and that’ssurely triggerbreaks in emerging markets, tion, insurgencies,criminal networks dinaryevents—whether forhome- an undercount. Developing countries plunges have been rapid and sharp. and loss of partnerships. The Euro- The pandemic may deepen ownersorcountries—warrant spe- struggle with weak public-health Ascanofthe world reveals plenty pean Union shares ageographic des- global poverty and stifle cial arrangements. systems and have ahardtime imple- of potential unnerving incidentsthat tinywith astruggling Africaand China’sloans will need to be part menting social distancing and quar- could transform pandemic trauma Middle East. South Asia seethes with trade and investment. of these debt revisions.The U.S. and antines.Manypeople lack basic intofinancial and social breakdowns. simmering conflicts. Central Asia, othersare morelikely to gain needs such as soap and water. TheU.S.and China arelocked in dependent on remittances and com- China’scooperation if they direct the Theeconomics of the pandemic brinkmanship,whereas they cooper- modities, could become a dead end Countries will givetheir ownciti- IMF to coordinate a multilateral ef- smashed emerging markets. Remit- ated during thefinancial crisis.The forChina’sBelt and Road and adan- zens first priority for vaccines and fort designed to help developing tances fell. Touristsvanished. Ex- frictions of trade relations arespark- gerous borderland for Russia. treatments. But they can also com- economies, not score points. ports, including of energy and com- ing hostilities, as policy makers ig- In weeks,the World Bank and In- mit support forthe most vulnerable Thedangerous circumstances modities,tumbled. Governments nore the lessons of the 1930s. A fi- ternational MonetaryFund will con- in developing countries. The World might even prod the U.S. and China have lessmoney to help people.Def- nancial crisis in amajor emerging vene virtual annual meetings. The Health Organization should playa to rediscover acommon interest in a icitsand debtsjumped. Long-term market could spur retreatsindistant leading economies of the Group of role,but in anyevent GAVI (formerly healthy world economy. Supply and foreign investments dropped. places,asdefaultsdid in the late 20 need to wake up to these dan- the Global Alliancefor Vaccines and transport disruptions arestoking the Developingcountries looked for 1990s.Arush of corporateinsolven- gers.The U.S. should recognizethat Immunization), which the U.S. has risk of food price surges, as well as international financial lifelines. cies could prompt investors to pull itshealthyrecovery—from both dis- long supported, could step in. There export bans that would exacerbate dangers for everyone. On the other hand,changing supply chains will create opportunities for new infra- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Peace? structureinvestments. Removing Rupert Murdoch Robert Thomson trade barrierswill makeeconomic Executive Chairman, News Corp Chief Executive Officer, News Corp Karol Markowitz writing for the the hardcoreactivists, the ones set- recoveries easier.The IMF and Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Washington Examiner,Sept. 24: ting up tent cities everynight in World Bank should stretch to supply Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Portland and smashing windows,are concessional long-term lending,and Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; One argument made by and for not likely to stop just because JoeBi- their government shareholders Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; JoeBiden against President Trump is den wins.Just ask them: “A JoeBi- should supply more resourcesif News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; that aBiden victorywould calm the denPresidencyWill RequireMass needed. Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer streets. . . . A group helmed by Protests, Too,” proclaimed aheadline Developed economies have limited Andrew Dowell, Asia; AnthonyGalloway, Video & Georgetown professor Rosa Brooks in Jacobin. Thearticle warned: the tail risks that might have al- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; “war-gamed” out the elections and “Thereare good reasons to believe lowedthis pandemic to spiral down- Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; found, Brooks wroteinthe Washing- passing the baton from Trump to Bi- ward intoadecade of depression. Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; tonPost, that “a landslide forJoe Bi- den isn’t going to result in anypro- But the tail risks foremerging mar- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News den resulted in arelatively orderly found changewhen the next uprising kets aregrowing.The U.S. and other Thomas SanFilippo, Customer Service; transfer of power. Everyother sce- comes—which, between the pan- G-20 economies cannot affordmyo- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; nario we looked at involved street- demic,ahistoric depression, looming pic visions of recovery. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; levelviolenceand political crisis.” food shortages,and the ongoing rav- Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International Putting aside that that sounds ages of climatechange, it will cer- Mr. Zoellick is aformer World WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: morelikeintimidation than anything tainly do.Infact, if tens of millions of Bank president, U.S. trade represen- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head else,there’slittle evidencethat that’s liberals simply switch off and fail to tative and deputy secretary of state.

EDITORIAL AND CORPORATEHEADQUARTERS: true.Sure, some people might go resist the next presidencywith the He is the author of “America in the 1211 Avenue of the Americas, New York, N.Y., 10036 home because Trump as president fervor they brought to Trump’sfour World: AHistory of American Diplo- Telephone 1-800-DOWJONES provokes them into the streets. But years, it could end up much worse.” macy and Foreign Policy.” P2JW275000-0-A01800-1------XA

A18 | Thursday, October 1, 2020 THE WALL STREET JOURNAL.

Agraphic adaptation of the smash “If you want to actualize yours Chairman Emeritus and former CEO of Abold and provocative re-examination international bestseller recommended by or your business’sfull potential, The Estée Lauder Companies Leonard of the most critical challenges that face the President Barack Obama and Bill Gates. this is the book to read.” A. Lauder shares the business and life United States, and an urgent call to preserve —DEEPAK CHOPRA lessons he learned while helping transform America’sstanding and security from the business his mother founded into a Lt. General H.R. McMaster,U.S. Army,Ret. The Home Depot cofounder and owner multi-billion dollar enterprise. of the NFL’s Atlanta Falcons and MLS’s Atlanta United shares avision and a roadmap for values-based business.

“This is athrilling book—one that will Leading Bible scholar N.T.Wright reveals Hilarious stories and crowd-pleasing Straight-shooting wisdom for coping with speak to readers who have felt the terror how Christianity presents acompelling recipes that are quick, easy,and whatever challenges life throws at us of isolation in these recent, torturous and relevant explanation for our world. delicious from the Fox and Friends from the bestselling author of months and one that will simultaneously, co-host and his wife. Unfu*k Yourself. as great books do, lift them out of it.” —Vogue.com Find Your Next

“Illuminating and powerful ... “In astunningly original book, “[A] boundlessly entertaining memoir .. An urgent and informed look at amemorable book with a Ellis Cose cuts to the very core of .readers may not at first realize the the challenges America and resounding message.” free speech battles.” trove of valuable advice it contains.” world governments will face — Publishers Weekly (starred review) —IBRAM X. KENDI — Publishers Weekly in apost-Covid-19 world.

“Lou Dobbs hits the mark in this The former First Daughter and “A must read for little girls Former U.S. president Jimmy Carter thoughtful and reasoned book. Agreat Granddaughter,#1bestselling author, around the world.” shares practical spiritual reflections read that makes such profound sense.” and coanchor of Today shares moving, —Elizabeth Warren, U.S. senator gleaned from his decades teaching —JASON CHAFFETZ funny stories about her beloved from Massachusetts the Bible. President Carter’scontagious grandparents and the wisdom they desire for peace, compassion, and passed on that has shaped her life. wholeness permeate the introductions, thoughtful essays, pithy quotes, and honest prayers recorded throughout this Bible. Discovergreat authors, exclusiveoffers, and moreathc.com. P2JW275000-4-B00100-1------XA BUSINETECHNOLOGY:SSGOOGLE UNVEIL&FS ITS HARDWAINRE LINEUPANB4 CE

© 2020 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. Thursday, October 1, 2020 | B1

S&P 3363.00 À 0.83% S&P FIN À 1.24% S&P IT À 0.91% DJ TRANS g 0.63% WSJ $ IDX g 0.21% LIBOR 3M 0.234 NIKKEI 23185.12 g 1.50% See more at WSJ.com/Markets AirlinesGoForward With JobCuts Icahn’s

BY ALISON SIDER line relief.Both carrierssaid workersback if lawmakerscan proved under the broad eco- of workersopted to retire Son Set they will bring workersback if approvemoreaid in the next nomic stimulus packagepassed early or took buyoutsasair- American Airlines Group adeal is reached in the next few days,Chief ExecutiveDoug in March. linesscrambled to cut spend- Inc.and United Airlines Hold- few days. Parker told employees in alet- That aidwas aimed at help- ing, none had been forced to To Rejoin ings Inc.will go forwardwith “Weimploreour elected ter. ing airlines managethrough leave their jobs until now. morethan 32,000 job cuts leaderstoreach acompromise, “Unfortunately,thereisno what they hoped would be a Airlines have raised billions Thursdayafter lawmakers getadeal done now, and save guarantee that anyofthese ef- temporarycrisis without re- of dollarsfromcapital markets were unable to agree on a jobs,” United said Wednesday fortswill come to fruition,” he sorting to masslayoffs.While and in some cases from addi- Firm broad coronavirus-relief pack- night. Theairline said over wrote. “I am extremely sorry air-travel demand has climbed tional government loans,and age, the airlines told employ- 13,400 employees will be out of we have reached this outcome. from the depths it reached in areinlittle danger of immi- ees. ajob starting Thursday. It is not what youdeserve.” April, it remains nearly 70% nently running out of money. BY CARA LOMBARDO Themassivejob reductions American, which has Airline workershad been lowerthan ayear ago. Analysts But they saythey don’t want to could put pressureonlawmak- planned deeper cutsthan any largely insulated from thedeep forecast that U.S. airlines will payworkersthey don’t need Carl Icahn is finally ready erswho have negotiated on othercarrier,also told Trea- declines in travel due to the lose $30billion this year,ac- while they areburning through to loosen the reins on his in- and off formonths over an aid surySecretaryStevenMnuchin conditions imposed on $25 bil- cording to FactSet data. millions of dollarsaday and vestment empire. packagethat could include air- that it will bring its19,000 lion in government aid ap- So while tens of thousands PleaseturntopageB2 His son, Brett, is set to re- join Icahn Enterprises LP, which he leftin2016,people FAA Chief Flies Boeing’s 737 MAX in Personal Test of Latest Fixes familiar with the matter said. Fed Curbs He will manageanew team of portfolio managers, buy a$10 million stakeinthe firm and Payouts, join itsboardaspart of his 84-year-old father’s succession plan. Theelder Mr.Icahn will for Buybacks nowremain in charge of the publicly traded firm, which hasn’t managed outside money At Banks foryearsand has amarket value of roughly $11 billion. BY ANDREW ACKERMAN But the firm will adopt a plan for Brett Icahn to succeed his WASHINGTON—Thebiggest fatheraschairman and chief U.S. banks will facerestrictions executiveofits investment on dividends and sharebuy- segment either in seven years backsfor an additional three or sooner at his father’s re- months,the Federal Reserve quest, the people said.

said Wednesday, citing the S Brett’steam will pitch ideas

need to conservecapital during PRES to Carl, who will have the final the coronavirus-induced down- sayand requireBrett to invest TED turn. asmall amount of his own OCIA

TheFed said it would main- SS money intoeach investment, tain prohibitions on sharebuy- /A the people said. backs and acap on dividend Rather than oversee aset TIMES payments by 33 banks with amount of capital, the amount morethan $100 billion in as- TTLE of money managed by Brett’s sets until the end of year.The SEA team will depend on their in- restrictions,imposed forthe vestment ideas.

thirdquarter,weredue to ex- GEL/THE Theagreement wasasex-

pireWednesday. SIE tensively negotiated as some

Theaction is intended to MIKE of Mr.Icahn’sactivist cam- “ensurethat large banks main- HANDS ON: Steve Dickson sits inside the deck of a 737 MAX ahead of take-off from Boeing Field in Seattle. The official, a former paigns.The two men spent tain ahigh level of capital re- Air Force and airline pilot, gave a tentative endorsement to the changes in the beleaguered model after a two-hour flight. B2 roughly two years on and off silience,” the central bank said. hashing out details of Brett’s “The capital positions of large PleaseturntopageB10 banks have remained strong during the thirdquarter while such restrictions were in place.” NYSE ReachesMilestone in DirectListings In another sign of the un- certainty facing the industry andthe broader economy, the BY CORRIE DRIEBUSCH MorganStanley software that asharearound 1:40 p.m. New Wednesday. TheShareworks form beforethe close of trad- Fedhas required big banks to AND MAUREEN FARRELL prevented some existing inves- York time.Onceitdid, current platform is used by manycom- ing.Otherssaid they struggled undergo asecond round of tors in the companyfromun- and former employees of Pal- panies,not just those going to sell their stock through the stresstestslater this year, Palantir Technologies Inc. loading shares formuch of the antirwho wanted to sell some public via direct listings. closing bell and were also un- based on two coronavirus-re- and Asana Inc.both completed afternoon, according to people of their stakeonthe open mar- Theproblems eased latein able to sell by phone. latedrecession scenarios.Re- direct listingsonthe NewYork familiar with the matter, kethad difficulty doing so, the dayand the system was By the time marketsclosed, sultsofthe tests, designed to Stock Exchangeonthe same throwing intoquestion these people said. Palantir em- fully functional by 3:30 p.m. Palantir’s stock wasworth less ensurebanks cancontinue to day, amilestone forthe little- whether thereare moresellers ployees use MorganStanley’s ET,according to aperson fa- than it wasearlier in the day. lend in acrisis,will be an- tested way to go public. waiting in the wings. stock-plan business, called miliar with the matter. Some Thestock closed at $9.50, be- nounced by the end of the year. But Palantir’s debut was Thedata-mining company’s Shareworks,which suffered individuals’ sell orders were lowits high of $11.42 and its Banks areinamuch stron- mired by technical issues with stock opened fortrading at $10 from technical difficulties able to be executed on the plat- PleaseturntopageB11 gerposition than they were during the financial crisis of 2008.But an analysis the Fed conducted this summer found California Sets Diversity Quotas for Boards that if the economytakes a long time to recover, banks could experiencelosses on a BY ANNE STEELE ShareofBlack individuals and other racial and ethnic minorities Number of racial and ethnic equal protection provisions of similar scale.Itsaid at the on Russell 3000 boards since2015 minorities on the boards of thelaw. time that limiting shareholder California Gov.Gavin the top10public companies Morethan 35% of Califor- Black boardmembers Black directorships Racial/ethnic payoutswould help keep banks Newsom signed legislation on minorities based in California* nia’s513 public-company healthyduring the recession. Wednesdaythat will requirethe 12% boards—185 companies— Thebiggest U.S. banks,in- boards of publicly traded com- Alphabet 4 wouldn’t meet the requirement cluding Bank of America Corp. panies with headquartersinthe 10 of one director from adiverse and JPMorganChase &Co., statetohaveatleast one ra- Tesla 3 background when it goes into had already voluntarily halted cially,ethnically or otherwise Walt Disney 3 effect in 2021, according to sharebuybacks through the diversedirector by 2021. 8 Equilar,aresearch firm that Apple 2 second quarter.Buybacks are The quotaisthe firstofits gathersdataonexecutives and the main way U.S. banks return kind in the U.S. and follows a 6 Facebook 2 boards.Bycomparison, 20% of capital to shareholders. Under similarCalifornia measureen- Visa 2 California public companies in the dividend restrictions, acted two yearsago that man- 4 theRussell 3000 Index, which banks won’t be able to make dated female directors on Nvidia 2 includes the majority of compa- payoutsthat aregreater than boards of the state’spublic 2 Adobe 2 nies traded on major U.S. stock theiraverage quarterly profit companies.The lawisexpected exchanges,had no female direc- Salesforce 2 from the four most recent to have wide-ranging impact, 0 tors when the statemandated quarters. potentially sparking debateand PayPal 1 women getdirectorships,ac- TheFed’srestrictions come legislative effortsinother parts 2015 ’16 ’17 ’18 ’19 ’20 cording to Equilar. as manybank shares have of the country. *Ranked by market value Thenew rule requires a plunged as the coronavirus “Wehaveavision about how Sources: ISSESG (shareofboardmembers); Equilar (top companies in California) greater number of underrepre- pandemic took atoll on banks’ this statecould be an example sented minorities on boards bread-and-butterlending busi- forthe rest of the country,” said cisions aremade,wherethe cul- Asian, Pacific Islander,Native ered eligible formeeting the re- starting in 2022,and approxi- nesses.Short-term interest Assemblyman Chris Holden, a tureisset.” American, NativeHawaiian or quirement. mately 83%—or 423 public ratesnear zero and tens of bil- co-author of the bill. “This is an Under the newlaw,individu- Alaska Native, or who identify Thebill passed 56-8 in the companies in California— lions of dollarsset aside to opportunity to getpeople of als who identifyasBlack,Afri- as gay, lesbian, bisexual or Assembly at the end of August; wouldn’t be able to satisfythe PleaseturntopageB11 color at the table wherethe de- can-American, Hispanic,Latino, transgender,would be consid- dissenterssaid it would violate PleaseturntopageB2 TAXREPORT | By Laura Saunders INSIDE Be Aware of Boundaries on Deductions

President returns because it says it ing family members and pull between tax preparers S

Trump is fac- wants to protect its sources, making personal use of busi- and clients in this process. NEW ing scrutiny making it hard to analyze ness assets, and sometimes The higher the fee, the G for tax deduc- the report with certainty. grooming expenses—raise is- greater the pressure on the OOMBER

tions that mil- Mr. Trump disputed the sues they see in preparing preparer to do what the cli- BL lions of Amer- report, but he has repeatedly returns for clients with far ent wants. Yet tax profes- icans use, or would like to. declined to release specific less wealth than the presi- sionals who sign false re- ENERGY BUSINESS This week the New York information about his taxes, dent’s. The consequences of turns risk losing their NextEra’spursuit of NewYork sues Times published an exten- unlike his opponents and getting them wrong range licenses, so they often push Dukecould help spur gym chain forcharging sive analysis of Mr. Trump’s predecessors. from a slap on the wrist and back. taxes after obtaining many Tax professionals say sev- an interest payment, to huge Andy Mattson, a CPA with renewables through fees while fitness years of his tax returns. The eral of Mr. Trump’s reported penalties or prison. Moss Adams in Campbell, South and Midwest. B3 centerswereclosed. B6 Times hasn’t published the deductions—especially pay- There is often a push and PleaseturntopageB10 P2JW275000-5-B00200-1------XA

B2 | Thursday, October 1, 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.

A FireEye...... B4 R FAA Chief Pilots 737 MAX Allstate...... B11 Fitbit...... B4 Royal Caribbean Group Alphabet...... A3,A4,B4 5Dimes...... B6 B2 Amazon.com...... A3 Fox...... A4 Royal Dutch Shell...... B3 American Airlines Group H S B1 Hawaiian Airlines...... B2 To Test Boeing’s Latest Fixes SeaWorld Anthem...... A3 Hengda Real Estate..B10 Entertainment...... B12 Apple...... A3,A7,R1 I Shenzhen Kangtai Asana...... A7,B1 Icahn Enterprises...... B1 Biological Products A AstraZeneca...... A8 BY ANDY PASZTOR Wednesday’s flight—which the go-ahead, individual air- tion distills findingsofa Instagram...... B4 A8 Axios Media...... B3 AND ANDREW TANGEL Mr.Dickson pledged months lines will have to complete lengthyinvestigation by the J Six Flags Entertainment B B12 ago to perform—is one of the maintenance checks, conduct panel’sDemocratic majority, Japan Exchange Group Bank of America...... B1 Snowflake...... R1 Boeing Co.got atentative last steps intended to allay operational-readiness flights which blamed the FAAand the B10 Boeing...... B2 Southern Co...... B3 JPMorgan Chase...... B1 personal endorsement for passengers’ concerns about and put pilotsthrough extra Chicagoplane maker formiss- BP...... B3 Southwest Airlines....B2 K fixestoits beleaguered 737 the MAX’ssafety beforethe ground-based flight-simulator ing repeated opportunities— C T MAXfromthe head of the FAAisexpected to clear the training beforestarting to and lacking adequate internal Koch Industries...... B3 Carnival...... B2 Tesla...... A7,R1 Federal Aviation Administra- aircrafttoresume commercial carry passengers again. safeguards—toeliminate L Cedar Fair...... B12 Town Sports tion afterhepersonally took operations. Mr.Dickson’sunusual flight safety hazards beforethe Chevron...... B3,R2 Lennar...... A7 International Holdings one of the jetsonatest flight. “Westill have some work to coincided with the House crashes. An automated flight- B6 China Evergrande Group M “I likewhat Isaw on the do yet” to respond to public Transportation Committee’s control feature called MCAS B10 Trump Organization..B10 Medtronic...... B3 flight this morning,” said FAA commentsand finalizeall of approval of abipartisan bill— misfired, overwhelming man- Citadel Securities.....B11 Morgan Stanley...... B1 U Administrator SteveDickson, a the airplane and training revi- weaker than earlier Demo- ualpilot commands and put- Comcast...... B3 N United Airlines Holdings former Air Forceaviator and sions,Mr. Dickson said. Asked cratic proposals—intended to ting both jetsintosteep,unre- D B1 New Home...... A7 senior airline pilot, aftersit- about faltering public confi- prevent arepeat of FAAand coverable nosedives. Defiance ETFs...... B11 NextEra Energy...B3,B12 UnitedHealth Group...A3 Dominion Energy...... B3 Norwegian Cruise Line Universal Health ting behind the controls for a denceinthe FAA’slatestover- Thebill expands FAAau- D.R. Horton...... A7 Holdings...... B2 Services...... B4 two-hour ride over partsof sight of the MAX, the agency’s thoritytochoose and super- Duke Energy...... B3,B12 O W the Pacific Northwest, accom- chief responded, “I don’t think ‘We still have some vise Boeing employees, called E Overstock.com...... R1 Walt Disney...... B12 panied by ahandful of pilots youeverstoptrying to earn designees,delegated to ap- Evergrande Property P Wells Fargo &...... B3 who work for Boeing and the the trust of the public.” work to do yet’ to provesafety systems on behalf Services Group...... B10 Wirecard...... B10 FAA. With preliminarysupport of the government. It also in- Palantir Technologies Exxon Mobil...... B3,R2 finalize the A1,B1 Z Theagencyisin the final from international air-safety troduces stepped-up whistle- F PulteGroup...... A7 Zoom Video phase of a drawn-out process regulatorsalready in hand and revisions. blowerprotections and civil Facebook...... A3,B4 PVH...... B6 Communications...... R1 vetting hardwareand software final details of pilot-training fines if manufacturersfail to changes to the MAX, particu- changes expected to be ironed fully disclose details of essen- larly to an automated flight- out in coming weeks,the MAX tial flight-control systems or control system that led to two fleet could secureapproval as Boeing mistakes that ulti- seek to interfere with deci- INDEX TO PEOPLE fatalcrashes in 2018 and 2019. early as November to return to mately ledtoaglobal MAX sions by FAA designees. “I felt very comfortable.I commercial service. Wide- grounding in March 2019.Two Thelegislation calls forad- A K R felt very prepared based on spread passenger flights fatal crashes of the twin-en- ditional FAAfunding and per- Allen, Mike...... B3 Karp, Alex...... B11 Robo, James...... B3 the training,” Mr.Dickson, still acrossthe U.S.,Europe,Can- gine jet within lessthan five sonnel to handle increasingly Arnold, Jonathan...... B3 Kin, Suan Teck...... R4 Rowland, Jennifer...... R2 wearing his blue FAAflight ada and other regions could months of each other took 346 sophisticated cockpit automa- B L S suit, told reporters, referring followaround the end of the lives, created the biggest cor- tion. But it doesn’t include a to Boeing’s proposed ground- year,based on internal FAA porate crisis in Boeing’s 104- proposed provision that would Bielski, Matthew...... B11 Lancioni, Ugo...... R4 Sneyd, Michael...... R4 simulator training sessions for and carrier timelines. year historyand threatened have barred manufacturers Brady, Jason...... R4 Larsson, Stefan...... B6 T pilotsthat would getthe MAX “Thereisverylittle day- the FAA’sstatureasthe from piggybacking regulatory Buffett, Jimmy...... B12 Lebow, Andy...... R2 Till, Hilary...... R4 back in the air.“We’reinthe light between the authorities world’spre-eminent air-safety approvals forheavily modified Buffett, Warren...... B12 M C Tuttle, John...... B11 homestretch, but it doesn’t on this project,” Mr.Dickson authority. versions of certain decades- Malmgren, David...... R1 mean we’regoing to take said. Passed on avoicevotewith old plane designs—as Boeing Chirico, Manny...... B6 V McCarthy, Christine..B12 shortcuts.” Even afterregulatorsgive no amendments, the legisla- did when it created the MAX. Cohen, Stephen...... B11 Mikhailovich, Simon...R4 VandeHei, Jim...... B3 H Milling-Stanley, George Varela, Laura...... B6 Hense, Kaspar...... R4 R4 Veneau, Jim...... R4 I Moskovitz, Dustin....B11 W Icahn, Brett...... B1 P White, Justin...... R1 Icahn, Carl...... B1 Parker, Doug...... B1 Wilson, ThSomas...... B11 CDC Extends Ban On Cruises to Oct. 31

BY BETSY MCKAY Thecruise operators’ trade AND DAVE SEBASTIAN group,which has voluntarily suspended sailingsuntil Oct. TheCentersfor Disease 31, last week released aplan

Controland Prevention ex- that called forimplementing S

tended its ban on cruise sail- tightercontrols to keep in- PRES ingsinthe U.S. by amonth, to fected people from boarding UMA

Oct. 31, matching the indus- ships,among other measures. /Z try’splans to restart abusi- Major cruise operatorshave /TNS nessthat has been largely sus- not been sailing in the U.S. for pended by the coronavirus about six months,after out- GANS

pandemic. breaks aboardtheir ships trig- MBS Theno-sail order wasset to geredsailing suspensions and WA expireWednesday, and there tangled effortstorepatriate ON JAS

has been debateabout passengers and crew. E. whether the passenger ships Without sailings, the com- While air-travel demand has climbed from the depths it reached in April, it remains nearly 70% lower than a year ago. could safely resume opera- panies have been burning cash tions while the Covid-19 virus as revenue essentially evapo- U.S. airline industry Number of passengerson Mr.Mnuchin said earlier in continues to spread in partsof rated. Together, Carnival Airlines employment* U.S. airlines† the daythat he hoped airlines the country. Corp., RoyalCaribbean Group would delayjob cutsifadeal 100 million passengers TheCDC said Wednesdayit and Norwegian Cruise Line 800 thousand 706,824 wasunder way. extended the ban to reflect the Holdings Ltd. have reported Implement Labor unions have picketed need for further preparations morethan $10.8 billion in and inundated lawmakerswith to ensurethe safety of sail- losses forroughly the first 600 75 letters and tweets. ings. half of the year. Job Cuts 16.5M American and United ac- Thedirector of the CDC, Some companies aresailing count forthe bulk of the job Robert Redfield, had recom- again in Europe.But therehas cuts scheduled forthis week, mended extending the no-sail already been an outbreak. ContinuedfrompageB1 400 50 though afew othershavealso orderintonextyear but was Norway’s Hurtigruten sus- flying afraction of their usual planned smaller reductions.Al- overruled at aWhiteHouse pended its expedition cruises schedules. legiant Air said it remained op- meeting this week, according in early August, amonth and a Airlines and their labor 200 25 timistic and decided to hold off to afederal official familiar half after restarting them, af- unions have lobbied aggres- on the 275job cutsithad with the matter. terthe virus spread among sively foranother $25 billion planned. Hawaiian Airlines TheCDC had draftedanor- crew membersand passengers to continue paying workersfor said it would go ahead with its der that would leave the ban of its MS Roald Amundsen, a six moremonths and contin- 0 0 furloughs. in effect until February, this 530-passenger ship that ued the push intothe final 2019 ’20 2019 ’20 Several airlines have whit- person said, but the White cruises Arctic waters. hoursofnegotiations on *For part-time and full-time workers †For domestic and international passenger enplanements tled down thenumber of jobs House Task Force, chaired by TheCDC said cruise ships Wednesday. Source:Bureau of Transportation Statistics they plan to cut, offering buy- Vice President MikePence, de- arehotbeds forvirus trans- While Republicans and Dem- out and early-retirement offers cided to extend the order for mission. TheCDC said there ocratsboth supported aid to Speaker NancyPelosi (D., Ca- House opted to delayavoteon and striking deals with unions one month instead. were 3,689 confirmed Covid-19 airlines and several other lif.) renewedtheir stalled nego- a$2.2 trillion coronavirus-aid to cut costs. Some,including WhiteHouse officials didn’t or Covid-likecases on cruise items under consideration, tiations this week,though they package, which Democratic Southwest Airlines Co., aren’t want to see the industry fur- ships and 41 deaths out of U.S. they have remained split on failed to reach an agreement aides said would allowthe two planning anyfurloughs at all ther damagedand lose more sailings between March 1 and other issues and have been un- Wednesdayafternoon. Still, sides to keep discussing.Asit this week,though they have jobs in hubs like Miami, ac- Sept. 28. able to come to terms on how Democratsand the White stands now, the legislation has warned they might not be able cording to another person fa- —Alex Leary much to spend overall. House continued to work to no chanceofpassing in the to avoid them indefinitely miliar with the matter. contributed to this article. Mr.Mnuchin and House find common ground. The Senate. without aid. California ADVERTISEMENT ARD TheMarketplace

BILLBO To advertise: 800-366-3975orWSJ.com/classifieds Sets Board R S FO GES PRES PUBLIC NOTICES BUSINESS OPPORTUNITIES IMA Diversity TED CIA =:/#(& /: *!! 1/:("$:!'&41 :% 7$-/&4*? #=(; SO GETTY CXOB4" ="4"+G ZX0;\"$ 0=B0 XZ PB4)= /& .E.E& J"0;0;XZ"4 0!)%0 )*8%9 6: AS 8*6& $40.*8% ContinuedfrompageB1 PB8)X87 PX4M;88" \8"$ B D"4;\"$ ,VV8;)B0;XZ ^X4 LSH/ ,VVX;Z07"Z0 X^ 'O30X$;BZ BZ$ %")4"" X^ %;33X8O0;XZ /$+88;*2204)%& requirement with their current T (8&# 84-. 5."4)%8 0%*&; WA MCINTYRE/ U0=" QJ"0;0;XZ6T ;Z 0=" %"8BKB4"'XO40 X^ '=BZ)"4G U'B3" .%'8+&%& .+(&

boards,according to Equilar.In AN NXS .E.E ^X4 XZ" =OZ$4"$ BZ$ 0K"Z0G UW.ET PINTERES 2022, boards with four or more SUS EMMA (%0#%6 '4+6-; memberswould have to include Derica Rice, Bristol-Myers Squibb director; Andrea Wishom, Pinterest director; Debra L. Lee, P&G director. $BG3 ^4X7 0=" 8B30 $B0" X^ VO+8;)B0;XZ X^ 0=;3 NX0;)" 0X >=15/1753,1/ 4<6%0 two people from underrepre- V4XM;$" BZG ;Z0"4"30"$ 30X)9=X8$"4 0=" XVVX40OZ;0G 0X X+:")0 0X 0=" 4"RO"30"$ BVVX;Z07"Z0 X^ %4SPX4M;88" B3 sented groups; boards with at cording to Equilar. agrowing emphasis by institu- On anational scale, racial di- 'O30X$;BZ BZ$1X4 0=" J8BZ X^ [;RO;$B0;XZ BZ$ %;33X8O0;XZ least nine directorswould have While afew organizations tional investorsonenvironmen- versity of corporateboards is =" =B3 \8"$S _^ ZX X+:")0;XZ ;3 7B$"& %4SPX4M;88" K;88 +" to include aminimum of three filed lawsuitsoverthe gender tal, social and governance, or harder to track than gender.It BVVX;Z0"$ 'O30X$;BZ BZ$ K;88 7B9" $;304;+O0;XZ X^ B88 X^ diverse directors. mandate, the businesscommu- ESG, metrics. isn’t clear howCalifornia plans J=G0"4B534"7B;Z;Z> B33"03 ;Z B))X4$BZ)" K;0= 0=" J8BZ X^ [;RO;$B0;XZ BZ$ %;33X8O0;XZ BZ$ K;88 0="4"B^0"4 3""9 THE Some supportersofthe new nity,byand large,hasn’t chal- In July,New York City Comp- to obtain information about B$")4"" X^ :O$;);B8 $;33X8O0;XZS #D A5<95 KA 59E9,H9 +DC lawmandating diversity have lenged the law, partly because troller ScottStringer called on companies based in the state. <,2K5,)JK,AD2 >+C+)I9 KA CAJ 65AG 70CK95+8259G+,D,D3 MARKETPLACE been heartened by the outcome institutional investors, such as 67 public companies to disclose Fewcompanies disclose the +229K2? 70CK95+GJ2K 0+H9 CAJ5 EJ559DK EADK+EK of California’sgender mandate BlackRock Inc.and State Street the composition of their work- ethnic makeup of their direc- ,D6A5G+K,AD; -AJG+C >5AH,<9 2JE0 ,D6A5G+K,AD )C ADVERTISE TODAY &.G+,I A5 @+,I KA '5;@A5H,II9 +D< 70CK95+82EA5>A5+K9 forboards.The majority of pub- Corp., had called forgreater forces by race,ethnicity and tors.According to the Confer- +KKA5D9C +K K09 6AIIAF,D3 +<<592292B (800)366-3975 lic companies with all-male gender diversity within the gender.Earlier this week,34 enceBoardand ESGdataana- J=G0"4B& _Z)S #X8"G A[B4$Z"4 [[J Formoreinformation visit: boards when that lawwas en- ranks of companies,including companies in the S&P 100 Index lytics firm Esgauge, 13% of S&P JSLS *XI2Y WWW !OZ0;Z>0XZ ,M"ZO" H=4"K3+O4G&P,EW@?@ *X30XZ& P, E.WYY wsj.com/classifieds acted two yearsago have since at thetop. complied, among them Ama- 500 companies and 4.9% of FSHS,S FSHS,S added at least one woman, with Companies arefacing in- zon.comInc., General Motors Russell 3000 companies dis- ,00Z( PB8)X87 PX4M;88" ,00Z( ]O8;"< ,ZZ" [O0\ 77X4M;88"-0XKZ;3VS)X7 :8O0\-^X8"GS)X7 ©2020Dow Jones &Company,Inc. the majority of those recruits creasedpressuretodiversify Co., PayPal HoldingsInc., Coca- close the race of each director All Rights Reserved. being first-time directors, ac- and makesuch disclosures amid Cola Co.and Pfizer Inc. on the board. P2JW275000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** Thursday, October 1, 2020 | B3 BUSINESS NEWS AxiosThrivesAmid Bleak Ad Landscape

Digital news startup is business, the people said. nology and education. ios’s television news program ing, primarily the newsletter venture-capital-backed site Some big newslettersponsors Thecompanyisalso look- on HBO. sponsorships,the people said. raised $27 million in Decem- on target to make a have included Comcast Corp., ingatpossible acquisitions, Axios currently has 1.4mil- Therest comes from events, ber 2019 and so far hasn’t profit this year despite Koch Industries and Wells thepeople familiar with the lion individual newslettersub- product licensing and the HBO spent anyofthat money,the Fargo & Co. site’s finances said, without scribers, up from 750,000 a deal. people familiar with the site’s the economic turmoil Newslettersponsorships providing specifics. year ago, and sends out over 4 Some have wondered if Ax- finances said. In total, the site contributemorethan 50% of When Axios waslaunched million newsletters aday, ios has relied abit toomuch has raised $57 million and was BY LUKAS I. ALPERT the company’stotal revenue, in 2017 by Mr.VandeHei, Mike when accounting forreaders on the Trump Bump—in- given apremoney valuation of the people said, and nowAxios Allen and Roy Schwartz after creased readership tied to $200 million at its last fund- “Smart brevity” has been is looking to expand. Early they departed from Politico, high interest in news about ing round, the people said. good for business at Axios. next year,the companysaid, it some questioned whether its Jim VandeHei the president—for itsfast suc- In April, as the coronavirus Thedigital news startup, plans to establish two-person bite-sizetidbitsofnewswould says the cess and could see itsfortunes pandemic took hold and ad which uses the term as its newsletterteams in several lo- dumb down complicated is- newsletters wane if Joe Biden is elected. revenue plunged sharply motto and registered trade- calmarkets, starting with sues.Stories arerarely more would focus on Mr.VandeHei said Axios’s acrossthe media industry, mark,isontargettomakea Minneapolis; Denver; Tampa, than afew hundred wordsand local business, coverage is far broader than forcing many news outlets to profit this year despitethe Fla.; and Des Moines, Iowa. include atime estimatefor technology and the ups and downs of Wash- enact steep cost cuts, Axios economic turmoilstemming “This is abig bet—a bet howlong they will take to education. ington, with only about 10% of prepared forthe worst, Mr. from the coronavirus that led that you can hook local read- read. itsreporting staff of around VandeHei said. to broad layoffs and pay cuts ersonadaily basis with a Others said the sitemight 80 focused on D.C. politics.He Expecting apossible 40% at many media outlets, people morning newsletterand build too easily become a platform who receivemorethan one.In said much of Axios’sspon- declineinrevenue—inline familiar with the site’sfi- up from there,’’ said Jim Van- for“access journalism,” or August, the siteattracted 19.8 sored-newsletterrevenue with what manyother media nances said. deHei, Axios’sco-founder and less-critical coverage in return million unique visitors, up comes from reporting on tech- companies experienced—Axios Thecompanyhas avoided chief executive. “It’sarisk for closer access to exclusive from 7million ayear earlier, nology, media and deal mak- applied foraloan from the staff reductions and is on worth taking because if we are news and sources. according to Comscore Inc. ing. federal Paycheck Protection track to take in about $58 mil- right, it’ssuperscalable and Axios quickly became a big Axios came close to break- Axios employs around 200 Program to avoid layoffs.Itre- lion in revenue in 2020,up part of asolution to the high- and respected voice, particu- ing even in 2018 and turned a people and has recently listed ceived a$4.8million loan, but more than 30% from the year stakes local news puzzle.” larly with itspolitical cover- small profit last year,the peo- job postingsonits sitefor afterdrawing public criticism before,and is on target with Mr.VandeHei said the com- age, scoring numerous scoops ple familiar with the site’s fi- about 25 new positions. and realizing that itsbusiness itsprepandemic projections, ing,localized newsletters on the Trump administration nances said. Thesitehas no Axiosentered the current wasn’t as deeply affected as largely because of the success wouldn’t focus on politics but as well as interviews with the paywall and makes about 85% health and economic crisis on expected, the companygave of itssponsored-newsletter rather on local business, tech- president and othersonAx- of itsrevenue from advertis- strong financial footing.The the loan back. Shell NextEra-Duke Deal Would Spur Renewables

Plans to BY KATHERINE BLUNT NextEraEnergy Inc.’spur- Cut Up to suit of DukeEnergy Corp. could result in amergerof utility giantsthat could speed 9,000 Jobs the renewable-energy transi- tion throughout the South and BY SARAH MCFARLANE Midwest. NextEra,the nation’slarg- RoyalDutch Shell PLC said est renewable-energy com- it would cut up to 9,000 jobs in pany, is seeking to expand its abroad restructuring,asthe regulated utility business. energy giant grapples with the Duke, meanwhile,recently continuing fallout of the coro- proposed plans to invest heav- navirus pandemic. ily in renewables as it works News of the cutscame to cut carbon emissions and S Wednesdayasthe company reshape apower-generation PRES

warned it would report another portfolio largely reliant on fos- UMA set of poor earningsfor the sil fuels. /Z

thirdquarter.Shell flaggeda TheWall Street Journal re- TIMES weaker performanceinits trad- ported Tuesdaythat Dukehad Y ing activities—previouslyarecently rebuffed atakeover BA PA

bright spot in an otherwise approach from NextEra,which AM tough second quarter—and said wastesting the waters on a /T itsoil-and-gas production busi- deal whose value would likely ORD

nesswould report a second exceed $60 billion. CLIFF R.

consecutivequarterly loss. NextEraremains interested S TheupdatefromShell gives in pursuing a deal, people fa-

afirst glimpse at howthe miliar with the mattersaid, DOUGLA world’sbiggest oil companies but thereisnoguarantee Adeal could allowNextEratocapitalizeonDuke’splans to invest $56 billion to replacecoal- and gas-fired plants with solar and wind farms. have continued to struggle in NextEra will continue its pur- themost recent quarter.The suit or succeed in closing a to pursue hostile takeovers, in NorthCarolina and South combined companywould panyin2001 to the largest to- pandemic hassapped demand deal. given the constraintsofthe Carolina that offered several have amarket value of roughly day, and its shares trade at a foroil, sending prices tumbling Dukedeclined to comment. regulatory environment. pathways to halving carbon $200 billion. That is substan- premium to other utilities. and hitting profitshard. That NextEradidn’t respond to a “Anything that we do al- emissions by 2030, including tially largerthan the next two Duke, based in Charlotte, hasalready prompted Shell to request to comment. Duke’s wayshas to be mutual, be- by accelerating coal-plant re- largest U.S. utility companies, N.C., meanwhile lost roughly writedownthe value of some of shares rose 7. 5% Wednesday cause youcan’t getstate regu- tirementsand investing in en- Dominion Energy Inc.and 14%ofits value this year as itsassetsand cut itsdividend while NextErashares closed latoryapproval without a ergy storageand other tech- Southern Co., valued at coronavirus lockdowns sapped forthe firsttime sinceWorld down 2%. mutual approach to going and nologies. roughly $67 billion and $56.7 commercial-powerdemand. WarII. At an investor conference getting all the stakeholderson “Dukeisacompanythat’s billion, respectively,and larger Thecompanyalso recently Shell said it wasrestructur- Wednesday, NextEraChief Ex- board,” he said. just getting going on the en- than the biggest U.S. oil com- pulled the plug on the $8 bil- ing to focus moreonthe high- ecutiveJames Robo declined Analystssaid such adeal ergy transition,” said Vertical panies, Exxon Mobil Corp.and lion Atlantic Coast Pipeline, a est value oil it produces,grow to directly address reports of could allowNextEratocapital- ResearchPartnersanalyst Jon- Chevron Corp. natural-gas project it was in liquefied natural gasand in- apotential mergerbut said izeonDuke’splans to invest athan Arnold.“If you’reNext- NextEra, based in Juno building in partnership with vest in low-carbon-energy busi- the company has long sought $56 billion over the next five Era, you’regoing to present Beach, Fla., is in a position of Dominion that faced environ- nesses,while shrinking itsre- opportunities that suit itsutil- yearsasitworks to replace yourself as someone who can strength following yearsof mental opposition. fining operations.Itexpectsthe ity “playbook,” which involves coal- and gas-fired power help acceleratethat transition rapid growth as it built out —Russell Gold plan to deliver annual cost sav- improving management strate- plantswith newsolar and and do it more cheaply.” wind and solar farms nation- contributed to this article. ings of $2 billion to $2.5billion gies and cutting costswhile wind farms. If amergerweretooccur,it wide without accruing debt. by the end of 2022, including investing heavily in the grid. Dukeearly last month filed would be the largest ever com- It went from being the  Heard on Street: Big utility from the staff cuts, lesstravel He said NextEra isn’t inclined a15-year plan with regulators pleted in the utility sector.The 30th-largest U.S. power com- deal seems unattractive.... B12 and fewercontractors. It expectstocut between 7,000 and 9,000 jobs from its morethan 80,000 employees. U.S. Ve ntilator Antitrust Probe Theplanned cutsfollowsimilar moves at peers including BP PLC and Chevron Corp.torein Focuses on Medtronic Deals in costsamid the pandemic. Shellsaid itsrestructuring isn’t just aresponse to the pan- BY BRENT KENDALL demic,but also part of a broader plan to acceleratein- TheJusticeDepartment is vestmentsinlow-carbon en- investigating whether acquisi- ergy.The companysays that by tions by Medtronic PLC lim- 2050 it will sell predominantly ited competition in ventilator low-carbon electricity,biofuels, manufacturing, according to hydrogen and other solutions. people familiar with the mat- However, it says it needs itsoil- ter, an antitrust probe that

and-gas businesstoperform emergedfromcomplaints CK well to fund that change. about deviceshortages during TO Chief ExecutiveBen Van the coronavirus pandemic. Beurden said Shell’scorebusi- Medtronic has received a SHUTTERS

nesswould be critical to the ef- civilsubpoena from the Jus- A/ fort. “Weneed it to be very suc- ticeDepartment formally re- /EP IG

cessful, so we have the financial questing moreinformation, SS strength to invest further in our the people said. LA AIG

lower-carbon products,” he The probe is centered on a CR added. series of events that dateto Medtronic has received a civil subpoena requesting information. Shellisexpected to update 2012, when Covidien PLC,a itsstrategyearly next year,in- devicemaker that sold ventila- trust clearancefromthe continues to market Newport cluding giving details on itsfu- tors,bought Newport Medical Federal Trade Commission. ventilators today.” turespending on low-carbon Instruments, asmall Califor- “Medtronic is cooperating AJusticeDepartment energy. nia-based manufacturer of fully with DOJ’s review of the spokeswoman didn’t respond BP earlier this year an- ventilator systems,for $108 2012 Covidien-Newport trans- to requests for comment. nounced the most aggressive million. action,” Medtronic spokesman Fears of a ventilator short- plan so far by an oilmajor to Newport had secured acon- Ben Petoksaid, adding that ageinthe spring sent states shiftaway from oil and gas— tract with the federal govern- the deal wasappropriately as- and hospitals scrambling for cutting itsproduction by 40% in ment in 2010 to develop and sessed and approved by the whatever supplies they could the next decade—while expand- supply low-cost ventilators, FTC. securetotreat patientssuffer- ing in areas including wind and but the project stalled after Mr. Petok said the ventila- ingthe most severesymptoms solar energy.Detailing itsper- Covidien bought Newport, and tormarket remains competi- of Covid-19. formanceinthe thirdquarter, the two sides eventually tive, “with at least 10 major Thedemand also threat- Shell said itsLNG business agreed to end the contract be- players in which the topfive ened to exhaust afederal would report lowermargins,as fore any ventilators were de- account forapproximately 50% stockpile of the lifesaving ma- long-term contractsstarted to livered. market share. Indeed, Covidien chines,spurring the Trump reflect loweroil prices.Italso Nearly three yearsafter Co- purchased Newport to expand administration to sign con- said refining activity fell, al- vidien bought Newport, itsventilator portfolio in a tractswith manufacturers,in- though it noted an improve- Medtronic bought Covidien in highly competitiveand frac- cluding Medtronic,toramp up ment at itsoil-product market- a roughly $50 billion deal, in- tured market and, rather than supplies quickly. ing businesscompared with the heriting Newportinthe pro- discontinuethe Newport fam- —Peter Loftus previous quarter. cess.Both deals received anti- ily of ventilators, Medtronic contributed to this article. P2JW275000-2-B00400-1------XA

B4 | Thursday, October 1, 2020 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

PERSONAL TECHNOLOGY | By Nicole Nguyen Deal for Google Unveils Hardware Lineup Fitbit NearsEU Google an- nounced anew generation of Approval mobile and smart-home BY VALENTINA POP productson Wednesday, including two 5G- BRUSSELS—Google’splan to capable Pixelsmartphones,the buy health-tracker Fitbit is rebranded flagship smart inching toward approval in Eu- speaker Nest Audio and the rope afterthe U.S. tech com- firstChromecast streaming- panymade newconcessions to media playertocome with a competitorsusing itsAndroid remotecontrol. Theplayerwill system formobile devices. be the firsttofeaturearede- European Union officials in signed on-screen interface August launched an in-depth branded Google TV. probe intothe Alphabet Inc. As with most Google-devel- unit’sacquisition plans,saying oped devices,these new, rela- that Google’s initial pledge to tively affordable productsput refrain from using Fitbit data software—particularly artifi- for advertising purposes was cial-intelligencefeatures—over insufficient. The$2.1 billion hardware. Google’sgadget up- deal is also under reviewby datecomes on the heels of the U.S. JusticeDepartment similar hardwareeventsfrom and by Australia’scompetition Amazon and Apple,all prere- authority.The reviewcomes corded without aliveaudience as Google and other U.S.-based in the year of Covid-19. tech companies faceintense While Google develops the scrutiny in both the EU and most popular operating sys- the U.S. forallegedly anticom- teminthe world, Android, its petitivepractices.Some critics shareofthe hardwaremarket also say tech companies have

is relatively small compared GOOGLE used acquisitions to eliminate with itscompetitors. Itsown New mobile and smart-home products include the Nest Audio, Chromecast streaming device with remote control, and Pixel 5 and 4a phones. potential rivals,arguing that phones rank globally well be- mergercontrols in the U.S. hind the likes of Huawei, Pixel5and Pixel4a5G trait mode.You canedit pho- dio,available Oct. 15.The Chromecast with Google and EU haven’t been aggres- Samsung,Xiaomi, Oppo and Google is upgrading itslatest toswith anew feature called HomePod-esque fabric-covered TV sive enough in recent years. Apple.The smart-speaker Pixelphone line with 5G con- Portrait Light, which uses AI towerhas 50% morebassand At itsdebut, the Chrome- Google’slatestconcessions spaceisdominated by Ama- nectivity,which canprovide to changethe front lighting 75%morevolume than the cast washeralded as agreat makeanapproval morelikely, zon’sEcho,with 69.7%mar- blazing fast speeds—if you’re angle of portrait pictures,even original Google Home smart budget way to stream video according to two people famil- ketshare, compared with in exactly the right spot, as ones youtook on older speaker firstreleased in 2016. from your phone to aTV. But iar with the case,asthe conces- Google’s31.7%, as measured my colleague Joanna Stern re- phones.The Pixel5also comes Nest Audio joins Google’s streaming sticks from Roku sions include guarantees not to by eMarketer.And Chrome- ported. with software-poweredvideo puck-sized $50 Nest Mini in and Amazon all but knocked it discriminateagainst rivals that cast makes up just 3% of the At $699,Google’sflagship stabilization. the company’slineup of speak- out of the running.Their ad- use Google’sAndroid operating streaming devicemarket, smartphone,the Pixel5,is One of the featuresI’m erspoweredbyGoogle Assis- vantage? Remotecontrols.This system. Existing agreementsbe- while Android TV,Google’s priced lowerthan competitors most excited about is Hold for tant. It’sshaping up to be a year,the Chromecast finally tween Fitbit and other health- smart-TV operating system, from Samsung and Apple, Me,poweredbyGoogle Assis- year fornew smart-speaker comes with aremote, which dataservices,such as Strava, powers 4% of TVsand set-top which is due to refresh its tant. When you’restuck on designs: Amazon just re- includes adedicated buttonfor arealso to continue unimpeded. boxes, says Strategy Analyt- iPhone line this fall. ThePixel hold and have along wait, it’s freshed its$99 Echo with a Google Assistant voicesearch, Theconcessions were reported ics. 5isthinner than last year’s supposed to sit on the line for spherical look.Nowordyet on as well as shortcutstoYou- earlier by Reuters. Still, Google’sparent com- model, but has abiggerbat- you, then notifyyou when a whether Apple will soon up- Tube and Netflix.The new Google said it wasworking pany, Alphabet Inc., called its tery,faster wirelesscharging real human picks up.Pixel dateits aging HomePod. Chromecast, still apebble- with theEUtosafeguardcom- hardwareeffortsa“multibil- and reversewirelesscharging, phones already have other AI With other midrange5G shaped gadget that plugsinto petition, in addition to ensuring lion-dollar business” in aFeb- so youcan topupother Qi-en- featureslikethis,including call phones available from other your TV’sHDMI port, candis- that Fitbit datawon’t be used ruaryearningscall.The com- abled devices,likeGoogle’s screening,car crash detection phone makers, and the latest playvideo in up to 4K HDR at foradvertising.“This deal is panygroups itsgadget PixelBuds. and liveaudio transcription. iPhones due soon, IDC devices 60 frames per second. Thenew about devices,not data,” Google businessinthe “Other” cate- Great battery lifewasn’t al- Not all of the Pixel5’s key analyst FranciscoJeronimo ex- Chromecast costs$50 and is said. “We’realso formalizing gory of itsfinancial sheet, waysaPixel hallmark.Hope- featuresare upgrades.The nowavailable in the U.S. our longstanding commitment which also includes subscrip- fully that changes this time Pixel4had facial-recognition On screen, it gets awhole to supporting other wearable tion services likeYouTube around. Google also added an unlock; the Pixel5reverts to a Android’s share of newGoogle TV interface, not manufacturersonAndroid and Premium and in-app Google “extremebattery saver” fea- fingerprint sensor.And the to be confused with Android to continue to allowFitbit users Play purchases.In2019,that ture,which it says canprolong phone’sprocessor,the Qual- the hardware market TV…orthe Google TV that to connect to third-party ser- category brought Google $17 acharge to up to 48 hours. comm Snapdragon 765G,is is small compared came beforeAndroid TV. vices.” billion in revenue. Youchoose the essential apps ratedslowerthan the chip set This updated design in- TheEuropean Commission, Theevent’sfocus wasaf- youwant to keep on, while ev- in last year’s model. to its competitors. cludes apersonalized “For theEU’scompetition enforcer, fordability.“Theworld erything else is paused. The The Pixel4a, Google’smid- you” experiencethat pulls has aDec.23deadline to ap- doesn’t need another $1,000 Pixel5isalso faster,with 8gi- rangebudget phone,now content from acrossyour sub- proveorreject the deal. phone,” Google hardware gabytesofRAM, up from the comes in a5Gversion priced scriptions. If youhaveaYou- Google’suse of datatopoten- chief Rick Osterloh said in a Pixel4’s 6gigabytes. at $499.Ithas the same two- pectsthe Pixeltobecome a Tube TV subscription, it also tially underminerivals is the call with reporters. He said Thefifth-gen phone adds an camerasystemasthe Pixel5, harder sell forGoogle,evenat has aLiveTVtab showing subjectofaseparateprelimi- the companyaimed to offer ultrawide camera, replacing but not the waterresistance the lowerprice. what’scurrently playing.Inte- nary antitrust investigation by value,rather than cutting- the optical telephotocamera and other premium features. However, he expectsthe gration with other TV provid- the commission, which has also edgetechnology. Thepan- in last year’s Pixel4.Wetend Pixel4a5Gwill be available newNest Audio speaker to be- ersiscoming. leveled fines totaling morethan demic-prompted economic to prefer telephoto, forzoom- on Oct. 15,and Pixel5will be come atop seller this holiday Google TV is replacing the $9 billion forthe company’san- downturn “exaggeratedour ing in, so this isn’t necessarily available on Oct. 29. season. “Wehaveseen very Google Play Movies &TVapp ticompetitivepractices.Google point of view,” he added. agood thing.What does Nest Audio strong growth in the smart on Android mobile devices and has challenged those fines in EU While we plan to test the sound promising: Thephone’s Google is replacing itsorig- speaker spaceand Google has will be available on Sonyand courts. newdevicesincoming weeks, lowlight capturefeature, Night inal Google Home smart been catching up to Amazon,” other Android TV OS hard- —Sam Schechner in Paris here’safirst glance: Sight, is nowavailable in Por- speaker with the $99 Nest Au- he said. ware partnersstarting in 2021. contributed to this article. Facebook to Ransomware Attacks Start to Target Hospitals Link Apps’ BY ROBERT MCMILLAN than twicewhat it sawinSep- AND JENNY STRASBURG tember 2019,the company Messaging said. Hackersare increasingly Ashiftoccurred in 2018,ac- BY MATT GROSSMAN targeting health-care institu- cording to a Federal Bureau of tions and threatening people’s Investigation alert published Facebook Inc.plans to inte- well-being as their software last year.That is when the FBI gratethe messaging services attacks getmoresophisticated said attacks became “more of itsMessenger and Insta- and brazen. targeted, sophisticated, and gram apps, allowing users of Ransomware attacks,in costly.” two of itslargest platforms to which hackers cripple a soft- According to Mr.Alpero- communicate more easily. ware system until they receive vitch and other cybersecurity The main change, the com- abounty,havesurgedthis investigators, hackersnow pany said, is that Messenger year, along with financial de- plan their attacks more thor- andInstagram userswill be mands, security expertssay. oughly to lock down entire CK

able to reach each other.In- Theattacks have been around TO networks,not just afew work- stagram userswill still be able fordecades but have flour- stations. Targeted companies to interact with each other ishedassociety has become effectively faceatough choice: within the app,Facebook said. moredependent on technol- SHUTTERS Either paythe attackersor A/

Currently,Messenger serves ogy. Other factors include the EP hireotherstohelp recover as the direct messaging app rise of the cryptocurrencybit- S/ systems,which cantakeweeks for Facebook users, while In- coin, more advanced hacking or longer.

stagram has had itsown direct techniques and, some say, the REYNOLD Criminals in some cases messaging service. As the widespread adoption of cyber formed professionalized

change is rolled out, Insta- insurance. MICHAEL groups, cybersecurity experts gram userswill be able to opt “The trend has been going In some cases, medical facilities had to divert ambulances as a result of network outages. say, sharing technical know- to update immediately to use up for a while, but in 2020 it how and making ransomware the new functionality. hasjust been skyrocketing,” across the country, the com- Homeland Security’s Cyberse- [hackers’] assumption was available to a greater number TheupdatetoMessenger said Dmitri Alperovitch,the pany said. curity and InfrastructureSe- that [victims] would definitely of hackers, sometimes selling also includes avanish mode, chairman of Silverado Policy In aseparateincident in curity Agency. “We’vehad a pay.” malwareasanoff-the-shelf which allows userstoset mes- Accelerator, a nonprofit think Germany, prosecutors growing concern that this de- Cybersecurity company product that is ready to de- sages to disappear automati- tank focused on cybersecurity. launched an investigation af- graded and delayedpatient FireEye Inc. says ransom de- ploy. cally after they are seen. Hackershaveexpanded terawoman died earlier in care would lead to ademon- mands forlarge organizations Companies canfight back Thechanges will makeit their targetstoinclude health- September when her ambu- strable loss of life.” canrangebetween $10 million against ransomware by keep- easier for users to keep track care companies.This week, lance was diverted from Uni- and $30 million, and hackers ing software up-to-date, pay- of conversations across Face- oneofthe nation’slargest versity Hospital Düsseldorfin are increasingly following up ing forthird-party security au- book’splatforms,the company hospital chains, Universal the country’sNorth Rhine- their ransom demands with ditsand training employees in said. Its research shows one- Health Services Inc., diverted Westphalia state. threats to publish stolen data cybersecurity practices like thirdofpeople sometimes find ambulances from some facili- Aransomware attack hit 100 online,hoping to extract more being carefulabout clicking on it difficult to remember where ties after a crippling ransom- the hospital on Sept. 10,shut- money.Manycompanies make links, security experts say. a certain thread is. ware attack.Itsaid the outage ting down computer systems Number of incidents world- the payments. But they also need to plan Themoverepresentsasig- didn’t harm patients, but sys- and forcing it to rerouteam- wide in September But some don’t. Last week, forpotential outages,said nificant step toward uniting tems used formedical records, bulances away from its emer- hackers released Social Secu- Mitch Parker, the chief infor- Facebook’ssocial-media prop- laboratories and pharmacies gencyroom for13days.IT rity numbersand other private mationsecurity officer with erties.Last year,The Wall were offline at about 250 of systems there are still recov- information after administra- Indiana University Health Inc., Street Journal reported that its U.S. facilities. ering,hospital spokesman To- Mr.Corman said he had tors at aLas Vegaspublic- anonprofit health-careorgani- the Federal Trade Commission Theattack occurred Sunday bias Pott said Tuesday. hopedhackerswould leave school district refused to pay zation. wasconsidering apreliminary morning and the Universal Attacks on medical facilities hospitals alone as they were an extortion demand, TheWall “You can’t prepareenough,” injunction against Facebook to Health’snetwork remained areworrying because delays in swamped by the coronavirus Street Journal reported Mon- Mr.Parker said. “A lot of or- prevent it from tying itsprod- offline days after, though pri- patient care have been directly pandemic,but that hasn’t hap- day. ganizations that have put uctstoo closely lest federal ority systems such as email linked to patient harm, said pened. “We’dassumed that In September alone,Fire- technologyinplacehaven't regulatorstry to break up the and clinical operations sys- Joshua Corman, asenior ad- they would be smart enough Eyetracked 100 ransomware thoughtabout what happens company. tems were restored gradually viser at the Department of not to attack,but Ithink incidentsworld-wide,more when it fails.” P2JW275000-0-B00500-1------XA

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B6 | Thursday, October 1, 2020 THE WALL STREET JOURNAL. BUSINESS NEWS Offshore Calvin Klein Parent Shifts CEOs Bet Firm PHV,which also owns Mr.Larsson: We’refocusing will be the biggest change. on our core strengths.Calvin WSJ: Your stores have re- Settles Hilfiger,aims to adapt Klein and TommyHilfiger are opened aftertemporarily shut- to changing consumer over 85%ofour revenue.We ting during the height of the need to drivethose brands by pandemic.Whatare youseeing With U.S. trends in the pandemic keeping them relevant with from the shopperswho visit winning products. We aresu- your stores? BY KATHERINE SAYRE BY SUZANNE KAPNER percharging e-commerce.Last Mr.Larsson: Conversion AND BYRON TAU quarter,e-commerce sales grew ratesand averageorder sizes are PVH Corp., the owner of Cal- 50% overall, including an 87% up.Ifshoppersmakethe effort ACostaRica-based online vin Klein and TommyHilfiger, jump in salesonour ownweb- to come to astore,they arebuy- sportsbook that illegally took is switching chief executives in sites,compared with ayear ago. ing. betsfromAmerican customers the middle of the coronavirus And we’refocused on global WSJ: Youwereone of the foryearshas reached anon- pandemic.Stefan Larsson, growth. Last year,overhalf our firstbrands to sell directly on prosecution agreement with PVH’spresident sinceJune revenue came from outside the Amazon. Howdid youarriveat the U.S. JusticeDepartment, as 2019,will succeed MannyChir- U.S. We areseeing astrong re- that decision? the companyattemptstomove icointhe topjob Feb. 1. Mr. covery in Europe and China. Mr.Chirico: It wasalways an intothe legal sports-betting Chiricowill remain chairman. We also have to become easy decision forme. We did a market in the U.S. Mr.Larsson, 46 yearsold, is leaner and moredata-driven. lotofanalysis,but the key is, Gambling site 5Dimes and known forstreamlining supply We need to increase the speed Amazon hasthe eyeballs.Con- federal prosecutorsinPhiladel- chains,having spent nearly two of our supply chain and cut lead sumers loveshopping on Ama- phia announced adeal Wednes- decades at Hennes &Mauritz times to bettermatch what we zon. It didn’t makeany sense not daythat clearsthe company’s AB’sretailer H&M and Gap sell with consumer demand. to be there. Thequestion was

owner,LauraVarela,ofwrong- Inc.’sOld Navy.Most recently, PVH Mr.Chirico: Investments whether consumerswould get doing and resolves the com- he wasCEO of Ralph Lauren Manny Chirico will be succeeded by Stefan Larsson as CEO of PVH. that we had planned to make morecomfortable buying fash- pany’s legal troubles over its Corp., whereheput in placea fore-commerce,weare doing ion online.That is happening. morethan two decades of oper- plan to overhaul the fashion wasdown38% in the six WSJ: Stefan, what is your those faster.We’reopening WSJ: What is your biggest ating offshore and accepting brand, but then leftinadispute months to Aug.2.Losses over vision formoving beyond the warehouses and investing in takeaway from the pandemic’s betsfromAmericans.The Jus- with itsfounder. that span exceeded $1.1 billion. currentcrisis? systems. Thewinnerswill be impact on your businesssofar? ticeDepartment has been inves- Mr.Chirico, 63,who has Thefollowing areexcerpts Mr.Larsson: It startswith the companies that have the fi- Mr.Chirico: Theimportance tigating the companyfor illegal been CEO since2006,helped from aconversation with recognizing that [Covid-19]ac- nancial wherewithal to make of flexibility.Onthe sourcing gambling,money laundering, transform PVHfromamaker of Messrs. Larsson and Chirico. celerated underlying consumer those investmentsduring side,Stefan gotustopush back wire fraud and other offenses, men’sclothing intoaglobal WSJ: It’sanunusual time to trends.Thingsthat would have Covid. decisions on quantities.We according to the agreement. fashion companywith nearly makethis type of transition. takenfour to five yearsnor- WSJ: Howare youap- gavepreliminaryorderstothe Thedeal appearstobethe $10 billion in annual sales.PVH Whydoitnow? mally,now aretaking one year. proaching the holidayseason? factories and followedupwith firstofits kind sinceaU.S.Su- operates itsown retail stores Mr.Chirico: This has been Consumersare moving to e- Mr.Larsson: It will be aholi- moredirection four weeks later. premeCourt ruling in 2018 al- world-wide and sells through in the works forthe last year commerce,casual clothing and dayseason likenoother.Itwill We also were able to cancel lowedstatesbeyondNevadato department stores as well as and ahalf.Asweare starting sustainability.They won’t go startearlier.Weplan forthere goods and redeployintoprod- legalizesportswagering.5Dimes Amazon.com Inc. to recoverfromthe pandemic, back to shopping the way they to be abig focus on e-commerce. uctsthat were selling. has stopped accepting betsfrom Likeother retailers, PVHwas Stefan has been leading the did beforethe pandemic.We We’vegot to navigateCovid re- Mr.Larsson: To work with U.S. customersaspart of the hurt by the temporaryclosure charge.It’saperfect time to need to position the company strictions in brick-and-mortar speed. If anything good comes settlement. But the agreement of stores during theheight of moveforward. It’sgone about forthe newnormal. stores.Wewant to spread out outofthe Covid crisis,it’sto pavesthe way forthe company the pandemic.While most of its as smoothly as these transi- WSJ: What does that mean the holidayseason to enable showuswhat is possible,and to seek the right to operateasa stores have reopened, revenue tions go. forPVH specifically? more capacity in stores.That howfast we canreact. legal sportsbook. As part of the agreement, 5Dimes will forfeit morethan $46 million in assetsincluding New Yo rk Sues Gym Chain Over Fees in Pandemic cash, cryptocurrency, sports memorabilia and sportscars. Federal prosecutor William BY AISHA AL-MUSLIM Ms.James started investi- memberships aftergyms some cases,despitetheir gyms The lawsuit aims to end what McSwain called the deal “a vic- gating the gymoperator’s bill- closed in mid-March. Oncethe still being closed. Some said it calls Town Sports’ “illegal tory forthe United States.” NewYork’sattorney general ing practices in March, after attorney general gotinvolved, they were chargedevenafter effortstorun itsmembers Theinvestigation into is suing the parent of New the statemandated shutting the companysaid in April that canceling memberships and ragged, simply to spot itsbot- 5Dimes wasunder way when its York Sports Clubs and Lucille down fitnesscentersand it was freezing fees and offer- they were having trouble get- tom line.” American founder,William Sean Roberts gyms forallegedly other businesses due to the ing credits.The gymoperator ting refunds.Certain members Representatives of Town “Tony” Creighton,was kid- taking advantageofcustomers Covid-19 pandemic.Gyms in had also agreed to allowmem- said the companytold them Sportsdidn’t respond to re- napped in CostaRicain2018 by illegally charging them the statewereallowedtore- berstoelectronically cancel canceling required a45-dayno- quests for comment. and found dead ayear later.The monthly fees despitecoronavi- open starting in late August. memberships without penal- ticeand aprocessing feeof$10 Thegym operator said re- agreement says his widow, Ms. rus-related closures. Theattorney general’sof- ties or conditions. or $15,according to the suit. cently that it wasprepared to Varela, wasn’t involved illegal Attorney General Letitia fice said it has received nearly But on Sept. 1, Town Sports “Time and again, these pay out as much as $850,000 activities.Jeff Ifrah, an attorney James, filed the lawsuit 1,850 complaints about Town resumed the charges. Some gyms have illegally sought to for customer refunds. forMs. Varela, said the com- against Town SportsInterna- Sports, with about aquarter of customerstook to social media lift up their precarious finan- Town Sports owns and op- panyispursuing alicense in tional Holdings Inc. Wednes- those filed in September. to complain that they were cial stateattheir members’ erates nearly 100 fitnessclubs NewJersey. day in state Supreme Court. Town Sportsdidn’t freeze billed without noticeand, in expenses,” Ms.James said. in New York.

We began our journeyatthe end of the world1999—but Y2K wasA-OK.Webecame mates at the SydneyOlympics2000 and healed together after aday we’ll neverforget.2001 Europe got the Euro,2002 scientists mapped our DNA2003 and we continued to chart our course.Wefriended each other on Facebook and landed safely on Mars.2004 We watched YouTube views climb and Merkel ascend.2005 Thoughts became tweets,Pluto wasdwarfed2006 and the iPhone took us on Safari.2007 The market downturn spurred disbelief; Obama waselected the next commander in chief.2008 We witnessed amiracle on the Hudson2009 and circumnavigated volcanic ash.2010 Buffett booted Sokol and Wall Street got occupied.2011 Curiosity didn’t kill the cat—Google just used it to advance AI.2012 We welcomed anew president in China and mourned Mandela.2013 Snowden and Alibaba went public.2014 Kraft and Heinz got together likemac and cheese and the EU agreed to bail out Greece.2015 Trump waselected and Britain voted to exit.2016 The world marched for gender equality and said time’s up to dishonesty.2017 Snap lost abillion, Musk and Holmes stepped down.2018 Disney+ hit the screen and BabyYoda became ameme.2019 Then, forthe health of the world, we all went inside—but no matter the distance,wewill be by your side.2020

With youfor twodecades of mergers, shake-ups and innovations. Factiva.com

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THE WALL STREET JOURNAL. Thursday, October 1, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 27781.70 s329.04, or 1.20% Trailing P/E ratio 27.26 18.71 3363.00 s27.53, or 0.83% Trailing P/E ratio * 35.55 23.05 11167.51 s 82.26, or 0.74% Trailing P/E ratio *† 34.51 24.35 High, low, open and close for each P/E estimate * 23.37 17.52 High, low, open and close for each P/E estimate * 24.92 18.11 High, low, open and close for each P/E estimate *† 30.79 21.45 trading day of the past three months. Dividend yield 2.22 2.35 trading day of the past three months. Dividend yield * 1.82 1.91 trading day of the past three months. Dividend yield *† 0.79 1.04 All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 29000 3550 12100

27500 3400 11450

26000 3250 10800

24500 3100 10150 Session high 65-day moving average DOWN UP 65-day moving average Session open Close 65-day moving average t 23000 2950 9500 Close Open t 8850 Session low 21500 2800 Bars measure the point change from session's open 20000 2650 8200 June July Aug. Sept. June July Aug. Sept. June July Aug. Sept. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,267,594,084 16,015,117 Industrial Average 28026.33 27511.06 27781.70 329.04 1.20 29551.42 18591.93 6.5 -2.7 7.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 866,070,719 6,393,474 Transportation Avg 11476.62 11165.89 11229.72 -71.29 -0.63 11555.14 6703.63 13.6 3.0 4.2 Most-active issues in late trading Decl. volume* 380,887,859 9,100,345 Utility Average 818.18 806.66 814.70 5.71 0.71 960.89 610.89 -5.7 -7.3 4.0 Volume After Hours Issues traded 3,124 269 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 34615.93 34077.25 34305.78 261.40 0.77 36434.12 22462.76 16.1 3.8 9.5 Advances 1,620 106 SPDR S&P 500 SPY 18,823.2 335.15 0.26 0.08 337.35 333.38 Barron's 400 720.32 708.57 713.08 3.38 0.48 752.15 455.11 8.3 -2.6 1.7 Declines 1,426 152 iShares TIPS Bond ETF TIP 4,444.6 126.49 -0.01 -0.01 126.50 126.49 Unchanged 78 11 Apple AAPL Nasdaq Stock Market 4,403.1 115.78 -0.03 -0.03 116.00 115.11 New highs 70 1 Nasdaq Composite 11277.96 11092.90 11167.51 82.26 0.74 12056.44 6860.67 43.4 24.5 19.8 Corteva CTVA 4,204.4 28.81 ... unch. 28.81 28.81 New lows 14 1 Nasdaq 100 11535.01 11328.55 11418.06 95.11 0.84 12420.54 6994.29 51.2 30.7 24.1 Caesars Entertainment CZR 3,616.9 56.40 0.34 0.61 56.40 55.03 Closing Arms† 0.52 0.66 Scientific Games SGMS 3,081.7 35.35 0.44 1.26 35.35 34.91 S&P Block trades* 6,553 123 Finl Select Sector SPDR XLF 2,934.4 24.02 -0.05 -0.21 24.07 23.84 500 Index 3393.56 3340.47 3363.00 27.53 0.83 3580.84 2237.40 16.5 4.1 10.1 Nasdaq NYSE Arca Comcast Cl A CMCSA 2,634.1 46.02 -0.24 -0.52 46.50 46.00 MidCap 400 1878.97 1847.27 1861.29 12.50 0.68 2106.12 1218.55 -0.7 -9.8 1.2 Total volume*4,255,417,341 264,142,479 SmallCap 600 868.78 849.63 855.27 1.92 0.23 1041.03 595.67 -6.9 -16.2 -1.8 Percentage gainers… Adv. volume*2,662,819,182 156,260,681 Decl. volume*1,538,050,369 106,931,041 Other Indexes Adv Emissions Solutions ADES 2,317.8 6.73 2.67 65.76 7.76 4.05 Issues traded 3,549 1,410 Russell 2000 1528.01 1498.29 1507.69 2.96 0.20 1705.22 991.16 1.9 -9.6 0.4 AMAG Pharmaceuticals AMAG 523.4 13.55 4.15 44.15 13.84 9.40 Advances 1,769 926 NYSE Composite 12795.63 12621.51 12701.89 99.25 0.79 14183.20 8777.38 0.7 -8.7 1.3 Sally Beauty Hldgs SBH 194.0 9.35 0.66 7.59 9.64 8.69 Declines 1,675 460 Asana ASAN 227.8 30.59 1.79 6.22 31.23 28.75 Value Line 463.12 455.37 457.92 1.51 0.33 562.05 305.71 -9.0 -17.1 -5.3 Unchanged 105 24 SailPoint Technologies SAIL 61.9 42.00 2.43 6.14 43.00 39.26 NYSE Arca Biotech 5411.53 5327.11 5361.52 17.36 0.32 6142.96 3855.67 30.2 5.8 8.5 New highs 84 9 NYSE Arca Pharma 663.95 654.95 660.47 5.46 0.83 675.64 494.36 15.6 1.0 6.6 ...And losers New lows 31 1 KBW Bank 73.85 72.38 73.09 1.00 1.38 114.12 56.19 -23.4 -35.5 -9.7 LogicBio Therapeutics LOGC 66.4 6.85 -2.23 -24.56 9.08 6.68 Closing Arms† 0.61 1.63 § PHLX Gold/Silver 144.29 141.10 143.08 -0.15 -0.10 161.14 70.12 59.7 33.8 19.1 SPI Energy SPI 1,633.0 6.12 -1.08 -15.00 7.18 5.81 Block trades* 19,988 1,300 § PHLX Oil Service 28.83 27.65 27.84 -0.21 -0.76 80.99 21.47 -55.0 -64.4 -41.9 Chemours CC 130.0 20.02 -0.89 -4.26 20.91 20.02 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2266.77 2233.20 2244.12 1.60 0.07 2370.18 1286.84 47.7 21.3 24.2 nLIGHT LASR 65.5 22.76 -0.72 -3.07 23.48 22.76 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 27.12 25.06 26.37 0.10 0.38 82.69 11.54 28.3 91.4 40.5 GNW Genworth Financial A 76.3 3.26 -0.09 -2.69 3.42 3.05 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.33 World The Global Dow 2961.34 9.62 –8.9 Asana ASAN 28.80 7.80 37.14 29.96 21.00 ... Aptorum Group APM 2.68 -2.08 -43.70 18.25 1.16 -83.4 0.39 DJ Global Index 430.89 1.69 –0.7 Nano Dimension ADR NNDM 2.86 0.73 34.27 4.90 0.51 -39.8 Houston Amer Energy HUSA 1.94 -1.04 -34.90 6.36 0.86 -12.6 DJ Global ex U.S. 246.39 –0.26 –0.11 –6.5 Palantir Technologies PLTR 9.50 2.25 31.03 11.42 7.25 ... Boqii Holding ADR BQ 7.20 -2.80 -28.00 10.43 6.50 ... Americas DJ Americas 781.80 5.90 0.76 2.7 Net Element NETE 8.99 2.11 30.67 20.08 1.47 108.6 ADial Pharmaceuticals ADIL 2.23 -0.80 -26.40 4.00 1.00 53.8 Brazil Sao Paulo Bovespa 94603.38 1023.03 1.09 –18.2 Genetron Holdings ADR GTH 11.94 2.24 23.09 17.71 9.03 ... U.S. Energy USEG 5.00 -1.77 -26.14 18.57 2.44 6.4 Canada S&P/TSX Comp 16121.38 –90.14 –0.56 –5.5 I-Mab ADR IMAB 47.03 8.65 22.54 47.46 9.30 ... Velodyne Lidar VLDR 18.69 -6.06 -24.48 32.50 9.87 86.0 Mexico S&P/BMV IPC 37458.69 323.77 0.87 –14.0 Soleno Therapeutics SLNO 2.51 0.44 21.26 4.39 1.18 46.8 Galectin Therapeutics GALT 2.67 -0.63 -19.09 4.50 1.50 -30.3 Chile Santiago IPSA 2506.22 56.48 2.31 –24.9 Enlivex Therapeutics ENLV 5.94 1.04 21.22 27.28 3.59 -70.0 Oxbridge Re Holdings OXBR 1.76 -0.41 -18.89 9.62 0.70 125.1 Chindata Group ADR CD 16.23 2.73 20.22 16.76 13.50 ... SuRo Capital SSSS 10.84 -2.42 -18.25 14.91 3.60 87.2 EMEA Stoxx Europe 600 361.09 –0.40 –0.11 –13.2 Renalytix AI ADR RNLX 12.19 2.01 19.74 18.00 9.91 ... FuelCell Energy FCEL 2.14 -0.42 -16.41 3.50 0.23 576.1 Eurozone Euro Stoxx 353.77 –1.11 –0.31 –12.4 Belgium Bel-20 3235.44 0.54 0.02 –18.2 RAPT Therapeutics RAPT 32.20 4.78 17.43 51.21 10.52 ... Avalon Holdings AWX 1.75 -0.32 -15.46 2.59 1.18 -19.4 Denmark OMX Copenhagen 20 1360.25 –6.70 –0.49 19.8 Sky Solar Holdings ADR SKYS 8.31 1.23 17.37 12.49 1.01 651.7 CBAK Energy Technology CBAT 2.02 -0.34 -14.41 3.75 0.36 236.7 France CAC 40 4803.44 –28.63 –0.59 –19.6 Limbach Holdings LMB 10.70 1.50 16.30 11.01 2.37 117.5 Kandi Technologies Group KNDI 6.20 -0.98 -13.65 17.40 2.17 37.8 Big 5 Sporting Goods BGFV China Recycling Energy CREG Germany DAX 12760.73 –65.09 –0.51 –3.7 7.48 1.04 16.15 8.47 0.65 256.2 3.13 -0.47 -13.06 7.40 1.60 -2.2 Priority Technology Hldgs PRTH 3.16 0.41 14.73 5.21 1.33 -28.0 Resonant Inc. RESN 2.38 -0.33 -12.18 3.58 0.95 -26.3 Israel Tel Aviv 1308.16 13.49 1.04 –22.3 Italy FTSE MIB 19015.27 –45.90 –0.24 –19.1 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 547.70 –1.22 –0.22 –9.4 Russia RTS Index 1178.51 22.84 1.98 –23.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 54264.96 –241.92 –0.44 –4.9 Spain IBEX 35 6716.60 3.00 0.04 –29.7 Palantir Technologies PLTR 337,129 ... 9.50 31.03 11.42 7.25 Chesapeake Utilities CPK 3,360 3964 84.30 -1.99 101.29 69.47 Sweden OMX Stockholm 728.70 –1.44 –0.20 7.0 Iterum Therapeutics ITRM 212,861 34622.9 1.05 63.35 7.19 0.51 VanEck Vectors Real Asset RAAX 165 2270 20.16 0.21 26.04 16.86 NIO ADR NIO KFA LC Quality Div Index KLCD Switzerland Swiss Market 10187.00 –42.30 –0.41 –4.0 183,095 37.0 21.22 1.77 22.59 1.19 129 2091 26.39 0.47 28.15 17.75 Oasis Petroleum OAS 152,637 709.6 0.28 -31.61 3.65 0.19 Glbl X FTSE Nordic Region GXF 111 1936 24.55 -0.91 25.17 15.20 Turkey BIST 100 1145.24 21.99 1.96 0.1 Apple AAPL 141,946 -16.9 115.81 1.51 137.98 53.15 OShares Europe Qual Div OEUR 94 1719 23.63 -0.60 26.02 16.35 U.K. FTSE 100 5866.10 –31.40 –0.53 –22.2 U.K. FTSE 250 17315.30 141.65 0.82 –20.9 Nano Dimension ADR NNDM 117,933 5489.9 2.86 34.27 4.90 0.51 IRSA Propiedades Com ADR IRCP 234 1675 7.77 -2.69 18.00 5.06 CTI BioPharma CTIC 106,876 13436.3 2.15 104.76 2.68 0.62 Xtrackers MSCI AW xUS DBAW 344 1615 27.26 -0.28 30.03 20.16 Asia-Pacific SPDR S&P 500 SPY 102,199 49.1 334.89 0.76 358.75 218.26 Duff Phelps Utl Cp Bd DUC 382 1362 9.23 1.21 9.49 7.97 Australia S&P/ASX 200 5815.90 –136.15 –2.29 –13.0 General Electric GE 96,315 8.3 6.23 1.80 13.26 5.48 Renaissance Intl IPO ETF IPOS 319 1184 32.29 -0.06 35.93 19.14 China Shanghai Composite 3218.05 –6.31 –0.20 5.5 Nikola NKLA 92,435 231.0 20.48 14.54 93.99 10.20 Tuscan Holdings II THCA 260 1067 9.98 0.30 10.14 9.02 Hong Kong Hang Seng 23459.05 183.52 0.79 –16.8 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.25 India S&P BSE Sensex 38067.93 94.70 –7.7 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23185.12 –353.98 –1.50 –2.0 Singapore Straits Times 2466.62 –5.00 –0.20 –23.5 Track the Markets South Korea Kospi 2327.89 … Closed 5.9 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12515.61 0.38 4.3 global stock indexes, bond ETFs, 47.88 currencies and commodities at Currencies Thailand SET 1237.04 –20.30 –1.61 –21.7 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Wed YTD chg Wed YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004314 23182 0.04 Argentina peso .0131 76.1669 27.2 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1783 5.6097 39.6 Czech Rep. koruna .04329 23.100 1.9 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7506 1.3323 2.6 Denmark krone .1574 6.3517 –4.7 notes and bonds major U.S. trading partners Chile peso .001274 785.10 6.2 Euro area euro 1.1722 .8531 –4.3 A consumer rate against its Money Market/Savings Accts Colombiapeso .000261 3827.00 16.6 Hungary forint .003224 310.13 5.0 Ecuador US dollar 11unch Iceland krona .007226 138.38 14.3 benchmark over the past year 2.50% Bankrate.com avg†: 0.22% 10% Mexico peso .0452 22.1133 16.8 Norway krone .1072 9.3322 6.3 Uruguay peso .02350 42.5550 14.6 Poland zloty .2586 3.8672 1.9 First Internet Bank of Indiana 0.70% One year ago 2.00

Euro Asia-Pacific Russia ruble .01288 77.639 25.1 t s 1.60% Indianapolis, IN 888-873-3424 5 Sweden krona .1116 8.9569 –4.4 1.50 Australian dollar .7163 1.3961 –2.0 t Federal-funds Switzerland franc 1.0859 .9209 –4.8 Sallie Mae Bank 0.70% China yuan .1473 6.7908 –2.5 target rate 1.20 0 Turkey lira .1295 7.7220 29.8 Salt Lake City, UT 877-346-2756 1.00 Hong Kong dollar .1290 7.7503 –0.5 Ukraine hryvnia .0353 28.3500 19.7 Tradeweb ICE India rupee .01360 73.538 3.1 VirtualBank 0.70% UK pound 1.2923 .7738 2.6 0.80 0.50 –5 s s Money market Wednesday Close Indonesia rupiah .0000672 14880 7.2 Miami, FL 877-998-2265 t Yen WSJ Dollar index Japan yen .009484 105.44 –2.9 Middle East/Africa account yields 0.40 t BankDirect 0.75% 0.00 –10 Kazakhstan tenge .002309 433.01 13.4 Bahrain dinar 2.6518 .3771 0.02 Macau pataca .1252 7.9885 –0.4 Egypt pound .0634 15.7633 –1.8 Richardson, TX 877-839-2737 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2407 4.1550 1.6 Israel shekel .2921 3.4235 –0.9 O N D J F M A M J J A S CFG Community Bank 0.80% New Zealand dollar .6620 1.5106 1.7 Kuwait dinar 3.2650 .3063 1.1 maturity 2019 2020 Baltimore, MD 888-205-8388 Pakistan rupee .00603 165.750 6.9 Oman sul rial 2.5976 .3850 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0206 48.476 –4.4 Qatar rial .2746 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7324 1.3654 1.4 Saudi Arabia riyal .2666 3.7509 –0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008585 1164.77 0.8 South Africa rand .0597 16.7499 19.7 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.00 Sri Lanka rupee .0054057 184.99 2.0 Yield (%) 52-Week Total Return (%) Taiwan dollar .03457 28.930 –3.3 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.00 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03165 31.600 6.2 WSJ Dollar Index 88.81 –0.18–0.21 –0.84 Libor, 3-month 0.23 0.23 0.22 l 2.06 -1.10 U.S. Treasury, Barclays 2480.770 0.480 0.480 1.870 0.400 8.04 5.50 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.22 0.22 0.22 l 0.78 -0.08 Five-year CD, annual yield 0.63 0.64 0.63 l 1.56 -0.81 U.S. Treasury Long, Barclays 4873.920 1.320 1.300 2.370 0.980 16.34 11.87 Commodities 30-year mortgage, fixed† 3.03 2.94 2.93 l 4.22 -0.84 Aggregate, Barclays 2276.110 1.170 1.180 2.410 1.020 6.98 5.24 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.59 2.53 2.48 l 3.57 -0.55 Fixed-Rate MBS, Barclays 2225.660 1.270 1.330 2.690 0.930 4.35 3.68 Jumbo mortgages, $510,400-plus† 3.05 2.97 2.93 l 4.43 -1.32 DJ Commodity 626.67 8.05 1.30 647.86 433.70 4.12 -2.44 High Yield 100, ICE BofA n.a. n.a. 4.884 n.a. n.a. n.a. n.a. Five-year adj mortgage (ARM)† 3.22 2.85 2.85 l 4.61 -0.16 TR/CC CRB Index 148.51 1.75 1.19 187.39 106.29 -14.13 -20.07 Muni Master, ICE BofA n.a. n.a. 1.015 n.a. n.a. n.a. n.a. New-car loan, 48-month 4.14 4.16 4.14 l 4.65 1.08 Crude oil, $ per barrel 40.22 0.93 2.37 63.27 -37.63 -23.59 -34.13 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan n.a. n.a. 4.879 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 2.527 -0.034 -1.33 2.862 1.482 12.46 15.44 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 Gold, $ per troy oz. 1887.50 -6.80 -0.36 2051.50 1452.10 25.75 24.22 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW275000-0-B00800-1------XA

B8 | Thursday, October 1, 2020 THE WALL STREET JOURNAL.

COMMODITIES | wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Dec 3.082 3.166 3.039 3.117 –.001 143,125 Dec 62.100 63.550 61.800 63.100 1.125 96,097 June 99.8050 99.8150 99.8000 99.8100 .0050 858,625 Jan'21 3.216 3.313 3.192 3.267 .008 139,290 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Contract Open March 3.059 3.134 3.035 3.099 .003 117,376 Nov 592.70 621.20 592.60 612.20 10.00 2,159 Currency Futures Open High hi lo Low Settle Chg interest April 2.773 2.814 2.753 2.794 –.002 84,209 Jan'21 509.00 530.00 507.40 528.50 10.20 922 Copper-High (CMX)-25,000 lbs.; $ per lb. Oct 2.827 2.846 2.805 2.833 –.002 78,778 Milk (CME)-200,000 lbs., cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Oct 2.9825 3.0305 2.9750 3.0285 0.0450 2,482 Oct 19.26 19.63 19.24 19.53 .26 4,394 Oct .9461 .9489 .9454 .9482 .0017 514 Dec 2.9955 3.0415 2.9755 3.0325 0.0425 140,779 Agriculture Futures Nov 18.60 18.77 18.55 18.63 .05 3,997 Dec .9474 .9496 .9460 .9488 .0016 156,814 Gold (CMX)-100 troy oz.; $ per troy oz. Cocoa (ICE-US)-10 metric tons; $ per ton. Canadian Dollar (CME)-CAD 100,000; $ per CAD Oct 1893.00 1899.70 1879.80 1887.50 –6.80 30,524 Corn (CBT)-5,000 bu.; cents per bu. Dec 2,589 2,615 2,527 2,546 –42 97,388 Oct .7470 .7518 t .7452 .7512 .0041 214 Dec 1903.20 1908.20 1885.80 1895.50 –7.70 441,181 Dec 364.25 382.75 362.00 379.00 14.25 786,036 March'21 2,562 2,589 2,508 2,527 –35 65,234 Dec .7470 .7520 .7453 .7513 .0041 111,772 Feb'21 1910.20 1915.20 1893.40 1902.60 –7.80 43,220 March'21 373.50 391.75 371.25 388.25 14.25 258,520 Coffee (ICE-US)-37,500 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ April 1915.80 1920.00 1899.50 1907.80 –7.70 21,441 Oats (CBT)-5,000 bu.; cents per bu. Dec 110.25 112.75 109.40 110.95 1.40 105,432 Oct 1.2866 1.2943 1.2808 1.2900 .0037 814 June 1912.80 1924.10 1903.60 1911.80 –7.60 10,029 Dec 277.50 286.50 277.25 285.75 8.25 4,796 March'21 112.40 114.40 111.25 112.70 1.30 67,991 Dec 1.2864 1.2948 1.2810 1.2904 .0038 156,599 Dec 1927.50 1927.50 1913.90 1919.80 –7.50 7,221 March'21 282.25 288.00 279.00 287.50 8.50 506 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybeans (CBT)-5,000 bu.; cents per bu. Oct 13.00 13.10 12.83 13.07 .08 54,115 Dec 1.0888 1.0936 1.0840 1.0877 –.0022 47,480 Oct …… …2321.30 1.20 ... Nov 992.25 1034.75 987.50 1023.50 30.50 401,954 March'21 13.42 13.54 13.23 13.51 .09 405,660 March'21 1.0911 1.0965 1.0877 1.0909 –.0023 134 Nov …… …2337.00 1.20 ... March'21 993.00 1030.75 988.50 1021.00 27.25 181,342 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Dec 2325.00 2359.10 2308.70 2330.50 1.20 8,799 Soybean Meal (CBT)-100 tons; $ per ton. Nov 26.50 26.50 26.50 26.50 .10 1,898 Oct .7139 .7175 .7102 .7162 .0033 413 March'21 2325.00 2363.70 2315.80 2335.20 0.30 203 Oct 327.30 345.30 326.30 339.70 12.40 3,414 March'21 27.00 27.00 27.00 27.00 …2,247 Dec .7129 .7177 .7101 .7163 .0033 127,051 Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 331.90 349.60 s 330.30 342.80 10.90 186,337 Cotton (ICE-US)-50,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Oct 884.00 904.40 866.00 901.00 13.50 4,893 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Oct 64.49 64.49 64.49 64.49 .49 70 Oct .04492 .04526 .04434 .04514 .00065 164 Jan'21 893.50 914.50 873.50 909.20 11.50 49,845 Oct 32.87 33.52 32.45 33.37 .50 1,877 Dec 65.28 66.24 65.09 65.79 .50 125,196 Dec .04420 .04501 .04399 .04485 .00064 121,705 Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 32.72 33.38 32.14 33.13 .44 193,793 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € Oct 24.360 24.360 23.665 23.433 –0.947 1,704 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Nov 111.10 114.45 109.50 113.70 2.90 7,079 Oct 1.1743 1.1759 1.1690 1.1722 –.0020 3,085 Dec 24.505 24.505 23.380 23.494 –0.951 133,789 Nov 12.48 12.52 12.42 12.48 –.04 9,063 Jan'21 114.10 117.00 112.50 116.30 2.60 2,441 Dec 1.1758 1.1774 1.1703 1.1736 –.0020 645,586 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Jan'21 12.66 12.71 12.63 12.68 –.03 545 Nov 39.16 40.37 38.68 40.22 0.93 355,971 Wheat (CBT)-5,000 bu.; cents per bu. Interest Rate Futures Index Futures Dec 39.43 40.61 38.95 40.47 0.91 302,826 Dec 548.75 587.00 547.00 578.00 28.50 205,587 Mini DJ Industrial Average (CBT)-$5 x index Jan'21 39.79 40.91 39.30 40.79 0.91 137,769 March'21 555.75 592.75 554.00 583.75 27.25 67,771 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Dec 27354 27904 27039 27664 256 73,798 March 40.47 41.58 40.03 41.47 0.90 152,486 Wheat (KC)-5,000 bu.; cents per bu. Dec 223-140 223-170 220-100 221-260 –2-00.0 992,116 March'21 27455 27794 26946 27565 258 249 June 41.28 42.36 40.84 42.28 0.90 189,488 Dec 475.75 515.50 475.00 509.75 33.75 122,848 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index Dec 42.12 43.17 41.78 43.12 0.90 231,067 March'21 486.00 524.50 484.75 518.25 32.25 55,220 Dec 177-030 177-090 175-140 176-090 –30.0 1,179,376 Dec 3316.30 3357.40 3292.10 3352.00 18.30 7,237 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March'21 178-220 178-260 177-000 177-260 –1-00.0 7,043 Mini S&P 500 (CME)-$50 x index Oct 1.1071 1.1509 1.1000 1.1454 .0364 4,497 Oct 143.300 143.450 140.550 141.350 –1.575 5,898 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 3330.00 3384.00 3291.25 3352.00 18.25 2,461,168 Nov 1.1179 1.1554 1.1050 1.1522 .0365 124,106 Nov 144.150 144.350 140.725 142.050 –1.725 18,235 Dec 139-235 139-255 139-110 139-170 –8.0 3,286,844 March'21 3321.75 3374.75 3283.25 3343.50 18.25 12,286 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Cattle-Live (CME)-40,000 lbs.; cents per lb. March'21 139-315 139-160 139-030 139-085 –7.5 576 Mini S&P Midcap 400 (CME)-$100 x index Oct 1.1902 1.2069 1.1741 1.2008 –.0009 4,196 Oct 108.900 109.250 108.375 108.550 –.350 26,380 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 1849.10 1874.20 1826.00 1855.90 12.30 57,016 Nov 1.1650 1.1837 1.1412 1.1816 .0105 123,928 Dec 113.000 113.575 112.100 112.350 –.775 127,486 Sept 125-307 126-002 125-282 125-295 –2.7 30,515 March'21 …1861.40 1827.00 1854.40 12.80 n.a. Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 126-037 126-047 125-312 126-010 –3.2 3,256,535 Mini Nasdaq 100 (CME)-$20 x index Nov 2.502 2.579 2.425 2.527 –.034 296,379 Oct 72.575 73.050 72.200 72.800 .425 25,024 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 110-144 110-142 110-140 110-145 .2 33,534 Dec 11321.00 11526.00 11167.00 11407.25 69.50 273,907 Dec 110-154 110-157 110-149 110-153 –.1 1,983,650 March'21 11331.00 11514.00 11159.75 11398.50 70.50 1,188 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini Russell 2000 (CME)-$50 x index Cash Prices | wsj.com/market-data/commodities Wednesday, September 30, 2020 Sept 99.9100 99.9125 99.9075 99.9100 .0025 151,787 Dec 1504.20 1526.90 1485.80 1504.40 –2.60 497,511 Oct 99.9175 99.9200 99.9150 99.9150 –.0025 225,478 Mini Russell 1000 (CME)-$50 x index These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Dec 1861.70 1883.60 1852.80 1868.10 15.30 8,703 U.S. Dollar Index (ICE-US)-$1,000 x index separate from the futures price on an exchange, which reflects what the commodity might be worth in future Dec 102-255 102-260 102-105 102-165 –8.5 122,350 Eurodollar (CME)-$1,000,000; pts of 100% Dec 93.90 94.25 93.70 93.93 …28,013 months. Oct 99.7850 99.7875 99.7775 99.7825 –.0025 290,866 March'21 93.88 94.19 93.72 93.90 …570 Wednesday Wednesday Wednesday Dec 99.7500 99.7600 99.7450 99.7550 .0050 1,065,115 Energy Aluminum, LME, $ per metric ton *1746.0 Wheat - Hard - KC (USDA) $ per bu-u 5.1975 March'21 99.7950 99.8050 99.7950 99.8050 .0050 1,032,446 Source: FactSet Copper,Comex spot 3.0285 Wheat,No.1soft white,Portld,OR-u 5.6750 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 123.2 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.700 Shredded Scrap, US Midwest-s,m 283 Bonds | wsj.com/market-data/bonds/benchmarks Steel, HRC USA, FOB Midwest Mill-s 603 Beef,carcass equiv. index Metals choice 1-3,600-900 lbs.-u 181.21 Fibers and Textiles select 1-3,600-900 lbs.-u 170.70 Tracking Bond Benchmarks Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6327 Engelhard industrial 1896.00 Burlap,10-oz,40-inch NY yd-n,w 0.6100 Butter,AA Chicago 1.5100 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Handy & Harman base 1886.90 Cotton,1 1/16 std lw-mdMphs-u 0.6179 Cheddar cheese,bbl,Chicago 180.00 highs and lows for different types of bonds Handy & Harman fabricated 2094.46 Cotlook 'A' Index-t *71.15 Cheddar cheese,blk,Chicago 257.25 LBMA Gold Price AM *1882.40 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 114.00 Total Total LBMA Gold Price PM *1883.95 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.0274 return YTD total Yield (%) return YTD total Yield (%) Krugerrand,wholesale-e 1967.16 Grains and Feeds Coffee,Colombian, NY 1.5655 close return (%) Index Latest Low High close return (%) Index Latest Low High Maple Leaf-e 1986.08 Eggs,large white,Chicago-u 0.8550 American Eagle-e 1986.08 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.00 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Mexican peso-e 2288.58 Bran,wheat middlings, KC-u Hams,17-20 lbs,Mid-US fob-u 0.74 115 6.8 U.S. Aggregate 3.6 Mortgage-Backed Austria crown-e 1857.05 Corn,No. 2 yellow,Cent IL-bp,u 3.6000 Hogs,Iowa-So. Minnesota-u 74.40 2276.11 1.170 1.020 2.410 2225.66 1.270 0.930 2.690 Austria phil-e 1986.08 Corn gluten feed,Midwest-u,w 117.0 Pork bellies,12-14 lb MidUS-u n.a. U.S. Corporate Indexes Bloomberg Barclays 2170.01 3.3 Ginnie Mae (GNMA) 0.740 0.290 2.660 Silver, troy oz. Corn gluten meal,Midwest-u,w 415.4 Pork loins,13-19 lb MidUS-u 0.9632 Engelhard industrial 23.9500 Cottonseed meal-u,w 268 Steers,Tex.-Okla. Choice-u n.a. 3355.39 6.6 U.S. Corporate 2.010 1.820 4.580 1315.03 3.8 Fannie mae (FNMA) 1.460 1.110 2.690 Handy & Harman base 23.8110 Hominy feed,Cent IL-u,w 100 Steers,feeder,Okla. City-u,w 153.50 3058.56 5.6 Intermediate 1.360 1.230 4.400 Freddie Mac Handy & Harman fabricated 29.7640 Meat-bonemeal,50% pro Mnpls-u,w 210 Fats and Oils 2018.18 3.7 (FHLMC) 1.440 1.080 2.710 LBMA spot price *£18.5300 Oats,No.2 milling,Mnpls-u 3.0425 4934.66 8.4 Long term 3.060 2.730 4.930 n.a. n.a. Muni Master n.a. n.a. n.a. (U.S.$ equivalent) *23.8350 Rice, Long Grain Milled, No. 2 AR-u,w 29.25 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.0000 Coins,wholesale $1,000 face-a 18127 Sorghum,(Milo) No.2 Gulf-u 5.7900 Grease,choice white,Chicago-h 0.2850 689.78 7.1 Double-A-rated 1.500 1.300 3.360 n.a. n.a. 7-12 year n.a. n.a. n.a. Other metals SoybeanMeal,Cent IL,rail,ton48%-u 338.80 Lard,Chicago-u n.a. LBMA Platinum Price PM *880.0 Soybeans,No.1 yllw IL-bp,u 9.9250 Soybean oil,crude;Centl IL-u 0.3376 883.81 5.7 Triple-B-rated 2.390 2.210 5.350 n.a. n.a. 12-22 year n.a. n.a. n.a. Platinum,Engelhard industrial 887.0 Wheat,Spring14%-pro Mnpls-u 6.7275 Tallow,bleach;Chicago-h 0.3200 High Yield Bonds ICE BofA n.a. 22-plus year Palladium,Engelhard industrial 2350.0 Wheat,No.2 soft red,St.Louis-u 5.8600 Tallow,edible,Chicago-u n.a. n.a. n.a. n.a. n.a. n.a. n.a. High Yield Constrained n.a. n.a. n.a. Global Government J.P. Morgan† 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; n.a. Triple-C-rated 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. *Data as of 9/29 n.a. n.a. n.a. n.a. 615.32 5.6 Global Government 0.540 0.390 1.060 Source: Dow Jones Market Data n.a. n.a. High Yield 100 n.a. n.a. n.a. 867.15 7.9 Canada 0.740 0.590 1.740 n.a. n.a. Global High Yield Constrained n.a. n.a. n.a. n.a. n.a. EMU§ n.a. n.a. n.a. Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks n.a. n.a. Europe High Yield Constrained n.a. n.a. n.a. 787.89 3.8 France -0.040 -0.160 0.430 Money Rates September 30, 2020 U.S Agency Bloomberg Barclays 549.99 2.6 Germany -0.410 -0.740 -0.050 1867.01 5.4 U.S Agency 0.480 0.470 1.950 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 295.34 -0.9 Japan 0.280 0.040 0.320 10-20 years guide to general levels but don’t always represent actual transactions. 1625.54 4.0 0.360 0.340 1.850 613.52 2.9 Netherlands -0.300 -0.540 0.080 Week —52-WEEK— Week —52-WEEK— 4307.48 12.9 20-plus years 1.470 1.170 2.480 Inflation Latest ago High Low Latest ago High Low 1089.31 8.4 U.K. 0.580 0.390 1.180 Aug. index Chg From (%) Yankee Commercial paper (AA financial) 2870.99 5.0 1.540 1.430 3.500 n.a. n.a. Emerging Markets ** n.a. n.a. n.a. level July '20 Aug. '19 Low 0.0100 0.0500 1.7700 0.0100 Bid 0.0100 0.0800 1.7800 0.0100 90 days n.a. 0.11 2.53 0.04 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds U.S. consumer price index Offer 0.0500 0.1100 1.8500 0.0500 Libor ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan All items 259.918 0.32 1.3 Treasury bill auction Core 268.756 0.39 1.7 One month 0.14825 0.14813 1.99725 0.14475 4 weeks 0.075 0.080 1.880 0.000 Three month 0.23388 0.22500 2.05638 0.21788 Global Government Bonds: Mapping Yields International rates 13 weeks 0.100 0.100 1.840 0.000 Six month 0.25975 0.27163 2.01700 0.25975 26 weeks 0.105 0.105 1.795 0.080 One year 0.36013 0.37175 2.01200 0.35925 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Week 52-Week selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Latest ago High Low Secondary market Euro Libor One month -0.568 -0.566 -0.360 -0.621 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Prime rates Fannie Mae Three month -0.520 -0.518 -0.142 -0.539 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago U.S. 3.25 3.25 5.00 3.25 30-year mortgage yields Six month -0.494 -0.498 -0.052 -0.504 0.125 U.S. 2 0.133 t l 0.141 0.156 1.616 Canada 2.45 2.45 3.95 2.45 One year -0.435 -0.430 0.008 -0.441 30 days 1.935 1.975 3.388 1.751 0.625 10 0.682 s l 0.654 0.720 1.667 Japan 1.475 1.475 1.475 1.475 60 days 1.972 2.023 3.403 1.804 Secured Overnight Financing Rate 5.750 Australia 2 0.166 t l 0.166 0.265 0.783 3.3 2.5 -83.3 Policy Rates 0.07 0.07 2.05 0.01 Other short-term rates 2.500 10 0.801 s l 0.790 1.033 1.027 11.9 13.6 -64.0 Euro zone 0.00 0.00 0.00 0.00 Value 52-Week l Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low 0.000 France 2 -0.644 s -0.656 -0.586 -0.683 -77.7 -79.6 -229.9 Britain 0.10 0.75 0.10 0.10 Latest ago high low 0.000 10 -0.240 s l -0.265 -0.105 -0.274 -92.2 -91.9 -194.1 Australia 0.25 0.25 0.75 0.25 DTCC GCF Repo Index Call money 0.000 Germany 2 -0.694 s l -0.700 -0.663 -0.765 -82.7 -84.0 -238.0 Overnight repurchase Treasury 0.116 24.000 2.170 0.002 2.00 2.00 3.75 2.00 MBS 0.129 49.250 2.093 0.011 0.000 10 -0.517 s l -0.542 -0.409 -0.574 -119.9 -119.6 -224.1 U.S. 0.10 0.06 2.01 -0.07 1.000 Italy 2 -0.213 s l -0.230 -0.097 -0.254 -34.6 -37.1 -187.0 U.S. government rates Notes on data: U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, 1.650 10 0.877 s l 0.848 1.044 0.827 19.5 19.5 -84.0 Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is 0.100 Japan 2 -0.136 s l -0.148 -0.113 -0.321 -26.9 -28.9 -193.6 0.25 0.25 2.50 0.25 as of September 29, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted 0.100 10 0.015 t l 0.020 0.059 -0.221 -66.6 -63.4 -188.9 Federal funds average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- funds rates are Tullett Prebon rates as of 5:30 p.m. ET. 0.400 Spain 2 -0.504 s l -0.516 -0.457 -0.505 -63.7 -65.7 -212.1 Effective rate 0.0800 0.0900 1.9200 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; High 0.1000 0.1500 1.9500 0.1000 Tullett Prebon Information, Ltd. 1.250 10 0.255 s l 0.225 0.378 0.146 -42.7 -42.9 -152.1 0.500 U.K. 2 -0.018 s l -0.053 -0.053 0.365 -15.1 -19.4 -125.1 Macro & Market Economics 4.750 10 0.232 s l 0.185 0.317 0.486 -45.0 -46.9 -118.2 Source: Tullett Prebon Watching the Gauges: U.S. Supply and Demand Corporate Debt Inventories, imports and demand for the week ended September 25. Current figures are in thousands of Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific barrels or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural- expectations gas import Natural-gas import and demand data are available monthly only. Investment-grade spreads that tightened the most… Inventories, 000s barrels Imports, 000s barrels per day Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Current change week ago avg avg Current change week ago avg avg HSBC Holdings HSBC 4.375 2.52 Nov. 23, ’26 224 –13 226 Morgan Stanley MS 3.750 0.63 Feb. 25, ’23 48 –13 n.a. Crude oil and Svenska Handelsbanken SHBASS 0.625 0.42 June 30, ’23 26 –11 33 petroleum prod 1,421,111 ... 1,422 1,297 1,424 1,278 7,073 ... 7,202 8,274 7,223 9,024 Valero Energy VLO 6.625 4.34 June 15, ’37 287 –11 304 Crude oil BATSLN –10 80 excluding SPR 492,426 800 494 423 496 446 5,122 ... 5,168 6,291 5,180 7,141 Reynolds American 4.850 0.83 Sept. 15, ’23 68 … –9 384 Gasoline 228,182 ... 227 230 230 223 732 ... 474 843 595 563 Delta Airlines, Inc. Retirement Plan 4.500 3.92 Oct. 20, ’25 365 … –9 33 Finished gasoline 24,171 -700 25 23 24 24 151 ... 163 100 122 52 Metropolitan Life Global Funding I 0.450 0.46 Sept. 1, ’23 30 –8 Reformulated 44 ... 00 00 0... 00 00Citigroup C 4.400 1.57 June 10, ’25 130 128 Conventional 24,127 ... 25 23 24 24 151 ... 163 100 122 52 …And spreads that widened the most Blend. components 204,011 ... 202 207 205 198 581 ... 311 743 474 511 Bank of America BAC 3.875 0.93 Aug. 1, ’25 65 10 65 Natural gas (bcf) 3,680 ... 43 44...... Barclays BACR 3.650 1.74 March 16, ’25 147 10 n.a. Kerosene-type Total Capital International TOTAL 3.750 0.73 April 10, ’24 46 10 35 jet fuel 39,674 ... 39 44 39 42 ... 196 110 171 192 123 Mitsubishi UFJ Financial MUFG 3.751 2.66 July 18, ’39 124 8 123 Distillates 172,758 -1,100 176 131 176 135 141 ... 136 50 137 122 Apple AAPL 2.400 0.38 May 3, ’23 23 5 6 Heating oil 9,386 ... 911912 0 ... 02 010 Coca–Cola KO 4.200 2.53 March 25, ’50 110 5 108 Diesel 163,372 ... 166 120 167 123 141 ... 136 48 137 112 International Business Machines IBM 3.000 0.66 May 15, ’24 39 4 37 Residual fuel oil 31,852 ... 33 30 33 34 202 ... 199 203 146 139 Markel MKL 5.000 3.14 April 5, ’46 168 4 n.a. Other oils 334,571 ... 334 315 332 289 577 ... 909 657 868 740 Net crude, petroleum High-yield issues with the biggest price increases… products, incl. SPR 2,064,262 ... 2,067 1,942 2,070 1,950 -1,579 ... -793 486 -488 2,502 Bond Price as % of face value Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Weekly Demand, 000s barrels per day Natural gas storage American Airlines AAL 4.950 12.47 Jan. 15, ’23 85.457 3.40 80.040 Dish DBS … 5.875 4.94 Nov. 15, ’24 103.425 1.11 102.875 Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals ADT Security ADT 4.125 2.04 June 15, ’23 105.450 1.05 104.275 Current change week ago avg avg Navient NAVI 6.750 6.37 June 25, ’25 101.500 1.03 101.438 Total petroleum Telecom Italia Capital TITIM 7.200 4.77 July 18, ’36 126.750 1.03 127.012 4250 product 17,447 ... 18,439 20,751 17,898 20,696 Natural gas, L Brands LB 6.875 6.98 Nov. 1, ’35 99.000 1.00 97.250 lower 48 states Netflix NFLX 5.875 3.14 Nov. 15, ’28 119.499 1.00 118.000 Finished 3250 t Ball BLL 5.250 2.26 July 1, ’25 113.380 0.90 111.490 motor gasoline 8,529 ... 8,515 9,137 8,478 9,338

Kerosene-type 2250 …And with the biggest price decreases jet fuel 858 ... 935 1,763 901 1,781 t Telecom Italia Capital TITIM 6.375 4.45 Nov. 15, ’33 119.000 –0.99 120.232 Distillates 3,655 ... 3,959 3,960 3,534 4,122 Five-year average 1250 CF Industries CF 5.150 3.45 March 15, ’34 118.160 –0.81 118.500 RIG –0.81 15.750 Residual fuel oil 408 ... 137 284 302 364 for each week Transocean 6.800 50.84 March 15, ’38 13.375 Occidental Petroleum OXY 6.450 8.15 Sept. 15, ’36 85.002 –0.56 87.250 Propane/propylene 615 ... 1,049 1,124 1,060 ... 250 Other oils 3,383 ... 3,844 4,484 3,623 ... O N D J F M A M J J A S Royal Caribbean RCL 5.250 11.07 Nov. 15, ’22 89.250 –0.48 88.500 2019 2020 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Note: Data are for the most active issue of bonds with maturities of two years or more Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Source: MarketAxess P2JW275000-0-B00900-2------XA

THE WALL STREET JOURNAL. Thursday, October 1, 2020 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. ChinaLifeIns LFC 11.32 0.05 ENI E 15.54 -0.02 Genpact G 38.95 0.27 KoninklijkePhil PHG 47.15 -0.07 NYTimes A NYT 42.79 0.81 RexfordIndlRealty REXR 45.76 -0.13 3M MMM 160.18 0.37 Market listed securities. Prices are composite dd-Indicates loss in the most recent ChinaMobile CHL 32.16 0.33 EOG Rscs EOG 35.94 -0.25 Gentex GNTX 25.75 0.13 KoreaElcPwr KEP 8.71 0.04 NewellBrands NWL 17.16 0.04 ReynoldsCnsmr REYN 30.62 -0.70 Tiffany TIF 115.85 -0.59 quotations that include primary market trades four quarters. ChinaPetrol SNP 40.46 0.22 EPAM Systems EPAM 323.28 -2.28 GenuineParts GPC 95.17 0.43 KraftHeinz KHC 29.95 0.36 Newmont NEM 63.45 0.68 RingCentral RNG 274.61 3.85 Toll Bros TOL 48.66 1.54 as well as trades reported by Nasdaq BX FD-First day of trading. ChinaSoAirlines ZNH 27.19 0.46 E*TRADE ETFC 50.05 1.12 Gerdau GGB 3.70 0.18 Kroger KR 33.91 0.14 NewsCorp A NWSA 14.02 0.13 RioTinto RIO 60.39 0.18 Toro TTC 83.95 0.21 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing ChinaTelecom CHA 30.02 -0.14 EastmanChem EMN 78.12 0.97 GileadSciences GILD 63.19 1.09 s L Brands LB 31.81 1.45 NewsCorp B NWS 13.98 0.21 RitchieBros RBA 59.25 0.11 TorontoDomBk TD 46.24 0.28 Cboe, NYSE National and Nasdaq ISE. standards ChinaUnicom CHU 6.54 -0.02 Eaton ETN 102.03 0.85 GSK GSK 37.64 0.21 s LHC Group LHCG 212.56 4.86 NextEraEnergy NEE 277.56 -5.56 RobertHalf RHI 52.94 0.37 Total TOT 34.30 0.97 The list comprises the 1,000 largest lf-Late filing Chipotle CMG 1243.71-17.90 eBay EBAY 52.10 -0.55 GlobalPayments GPN 177.58 0.08 Line LN 50.80 -0.11 Nike NKE 125.54 -0.81 RocketCos. RKT 19.93 -0.14 ToyotaMotor TM 132.44 -1.81 companies based on market capitalization. q-Temporary exemption from Nasdaq Chubb CB 116.12 1.78 Ecolab ECL 199.84 2.39 Globant GLOB 179.22 0.45 LKQ LKQ 27.73 0.08 Nikola NKLA 20.48 2.60 Rockwell ROK 220.68 -0.55 TractorSupply TSCO 143.34 2.36 ChunghwaTel CHT 36.23 -0.71 Ecopetrol EC 9.84 0.05 GlobeLife GL 79.90 0.89 LPL Financial LPLA 76.67 0.63 NiSource NI 22.00 0.04 RogersComm B RCI 39.65 -0.03 s TradeDesk TTD 518.78 20.48 Underlined quotations are those stocks with requirements. t-NYSE bankruptcy Church&Dwight CHD 93.71 0.86 EdisonInt EIX 50.84 -0.18 GoDaddy GDDY 75.97 -0.17 L3HarrisTech LHX 169.84 -5.91 Nokia NOK 3.91 -0.04 Roku ROKU 188.80 0.93 Tradeweb TW 58.00 -0.03 large changes in volume compared with the ChurchillDowns CHDN 163.82 -2.14 EdwardsLife EW 79.82 1.51 GoldFields GFI 12.29 -0.20 LabCpAm LH 188.27 1.80 NomuraHoldings NMR 4.58 -0.15 Rollins ROL 54.19 -0.31 TraneTech TT 121.25 0.03 issue’s average trading volume. v-Trading halted on primary market. vj-In bankruptcy or receivership or Ciena CIEN 39.69 -0.30 ElancoAnimal ELAN 27.93 1.17 GoldmanSachs GS 200.97 4.18 LamResearch LRCX 331.75 -5.96 Nordson NDSN 191.82 0.40 RoperTech ROP 395.11 -6.25 TransDigm TDG 475.12-13.96 Boldfaced quotations highlight those issues being reorganized under the Cigna CI 169.41 5.10 Elastic ESTC 107.89 -0.58 s Graco GGG 61.35 ... LamarAdv LAMR 66.17 -0.10 NorfolkSouthern NSC 213.99 -1.82 RossStores ROST 93.32 2.29 TransUnion TRU 84.13 -0.49 whose price changed by 5% or more if their Bankruptcy Code, or securities CincinnatiFin CINF 77.97 0.08 ElectronicArts EA 130.41 0.39 Grainger GWW 356.77 4.69 LambWeston LW 66.27 0.98 NorthernTrust NTRS 77.97 0.51 RoyalBkCanada RY 70.14 0.02 Travelers TRV 108.19 0.75 previous closing price was $2 or higher. assumed by such companies. Cintas CTAS 332.83 2.55 EmersonElec EMR 65.57 0.41 Grifols GRFS 17.35 0.54 LasVegasSands LVS 46.66 -0.06 NorthropGrum NOC 315.49 -9.79 RoyalCaribbean RCL 64.73 0.33 Trex TREX 71.600.81 CiscoSystems CSCO 39.39 0.33 Enbridge ENB 29.20 -0.35 Grubhub GRUB 72.33 -0.81 Lear LEA 109.05 1.04 NortonLifeLock NLOK 20.84 -0.02 RoyalDutchA RDS.A 25.17 -0.48 Trimble TRMB 48.70 -0.22 Citigroup C 43.11 0.69 EncompassHealth EHC 64.98 2.28 GpoAvalAcc AVAL 4.61 ... Leidos LDOS 89.15 -1.42 Novartis NVS 86.96 -0.08 RoyalDutchB RDS.B 24.22 -0.44 Trip.com TCOM 31.14 -0.13 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and EnelAmericas ENIA 6.46 0.24 s Lennar A LEN 81.68 2.71 Novavax NVAX 108.35 0.40 RoyalGold RGLD 120.17 0.19 TruistFinl TFC changes in the closing prices from 4 p.m. the previous day. CitizensFin CFG 25.28 0.50 GuardantHealth GH 111.78 0.54 38.05 1.04 CitrixSystems CTXS 137.71 0.76 EnergyTransfer ET 5.42 -0.18 Guidewire GWRE 104.27 -1.26 s Lennar B LEN.B 65.66 2.72 NovoNordisk NVO 69.43 -0.79 RoyaltyPharma RPRX 42.07 0.06 Twilio TWLO 247.09 -1.71 s Clarivate CCC 30.99 1.45 s EnphaseEnergy ENPH 82.59 1.79 HCA Healthcare HCA 124.68 4.50 LennoxIntl LII 272.61 0.73 s Novocure NVCR 111.31 2.31 Ryanair RYAAY 81.76 1.24 Twitter TWTR 44.50 -0.24 Wed., September 30, 2020 Net Net Clorox CLX 210.17 -0.24 s Entegris ENTG 74.34 1.14 HDFC Bank HDB 49.96 1.00 LiAuto LI 17.39 0.36 NuanceComms NUAN 33.19 0.12 SAP SAP 155.81 -0.76 TylerTech TYL 348.56 2.04 Net Stock Sym Close Chg Stock Sym Close Chg Cloudflare NET 41.06 0.39 Entergy ETR 98.53 2.75 HD Supply HDS 41.24 0.79 LibertyBroadbandC LBRDK 142.87 -0.21 Nucor NUE 44.86 0.12 S&P Global SPGI 360.60 3.62 TysonFoods TSN 59.48 0.52 Coca-Cola KO 49.37 0.45 EnterpriseProd EPD 15.79 -0.14 HP HPQ 18.99 0.07 LibertyBroadbandA LBRDA141.81 -0.47 Nutrien NTR 39.23 0.76 SBA Comm SBAC 318.48 4.61 UBS Group UBS 11.15 0.14 Stock Sym Close Chg AB InBev BUD 53.88 -0.40 Boeing BA 165.26 1.66 Coca-Cola Euro CCEP 38.81 0.02 Equifax EFX 156.90 -0.94 HSBC HSBC 19.58 0.18 LibertyGlobal A LBTYA 21.01 -0.38 NVIDIA NVDA 541.22 12.19 SEI Investments SEIC 50.72 -0.35 UDR UDR 32.61 0.29 AnnalyCap NLY 7.12 ... BookingHldgs BKNG 1710.68 37.70 Cognex CGNX 65.10 0.14 Equinix EQIX 760.13 -3.33 Halliburton HAL 12.05 -0.02 LibertyGlobal C LBTYK 20.54 -0.36 SK Telecom SKM 22.42 -0.01 UGI UGI 32.98 0.49 A B C Anthem ANTM 268.59 8.80 BoozAllen BAH 82.98 -1.26 CognizantTech CTSH 69.42 0.42 Equinor EQNR 14.06 0.11 HartfordFinl HIG 36.86 0.33 LibertyFormOne A FWONA 33.51 0.86 O P Q SS&C Tech SSNC 60.52 0.02 Uber UBER 36.48 1.05 Aon AON 206.30 1.21 BorgWarner BWA 38.74 0.71 ABB ABB 25.45 -0.16 ColgatePalm CL 77.15 0.93 Equitable EQH 18.24 -0.10 Hasbro HAS 82.72 1.48 LibertyFormOne C FWONK 36.27 0.90 StoreCapital STOR 27.43 0.20 Ubiquiti UI 166.66 1.28 ApolloGlbMgmt APO 44.75 -0.60 BostonBeer SAM 883.36 2.94 OGE Energy OGE 29.99 0.32 AcadiaPharm ACAD 41.25 0.84 EquityLife ELS 61.30 -0.35 HealthcareAmer HTA 26.00 0.09 LibertyBraves A BATRA 20.88 0.55 SVB Fin SIVB 240.62 3.53 UltaBeauty ULTA 223.98 1.10 Apple AAPL 115.81 1.72 BostonProps BXP 80.30 0.02 ColumbiaSportswr COLM 86.98 0.50 ONEOK OKE 25.98 -0.69 ADT ADT 8.17 -0.19 EquityResdntl EQR 51.33 0.24 HealthpeakProp PEAK LibertyBraves C BATRK 21.01 0.63 Salesforce.com CRM 251.32 3.87 Unilever UN 60.40 -0.22 ApplMaterials AMAT 59.45 -0.20 BostonSci BSX 38.21 0.45 Comcast A CMCSA 46.26 0.06 27.15 0.10 OReillyAuto ORLY 461.08 7.76 AECOM ACM 41.84 0.47 ErieIndemnity A ERIE 210.28 0.21 LibertySirius C LSXMK 33.08 -0.16 Sanofi SNY 50.17 -0.33 Unilever UL 61.68 -0.23 Aptargroup ATR 113.20 0.58 BrightHorizons BFAM 152.04 2.29 CommerceBcshrs CBSH 56.29 1.12 Heico HEI 104.66 0.22 s OakStreetHealth OSH 53.44 2.46 AES AES 18.11 0.11 EssentialUtil WTRG 40.25 0.47 LibertySirius A LSXMA 33.17 0.06 SareptaTherap SRPT 140.43 -0.85 UnionPacific UNP 196.87 -0.37 Aptiv APTV 91.68 -0.24 BristolMyers BMY 60.29 0.39 SABESP SBS 8.30 0.04 Heico A HEI.A 88.66 -0.04 OccidentalPetrol OXY 10.01 0.02 Aflac AFL 36.35 0.33 EssexProp ESS 200.79 1.19 EliLilly LLY 148.02 1.76 Schlumberger SLB 15.56 -0.04 UnitedAirlines UAL 34.75 0.24 Aramark ARMK 26.45 0.03 BritishAmTob BTI 36.15 0.51 ConagraBrands CAG 35.71 0.23 HenrySchein HSIC 58.78 0.21 Okta OKTA 213.85 0.29 AGNC Invt AGNC 13.91 -0.01 EsteeLauder EL 218.25 3.47 LincolnNational LNC 31.33 0.39 SchwabC SCHW 36.23 0.45 UnitedMicro UMC 4.79 0.06 ArcelorMittal MT 13.25 -0.09 Broadcom AVGO 364.32 0.06 ConchoRscs CXO 44.12 -0.28 Herbalife HLF 46.65 0.54 OldDomFreight ODFL 180.92 -4.19 Ansys ANSS 327.23 7.72 Etsy ETSY 121.63 -1.60 Linde LIN 238.13 1.70 ScottsMiracleGro SMG 152.91 0.60 UPS B UPS 166.63 -1.87 ArchCapital ACGL 29.25 0.38 BroadridgeFinl BR 132.00 0.28 ConocoPhillips COP 32.84 0.38 Hershey HSY 143.34 2.15 Ollie'sBargain OLLI 87.35 -0.61 ASETech ASX 4.08 0.06 EverestRe RE 197.54 -2.24 LiveNationEnt LYV 53.88 0.59 Sea SE 154.04 -1.11 UnitedRentals URI 174.50 0.29 ArcherDaniels ADM 46.49 0.51 BrookfieldMgt BAM 33.06 0.15 ConEd ED 77.80 0.82 Hess HES 40.93 0.24 OmegaHealthcare OHI 29.94 0.22 ASML ASML 369.27 -4.73 Evergy EVRG 50.82 0.67 LivongoHealth LVGO 140.05 1.60 Seagate STX 49.27 -0.80 US Bancorp USB 35.85 0.55 AresMgmt ARES 40.42 0.22 BrookfieldInfr BIP 47.62 0.21 ConstBrands A STZ 189.51 1.99 HewlettPackard HPE 9.37 -0.01 Omnicom OMC 49.50 0.65 AT&T T 28.51 0.21 EversourceEner ES 83.55 0.54 LloydsBanking LYG 1.30 0.01 SealedAir SEE 38.81 0.98 UnitedHealth UNH 311.77 7.62 arGEN-X ARGX 262.52 2.32 BrookfieldPropREIT BPYU 12.24 0.42 Cooper COO 337.12 3.53 HighwoodsProp HIW 33.57 -0.01 ON Semi ON 21.69 -0.09 AbbottLabs ABT 108.83 3.64 ExactSciences EXAS 101.95 -0.06 LockheedMartin LMT 383.28 -5.46 s SeattleGenetics SGEN 195.69 4.73 AristaNetworks ANET 206.93 -3.53 s BrookfieldRenew BEPC 58.60 1.91 Copart CPRT 105.16 -0.58 Hilton HLT 85.32 -1.28 OneConnectFinTech OCFT 21.30 0.46 UnitySoftware U 87.28 -7.64 AbbVie ABBV 87.59 0.70 Exelixis EXEL 24.45 -0.05 Loews L 34.75 0.55 SempraEnergy SRE 118.36 2.18 ArrowElec ARW 78.66 0.12 Brown&Brown BRO 45.27 0.10 Corning GLW 32.41 0.44 Hologic HOLX 66.47 0.35 OpenText OTEX 42.24 0.04 UnivDisplay OLED 180.74 1.86 Abiomed ABMD 277.06 4.60 Exelon EXC 35.76 0.44 s LogitechIntl LOGI 77.31 0.17 SensataTechs ST 43.14 0.45 AscendisPharma ASND154.32 2.06 Brown-Forman B BF.B 75.32 0.09 Corteva CTVA 28.81 0.22 HomeDepot HD 277.71 5.60 Oracle ORCL 59.70 0.23 UniversalHealthB UHS 107.02 4.49 s AcceleronPharma XLRN 112.53 -0.58 CoStar CSGP 848.51 -8.34 Expedia EXPE 91.69 -0.09 HondaMotor HMC 23.70 0.32 Lowe's LOW 165.86 3.60 ServiceCorp SCI 42.18 0.20 VEREIT VER 6.50 0.04 AspenTech AZPN 126.59 -0.62 Brown-Forman A BF.A 68.68 -0.05 Orange ORAN 10.38 0.05 ServiceNow NOW 485.00 -2.98 Accenture ACN 225.99 1.91 Costco COST 355.00 2.86 ExpeditorsIntl EXPD 90.52 -1.11 Honeywell HON 164.61 0.10 lululemon LULU 329.37 5.70 VF VFC 70.25 0.59 Assurant AIZ 121.31 0.72 Bruker BRKR 39.75 -0.15 Orix IX 62.57 -1.90 ShawComm B SJR 18.25 -0.08 ActivisionBliz ATVI 80.95 0.17 CoupaSoftware COUP 274.24 -0.17 ExtraSpaceSt EXR 106.99 -0.25 HorizonTherap HZNP 77.68 -0.48 LumenTech LUMN 10.09 -0.13 VICI Prop VICI 23.37 -0.02 AstraZeneca AZN 54.80 -0.31 Bunge BG 45.70 0.52 OtisWorldwide OTIS 62.42 0.01 SherwinWilliams SHW 696.74 -8.93 AdaptiveBiotech ADPT 48.63 0.59 Credicorp BAP 123.99 0.74 ExxonMobil XOM 34.33 0.05 HormelFoods HRL 48.89 0.38 Lyft LYFT 27.55 0.41 VailResorts MTN 213.97 -0.12 Athene ATH 34.08 0.08 BurlingtonStrs BURL 206.09 1.34 OwensCorning OC 68.81 1.18 ShinhanFin SHG 22.97 -0.01 Adobe ADBE 490.43 1.10 CreditAcceptance CACC338.64 5.64 F5Networks FFIV 122.77 -1.24 DR Horton DHI 75.63 1.61 LyondellBasell LYB 70.49 0.21 Vale VALE 10.58 0.17 Atlassian TEAM 181.79 -0.56 CBRE Group CBRE 46.97 0.20 FMC FMC 105.91 0.60 PG&E PCG 9.39 ... Shopify SHOP 1022.97 -2.73 AdvanceAuto AAP 153.50 1.79 CreditSuisse CS 9.97 0.14 HostHotels HST 10.79 0.06 ValeroEnergy VLO 43.32 -0.09 AtmosEnergy ATO 95.59 0.49 CDW CDW 119.53 1.42 Facebook FB 261.90 0.11 M N PLDT PHI 27.05 -0.35 Sibanye-Stillwater SBSW 11.14 ... AdvMicroDevices AMD 81.99 0.22 Cree CREE 63.74 1.03 HowmetAerospace HWM 16.72 -0.58 VarianMed VAR 172.00 ... Autodesk ADSK 231.01 -1.91 CF Industries CF 30.71 0.85 FactSet FDS 334.88 0.92 PNC Fin PNC 109.91 2.98 SimonProperty SPG 64.68 0.69 AgilentTechs A 100.94 0.72 CrowdStrike CRWD 137.32 0.97 HuanengPower HNP 15.43 0.42 M&T Bank MTB 92.09 0.96 Vedanta VEDL 7.39 -0.09 Autohome ATHM 96.00 5.30 CGI GIB 67.77 0.77 FairIsaac FICO 425.38 -1.83 POSCO PKX 41.86 0.14 SiriusXM SIRI 5.36 0.11 AgnicoEagle AEM 79.61 -0.19 CrownCastle CCI 166.50 2.32 Huazhu HTHT 43.24 -0.28 MGMGrowthProp MGP 27.98 -0.27 VeevaSystems VEEV 281.19 0.20 Autoliv ALV 72.88 0.01 CH Robinson CHRW 102.19 -1.51 Farfetch FTCH 25.16 -0.17 s PPD PPD 36.99 1.84 Skyworks SWKS 145.50 1.15 AirProducts APD 297.86 5.34 CrownHoldings CCK 76.86 0.50 Hubbell HUBB 136.84 0.05 MGM Resorts MGM 21.75 0.03 Ventas VTR 41.96 -0.17 ADP ADP 139.49 1.95 CME Group CME 167.31 1.19 Fastenal FAST 45.09 -0.24 PPG Ind PPG 122.08 1.75 SlackTech WORK 26.86 -0.11 AkamaiTech AKAM 110.54 -0.67 CubeSmart CUBE 32.31 0.32 HubSpot HUBS 292.23 -7.36 MKS Instrum MKSI 109.23 -1.51 VeriSign VRSN 204.85 -0.06 AutoZone AZO 1177.64 22.72 CMS Energy CMS 61.41 0.30 Fastly FSLY 93.68 0.30 PPL PPL 27.21 0.33 Smartsheet SMAR 49.42 -0.84 Albemarle ALB 89.28 2.42 s Cummins CMI 211.16 -1.74 Humana HUM 413.89 12.39 MPLX MPLX 15.74 -0.69 VeriskAnalytics VRSK 185.31 0.93 Avalara AVLR 127.34 -4.09 CNA Fin CNA 29.99 0.16 FedEx FDX 251.52 -1.98 PRA HealthSci PRAH 101.44 3.16 SmithAO AOS 52.80 -0.93 Albertsons ACI 13.85 0.10 CureVac CVAC 46.55 0.87 JBHunt JBHT 126.38 -2.25 MSCI MSCI 356.78 0.75 Verizon VZ 59.49 0.25 Avalonbay AVB 149.34 1.82 CNH Indl CNHI 7.82 -0.03 Ferrari RACE 184.09 1.74 PTC PTC 82.72 0.37 Smith&Nephew SNN 39.10 0.76 Alcon ALC 56.95 0.06 CyrusOne CONE 70.03 -1.44 HuntingtonBcshs HBAN 9.17 0.12 MagellanMid MMP 34.20 -0.70 VertxPharm VRTX 272.12 1.81 Avangrid AGR 50.46 1.20 CNOOC CEO 96.05 0.23 FiatChrysler FCAU 12.22 0.06 Paccar PCAR 85.28 -0.87 Smucker SJM 115.52 2.51 AlexandriaRlEst ARE 160.00 0.07 HuntingIngalls HII 140.75 -0.46 MagnaIntl MGA 45.75 ... ViacomCBS B VIAC 28.01 -0.95 Avantor AVTR 22.49 -0.01 CRH CRH 36.09 -0.37 FidNatlFin FNF 31.31 0.32 PackagingCpAm PKG 109.05 0.30 Snap SNAP 26.11 0.12 AlexionPharm ALXN 114.43 1.97 D E F IAA IAA 52.07 0.26 ManhattanAssoc MANH 95.49 0.19 ViacomCBS A VIACA 30.29 -0.61 AveryDennison AVY 127.84 3.25 CRISPR Therap CRSP 83.64 -1.35 FidNatlInfo FIS 147.21 -1.59 PagSeguroDig PAGS 37.71 0.17 SnapOn SNA 147.13 1.73 Alibaba BABA 293.98 17.05 BCE BCE 41.47 -0.18 CSX CSX 77.67 0.07 ICICI Bank IBN 9.83 -0.02 ManulifeFin MFC 13.91 0.01 Vipshop VIPS 15.64 0.23 DISH Network DISH 29.03 -0.62 FifthThirdBncp FITB 21.32 0.33 PaloAltoNtwks PANW 244.75 -1.74 Snowflake SNOW 251.00 -8.13 AlignTech ALGN 327.36 7.19 BHP Group BHP 51.71 0.11 CVS Health CVS 58.40 0.86 IdexxLab IDXX 393.11 8.05 MarathonPetrol MPC 29.34 -0.09 Visa V 199.97 0.53 DTE Energy DTE 115.04 0.64 FirstRepBank FRC 109.06 1.39 PanAmerSilver PAAS 32.15 -0.21 SOQUIMICH SQM 32.42 1.07 Alleghany Y 520.45 0.17 BHP Group BBL 42.66 0.05 CableOne CABO1885.43 80.43 IHS Markit INFO 78.51 1.09 Markel MKL 973.70 5.05 Vistra VST 18.86 0.33 DadaNexus DADA 26.47 -2.09 FirstSolar FSLR 66.20 0.44 ParkerHannifin PH 202.34 0.16 s SolarEdgeTech SEDG 238.35 6.85 Allegion ALLE 98.91 -0.26 BP BP 17.46 -0.21 CabotOil COG 17.36 -0.28 ING Groep ING 7.08 0.01 MarketAxess MKTX 481.59 -3.84 VMware VMW 143.67 -2.07 s Danaher DHR 215.33 4.32 FirstEnergy FE 28.71 0.11 Paychex PAYX 79.77 0.60 SolarWinds SWI 20.34 ... AlliantEnergy LNT 51.65 0.57 B2Gold BTG 6.52 -0.12 CadenceDesign CDNS 106.63 0.85 IPG Photonics IPGP 169.97 1.71 Marriott MAR 92.58 -0.64 Vodafone VOD 13.42 0.05 Darden DRI 100.74 -0.06 FirstService FSV 131.89 0.46 PaycomSoftware PAYC 311.30 7.47 Sony SNE 76.75 -0.73 Allstate ALL 94.14 0.70 Baidu BIDU 126.59 4.01 CaesarsEnt CZR 56.06 1.57 IQVIA IQV 157.63 2.85 Marsh&McLen MMC 114.70 0.65 VornadoRealty VNO 33.71 -0.09 s Fiserv FISV 103.05 -0.54 s Paylocity PCTY 161.42 -0.91 Southern SO 54.22 0.52 AllyFinancial ALLY 25.07 0.62 DarlingIngred DAR 36.03 0.60 IcahnEnterprises IEP 49.32 0.12 MartinMarietta MLM 235.36 4.30 VoyaFinancial VOYA 47.93 0.33 BakerHughes BKR 13.29 0.16 CamdenProperty CPT 88.98 -0.44 FiveBelow FIVE 127.00 2.34 PayPal PYPL 197.03 2.53 SoCopper SCCO 45.27 0.82 AlnylamPharm ALNY 145.60 0.59 s Datadog DDOG 102.16 11.24 Icon ICLR 191.09 2.38 MarvellTech MRVL 39.70 0.30 Vroom VRM 51.78 -0.18 Ball BLL 83.12 0.76 CampbellSoup CPB 48.37 0.35 Five9 FIVN 129.68 0.94 Pegasystems PEGA 121.04 -0.59 SouthwestAir LUV 37.50 -0.11 Alphabet A GOOGL 1465.60 -0.42 DaVita DVA 85.65 1.51 IDEX IEX 182.41 0.66 Masco MAS 55.13 -0.99 VulcanMatls VMC 135.54 2.84 BancoBilbaoViz BBVA 2.74 0.04 CIBC CM 74.72 0.17 FleetCorTech FLT 238.10 -2.65 Peloton PTON 99.24 -1.23 Splunk SPLK 188.13 0.95 Alphabet C GOOG 1469.60 0.27 BancoBradesco BBDO 3.20 0.09 CanNtlRlwy CNI 106.46 0.10 DeckersOutdoor DECK 220.01 2.10 IllinoisToolWks ITW 193.21 -0.26 Masimo MASI 236.06 3.75 s Floor&Decor FND 74.80 1.41 PembinaPipeline PBA 21.23 -0.33 Spotify SPOT 242.57 0.12 Alteryx AYX 113.55 -0.25 BancodeChile BCH 15.12 0.21 CanNaturalRes CNQ 16.01 -0.04 Deere DE 221.63 1.45 Illumina ILMN 309.08 3.58 Mastercard MA 338.17 1.94 W X Y Z s FomentoEconMex FMX 56.19 0.96 PennNational PENN 72.70 3.29 Square SQ 162.55 -2.26 AlticeUSA ATUS 26.00 -0.30 BancSanBrasil BSBR 4.94 0.17 CanPacRlwy CP 304.43 0.63 DellTechC DELL 67.69 -0.71 Immunomedics IMMU 85.03 -0.22 MaximIntProducts MXIM 67.61 -0.23 FordMotor F 6.66 0.06 Pentair PNR 45.77 -0.02 StanleyBlackDck SWK 162.20 0.72 WEC Energy WEC 96.90 0.24 Altria MO 38.64 0.28 BcoSantChile BSAC 13.86 0.39 Canon CAJ 16.59 0.02 DeltaAir DAL 30.58 -0.03 ImperialOil IMO 11.96 -0.09 McCormick MKC 194.10 4.21 Fortinet FTNT 117.81 0.71 Penumbra PEN 194.38 0.93 Starbucks SBUX 85.92 1.12 WEX WEX 138.97 -2.27 AlumofChina ACH 5.20 0.04 BancoSantander SAN 1.85 0.01 CapitalOne COF 71.86 1.41 DentsplySirona XRAY 43.73 0.98 Incyte INCY 89.74 2.31 McCormickVtg MKC.V 195.32 3.09 Fortis FTS 40.86 0.03 PepsiCo PEP 138.60 1.44 StateStreet STT 59.33 -0.04 W.P.Carey WPC 65.16 0.03 Amazon.com AMZN 3148.73 3.85 BanColombia CIB 25.55 0.51 CardinalHealth CAH 46.95 0.55 DeutscheBank DB 8.40 0.13 s Infosys INFY 13.81 0.25 McDonalds MCD 219.49 0.81 Fortive FTV 76.21 ... s PerkinElmer PKI 125.51 2.25 SteelDynamics STLD 28.63 -0.03 WPP WPP 39.24 0.54 Ambev ABEV 2.26 0.07 BankofAmerica BAC 24.09 0.32 Carlisle CSL 122.37 2.39 DexCom DXCM 412.23 10.05 IngersollRand IR 35.60 -0.27 McKesson MCK 148.93 2.37 s FortBrandsHome FBHS 86.52 1.27 Perrigo PRGO 45.91 0.24 Stericycle SRCL 63.06 0.19 Wabtec WAB 61.88 -0.59 Amcor AMCR 11.05 0.20 BankofMontreal BMO 58.41 0.03 Carlyle CG 24.67 0.06 Diageo DEO 137.66 1.56 Inphi IPHI 112.25 -0.71 MedicalProp MPW 17.63 0.04 FoxA FOXA 27.83 0.06 PetroChina PTR 29.44 0.09 s Steris STE 176.19 3.37 WalgreensBoots WBA 35.92 0.54 Amdocs DOX 57.41 -0.04 BankNY Mellon BK 34.34 0.47 CarMax KMX 91.91 -1.17 DigitalRealty DLR 146.76 -0.76 s Insulet PODD 236.59 4.62 Medtronic MDT 103.92 1.23 FoxB FOX 27.97 0.15 PetroleoBrasil PBR 7.12 0.13 STMicroelec STM 30.69 0.09 Walmart WMT 139.91 2.77 Amedisys AMED236.43 4.39 BkNovaScotia BNS 41.51 0.12 Carnival CCL 15.18 0.11 DiscoverFinSvcs DFS 57.78 2.14 Intel INTC 51.78 0.59 MelcoResorts MLCO 16.65 0.05 Franco-Nevada FNV 139.58 0.06 PetroleoBrasilA PBR.A 7.04 0.17 StoneCo STNE 52.89 -0.45 WarnerMusic WMG 28.74 0.53 Amerco UHAL 355.98 4.00 Barclays BCS 5.01 0.05 Carnival CUK 12.92 0.22 DiscoveryB DISCB 33.51 -0.15 InteractiveBrkrs IBKR 48.33 0.23 MercadoLibre MELI 1082.48 -0.39 FranklinRscs BEN 20.35 0.31 Pfizer PFE 36.70 0.53 Stryker SYK 208.37 3.63 WasteConnections WCN 103.80 -0.44 Ameren AEE 79.08 0.06 BarrickGold GOLD 28.11 -0.17 CarrierGlobal CARR 30.54 0.04 DiscoveryA DISCA 21.77 0.02 ICE ICE 100.05 0.88 Merck MRK 82.95 1.05 FreeportMcM FCX 15.64 0.32 PhilipMorris PM 74.99 0.65 SumitomoMits SMFG 5.59 -0.14 WasteMgt WM 113.17 -0.24 AmericaMovil A AMOV 12.48 0.34 BaxterIntl BAX 80.42 1.33 Carvana CVNA 223.06 -2.97 DiscoveryC DISCK 19.60 0.13 InterContinentl IHG 52.48 -0.09 MetLife MET 37.17 0.40 FreseniusMed FMS 42.48 0.05 Phillips66 PSX 51.84 -0.35 SunComms SUI 140.61 0.32 Waters WAT 195.68 2.29 AmericaMovil AMX 12.49 0.21 BectonDicknsn BDX 232.68 7.25 CaseysGenStores CASY 177.65 0.34 Disney DIS 124.08 -1.32 IBM IBM 121.67 0.73 MettlerToledo MTD 965.75 -2.84 Pinduoduo PDD 74.15 0.45 SunLifeFinancial SLF 40.73 0.10 Watsco WSO 232.89 0.51 AmerAirlines AAL 12.29 0.04 s BeiGene BGNE 286.44 4.98 Catalent CTLT 85.66 0.47 DocuSign DOCU 215.24 2.31 IntlFlavors IFF 122.45 0.95 MicrochipTech MCHP 102.76 0.02 G H I PinnacleWest PNW 74.55 1.10 SuncorEnergy SU 12.23 -0.08 Wayfair W 291.01 -3.65 AEP AEP 81.73 0.76 Berkley WRB 61.15 0.18 Caterpillar CAT 149.15 1.74 DolbyLab DLB 66.28 0.21 IntlPaper IP 40.54 0.26 MicronTech MU 46.96 -3.75 Pinterest PINS 41.51 0.95 s SunRun RUN 77.07 4.27 Weibo WB 36.43 2.78 AmerExpress AXP 100.25 2.50 BerkHathwy A BRK.A 3200014110.00 Celanese CE 107.45 0.57 DollarGeneral DG 209.62 -0.02 GCI LibertyA GLIBA 81.96 -0.05 Interpublic IPG 16.67 0.05 Microsoft MSFT 210.33 3.07 PioneerNatRscs PXD 85.99 -0.41 Suzano SUZ 8.17 -0.11 WellsFargo WFC 23.51 0.25 AmericanFin AFG 66.98 0.83 BerkHathwy B BRK.B 212.94 2.50 Centene CNC 58.33 2.47 DollarTree DLTR 91.34 1.47 GDS Holdings GDS 81.83 1.67 Intuit INTU 326.21 2.57 MidAmApt MAA 115.95 0.61 PlainsAllAmPipe PAA 5.98 0.04 SynchronyFin SYF 26.17 0.62 Welltower WELL 55.09 0.59 AmHomes4Rent AMH 28.48 0.08 BerryGlobal BERY 48.32 0.65 CenterPointEner CNP 19.35 0.35 DominionEner D 78.93 1.05 GFLEnvironmental GFL 21.26 0.22 IntuitiveSurgical ISRG 709.54 16.61 s MiratiTherap MRTX 166.05 ... Pool POOL 334.54 6.00 Synnex SNX 140.06 7.70 WestPharmSvcs WST 274.90 1.25 AIG AIG 27.53 0.24 BestBuy BBY 111.29 1.21 CentraisElBras EBR 5.52 0.09 Domino's DPZ 425.28 1.82 GSXTechedu GSX 90.11 -3.87 Invitae NVTA 43.35 -0.94 MitsubishiUFJ MUFG 4.01 -0.10 PrincipalFin PFG 40.27 0.21 Synopsys SNPS 213.98 1.66 WesternDigital WDC 36.55 -2.77 AmerTowerREIT AMT241.73 1.61 s BeyondMeat BYND 166.06 0.40 CeridianHCM CDAY 82.65 0.20 Donaldson DCI 46.42 0.04 Galapagos GLPG 141.91 0.16 InvitatHomes INVH 27.99 -0.01 MizuhoFin MFG 2.55 -0.03 Procter&Gamble PG 138.99 1.73 Sysco SYY 62.22 1.05 WesternUnion WU 21.43 -0.35 AmerWaterWorks AWK 144.88 1.18 BigCommerce BIGC 83.30 -4.49 Cerner CERN 72.29 1.10 Dover DOV 108.34 0.10 Gallagher AJG 105.58 0.81 IonisPharma IONS 47.45 -1.03 MobileTeleSys MBT 8.73 0.17 Progressive PGR 94.67 0.52 WestlakeChem WLK 63.22 1.13 AmericanWell AMWL 29.64 1.54 Bilibili BILI 41.60 0.94 CharlesRiverLabs CRL 226.45 3.52 Dow DOW 47.05 0.48 Gaming&Leisure GLPI 36.93 0.03 iQIYI IQ 22.58 -0.22 Moderna MRNA 70.75 0.23 Prologis PLD 100.62 1.01 T U V WestpacBanking WBK 12.04 ... AmericoldRealty COLD 35.75 0.24 Bill.com BILL 100.31 -1.33 CharterComms CHTR 624.34 -2.16 DrReddy'sLab RDY 69.56 0.91 Gap GPS 17.03 0.32 s iRhythmTechs IRTC 238.11 4.53 MohawkInds MHK 97.59 1.32 Proofpoint PFPT 105.55 0.68 WestRock WRK 34.74 0.49 Ameriprise AMP 154.11 3.73 Bio-Techne TECH 247.73 0.97 CheckPoint CHKP 120.34 -0.39 DraftKings DKNG 58.84 3.10 Garmin GRMN 94.86 -0.15 IronMountain IRM 26.79 0.03 MolinaHealthcare MOH 183.04 11.24 TAL Education TAL 76.04 1.31 PrudentialFin PRU 63.52 0.43 Weyerhaeuser WY 28.52 0.47 AmerisourceBrgn ABC 96.92 0.76 Bio-RadLab A BIO 515.46 0.36 Chegg CHGG 71.44 -0.25 Dropbox DBX 19.26 0.13 Gartner IT 124.95 -0.28 ItauUnibanco ITUB 3.98 0.09 MolsonCoorsB TAP 33.56 0.03 Prudential PUK 28.59 -0.57 TC Energy TRP 42.02 -1.24 Ametek AME 99.40 -0.49 Biogen BIIB 283.68 1.33 Chemed CHE 480.35 2.68 DukeEnergy DUK 88.56 6.15 Generac GNRC 193.64 5.50 s MomentaPharm MNTA 52.48 -0.01 TD Ameritrade AMTD 39.15 0.41 WheatonPrecMet WPM 49.07 0.02 PublicServiceEnt PEG 54.91 0.11 s Whirlpool WHR 183.89 3.14 Amgen AMGN 254.16 5.86 BioMarinPharm BMRN 76.08 0.08 CheniereEnergy LNG 46.27 -2.27 DukeRealty DRE 36.90 -0.06 GeneralDynamics GD 138.43 -0.12 J K L Mondelez MDLZ 57.45 0.97 PublicStorage PSA TE Connectivity TEL 97.74 0.29 222.72 1.81 Williams WMB 19.65 -0.61 Amphenol APH 108.27 -0.36 BioNTech BNTX 69.23 2.37 CheniereEnerPtrs CQP 33.26 -1.52 Dun&Bradstreet DNB 25.66 0.42 GeneralElec GE 6.23 0.11 MongoDB MDB 231.51 -0.58 PulteGroup PHM 46.29 1.02 Telus TU 17.61 -0.18 JD.com JD 77.61 2.45 Williams-Sonoma WSM 90.44 1.19 AnalogDevices ADI 116.74 0.09 s BlackKnight BKI 87.05 0.09 Chevron CVX 72.00 0.10 s Dunkin' DNKN 81.91 1.05 GeneralMills GIS 61.68 1.82 MonolithicPower MPWR 279.61 3.00 QTS Realty QTS 63.02 -0.91 TJX TJX 55.65 1.49 Joyy YY 80.67 2.77 WillisTowers WLTW 208.82 0.73 Anaplan PLAN 62.58 0.84 BlackRock BLK 563.55 8.75 Chewy CHWY 54.83 -0.14 DuPont DD 55.48 0.29 GeneralMotors GM 29.59 0.85 MonsterBev MNST 80.20 0.41 Qiagen QGEN 52.26 0.02 T-MobileUS TMUS 114.36 0.84 JPMorganChase JPM 96.27 0.92 Wipro WIT 4.70 0.06 AngloGoldAsh AU 26.38 -0.08 Blackstone BX 52.20 -0.51 ChinaEastrnAir CEA 21.60 0.32 Dynatrace DT 41.02 -0.20 Genmab GMAB 36.61 -0.72 Moody's MCO 289.85 4.12 Qorvo QRVO 129.01 -1.76 TRowePrice TROW 128.22 0.73 JackHenry JKHY 162.59 0.46 Wix.com WIX 254.85 -0.65 MorganStanley MS 48.35 1.11 Qualcomm QCOM 117.68 0.30 TaiwanSemi TSM 81.07 0.56 JacobsEngg J 92.77 -0.21 Workday WDAY 215.13 -5.65 Morningstar MORN 160.61 1.31 s QuantaServices PWR 52.86 0.17 TakeTwoSoftware TTWO 165.22 0.88 s JamesHardie JHX 23.81 0.39 WynnResorts WYNN 71.81 0.83 Mosaic MOS 18.27 0.29 QuestDiag DGX 114.49 0.84 TakedaPharm TAK 17.84 -0.30 JazzPharma JAZZ 142.59 2.85 XP XP 41.69 0.30 Exchange-Traded Portfolios | WSJ.com/ETFresearch MotorolaSol MSI 156.81 -0.84 Quidel QDEL 219.38 4.38 TandemDiabetes TNDM 113.50 0.89 JFrog FROG 84.65 -0.82 Mylan MYL 14.83 0.26 s Target TGT 157.42 0.48 XPO Logistics XPO 84.66 -1.27 Closing Chg YTD J&J JNJ 148.88 1.82 s MyoKardia MYOK 136.33 2.20 R S TataMotors TTM 9.09 0.22 XcelEnergy XEL 69.01 0.37 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) JohnsonControls JCI 40.85 -0.11 NICE NICE 227.03 1.05 TeckRscsB TECK 13.92 0.08 Xilinx XLNX 104.24 0.61 JuniperNetworks JNPR 21.50 -0.36 s NIO NIO 21.22 0.37 RELX RELX 22.37 0.12 TeladocHealth TDOC 219.24 1.90 XPeng XPEV 20.07 1.29 SPDR DJIA Tr DIA 277.50 1.12 –2.7 Wednesday, September 30, 2020 Closing Chg YTD KB Fin KB 32.12 0.34 NRG Energy NRG 30.74 1.04 RH RH 382.62 7.30 TeledyneTech TDY 310.21 -1.73 Xylem XYL 84.12 0.35 ETF Symbol Price (%) (%) SPDR S&PMdCpTr MDY 338.83 0.64 –9.7 KE Holdings BEKE 61.30 -4.33 NVR NVR 4083.12 81.56 RPM RPM 82.84 0.53 Teleflex TFX 340.42 4.88 Yandex YNDX 65.25 0.63 Closing Chg YTD SPDR S&P 500 SPY 334.89 0.76 4.0 KKR KKR 34.34 0.15 NXP Semi NXPI 124.81 1.52 RaymondJames RJF 72.76 0.83 Ericsson ERIC 10.89 0.01 YumBrands YUM 91.30 0.59 ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 79.92 0.45 0.8 SPDR S&P Div SDY 92.40 0.64 –14.1 KLA KLAC 193.74 0.41 Nasdaq NDAQ122.71 1.33 RaytheonTech RTX 57.54 -0.06 TelefonicaBras VIV 7.67 0.03 YumChina YUMC 52.95 1.39 CommSvsSPDR XLC 59.40 0.07 10.8 iShMSCI EAFE EFA 63.65 –0.48 –8.3 TechSelectSector XLK 116.70 0.84 27.3 KSCitySouthern KSU 180.83 -1.94 Natera NTRA 72.24 -0.43 RealPage RP 57.64 -0.24 Telefonica TEF 3.44 0.03 ZTO Express ZTO 29.92 0.33 CnsmrDiscSelSector XLY 146.98 0.82 17.2 iShMSCIEmgMarkets EEM 44.09 1.61 –1.7 UtilitiesSelSector XLU 59.38 0.90 –8.1 Kellogg K 64.59 1.15 NationalGrid NGG 57.79 0.90 RealtyIncome O 60.75 -0.12 TelekmIndonesia TLK 17.37 -0.42 ZaiLab ZLAB 83.17 0.58 CnsStapleSelSector XLP 64.10 1.22 1.8 iShNatlMuniBd MUB 115.93 –0.16 1.8 VanEckGoldMiner GDX 39.16 –0.53 33.7 KeurigDrPepper KDP 27.60 0.49 NatlRetailProp NNN 34.51 -0.19 RegencyCtrs REG 38.02 0.25 10xGenomics TXG 124.68 -0.29 ZebraTech ZBRA252.46 -6.46 FinSelSectorSPDR XLF 24.07 1.35 –21.8 iSh1-5YIGCorpBd IGSB 54.91 0.02 2.4 VangdInfoTech VGT 311.45 0.74 27.2 KeyCorp KEY 11.93 0.10 Natura&Co NTCO 18.21 0.69 RegenPharm REGN559.78-13.83 Tenaris TS 9.85 0.13 Zendesk ZEN 102.92 1.12 iShPfd&Incm PFF 36.45 –0.16 –3.0 KeysightTechs KEYS 98.78 -0.82 s Zillow C Z 101.59 0.17 FT DJ Internet FDN 188.33 0.20 35.4 VangdSC Val VBR 110.63 0.55 –19.3 NatWest NWG 2.69 0.05 RegionsFin RF 11.53 0.16 TencentMusic TME 14.77 -0.11 iShRussell1000Gwth IWF 216.89 0.82 23.3 KilroyRealty KRC 51.96 0.20 nCino NCNO 79.68 -0.33 ReinsGrp RGA 95.19 -0.09 Teradyne TER 79.46 -0.40 s Zillow A ZG 101.54 0.15 GSActiveBetaUSLC GSLC 68.05 0.81 5.2 VangdSC Grwth VBK 214.93 0.25 8.2 iShRussell1000 IWB 187.15 0.74 4.9 KimberlyClark KMB 147.66 1.32 NetApp NTAP 43.84 -0.15 RelianceSteel RS 102.04 -0.09 Tesla TSLA 429.01 9.94 ZimmerBiomet ZBH 136.14 2.74 HealthCareSelSect XLV 105.48 1.60 3.6 VangdExtMkt VXF 129.72 0.60 3.0 iShRussell1000Val IWD 118.13 0.73 –13.4 VangdDivApp VIG 128.66 0.75 3.2 KinderMorgan KMI 12.33 -0.12 NetEase NTES 454.67 3.91 RenaissanceRe RNR 169.74 1.24 TevaPharm TEVA 9.01 0.16 s Zoetis ZTS 165.37 2.89 IndSelSectorSPDR XLI 76.98 –0.26 –5.5 iShRussell2000 IWM 149.79 0.30 –9.6 VangdFTSEDevMk VEA 40.90 –0.24 –7.2 KingsoftCloud KC 29.53 0.38 Netflix NFLX 500.03 6.55 Repligen RGEN 147.54 -3.05 TexasInstruments TXN 142.79 1.29 ZoomVideo ZM 470.11 4.61 InvscQQQI QQQ 277.84 0.68 30.7 iShRussellMid-Cap IWR 57.38 0.42 –3.8 VangdFTSE EM VWO 43.24 1.62 –2.8 KinrossGold KGC 8.82 -0.12 Neurocrine NBIX 96.16 -1.54 RepublicSvcs RSG 93.35 -0.15 Textron TXT 36.09 -0.68 ZoomInfoTech ZI 42.99 1.39 InvscS&P500EW RSP 108.11 0.50 –6.6 iShRussellMCValue IWS 80.84 0.46 –14.7 VangdFTSE Europe VGK 52.43 –0.32 –10.5 KirklandLakeGold KL 48.73 -0.18 s NewFortressEner NFE 44.01 0.70 ResMed RMD 171.43 -1.23 s ThermoFisherSci TMO 441.52 7.18 Zscaler ZS 140.69 0.20 iSh3-7YTreasuryBd IEI 133.59 –0.10 6.2 iShS&P500Growth IVW 231.08 0.62 19.3 VangdFTSEAWxUS VEU 50.45 0.06 –6.1 Knight-Swift KNX 40.70 -0.61 NewOrientalEduc EDU 149.50 2.27 RestaurantBrands QSR 57.51 0.14 ThomsonReuters TRI 79.77 -0.11 Zynga ZNGA 9.12 ... iShCoreDivGrowth DGRO 39.79 0.84 –5.4 iShS&P500Value IVE 112.45 0.82 –13.6 VangdGrowth VUG 227.61 0.64 24.9 iShCoreMSCIEAFE IEFA 60.28 –0.41 –7.6 iShShortTreaBd SHV 110.70 –0.01 0.2 VangdHlthCr VHT 204.00 1.53 6.4 iShCoreMSCIEM IEMG 52.80 1.56 –1.8 iShSilver SLV 21.64 –3.82 29.7 VangdHiDiv VYM 80.93 0.77 –13.6 iShCoreMSCITotInt IXUS 58.34 0.15 –5.8 iShTIPSBondETF TIP 126.50 –0.30 8.5 VangdIntermBd BIV 93.48 –0.13 7.2 Dividend Changes iShCoreS&P500 IVV 336.06 0.76 4.0 iSh1-3YTreasuryBd SHY 86.51 0.01 2.2 VangdIntrCorpBd VCIT 95.80 –0.07 4.9 iShCoreS&P MC IJH 185.31 0.64 –10.0 iSh7-10YTreasuryBd IEF 121.82 –0.27 10.5 VangdLC VV 156.44 0.77 5.8 Dividend announcements from September 30. iShCoreS&P SC IJR 70.23 0.29 –16.2 iSh20+YTreasuryBd TLT 163.26 –0.96 20.5 VangdMegaGrwth MGK 185.40 0.63 27.3 iShS&PTotlUSStkMkt ITOT 75.49 0.75 3.9 iShRussellMCGrowth IWP 172.87 0.58 13.3 VangdMC VO 176.26 0.59 –1.1 Amount Payable / Amount Payable / iShCoreUSAggBd AGG 118.06 –0.16 5.1 iShUSTreasuryBdETF GOVT 27.95 –0.18 7.7 VangdMBS VMBS 54.27 0.04 2.1 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record iShSelectDividend DVY 81.54 0.49 –22.8 JPM UltShtIncm JPST 50.80 0.01 0.7 VangdRealEst VNQ 78.96 0.30 –14.9 iShEdgeMSCIMinEAFE EFAV 68.13 –0.44 –8.6 PIMCOEnhShMaturity MINT 101.96 ... 0.4 VangdS&P500ETF VOO 307.65 0.77 4.0 Reduced Foreign iShEdgeMSCIMinUSA USMV 63.73 0.58 –2.9 SPDR BlmBarcHYBd JNK 104.27 0.37 –4.8 VangdST Bond BSV 83.05 ... 3.0 Affiliated Mgrs Nts 2060 MGRB 4.6 .2969 /.32 Q Mar30 /Mar29 iShEdgeMSCIUSAMom MTUM 147.40 0.99 17.4 SPDRBloomBar1-3MTB BIL 91.52 –0.01 0.1 VangdSTCpBd VCSH 82.85 0.01 2.2 nVent Electric NVT 4.0 .175 Q Nov06 /Oct23 iShEdgeMSCIUSAQual QUAL 103.74 0.66 2.7 SPDR Gold GLD 177.12 –0.60 23.9 VangdSC VB 153.80 0.39 –7.1 Initial iSh5-10YIGCorpBd IGIB 60.81 –0.11 4.9 Special SchwabIntEquity SCHF 31.40 –0.41 –6.6 VangdTotalBd BND 88.22 –0.16 5.2 Affiliated Mgrs Nts 2060 MGRB 4.6 .32 Q Dec30 /Dec29 iShGoldTr IAU 17.99 –0.66 24.1 SchwabUS BrdMkt SCHB 79.64 0.67 3.6 VangdTotIntlBd BNDX 58.19 –0.12 2.8 Boise Cascade BCC 1.0 1.60 Nov02 /Oct15 iShiBoxx$InvGrCpBd LQD 134.71 –0.01 5.3 SchwabUS Div SCHD 55.30 0.69 –4.5 VangdTotIntlStk VXUS 52.17 0.10 –6.3 Stocks iShiBoxx$HYCpBd HYG 83.90 0.41 –4.6 SchwabUS LC SCHX 80.63 0.75 5.0 VangdTotalStk VTI 170.31 0.75 4.1 McCormick & Co MKC 2:1 /Dec01 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; iShJPMUSDEmgBd EMB 110.89 0.49 –3.2 SchwabUS LC Grw SCHG 115.17 0.86 24.0 VangdTotlWrld VT 80.64 0.47 –0.4 MKC.V iShMBSETF MBB 110.40 –0.02 2.2 Schwab US TIPs SCHP 61.63 –0.24 8.8 VangdValue VTV 104.51 0.91 –12.8 McCormick Vtg 2:1 /Dec01 S2:1: stock split and ratio; SO: spin-off.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DanaherPfdA DHRpA1482.24 1.7 FusionAcqnWt FUSE.WS 1.17 9.0 LithiumAmericas LAC 12.93 7.4 PerkinElmer PKI 126.10 1.8 Target TGT 159.15 0.3 Alector ALEC 10.45 -2.4 Momo MOMO 13.33 0.7 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE DaqoNewEnergy DQ 141.83 3.6 GS Acqn II A GSAH 11.07 -0.8 LiveOakAcqnUn LOAK.U 10.75 -0.8 QellAcqn QELLU 10.24 1.6 TechTarget TTGT 44.90 0.3 AmerantBancorpA AMTB 9.17 -5.8 NeosTherap NEOS 0.53 -5.8 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low DarlingIngred DAR 36.58 1.7 GoresHoldingsV GRSVU 10.50 0.5 LogitechIntl LOGI 78.49 0.2 QuantaServices PWR 54.12 0.3 TVA Parrs TVE 27.73 2.1 AIG Wt AIG.WS 0.16 -30.4 NextEra6.219%Un NEEpQ 46.37 -0.7 in the latest session. %CHG-Daily percentage change from the previous trading session. Datadog DDOG 107.99 12.4 Graco GGG 62.01 ... MeritageHomes MTH 111.99 3.5 RenewableEnergy REGI 54.74 6.8 ThermoFisherSci TMO 444.80 1.7 BEST BEST 2.90 0.3 OLB Group OLB 3.53 0.3 Deere DE 226.06 0.7 HancockNts2045 HWCPL 26.62 1.3 MiratiTherap MRTX 173.05 ... SCE II Pfd SCEpG 26.37 3.8 TopBuild BLD 172.40 2.0 BlueCity BLCT 8.61 -3.2 OasisPetrol OAS 0.19 -31.6 Wednesday, September 30, 2020 DeerfieldHlthcA DFHT 10.84 3.7 I-Mab IMAB 47.46 22.5 MomentaPharm MNTA 52.53 ... SailPointTechs SAIL 42.62 2.9 TortoiseAcqnWt SHLL.WS 29.00 -8.8 BoqiiHolding BQ 6.50 -28.0 OncternalTherap ONCT 1.67 -4.5 DellTechC DELL 68.88 -1.0 Infosys INFY 13.94 1.8 MountainCrestRt MCACR 0.80 8.3 SeattleGenetics SGEN 198.00 2.5 TortoiseAcqnII SNPR.U 11.20 0.2 CapitalaFinance CPTA 9.20 0.6 OrchardTherap ORTX 4.01 -1.7 52-Wk % 52-Wk % 52-Wk % DormanProducts DORM 91.97 1.8 InstalledBldg IBP 103.51 1.4 MyoKardia MYOK 139.22 1.6 TradeDesk TTD 520.39 4.1 PandionTherap PAND 11.25 -2.4 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ShockwaveMed SWAV 76.95 1.7 CondorHospitality CDOR 2.62 -3.5 DuckCreekTech DCT 45.82 4.4 Insulet PODD 242.13 2.0 NIO NIO 22.59 1.8 SimulationsPlus SLP 76.24 0.7 Trupanion TRUP 80.15 0.3 ConsldWater CWCO 10.33 -0.8 PanhandleOil&Gas PHX 1.43 -13.9 Dunkin' DNKN 82.14 1.3 iRhythmTechs IRTC 241.93 1.9 Nautilus NLS 18.26 -5.5 PermianvilleRT PVL 0.67 0.1 AssurGrMunNt AGOpE 27.40 1.5 CC Neuberger I PCPL.U 11.17 ... SocCapHedII A IPOB 19.47 1.3 US BancorpPfdA USBpA 974.15 1.2 Creatd CRTD 2.40 1.5 Endava DAVA 63.61 3.6 JamesHardie JHX 24.04 1.7 NavistarIntl NAV 43.96 1.4 PhoenixTree DNK 3.90 -4.6 Highs AxonicsModul AXNX 52.05 3.6 CHP Merger CHPM 10.84 0.9 SocCapHedII Wt IPOB.WS 6.01 -0.4 Upwork UPWK 17.80 1.8 EquityCommnwlth EQC 26.41 1.0 EnphaseEnergy ENPH 84.72 2.2 JinkoSolar JKS 41.12 1.3 NewFortressEner NFE 44.56 1.6 Qutoutiao QTT 2.18 -4.8 BMC Stock BMCH 43.54 3.0 CTI BioPharma CTIC 2.68 104.8 SocialCapHedIII IPOB.U 21.31 3.6 VPC Impact VIHAU 10.02 ... Express EXPR 0.61 -0.1 AAON AAON 61.24 1.1 Entegris ENTG 75.16 1.6 JuniperIndlWt JIH.WS 2.00 -10.4 NewHoldInvestment NHIC 9.91 0.4 RiverNorthRt OPPr 0.00 -37.0 BeiGene BGNE 287.74 1.8 CanadianSolar CSIQ 36.23 3.1 SolarEdgeTech SEDG 245.78 3.0 VesperHlthcrAcqn VSPRU 10.38 2.6 FGNewAmericaAcqn FGNA.U 9.99 0.1 A-MarkPrecMet AMRK 35.14 0.7 FGNewAmericaAcqn FGNA.U 10.07 0.1 KaleidoBiosci KLDO 11.89 8.6 Novocure NVCR 113.21 2.1 SatsumaPharm STSA 3.77 1.0 BerkeleyLights BLI 78.73 2.7 CardiffOncology CRDF 16.00 1.3 SouthernNts2020C SOJE 25.13 ... VivintSolar VSLR 42.99 6.0 FedNat FNHC 6.30 -5.5 AXT AXTI 6.42 3.0 FedAgricMtgPfdF AGMpF 26.34 -0.3 KismetAcqnOneUn KSMTU 12.77 28.0 NovusCapital NOVSU 18.11 -4.9 Whirlpool WHR 186.85 1.7 SinoGlobalShip SINO 1.37 -10.7 BeyondMeat BYND 172.45 0.2 CareDx CDNA 38.67 2.9 StableRoadWt SRACW 1.37 15.3 Frank'sIntl FI 1.51 -5.5 AcceleronPharma XLRN 114.87 -0.5 FedRealtyInvPfdC FRTpC 26.87 1.4 KuraOncology KURA 31.32 0.3 OakStreetHealth OSH 53.87 4.8 Yalla YALA 10.99 -6.7 Synalloy SYNL 5.52 -4.7 BioLifeSols BLFS 29.49 1.0 CenturyComm CCS 43.34 5.3 StdAVBFin STND 32.65 0.2 GraybugVision GRAY 12.50 -11.1 AdvDrainageSys WMS 63.36 2.6 FirstCitizensPfdA FCNCP 27.11 ... L Brands LB 33.12 4.8 OmegaFlex OFLX 163.00 -0.4 YucaipaAcqnWt YAC.WS 1.13 11.9 The9 NCTY 0.30 -39.1 BlackKnight BKI 87.75 0.1 ChinaNetOnline CNET 2.11 56.0 Steris STE 177.75 2.0 HallofFameResort HOFV 2.31 -1.2 AffiliatedNts60 MGRB 25.82 0.1 FstHorizonPfdE FHNpE 27.35 1.6 LHC Group LHCG 217.02 2.3 OpenLending LPRO 26.00 1.4 Zillow A ZG 103.92 0.1 TheravanceBio TBPH 14.62 -1.9 BlueprintMed BPMC 93.57 1.2 Chindata CD 16.76 20.2 StifelFinlPfdC SFpC 27.46 0.8 HaynesIntl HAYN 17.07 -1.4 AmerEqInvLifePfB AELpB 26.43 3.1 FirstMidBncpPfdC FMBIO 27.535.5 Lennar B LEN.B 66.45 4.3 Owens&Minor OMI 25.20 6.8 Zillow C Z 104.05 0.2 Tricida TCDA 8.50 5.8 BoqiiHolding BQ 10.43 -28.0 Clarivate CCC 32.23 4.9 StifelFinNts47 SFB 27.18 1.5 JaguarHealth JAGX 0.28 -2.5 Annexon ANNX 30.69 7.8 FirstMidwestPfdA FMBIP 27.435.2 Lennar A LEN 82.72 3.4 PMV Pharm PMVP 42.93 -6.6 Zoetis ZTS 166.79 1.8 TuanChe TC 0.69 -5.3 Appian APPN 67.42 -2.2 BrightSphereNts31 BSA 25.65 1.2 ClimateChgI CLII.U 10.14 0.5 FortBrandsHome FBHS 87.38 1.5 LifeSciAcqnUn LSACU 14.00 -1.4 PPD PPD 37.31 5.2 SunnovaEnergy NOVA 30.68 12.9 JianpuTech JT 0.35 -4.0 UnitedInsurance UIHC 6.01 -2.9 ArenaPharm ARNA 77.18 -1.1 BrookfldInfrPfdA13 BIPpA 26.08 0.5 CorsairGaming CRSR 21.19 7.0 ForumMergerIII FIIIU 10.52 -0.6 LifeSciAcqn LSAC 12.85 -1.6 PacBiosciCA PACB 10.11 0.7 SunOpta STKL 7.91 -1.2 Lows LexiconPharm LXRX 1.42 -1.4 ViaOptronics VIAO 8.76 -6.2 Asana ASAN 29.96 37.1 BrookfieldRenew BEPC 58.76 3.4 Cummins CMI 217.26 -0.8 Franchise7.5%PfdA FRGAP 24.93 ... Limbach LMB 11.01 16.3 PalantirTech PLTR 11.42 31.0 SunPower SPWR 13.39 4.6 Lizhi LIZI 1.97 4.1 Weidai WEI 0.80 -4.5 AssdBancPfdF ASBpF 27.57 1.5 BrookfieldRenew BEP 52.72 3.5 Danaher DHR 216.63 2.0 FusionAcqnUn FUSE.U 10.37 0.6 LiqTechIntl LIQT 8.69 4.6 Paylocity PCTY 167.59 -0.6 SunRun RUN 78.22 5.9 AbeonaTherap ABEO 1.00 -8.1 MetenEdtechX METX 5.43 -4.9 Yalla YALA 6.98 -6.7

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret GrowCoK 31.23 +0.27 46.0 ShtDurIncmA p 4.17 ... 0.8 AggGrowth r 47.75 +0.12 6.3 WdsrllAdml 62.24 +0.59 -2.9 TgtRe2030 37.63 +0.12 3.2 ExtndInst 98.36 +0.48 3.8 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. InvGrBd 12.24 -0.02 7.5 Lord Abbett F Schwab Funds WellsIAdml 66.51 +0.15 2.8 TgtRe2035 23.16 +0.09 2.8 GrwthInst 117.28 +0.87 25.8 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s LowP r 43.16 +0.27 -7.4 ShtDurIncm 4.17 ... 0.9 1000 Inv r NA ... NA WelltnAdml 75.20 +0.48 2.3 TgtRe2040 40.07 +0.16 2.4 InPrSeIn 11.47 -0.07 8.9 apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- Magin 12.14 +0.08 19.0 Metropolitan West S&P Sel NA ... NA WndsrAdml 62.48 +0.40 -12.6 TgtRe2045 25.22 +0.12 2.1 InstIdx 299.91 +2.46 5.6 Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes NASDAQ r 140.98 +1.04 25.1 TotRetBd NA ... NA TSM Sel r NA ... NA VANGUARD FDS TgtRe2050 40.60 +0.18 2.1 InstPlus 299.92 +2.46 5.6 xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete OTC 15.49 +0.11 29.1 TotRetBdI NA ... NA TIAA/CREF Funds DivdGro 31.14 +0.25 2.8 TgtRet2055 44.08 +0.20 2.1 InstTStPlus 70.95 +0.54 5.5 price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not Puritn 25.26 +0.13 11.8 TRBdPlan NA ... NA EqIdxInst 24.60 +0.19 5.4 INSTTRF2020 25.05 +0.04 3.9 TgtRetInc 14.54 +0.01 4.6 MidCpInst 48.21 +0.28 0.2 tracked. NS-Fund didn’texistatstart of period. SrsEmrgMkt 20.98 +0.34 1.7 MFS Funds Class I VANGUARD ADMIRAL INSTTRF2025 25.63 +0.07 3.6 TotIntBdIxInv 11.63 -0.02 3.3 MidCpIstPl 237.77 +1.38 0.2 SrsGlobal 12.52 +0.02 -4.9 Growth I 155.06 +1.06 21.9 500Adml 310.29 +2.54 5.5 INSTTRF2030 25.93 +0.08 3.2 USGro 59.43 +0.42 38.1 SmCapInst 73.68 +0.28 -6.3 SrsGroCoRetail 26.21 +0.22 47.7 ValueI 40.62 +0.35 -7.7 BalAdml 41.20 +0.16 6.8 INSTTRF2035 26.22 +0.09 2.8 WellsI 27.46 +0.06 2.7 STIGradeInst 10.98 ... 3.8 Wednesday, September 30, 2020 SrsIntlGrw 18.78 -0.05 7.2 MFS Funds Instl CAITAdml 12.28 -0.01 3.0 INSTTRF2040 26.49 +0.10 2.4 Welltn 43.55 +0.28 2.2 STIPSIxins 25.46 -0.16 3.1 Net YTD Net YTD Net YTD SrsIntlVal 8.62 -0.04 -12.9 IntlEq 27.16 -0.13 -2.5 CapOpAdml r 165.62 +1.31 5.0 INSTTRF2045 26.70 +0.12 2.0 WndsrII 35.08 +0.34 -2.9 TotBdInst 11.62 -0.02 6.6 Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TotalBond 11.48 -0.01 6.8 Northern Funds DivAppIdxAdm 34.93 +0.28 4.7 INSTTRF2050 26.75 +0.12 2.0 VANGUARD INDEX FDS TotBdInst2 11.54 -0.02 6.3 Fidelity SAI StkIdx 38.54 +0.32 5.5 EMAdmr 35.87 +0.59 -1.4 INSTTRF2055 26.86 +0.12 2.1 IdxIntl 16.76 +0.03 -4.9 TotBdInstPl 11.62 -0.02 6.6 American Century Inv CoreBond NA ... NA Fidelity TotalBd 10.97 -0.01 6.2 Old Westbury Fds EqIncAdml 70.73 +0.60 -8.9 IntlVal 33.09 +0.03 -11.8 SmValAdml 47.51 +0.23 -18.2 TotIntBdIdxInst 34.88 -0.08 3.3 Ultra 69.08 +0.53 32.4 CorePlusBond 10.66 -0.01 6.5 500IdxInstPrem 117.07 +0.97 5.6 Fidelity Selects LrgCpStr 15.47 +0.10 2.7 ExplrAdml 100.92 +0.45 3.8 LifeCon 21.72 +0.03 4.7 TotBd2 11.54 -0.02 6.2 TotStInst 82.95 +0.63 5.5 American Funds Cl A Intl Eq 11.60 ... -3.3 Contrafund K6 17.56 +0.12 21.4 Softwr r 24.83 +0.13 29.1 Parnassus Fds ExtndAdml 98.37 +0.49 3.8 LifeGro 36.81 +0.14 2.6 TotIntlInstIdx r 112.13 +0.22 -4.8 ValueInst 40.80 +0.38 -10.7 AmcpA p 35.69 +0.23 8.2 LargeCapGrowth 19.06 +0.16 20.4 ExtMktIdxInstPre 66.18 +0.32 3.7 Tech r 26.97 +0.28 41.1 ParnEqFd 51.05 +0.25 9.1 GNMAAdml 10.74 ... 3.1 LifeMod 29.69 +0.08 3.7 TotItlInstPlId r 112.15 +0.22 -4.8 WCM Focus Funds LargeCapValue 12.52 +0.02 -7.2 AMutlA p 41.44 +0.31 -3.2 FidSerToMarket 11.42 +0.08 5.2 First Eagle Funds PGIM Funds Cl Z PrmcpCor 27.08 +0.16 -3.0 TotSt 82.92 +0.63 5.4 WCMFocIntlGrwIns 21.49 -0.02 13.6 ClearBridge GrwthAdml 117.28 +0.88 25.8 BalA p 28.87 +0.09 3.0 IntlIdxInstPrem 40.12 -0.20 -6.6 GlbA 56.54 +0.07 -2.4 TotalReturnBond NA ... NA HlthCareAdml r 91.91 +0.92 7.7 STAR NA ... NA VANGUARD INSTL FDS Western Asset LargeCapGrowthI 65.79 +0.54 20.5 BondA p 14.07 -0.02 8.8 MidCpInxInstPrem 22.95 +0.12 -2.3 FPA Funds PIMCO Fds Instl TgtRe2015 15.84 +0.02 4.3 BalInst 41.20 +0.16 6.8 CoreBondI NA ... NA Columbia Class I HYCorAdml r 5.78 +0.01 -0.1 CapIBA p 58.11 +0.19 -5.7 SAIUSLgCpIndxFd 18.01 +0.15 5.4 FPACres 31.13 +0.11 -5.1 TgtRe2020 33.79 +0.06 3.9 DevMktsIndInst 13.15 -0.05 -5.7 CorePlusBdI 12.43 ... 5.6 DivIncom I 23.35 +0.15 -2.9 AllAsset NA ... NA InfProAd 28.17 -0.15 8.9 CapWGrA 51.97 +0.23 0.7 SeriesBondFd 10.88 -0.02 6.6 Franklin A1 InvGrdCrBd NA ... NA IntlGrAdml 134.30 +0.64 30.7 TgtRe2025 20.56 +0.06 3.6 DevMktsInxInst 20.56 -0.07 -5.7 CorePlusBdIS 12.43 ... 5.7 EupacA p 57.96 +0.11 4.1 Dimensional Fds SeriesOverseas 11.18 -0.04 3.7 5GlbFxdInc 10.87 -0.01 1.3 CA TF A1 p 7.69 -0.02 2.3 TotRt 10.92 -0.03 7.2 ITBondAdml 12.65 -0.02 8.6 FdInvA p 61.12 +0.27 0.8 SmCpIdxInstPrem 19.18 +0.04 -8.6 IncomeA1 p 2.08 +0.01 -8.5 PIMCO Funds A ITIGradeAdml 10.61 -0.01 7.9 GwthA p 60.73 +0.37 18.8 EmgMktVa 23.87 +0.25 -15.1 TMktIdxInstPrem 95.05 +0.73 5.2 EmMktCorEq 20.08 +0.27 -6.1 FrankTemp/Frank Adv IncomeFd NA ... NA LTGradeAdml 11.88 -0.06 11.3 IPO Scorecard HI TrA p 9.63 +0.03 -1.0 USBdIdxInstPrem 12.54 -0.02 6.7 IncomeAdv 2.07 +0.01 -8.1 PIMCO Funds I2 MidCpAdml 218.24 +1.26 0.2 ICAA p 40.06 +0.27 2.9 IntlCoreEq 12.48 -0.02 -8.3 Fidelity Advisor I Performance of IPOs, most-recent listed first IntSmCo 17.42 +0.02 -7.4 FrankTemp/Franklin A Income NA ... NA MuHYAdml 11.71 -0.02 1.7 IncoA p 21.89 +0.07 -3.5 NwInsghtI 37.25 +0.25 13.9 % Chg From % Chg From IntSmVa 16.22 -0.01 -15.9 Growth A p 129.91 +0.63 15.7 PIMCO Funds Instl MuIntAdml 14.70 -0.01 3.1 N PerA p 53.81 +0.20 13.9 Fidelity Freedom Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day LgCo 25.79 +0.21 5.5 RisDv A p 72.25 +0.64 4.3 IncomeFd NA ... NA MuLTAdml 12.08 -0.02 3.3 NEcoA p 52.44 +0.35 14.7 FF2020 16.30 +0.05 3.7 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close TAUSCoreEq2 19.59 +0.14 -1.6 FrankTemp/Franklin C Price Funds MuLtdAdml 11.23 ... 2.4 NwWrldA 73.82 +0.55 4.6 FF2025 14.45 +0.05 3.5 US CoreEq1 25.57 +0.18 -0.1 Income C t 2.12 +0.01 -8.3 BlChip 154.88 +1.55 24.6 MuShtAdml 15.94 -0.01 1.4 Asana 28.80 37.1 ... Vesper Healthcare Acquisition 10.26 2.6 ... SmCpA p 66.22 +0.26 12.6 FF2030 17.86 +0.07 3.1 US CoreEq2 22.98 +0.16 -1.7 Guggenheim Funds Tru DivGro 53.83 +0.42 1.9 PrmcpAdml r 148.12 +0.97 2.7 ASAN Sept. 30/$21.00 VSPRU Sept. 30/$10.00 TxExA p 13.44 -0.02 2.2 US Small 30.00 +0.10 -13.6 Freedom2020 K 16.29 +0.05 3.7 TotRtnBdFdClInst 29.78 -0.02 11.4 EqInc 26.34 +0.19 -16.2 RealEstatAdml 111.95 +0.43 -12.7 WshA p 45.87 +0.33 -3.3 US SmCpVal 26.30 +0.10 -22.9 Freedom2025 K 14.43 +0.05 3.5 Harbor Funds EqIndex 89.27 +0.73 5.4 SmCapAdml 73.68 +0.28 -6.3 Climate Change Crisis Real Impact 10.05 0.5 ... Amesite 4.40 –12.0 –15.7 Baird Funds USLgVa 31.80 +0.25 -16.1 Freedom2030 K 17.84 +0.06 3.2 CapApInst 103.89 +0.85 37.1 Growth 89.68 +0.76 22.3 SmGthAdml 75.56 +0.18 8.5 CLII.UT Sept. 30/$10.00 AMST Sept. 25/$5.00 AggBdInst 11.84 -0.02 7.1 Freedom2035 K 14.97 +0.07 2.4 Dodge & Cox Harding Loevner HelSci 93.02 +1.09 14.2 STBondAdml 10.88 ... 4.1 FG New America Acquisition 10.01 0.1 ... FinTech Acquisition IV 10.16 1.6 –1.7 CorBdInst 12.16 -0.01 6.8 Freedom2040 K 10.47 +0.06 2.1 IntlEq NA ... NA Balanced 92.81 +0.30 -5.7 LgCapGow I 54.38 +0.50 23.5 STIGradeAdml 10.98 ... 3.8 FGNA.UT Sept. 30/$10.00 FTIVU Sept. 25/$10.00 BlackRock Funds Income 14.66 -0.01 6.8 Fidelity Invest Invesco Funds Y MidCap 101.28 +0.44 6.2 TotBdAdml 11.62 -0.02 6.6 HiYBlk NA ... NA Intl Stk 35.70 +0.02 -18.1 Balanc 26.79 +0.15 9.9 DevMktY 45.04 +0.56 -1.2 NHoriz 80.62 +0.34 35.8 TotIntBdIdxAdm 23.24 -0.06 3.2 Palantir Tech 9.50 31.0 ... Graybug Vision 12.71 –20.6 –23.0 HiYldBd Inst NA ... NA Stock 166.53 +0.89 -11.3 BluCh 143.71 +1.26 39.1 JPMorgan I Class R2020 22.80 +0.07 3.2 TotIntlAdmIdx r 28.04 +0.05 -4.8 PLTR Sept. 30/$7.25 GRAY Sept. 25/$16.00 BlackRock Funds A DoubleLine Funds Contra 16.68 +0.11 22.5 CoreBond 12.42 -0.01 6.6 R2025 18.37 +0.07 3.3 TotStAdml 82.94 +0.63 5.5 GlblAlloc p 20.05 ... 4.4 CoreFxdIncmI 11.23 -0.04 3.0 ContraK 16.71 +0.11 22.5 EqInc 17.56 +0.16 -8.5 R2030 26.72 +0.11 3.2 TxMCapAdml 174.58 +1.39 6.6 Qell Acquisition 10.16 1.6 ... Greenwich LifeSciences 4.60 –20.0 –8.0 BlackRock Funds Inst TotRetBdI 10.74 -0.04 2.8 CpInc r 9.97 +0.04 -0.2 JPMorgan R Class R2035 19.62 +0.08 3.1 TxMIn r 13.14 -0.04 -5.7 QELLU Sept. 30/$10.00 GLSI Sept. 25/$5.75 StratIncOpptyIns NA ... NA Edgewood Growth Instituti DivIntl 43.14 -0.18 6.5 CoreBond 12.43 -0.02 6.6 R2040 27.90 +0.14 3.1 USGroAdml 154.05 +1.09 38.3 Bridge Builder Trust EdgewoodGrInst 48.74 +0.42 26.5 GroCo 31.16 +0.26 45.9 Lord Abbett A PRIMECAP Odyssey Fds ValAdml 40.80 +0.38 -10.7 Sources: Dow Jones Market Data; FactSet P2JW275000-5-B01000-1------XA

B10 | Thursday, October 1, 2020 ***** THE WALL STREET JOURNAL. BANKING & FINANCE System Problem Halts Tokyo Trading

BY SURYTAPA BHATTACHARYA AND KOSAKU NARIOKA

TOKYO—The TokyoStock Exchangehalted all stock trading forThursday’sses- sion,arareglitch that mar- ket participants said could

OUP undermine trust in the ex-

GR change. Aftertrading washalted ANDE

GR forthe morning session, the exchangesaid at middaythat EVER no trading would take place

CHINA forthe rest of the day. It said China Evergrande released photosshowing Chairman Hui Ka YanataTuesdayceremonyinBeijing in which Hengda, areal-estate subsidiary,agreed to halt arepurchase deal. it didn’t knowyet whether trading could resume Friday. Aspokesman forthe ex- Easing Cash Crunch LiftsChina Evergrande change’soperator, Japan Ex- changeGroup Inc., said it didn’t see signs of hacking.In BY XIE YU Thecompanyhas borrowed history, and wasmoving for- quirethe repurchase,and that cover significantly. August, acyberattack from AND JOANNE CHIU heavily in China and offshore ward to raise funds and reduce it had completed negotiations On Tuesday, Evergrande’s overseas caused four days of as it grew during the past de- debt. Evergrande shares re- or was in talks with the rest. property-managementunit shutdownsinNew Zealand’s HONG KONG—China’smost- cade.AsofJune it carried out- bounded sharply. Evergrande also released filed alisting application to stock market. indebted property developer standing debt totaling 835.5 They climbedfurther photos showing its chairman, Hong Kong’sstock exchange. TheTokyo problem, which averted anear-term cash billion yuan, equivalent to Wednesday, jumping 19% to Hui Ka Yan, at aSept. 29 sign- Evergrande Property Services involved thepart of the sys- crunch, sending itsshares and $122.6billion—47%ofitsched- levels last seen on Aug.17. Ev- ing ceremonyinBeijing with Group Ltd. reported profit of temthat distributes pricein- bonds sharply higher on uled to maturewithin ayear, ergrande’sdebt also recov- representatives of morethan a 1.15 billionyuan in the first formation, wasdiscovered at Wednesday, asurprising turn- according to the company’sin- ered, with one U.S. dollar bond dozenHengda investors. They half of 2020,nearly triple that about 7a.m. local time,two around from less than a week terim report. Evergrande also due May 2021 bid at 95 cents included Zhang Jindong, chair- of ayear earlier,according to hoursbeforethe stock mar- ago. has been slashing prices of on thedollar Wednesday, up man of Suning.com Co., one of an exchangefiling.Huatai Fi- ketnormally open. China Evergrande Group some properties to improve from thelow 80s on Friday, China’slargest home-appliance nancial and UBS Group AG are Ichiro Yamada, executive said agroup of investors sales,and some analystssay according to Tradeweb. retailers, and Wang Wenyin,a among banks managing the officer forsecurities invest- agreed not to forceittocough the heavy debt load has put it Evergrande’snear-crunch copper tycoon who controls sale. ment at Fukoku Mutual Life up morethan $12 billion to re- in atight liquidity spot. involved Hengda Real Estate, the privateAmer International In August Evergrande Insurance, said the exchange purchase their stakes in ama- Last week,its Hong Kong- asubsidiarythat produces Group Co. raised 23.5 billion Hong Kong should explain clearly what jorsubsidiary. Another of its listed shares sold off sharply most of itsrevenue andprofit. “The public showofsup- dollars, equivalent to $3 bil- caused the trading halt. businesses separately filed doc- and its bonds plunged to dis- In 2016 and 2017, Evergrande port is important to shore up lion,byselling morethan a “Otherwise,trust in the umentsfor aHong Kong listing tressed levels afterdocuments raised 130 billion yuan, equiv- confidenceinEvergrande,” quarterofthe unit to inves- market could waver,” he said. that could raise between $2 bil- circulated online suggesting alent to $12.7 billion, by sell- said Zhou Chuanyi, acredit tors including Tencent Hold- lion and $3 billion in the com- Evergrande washaving liquid- ingalittle morethan athird analyst at research firm Lu- ingsLtd.and Chan Hoi Wan, ingmonths,aperson familiar ity problems and had sought of Hengda. But along the way cror Analytics.“If Ever- oneofHong Kong’srichest with themattersaid. government help.The bond it also offered to buy back grande’s ship sinks, everyone women and the wife of prop- Singapore Shenzhen-based Evergrande selloff—whichpushed yields those stakes if the subsidiary suffers.” erty tycoon Joseph Lau. is Asia’s largest junk-bond is- intothe high teens—triggered weren’t listed in mainland ForEvergrande bondhold- Ms.Chan and her Hong Shuts suer andwas China’slargest moreworries it could have dif- China by January 2021. ers, “this is the most impor- Kong-listed company Chinese developer by contracted sales ficulty rolling over its debts. With the deadline looming, tant development we’ve seen Estates HoldingsLtd. are also last year.Itisasprawling con- Thecompany decried those Evergrande said Tuesdayeve- so far,” said Luther Chai,an large shareholdersinEver- Wirecard glomerate, with projectsin documents as fake and said it ning that holdersof86.3bil- analyst at CreditSightsin grande,holding acombined various stages of development had never missed a debt pay- lion yuan in equity interestsin Singapore. He expectsprices stakeof9%, according to Fact- Payments all over the country. ment in its 24-year operating Hengda had agreed not to re- of the company’sbonds to re- Set. Operation ning as a low-level analyst in Inc. intobankruptcy,costing Icahn’s Son 2002 and later overseeing the Carl Icahn, who owned nearly BY PAUL J. DAVIES firm’sSargonPortfolio,which 40% of the company, about AND CHONG KOH PING at one time totaled around $7 $1.5 billion. Returns to billion and included profitable Though Icahn Enterprises Singapore’scentral bank or- investmentsincompanies shares aredownaround 20% dered Wirecard AG to shut its such as Netflix Inc.and Apple this year,therehavebeen local payment network and re- Company Inc. bright spots. Carl Icahn has turn customer funds,the latest Over those years the annu- made at least a$1billion setback forthe former fintech alized return wasamarket- profit on amassiveshort posi- star that wassunk by an al- ContinuedfrompageB1 beating 27%. He stepped away tion on the debt of mall own- leged multibillion-dollar fraud. return, a process that moved for the past several years but S ers, which is by far his largest TheMonetaryAuthority of

slowly in part because the remained a consultant. NEW position currently.Hehas also Singaporetold Wirecard to re- G younger man didn’t see many Carl Icahn has been lying been shorting what he views turn funds to customersafter opportunities in astrong mar- lowsincemoving to Florida as overvalued technologyand having previously instructed ket. from New York around a year OOMBER retail stocks—though on a the group to segregateany FF

BrettIcahn, who is 41 and ago. Thebillionairehasn’t UE/BL much smaller scale—and sees money belonging to local mer- TO BL

decidedly morereserved than publicly takenamajor newpo- J. opportunities foractivism in chantsorholdersofprepaid CHRIS

his father,has already hired sition sincelast year,though OR unloved industries. cardsinseparatebank accounts

threeportfolio managersto he is still known to spend late VICT ERIN He is in the middle of afew in Singapore. Theauthority help him look forthe firm’s nightsand weekends working. The 84-year-old activist investor Carl Icahn and his son, Brett Icahn smaller situations, including acted afterWirecardsaid it was next activist targets, the peo- Since Covid-19 began spread- deal talks between Volkswagen unable to provide payment-pro- ple said. ing around the countryinmid- don others. As the coronavirus Petroleum Corp., slashed its AG’s truck unit, Traton SE,and cessing services to asignificant He said in an interviewlast March, he has mainly stayed roiled marketsand helped dividend and itsstock has con- Navistar International Corp., number of merchants. year that he plans to employ at hisbeachfront estateonMi- send oilprices tumbling in tinued to fall. of which he is a major share- Wirecard provided payment his father’s favored approach ami’sexclusiveIndian Creek mid-March, he bought an even Xerox HoldingsCorp., holder. software and equipment to of pushing companies to make island with his wifeGail, dogs, larger piece of Occidental Pe- whose largest shareholder is He has previouslysaid he is merchantstoprocess customer changes designed to boost and asmall staff that brings troleum Corp.and later that Carl Icahn, abandoned a hos- uncertain about Covid-19’s credit-cardpayments, as well their stock prices,though he him anightly “quarantini” month hammered out adeal to tile pursuit of larger rival HP lasting impact on the markets as issuing cards. TheSingapore hasn’t ruled out friendly bets, cocktail after tennis. getseatsonthe oil-and-gas Inc.that had his backing.And and, as aonetime medical- shutdown isn’t likely to cause too. The pandemic altered Carl producer’s board. Thecom- in May, the near standstill in school student, places great major disruptions sinceithad a Brett spent nearly 15 years Icahn’splans forsome invest- pany, struggling with the un- travel pushed car-rental com- weight on the opinions of doc- limited client base,manyof at Icahn Enterprises,begin- mentsand forced him to aban- timely acquisition of Anadarko panyHertz Global Holdings tors and public-health experts. whom have backup providers. Wirecard has until Oct. 14 to return customer funds. want to pay family members. ($6,000 for2020). He warns local taxes has become more Mr. Zollars says. TheGerman fintech col- Deductions Such arrangements can bring them that the recipientsmust important since the tax over- Deducting hair and lapsed intoinsolvencyinJune a net benefit to the family actually work,and that the haul of 2017, which limited makeup expenses. The afteradmitting that morethan when the payment is deduct- paycan’t be excessivefor the the individual deduction for Times reported that Mr. $2 billion of cash it reported on Have Their ible at a higher tax rate (say, work done.Payroll taxesare them to $10,000 per return. Trump deducted the cost of itsbalancesheet probably 37%) than the one owed by also due. These levies aren’t subject to haircuts, including more didn’t exist. It employedmore the recipient (say, 10% or “The IRS has won many the $10,000 cap if they are than $70,000 to style his than 6,000 people at the time. Boundaries 12%). The income-tax advan- cases on unreasonable com- business expenses. hair during “The Appren- Wirecard’s Singaporebusi- tage of such moves shrinks if pensation,” he says. Issues often arise when a tice,” and nine Trump enti- nesswas relatively small, but the the owner and the relative What about paying a rela- business owner uses a car ties deducted at least city-statewas ahub forthird- ContinuedfrompageB1 are in similar tax brackets. tive a consulting fee in addi- for both personal and busi- $95,464 paid to a favorite party businesses that accounted Calif., who has tech-company Still, the recipient could put tion to wages? That’s likely ness use, says Ed Zollars, a hair and makeup artist of formost of Wirecard’s reported founders among his wealthy more than $50,000 into a re- to raise a red flag at the In- CPA with Kaplan Financial Ivanka Trump’s. grouprevenue andall of itsre- clients, thinks such restraint tirement account this year or ternal Revenue Service, Education who teaches tax Kirk Stark, a tax professor ported profitsinrecent years. is missing from Mr. Trump’s even far more, if that person which may ask why the fee at UCLA’s law school, says That revenue is at the cen- tax returns, based on the has a special pension plan. wasn’t treated as extra others shouldn’t follow suit. terofthe $2 billion issue.It Times’s reporting. For the very wealthy, pay- wages. ‘The IRS has won “If these facts are as re- wassupposed to be held in es- “I’m shocked that an ac- ing a relative can also yield Putting business prop- ported, then these expenses crow accountsmanaged by a counting firm would allow a estate-tax savings, as the pay erty to personal use. This is many cases on aren’t deductible. It’s a total Singapore-basedaccountant client to take such egregious moves assets and growth on another much-contested unreasonable no-brainer,” he says. acting as atrustee.The ac- positions, especially when them out of the owner’s es- area. The Times said the A television or movie stu- countant has been chargedby they know he will be audited tate if he or she is one of the Trump family claimed that a compensation.’ dio can deduct the cost of Singaporepolice with falsify- every year,” he says. few Americans subject to es- large estate in Westchester hiring someone to do hair ing documentsrelated to If you are tempted to fol- tate tax. The estate-tax ex- County, N.Y., was investment and makeup. But the tax trustee accountsand is due in low Mr. Trump’s tax lead, emption is $11.58 million per property but used it as a pri- rules usually say they are court again on Thursday. He here’s more to know about person for 2020, and the top vate retreat. professionals. The answer to personal expenses that can’t couldn’t be reached forcom- his deductions that are at- rate is 40%. Under the tax law, an resolving IRS issues begins be business deductions if ment. tracting the most attention. Jeffrey Porter, aCPA in owner is supposed to keep with keeping good records they are paid for by the indi- Germanyprosecutorshave There’s no need to forgo an Huntington, W.Va., says there records of personal versus on business mileage. vidual, says Mr. Stark. said the companygenerated allowed tax break, but smart canbenontax businessrea- business use and allocate ex- But real estate can also be In the case Hamper v. fictitious income to makethe taxpayers will want to know sons forpaying relatives— penses between them. Thus, a battleground. Mr. Zollars Commissioner (2011), a tele- company’sloss-making busi- the boundaries. such as to removecash from if 40% of the property’s use advises that if someone vision news anchor deducted nesses appear profitable. Paying family members. abusinessorprovide assets was personal, then 40% of wants to claim a beach the costs of manicures, Wirecard’s former longtime The Times said a consulting to the recipient to qualifyfor the property taxes and main- house as a business expense, grooming, teeth whitening Chief ExecutiveMarkus Braun, firm co-owned by Ivanka aloan. Mr.Porter says his cli- tenance costs would often be then it shouldn’t look like a and skin care because she was detained in Germany un- Trump received a six-figure entsoften want to paytheir the owner’s. The other 60% vacation home. was required by her contract der investigation. He has de- payment from the Trump children up to the amount of could be deductible as busi- He says the deduction to have a neat appearance. nied wrongdoing. Organization while she was the standarddeduction ness or investment expenses, should pass the “smirk test.” The judge ruled that these One former executive, Jan also earning six figures or ($12,400 forasingle filer for although other limits could “If you tell the IRS some- expenses weren’t deduct- Marsalek,Mr. Braun’sNo. 2, more as its employee. 2020) plus the amount they come into play. thing is a business property, ible—and imposed an accu- has gone on the run. His lawyer Business owners often canput intoatraditional IRA The allocation of state and the agent shouldn’t smirk,” racy penalty. has declined to comment. P2JW275000-4-B01100-1------XA

THE WALL STREET JOURNAL. **** Thursday, October 1, 2020 | B11 MARKETS Copper Prices Advance on Chinese Data

Industrial gauges point such as oil that have been hit harder by the pandemic and to recovery gaining aremoreclosely linked to strength in world’s top global travel. ACitigroup tool that tracks user of commodities end uses of copper in China throughout various sectorslike BY AMRITH RAMKUMAR appliancemakersisalso show- ing robust demand, with the Copper prices climbed three-month averageofthe Wednesday, advancing back to- tracker nowatits highest level ward amultiyear high hit in sinceearly in 2017. That high- mid-September afterdata lights“China’s‘V’ shaped re- showedChina’seconomic re- covery,” Citi analystssaid in a covery is gathering momen- note. tum. Traderswill be monitoring Most actively traded copper economic activity in China futures forDecember delivery during acoming eight-dayhol- added 1.4% to $3.0325 apound, idaythat begins Thursday. But moving back toward arecent some analystsalso caution peak of $3.116 hitonSept. 18. that prices forindustrial met- Theindus- als could become morevolatile COMMODITIES trial metal because akey source of liquid- has risen ity will be absent during the about 8% forthe year and re- coming stretch. Overnight coveredroughly 40% in the trading during Asian trading past six months following an hoursoften setsthe tone for early-year selloff.Prices tum- the following day’sactivity in

bled afterthe Chinese econ- S London and NewYork. omyshut early during the cor- Elsewhereincommodities PRES onavirus crisis but have Wednesday, U.S. crude-oil fu-

benefited with economic activ- ZUMA tures added 2.4% to $40.22a ity in the world’sbiggest com- G/ barrel aftergovernment data TP modity consumer rising lately. Manufacturing indexes for China, which accounts for about half of global demand for the metal, outdid forecasts. Smelting copper in Jinhua. showedcrude inventories fell China accountsfor roughly unexpectedly last week.Still, half of global copper demand, Figuresreleased Wednesday covery in China afternew cor- part by government stimulus. which aregrappling with re- oilprices have stalled around making itsmanufacturing sec- showedChina’sofficial manu- onavirus cases in the country Thesteady paceofeco- cent rises in coronavirus cases. $40lately,pausing asummer toraprimarydriver of prices. facturing purchasing managers generally stopped rising.A nomicgrowthinChina during Copper’s close ties to China rebound with fuel demand in Copper is akey component of index rose morethan expected separateprivategaugeofman- itsrebound contrastswith the and manufacturing have theU.S.stagnating and ana- everything from electric vehi- in September,the latest data ufacturing activity also pointed slowdownsome analystsex- helped theindustrial metal lystsquestioning when global cles to smartphones. pointindicating an upbeat re- to ahealthyrebound driven in pect to hit the U.S. and Europe, outpace other commodities travel patterns will normalize. Allstate to Lay Off Blank-Check Companies Get ETF 3,800 Employees BY MICHAEL WURSTHORN Blank-check companies are BY LOGAN MOORE Wilson said. getting their ownexchange- AND LESLIE SCISM Of the layoffs,“somewhere traded fund. between 25% and 30% aredue Regulators recently green- Allstate Corp., one of the to the fact that we have fewer lighted the launch of the Defi- U.S.’s largest insurers, said claims,” he said. ance NextGen SPAC Derived Wednesdaythat it plans to lay As of August, Allstatehad ETF,which is expected to off 3,800 employees in claims, distributed$1billion to cus- start trading Thursday. The sales and support roles. tomersthrough itsShelter-in- fund, which will debut under Thelayoffs represent about PlacePayback plan. the ticker symbol SPAK,is 8% of the insurer’s approxi- Mr.Wilson said, “Obviously looking to capitalizeonthe mately 46,000 workers. this is not agood time to be sudden boom in special-pur- Of the job cuts, about 1,000 reducing staffing with unem- pose acquisition vehicles, aretied to the company’span- ployment levels wherethey whose purpose is to acquire demic-related refunds to poli- are.” companies and bring them cyholders, AllstateChief Execu- Mr.Wilson also said to ease into the publicly traded stock tiveThomas Wilson said. the pain, the insurer will allow market. Those refunds were driven employees to stay in the com- Blank-check companies, by asharp decline in driving by pany’smedical plans through which arealso known as carownersamid government- the end of the year,and the SPACs, have become popular order shutdowns and fear of companywill continue making on Wall Street this year,facili- Covid-19,especially in the early 401(k) payments. Thecom- tating mergers with buzzy months of the pandemic.Many pany’stalent-acquisition staff is companies such as sports-bet- insurersreduced customers’ also helpingpeople to find jobs. ting operator DraftKingsInc. bills as claims volume fell. “We’renot doing much hir- So far this year,115 blank- Thepandemic resulted in ing,sowesaid let’sdothe re- check companies have raised “fewerautoaccidents, so you verse: Let’sfind jobs forthe nearly $43 billion, according to need fewerclaims people,” Mr. people leaving us,” he said. dataprovider Dealogic.That is morethan double the amount that SPACsraised last year and Some former U.S. regulators on par with all of the money have said the Fedshould order those companies brought in be-

Fed Curbs S the largest banks to suspend tween 2015 and 2019. payoutstopreservecapital at a With dozens of blank-check PRES Buybacks time of soaring unemployment companies prowling foranac- TED

and businessdisruption that quisition, ETFissuer Defiance OCIA mayeclipse the 2008 financial ETFs LLC aims to take the SS /A

At Banks crisis. guesswork out of the equation EW “Ifthingswork out well, forinvestorsbygiving them a DR D

bankscan distributeincome broad tasteofthose compa- AR

ContinuedfrompageB1 CH

lateron,” Janet Yellen,afor- nies,said MatthewBielski,the RI coverbad loans have cut into mer Fedchairwoman, told The firm’s chief executive. Defianceaims to giveinvestors abroad taste of SPAC trades, including RichardBranson’sVirgin Galactic. profits, outweighing gains in Wall Street Journal this spring. “SPACs canbeverycompli- trading. “Ifnot, they’ll have abuffer catedfor individual investors,” hunt foracquisitions,Mr. Biel- down the road. Electric-truck than $500 million in assets Bankexecutives “are biting that will be needed to support Mr.Bielski said, referring to ski said. startupNikola Corp., forex- sinceits early 2019 inception. their tongues with the Fed, the credit needs of the econ- instances whereinvestorsin ProponentsofSPACs say ample,surgedafter going pub- Still, success isn’t guaranteed with fingerscrossed they can omy.” blank-check companies geta they offerasimpler routeto lic through a SPAC deal, only as manynew ETFs fail to cross buy back stock somedaysoon TheFed committedearlier combination of shares and public markets than atradi- to fall morethan 70%overthe the $100 million mark within at these cheap prices,” said in Septembertosupport the warrants. “ETFsare the best tional initial public offering.A past three months amid alle- their first three years of exis- Christopher Marinac,director economic recovery by setting a way to get exposure to that.” SPAC transaction canbecom- gations of fraud. tence, typically leading them of research forJanney Mont- higher bar to raise interest Defiance’snew ETFwill al- pleted in a matter of months, TheDefianceETF aims to to close. gomeryScott LLC. ratesand by signaling it ex- locate80% of itsweighting to- compared with an IPO under- hedgeits exposuretoprob- Helping Defianceisthe TheFed’sdecision to allow pected to hold rates near zero ward companies that have al- writtenbybanks that often lematic SPACsbyremoving fact that it appearstobethe banks to continue paying divi- foratleast three moreyears. ready gone public through takeslonger and canleave companies that fall under gov- firstissuer to launch adedi- dends drew adissent from Lael In newprojections released SPACs, including DraftKings, companies exposed to market ernment investigation, such as catedSPACETF in the U.S. Brainard, the Fed’slone hold- afteratwo-daypolicymeeting whoseshares have risen more volatility, experts said. Nikola, said Mr.Bielski. He Morecould followafter a over from the Obama adminis- in mid-September, all 17 offi- than five times so far this Butcritics saycompanies said the fund carries a0.45% benchmark tracking blank- tration, who has said allowing cials who participated said they year,and Virgin Galactic Hold- that list through aSPAC re- management fee. check companies,the IPOX banks to depletecapital buffers expect to keep ratesnear zero ingsInc., which is up 66%. The ceive less scrutiny than those Defianceislaunching the SPAC Index, went liveover could forcethem to tighten at leastthrough next year,and remaining 20% of the fund that opt forthe traditional IPO fund as itsflagship ETF, the the summer,giving other is- credit in aprotracted down- 13 projectedrates would stay will go toward blank-check route, potentially leaving in- DefianceNext Gen Connec- suerssomething to hitch to turn. therethrough 2023. companies that continue to vestorsexposed to problems tivity ETF,surpassed more funds.

will be disadvantaged,” a Sharepriceonfirst dayoftrading Wednesday weren’t thrilled that two were forgrowing technologycompa- Palantir Shareworks by MorganStanley happening on the same day. nies.September wasthe busi- spokeswoman said. Theimpli- Palantir Technologies Asana But the listingsseemed to go est month forinitial public of- cation is that employees who $12 $30 off without ahitch from an ex- feringsinthe NYSE’shistory. Valued at had to sell at alowerpricewill changeperspective, with both Asana and Palantir became be “made whole,” according to stocks openingsmoothly and the thirdand fourth notable aperson close to the bank. 11 28 not experiencing much volatility firms to use the direct listing $21 Billion Palantir didn’t respond to throughout the trading day. model. Only two other major requestsfor comment. 10 26 Doing adirect listing skirts companies,SpotifyTechnology In Slack channels,former $28.80 investment-banking underwrit- SA and Slack Technologies Inc., ContinuedfrompageB1 employees complained about s37% from ers, allowing companies to save had ever completed direct list- first-trade price. Still, that net- problems getting intoShare- 9 24 referenceprice millions of dollarsinfees.Italso ingsbeforeWednesday. tedthe companyavaluation of works as the system experi- means the companies don’t raise Both stocks closed above $9.50 roughly $21 billion, and shares enced timeoutsand errorssay- money forthemselves.Instead, their referenceprice, aguide- remained abovethe $7.31and ing the websitewas down, 8 s31% from 22 employees and early investors post that is set by the New $9.17average prices where according to people familiar referenceprice aretypically able to cash out York Stock Exchangewhereno Referenceprice: $21 they had changed hands in pri- with the communications. Referenceprice: $7.25 stock on the firstday of trading money changes hands. vate trades in August and Sep- Palantir Chief Executiveand 7 20 as shares simply list on the ex- Asana’sshares closed at tember,respectively. co-founder AlexKarp,inanin- 9:30 noon 49:30 noon 4 changeand advisersmatch buy- $28.80, which is 37% above “Weexperienced slowness terviewwith CNBC,said he had Note:One-minuteintervals Source:FactSet ersand sellers. Both Asana and their referencepriceof$21 and that mayhaveresulted in de- been skeptical about the public Palantir enlisted Citadel Securi- abovethe averagepriceof layedlogins intoour system. At markets, but that it wasimpor- ThePalantir hiccup came on day. Given the relatively un- ties as designated market maker $25.11 whereprivateshares all times,our call centerswere tant to let employees sell what wasalready shaping up to tested natureofdirect listings and MorganStanley as lead fi- changed hands in August. That available to executetrades.We shares.“Ibelievethe people be atrickyday forits advisers andtheir complexities,some nancial adviser fortheir debuts. gavethe company, which will work through anyissue who’vebuilt this companyover and the NYSE. Theexchange people close to the Palantir and Palantir and Asana both en- makes workplacetools forpro- that is brought to our attention 17 yearsdeserved access to li- hadnever dealtwith opening Asana offeringshad told The teredared-hot IPO market in ductivity and communication, a and ensurethat no employee quidity,” he said. two direct listingsonthe same Wall Street Journal they whichinvestorshavepaid up valuation of about $5.9 billion. P2JW275000-0-B01200-1------XA

B12 | Thursday, October 1, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Election Won’t Slow Renewable Energy

The past four years prove the industry is past its formative years and will persist no matter who wins presidential contest

Renewable energy stocks arefly- under President Obama, according grid by 2035. ing to extend them wouldn’t be it simply takes time. Transmission inghigh in the run-up to Election to data from the U.S. Energy Infor- Among the top items on the in- catastrophic. The industry has lines take longer to build than Day. That isn’tnecessarily areflec- mation Administration. dustry’s wish list is an extension been bracing for a gradual phase- plants that generate power—10 tion of JoeBiden’sperceived edge. At the same time, solar and of renewable tax credits, which are down of these subsidies since years on average, according to Thepast four yearsshowthe re- wind generation increased more set to begin phasing down by the 2015. The real damage was done in some estimates—while battery newable energy industryisresil- than 40%. Tariffs on imported so- the years preceding 2015, when storage prices still need to get ient; tailwinds from declining tech- lar panels, which Mr. Trump intro- Congress routinely extended the much cheaper to replace fossil nologycostsand from yearsof duced in 2018, didn’t do lasting Mr. Trump’s efforts to credits a year at a time, limiting fuel-powered generation on a large federal taxcredits, which have re- damage, either. The trade barriers visibility for the industry. scale. ceived bipartisan support, have weren’t enough to damp appetite revive coal through But the upside is also capped: States historically have played a simply been toostrong.Despite from the U.S. solar market, accord- policy rollbacks did Renewable-energy adoption has substantial role: Roughly half of all President Trump’sskepticism about ing to a report from Wood Mack- speed bumps that are difficult to growth in renewable energy gener- environmental goals,renewable-en- enzie, which noted that imports of little to slow its decline. evade solely through action at the ation and capacity since 2000 is ergy companies’ values and instal- Chinese solar modules rose since federal level. Replacing the bulk of associated with state-level renew- lations arerising at ahealthyclip. early 2019 despite tariffs. baseload generation—sources of able portfolio standards, according Mr. Trump’s efforts to revive Of course Mr. Biden could usher electricity that can run on com- to the U.S. Department of Energy’s coal through rolling back policies in even better times for clean en- end of this year. If Mr. Biden is mand—with a high share of solar Berkeley Lab. such as the Clean Air Act, did little ergy, though he would need a elected, there is a fairly good and wind can threaten grid reli- The past four years have shown to slow down the decline of coal- Democratic majority in the Senate chance that those tax credits will ability, an issue that has reared its renewable energy is past its for- fired power plants. Coal-fired elec- to push through his most ambi- be extended between February and head in California this summer. mative years. That should serve as tricity generation declined 22% tious goals. He has proposed a $2 April next year, says Keith Martin, Some of these problems must comfort for investors watching the from 2016 to 2019—an even faster trillion plan aimed at achieving a Washington, D.C.-based partner be tackled on a local level through race for the White House. pace than the preceding four years zero carbon emissions from the at Norton Rose Fulbright. Yet fail- power market design, and much of —Jinjoo Lee

Share-priceperformance, year to date Disney's domestic theme park revenue per fiscalquarter 20% $6 billion Big Utility Combination PROJECTIONS 0 5 Looks Unlikely –20 Disney 4 And Unappetizing –40 SeaWorld 3 Cedar Fair –60 Six Flags 2 Utility stocks tend to move in a NextEra could pay for such apur- tight band, but Duke Energy’s chase without racking up debt. shares surged 7. 5% on Wednesday NextEra’s balance sheet holds $1 –80 1 after The Wall Street Journal re- billion of cash and has relatively ported that NextEra Energy, the high leverage with net debt to –100 0 largest utility in the U.S., made a earnings before interest, taxes, de- Jan. 2020 FY2015 ’16 ’17 ’18 ’19 ’20 ’21 takeover approach. The enthusi- preciation and amortization of 4.5 asm looks premature. times. It would have to tread care- Note:Fiscal years end September. Sources: FactSet (performance); the company(actual revenue), Visible Alpha (projections) The two utilities have a com- fully, as regulators are sticklers bined market capitalization of about making sure the utilities in- roughly $200 billion. But the volved in takeovers maintain in- DisneyParks Face Long Drought chances of the stars aligning for vestment-grade credit ratings. the deal are slim: Duke reportedly Whatever deal passes regulatory turned down the approach and a muster might not end up looking hostile takeover would be costly. that attractive anyway. Utility reg- Even if the two were to reach a ulators are either appointed by Layoffs are an indication that recovery is unlikely before a Covid vaccine. deal, they would have to gain ap- governors or elected. Out of politi- proval from state public utilities cal necessity, they will make sure a commissions. deal clearly offers benefits to rate- Even given itssunnylocales, Citigroup notes that totalair traf- company. Wall Street expectsa37% What mightmakemoresense is payers. Those costs can be steep: Walt Disney’s theme-park business ficfor the Orlando airport in July drop in theme-park segment reve- snapping up just part of the com- In 2016, a consortium of infra- looks in foralong winter. wasdown73% from ayear earlier. nue forthe company’sjust-ended panyasDukeEnergy operates in structure funds managed to per- That pointwas driven home late That is when Disney World re- fiscal year,which might still prove six states.But even getting adeal suade Louisiana regulators to ap- Tuesdayafter the family entertain- opened at sharply reduced capac- optimistic with the Southern Cali- through one stateregulator is com- prove a $3.4 billion purchase of ment giant reported plans to layoff ity,and with rules forpatronsto fornia park still shut and capacity plicated. NextErashould be familiar Cleco Corp. after it agreed to pay about 28,000 workers from the U.S. wear masks in the midsummer at the Florida facility sharply lim- with those snags. In 2017, it failed $136 million in customer credits division of itstheme-park segment. Florida heat. At an investment ited. Thetwo domestic theme parks to acquireOncor Electric,which is and promised not to seek a rate That representsnearly 13% of the conferenceonSept. 10,Disney generated $17.4billion in revenue afraction of DukeEnergy’s size, increase for three years. company’spre-Covid-19 totalwork- Chief Financial Officer Christine forDisney’s fiscal year ended Sep- because it couldn’t come to an There is nothing like deal talk forceof223,000.The company’s McCarthynoted that the summer tember 2019 and have typically agreement with the Public Utilities to spark excitement in staid utili- cost savingsmight be limited, how- spikeinCovid-19 cases in Florida made up about one-quarter of the Commission of Texas. ties. Right now, the deal only looks ever,given that about two-thirds of “had an impact on the visitation company’stotal revenue. It is difficult to imagine how splashy on paper. —Jinjoo Lee the affected number arepart-time that we had expected,” given the Thepublic mood forthe near fu- employees,and nearly all have been reduction in interstatetravel. turealso isn’t encouraging.Ina Share-priceperformance on furlough sinceApril. Disney’s Wall Street has largely givenDis- noteonWednesday, UBS reported a stock wasdown1%Wednesday. ney apassfor the weaknessin consumer survey that found 54% of 10.0% Disney blamed the moveinpart what wasits largest businessunit respondentssaying they didn’t ex- 7.5 on the stateofCalifornia’sreluc- beforethe pandemic.Disney’s share pect to be comfortable attending a Duke tancetoallowthe company’sDis- priceisdownonly 14%sofar this large public event foratleast six Energy neyland resort to open. But while year—a far betterperformance moremonths.Inthe same survey, 5.0 the stategovernment of Florida has than otherswho specializein 47%said they wouldn’t feel com- been far moreaccommodating,the crowded, in-person entertainment fortable traveling foratleast six 2.5 harsh realities of running amajor services.Theme-park operators Six moremonths. theme park in the midst of apan- Flags, Cedar Fair and SeaWorld That mood could certainly 0 demic can’t be ignored. Deutsche have averaged adropof47% for changeifavaccine emergesbefore Bank analysts, who have been the year.Much of Disney’s support then. But even if that happens,the –2.5 NextEra tracking theme-park traffic with ge- stems from excitement over itslat- logistical challenges of distributing Energy olocation data, wroteinanotelast eststreaming plans,which the anyvaccine to the broad public are –5.0 week that attendanceatOrlando companysays it will detail further likely to weigh on theme parks and theme parks is still running about in an analyst meeting sometime other mass-entertainment busi- –7.5 80% belowyear-agolevels. this fall. nesses well intonextyear.Magic Even Disney’s most rabid fan But the outlook fortheme parks pills work only in fairytales. 10 a.m. 11 noon 1p.m. 234 base canseem to do only so much. still castsalarge cloud over the —Dan Gallagher Source:FactSet Negative-Rate Debate Dies on the Vine OVERHEARD

Central banks from 2014to2016 Central bankinterestrates low. Volumes recovered, but any increasingly adopted negativeinter- central bank would have to think Although one has been known ended when its holding company est ratesinresponse to sliding infla- U.K. U.S. Eurozone carefully about the consequences of to playthe ukulele and the other was bought by Texas cafeteria tion. At the time,investorscould Japan Sweden even atemporaryshock. to shrewdly invest his musical roy- owner Luby’s in 2012 for $11 mil- reasonably wonder whether subzero Two central banks—the Bank of alties, it is hardtoconfuse Warren lion. There were 23 locations at monetarypolicywas the path of the 3% England and the Reserve Bank of Buffettwith JimmyBuffett. the time. developed world’sfuture. New Zealand—have analysts and Well, maybe not that hard. His timing was good. By early Yetthis year’s Covid-19 crisis investors engaged in a will-they- Last week brought another re- September Luby’s had closed all hasn’t prompted anymajor mone- 2 won’t-they debate over whether minder that the singer and song- but that last location and had lost tary institution to adopt anew nega- the banks might break the psycho- writer knows when to buy and 80% of its market value. The tive-ratepolicy. Nor have the euro- logical barrier of zero. If the move when to cut bait. The last company announced on Sept. 8 zone,Denmark,Japan or 1 weren’t so unattractive, they Cheeseburger in Paradise restau- that it was liquidating itself. Switzerland, which have negative would surely have made it already. rant, located in Secaucus, N.J., just That other Mr. Buffett also rates, cut them further. 0 Some economistshavepublished shut its doors. knows what to Fresh research from the SanFran- interesting research intohow amore Although order from the ciscoFederal Reservesuggeststhe organized negative-ratesystem named after menu. He longer negativerates areinplace, –1 might function better. But most cen- the iconic song helped Burger the morethey hurt not only bank tral banks aren’t interested in ex- and originally King Worldwide 2014 ’15 ’16 ’17 ’18 ’19 ’20 profitsbut lending too. Even their ploring these avenues seriously. controlled by finance its take- advocates in central banks that ad- Source:FactSet As aconsensus on the pitfalls of Mr. Buffett’s over of Tim opted this policyconcede that shal- negative-ratepolicies forbanks has Margaritaville Hortons back in lownegativerates do little to help. morerapidly than bank depositsto emerged, politicians have embraced Holdings—Mr. 2014 for a juicy Thepotential forthe U.S. to go interest-ratereductions belowzero, activist fiscal policytocounter the Buffett also re- 9% preferred

down the same path as the eurozone liquidity might dryupquickly. economic shock caused by Covid-19. ceived royalties dividend plus GES

has always been complicated by a That happened when theBank of This takespressureoff central banks for use of the warrants, doing IMA different bank-funding structure. Japan initially introduced negative to supply all the policyaggression. name—his fi- far better than

Lendersrely moreonmarket-based rates. Unprepared commercial banks Thedebateabout negativerates as a nancial ties common equity GETTY funding than their European peers, scrambled to react, and uncollateral- majorpart of the macroeconomic with the chain owners. EDLE/

which produces aproblem: Though ized overnight lending plunged by tool kit looks to be largely over. RA

traded securities would likely react morethan 60% to abrief multiyear —Mike Bird JOE P2JW275000-2-R00100-1------XA MARKETS REVIETHIRD QUARW&OTER UTLOOK

© 2020 Dow Jones & Company. All Rights Reserved. ** THE WALL STREET JOURNAL. Thursday, October 1, 2020 | R1 Turbocharged Stocks Blast Off

Therehaven’tbeen this manyadvances of at least400% since2000, with Tesla, Zoom among stars

0% 400%

Tesla Nasdaq Compositestocks thatrose Health-technology stocks Zoom VideoCommunications at least400% as of 2020 highs (includes biotech, medical and pharmaceutical) DraftKings Ranked by market value from largesttosmallest Technology services All other sectors Livongo Health Sunrun Nikola 1,000% 2,000% 3,000% 4,000% Novavax Overstock.com Novavax Sorrento Therapeutics +4,385% +2,622% as of 2020 high Workhorse Group year to date SeresTherapeutics Inovio Pharmaceuticals Celsius Holdings ACMResearch Adaptimmune Therapeutics Arcturus Therapeutics Holdings Vaxart GrowGeneration +1,797% +4,742% Vaxart CelldexTherapeutics ForteBiosciences CarParts.com Pacific Ethanol BiondVax Pharmaceuticals Altimmune Co-Diagnostics Cardiff Oncology Waitr Holdings Blink Charging AspiraWomen's Health Genius Brands International NantHealth Veritone MICT HeatBiologics Bit Digital Share-priceand index SkySolar Holdings performance, year to date Equillium 4,000% OceanBio-Chem Genprex VivoPowerInternational Kopin Kirkland’s Remark Holdings SPI Energy 3,000 Capricor Therapeutics Lipocine FutureFinTech Group Novavax Neonode Biomerica Cinedigm 2,000 Marathon Patent Group LightPathTechnologies Vaxart Digital Ally IZEA Worldwide Net Element Summer Infant Cleveland BioLabs 1,000 Overstock AlliedHealthcareProducts iFresh CounterPath Zoom Video CarverBancorp Tesla Sphere3D Nikola WahFuEducation 0 Kaspien Holdings S&P500 Jan. Sept. Lianluo Smart

Source:Dow Jones Market Data analysis of FactSetdata

BY GUNJAN BANERJI of at least 7% forthe thirdquarter, tech stocks as well as shares of pany Snowflake Inc. made asplash Some investorshavesaid buying AND PETER SANTILLI and notched the best two-quarter companies that they viewaslasting in itsinitial public offering,with its stocks at high prices and attempt- performance since 2009. winnersofchanges forced by the shares morethan doubling on its ing to sell even higher canbetough Thestock market’sstarperform- The run among the highfliers is pandemic. They recently made up first day of trading on a stock ex- to stomach. But taking the plunge ers are shining brighter than ever onethat few sawcoming,under- the biggest chunk of market activ- change. haspaid off as the stocks’ rallies and creating astark divide with the scoringmanyofthe unusual dy- ity than at any time over the past Therally at times has drawn continued, defying expectations. rest of the pack. namics at playinmarketsthis year. 10 years. comparisons to the dot-com bub- David Malmgren, senior portfo- Morestocks skyrocketed at least Thepandemic brought economic Some of those investorsand oth- ble,when shares of technology lio manager at FBB Capital Part- 400% at some point in the first activity to ahalt, and corporate ersaren’t just buying their favorite companies notched huge gains be- ners, said acolleague questioned three quarters of the year than in profitsare expected to decline 18% stocks—they are aggressively bet- fore plummeting.The S&P 500’sin- hisdecision to buy Tesla shares anycomparable period since2000, this year from last—the steepest ting on bigger gains through the formation-technologysector has this year as its stock price zipped according to aDow Jones Market fall since 2008. options market,attimes even driv- the biggest weighting in the stock- higher and higher. Dataanalysis of companies that Thelackluster economy—and ing the underlying stocks higher market indexthan at anytime “The managing director of the were had avalue of at least $100 meager expected returns in other and helping send derivatives activ- since2000,according to DowJones firm came to me and said: ‘Seri- million to start the year. cornersofthe market, including ity to a record. ously,we’rebuying Tesla at Dominating the list aretechnol- bonds—hastriggeredarush into Thefrenetic activity increased in $800?’” said Mr.Malmgren. “You’re ogyand biotech companies,aswell shares of companies promising the summer when Tesla and Apple Much of the frenzy was buying at the highs…it takes cour- as firms that have benefited from high growth in the future, including Inc.unveiled plans to split their age.” changing tastes during the corona- those that arebrand newtothe stocks,unleashing even morezeal from individuals, many But, he said, it ended up being a virus pandemic.Sofar this year, public markets. Initial public offer- forshares that had already soared in the market for the profitable position. Tesla’s shares Zoom Video Communications Inc. ingsare on track forabanner year, this year and stoking rare dynamics closed Wednesdayat$429.01, has rallied 591%, while online re- with newcompanies posting the in the stock and derivatives markets. first time. equivalent to $2,145.05ashare tailer Overstock.com Inc. has ad- biggest gains during their trading At their individual peaks in 2020, ahead of the recent stock split. vanced 956%. Tesla Inc.has gained debutssince2000,The Wall Street morethan 60 stocks in the tech- T. Rowe’s Mr.Whitesays he 413%. Journal recently reported. heavy Nasdaq Compositehad risen passed on an opportunity to buy Highlighting thewild ride that “The rate at whichmomentum at least400%. But the gapbetween Market Data. Meanwhile, the heft shares of Zoom in March but de- manycompanies have been on, andenthusiasm and exuberance the star performersand the losers of groups includingfinancial and cided to take on aposition in June Overstock,for example,was up took hold over the summer…it hit a is wide.Ofthe roughly 2,500 stocks energy companies have steadily around the time the companybeat 1,677% at its high point this year. fever pitch that I have not seen in in the index, morethan 1,000 suf- dwindled to the lowest levels since earningsexpectations.Byearly To compare, the S&P 500 is up the five years that I’ve been man- fereddeclines of at least 50% for at least 1990. June,the stock had already rallied 4.1% forthe year,while the Dow aging my fund,” said Justin White, the year at their lowpoints. Thestrong gains in individual 200% since the start of the year. Jones Industrial Averageisdown aportfolio manager at T. Rowe Some excitement forthe broader stocks has in part been fueled by “I kept aprettysmall position 2.7%. Theindexesboth loggedgains Price, who oversees agrowth-fo- stock market sputteredinSeptem- the momentum trade,which entails because Ididn’t want to makeahe- cused fund at the firm. ber as stocks slid forfour consecu- buying shares of companies that roic bet at what could have been COMING NEXT WEEK Much of this frenzy has tiveweeks,roiled by the tech gi- have soared the fastest and fur- the top,” said Mr. White. “In hind- The quarterly Investing in stemmed from individual investors, antsthat had poweredmajor thest. About $18 billion wasre- sight, the stock wasactually pretty Funds &ETFsreport will manypiling intothe market forthe indexes higher in prior months. cently sitting in funds tracking the cheap at $200.” appear on Monday, Oct.5. firsttime during the pandemic. Still, investor enthusiasm didn’t trade,roughly triple the level from Zoom stock closed Wednesdayat REUTERS These investorshaveoften favored disappear.Data-warehousing com- five years ago, FactSet data show. $470.11, up 591% for the year. S; NEW Inside G OOMBER /BL

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R2 | Thursday, October 1, 2020 THE WALL STREET JOURNAL. MARKETS REVIEW & OUTLOOK | THIRD QUARTER

Track the Markets: Winners and Losers A look at how selected global stock indexes, bond ETFs, currencies and commmodities performed around the world for the quarter U.S. Gasoline Demand Stalls, Stock Currency, Commodity, Exchange- index vs. U.S. dollar traded in U.S.* traded fund Lean hogs 61.15% Holding Oil Near $40aBarrel Nymex natural gas 44.32 Comex silver 26.38 Dow Jones Transportation Average 22.43 Wheat 17.96 After some recovery Gasoline suppliedbyU.S.energy companies,weekly Soybeans 15.75 in the spring, fuel use 10 million barrels aday S&P 500 Consumer Discr 14.86 appears fragile in fall, Cocoa 13.11 S&P 500 Materials 12.73 unsettling investors 8 Nasdaq 100 12.42

S&P 500 Industrials 11.99 BY AMRITH RAMKUMAR Corn 11.96 6 S&P 500 Information Tech 11.65 Gasoline demand in the Comex copper 11.61 U.S. has flatlined formuch of 4 Nasdaq Composite 11.02 the thirdquarter,keeping Coffee 10.89 crude-oilprices near $40 a Kospi Composite 10.41 barrel andchallenging the global energy industryhead- 2 Sugar 10.39 ingintothe final months of S&P 500 Consumer Staples 9.61 theyear. Bloomberg Commodity 9.04 Fragile fuel demand joins 0 S&P BSE Sensex 9.03 otherindicatorsofeconomic Aug. 2019 Jan. '20Sept. S&P 500 Communications Services 8.68 activity—from consumer spending to hiring—in signal- S&P 500 8.47 U.S. crude-oil futures Indexperformance ing that growth is softening Shanghai Composite 7.82 after asurge from April to $44 abarrel 20% S&P500 Taiwan Weighted 7.70 June.That trend has manyin- Dow Jones Industrial Average 7.63 vestorsskittish as fall begins, 10 Platinum 7.17 particularly with November’s 42 Cattle 6.40 presidential election ap- Dow Jones Utility Average 6.15 proachingand the federal 0 government failing to passad- Cotton 5.76 40 ditional economic-stimulus -10 S&P 500 Health Care 5.41 measures. Comex Gold 5.27 U.S. crude-oil prices ended 38 S&P 500 Utilities 5.19 the thirdquarter just above -20 Chilean peso 4.85 $40abarrel—almost exactly wherethey started it. Oil S&P500 Energy sector Russell 2000 4.60 36 -30 inched higher formuch of the Coffee 4.60 quarter beforepeaking above July 2020 Aug. Sept. July 2020 Aug. Sept. Croatian kuna 4.45 $43 on Aug.26, then swung Sources: Energy Information Administration (Gasoline supplied); FactSet (Crude-oil futures, indexperformance) Danish krone 4.44 around the $40 level. Prices S&P MidCap 400 4.38 startedthe year above$60 ergy producers—manyofin the months ahead. TheS&P of the Organization of the Pe- Euro area euro 4.33 and in lateApril briefly which areslowly increasing 500 energy sector,agroup troleum Exporting Countries. Bulgarian lev 4.29 dipped below$0for the first production afterslashing out- that includes producerssuch Libya’sNational OilCorp.has UK pound 4.20 time,when pandemic shut- put earlier in the year—oil’s as Exxon Mobil Corp.and restarted production in recent downs spawned aglut so se- lackluster quarterhighlights Chevron Corp.fell 21% in the weeks aftertwo rival govern- Swedish krona 4.09 vere that storagespaceran the winding path forthe econ- thirdquarter,though it re- ments declared acease-fire in Chinese yuan 4.04 out. omyinthe months ahead. mains well abovealow point the country’scivil warlast Mexico peso 4.04 Some analystsare wary Perhaps no major financial as- hit early in the year.The S&P month, raising the prospect Nikkei 225 4.02 that surpluses could begin set has been hit harder by the 500,meanwhile,isup8.5%in that Libyan exportscould add S&P/TSX Comp 3.91 building again. Gasoline sup- pandemic than oil, and recent the quarter,despitearecent to OPEC supply flowing S&P 500 Financials 3.84 plied by energy companies in pricemoves signal that the pullback. through global markets. the U.S.,aproxyfor demand, recovery from coronavirus “It doesn’t look likethere’s Thehigher output could in- Australian dollar 3.75 has stayed relatively flat over could take much longer than going to be the type of growth crease pressureonOPEC DAX 3.65 the past three months after initially anticipated. in demand that producersre- membersand allies such as South African rand 3.60 surging from lateApril to late “It’shardtopaint the bull- ally need to sustain amajor Russiatoadjust to the Libyan Romanian new leu 3.56 June,government datashow. ish demand storyfor energy pricerecoveryatthis point,” output and comply with the Norwegian krone 3.13 Fuel demand typically peaks in the short term.…I just don’t said Andy Lebow, senior part- group’sproduction limitsto Malaysian ringgit 3.12 in the summer and analysts see it,” said Jennifer Rowland, ner at Commodity Research support crude prices. areconcerned that consump- senior energy analyst forEd- Group.“It’sclearly going to Amarket-sharebattlebe- South Korean won 3.00 tion could trail consensus ward Jones.“Instead, Isee all take time.” tween Saudi Arabia, the de Swiss franc 2.87 forecasts as the weather cools the warning signs.” Hedgefunds and other factohead of OPEC,and Rus- iSh TIPS Bond 2.85 in much of the countryand U.S. crude futures ended speculativeinvestorsremain sia earlier in the year contrib- S&P SmallCap 600 2.81 people stay inside more. the dayWednesdayat$40.22 cautious and have steadily uted to the collapse in crude iShiBoxx$HYCp 2.79 Gasoline demand also is abarrel. Brent crude futures, lowerednet betsonhigher prices even as global shut- Czech koruna 2.78 faltering in other key oil-con- the global benchmark of U.S. crude prices sincemid- downsdented demand. That suming countries that have prices,are at $42.30 abarrel June,though net bullish bets wasthe latest example in re- Indian rupee 2.73 been hit hardbythe coronavi- and have also wobbled lately. have ticked up again recently, cent yearsofOPEC surprising Philippine peso 2.65 rus, such as India. And with Analystssay prices arestill Commodity Futures Trading investors, and analystsare New Zealand dollar 2.54 many flightscanceled, con- toolow formanyproducersto Commission data show. bracing forthe prospect that Nymex crude 2.42 sumption of jet fuel around profitably extract oil, fore- Tradersalso aregrappling supply could exceed demand if Japanese yen 2.37 the world remains low. casting morebankruptcies with the prospect of higher oil fuel consumption faltersand Polish zloty 2.36 In addition to hurting en- and mergers and acquisitions output from Libya, amember Libyan output keeps rising. Singapore dollar 2.07 Canada dollar 1.90 Hungarian forint 1.75 New Taiwan dollar 1.72 Va lue StocksBeatGrowth, in aShift iShJPMUSEmgBd 1.53 Swiss Market Index 1.41 Indexperformance Monthly index S&P 500 Real Estate 1.18 BY CAITLIN MCCABE facturers, banks and energy in September performance companies climbed in late Israeli shekel 1.15 U.S. stocks just recorded May,pushing value indexes Pakistani rupee 1.11 their worstSeptember perfor- Russell 1000 Value Russell 1000 Growth higher. Weeks later, however, VangdTotIntlBd 0.79 manceinnearly adecade.For 2% 10% the trend reversed, and Kuwaiti dinar 0.49 bargain-hunting investorswho growth companies soared iShNatlMuniBd 0.46 scooped up cheap stocks,how- again—one of manyU-turns 0 5 Euro Stoxx 0.28 ever,the slump wasn’t so bad. sincethe financial crisis of Value stocks—oftendefined 2008. Stoxx Europe 600 0.21 as companies whose shares –2 0 Growth stocks,orthose iShiBoxx$InvGrdCp 0.16 trade at alow multiple of their that offer higher-than-average Vietnamese dong 0.10 book value,ornet worth—out- profit growth, have largely Nymex Rbob gasoline 0.06 paced growth stocks forthe –4 –5 driven U.S. stocks higher for -0.03 Icelandic krona month as investorsturned morethan adecade,led by -0.04 iSh 7-10 Treasury away from the fast-growing –6 –10 megacap technologycompa- technologycompanies that nies that have posted eye-pop- -0.07 Macanese pataca had long powered the market ping gains. Even with its Sep- -0.12 iSh 1-3 Treasury higher.Instead, manyinves- –8 –15 tember outperformance, the -0.14 VangdTotalBd tors looked for opportunities Russell 1000 Value Indexis -0.16 DJ Select REIT to scoop up shares in indus- –10 –20 still down 13% in 2020,com- tries such as materials,trans- pared with the 23% gain that -0.41 iSh 20+ Treasury Sept. 2020 2020 -0.48 Sao Paulo Bovespa portation and utilities,many the Russell 1000 Growth Index of which have been badly Source:FactSet has posted. -0.68 IPC All-Share beaten down by the coronavi- Yetsome investorsand ana- -1.15 Uruguayan peso rus pandemic this year. tors saythe shiftsimply re- vestorscontinue to look for lystsargue that the recent out- -1.39 S&P/ASX 200 Thechangeinstrategy flectstemporaryprofit-taking gains in an environment with performanceofvalue stocks -1.86 FTSE MIB pushed theRussell 1000 among traderswho have near-zerointerest rates, many might be moreenduring—and -2.15 Amsterdam AEX Growth Indexdown4.8%for pulled their money from value stocks offer apromise of already,small signs of ashift- -2.21 Thai baht the month, ending itsrecord growth stocks and put it to dividend yield. ing tide have emerged. A Sep- 11-month winning streak over work in less-expensiveshares. “Investorsare looking for tember Bank of Americasur- -2.54 Brazilian real itsvalue counterpart. TheRus- Yetotherssee the recent other opportunities…so where veyfound agreater number of -2.55 Tel Aviv 35 sell 1000 Value Index, which value-investing uptick as the do IgoifIwant either amar- fund managersexpect value to -2.69 CAC-40 measures the performance of start of a trend that could be ketreturn or some kind of outperform growth over the -2.78 Nymex ULSD large-cap value companies,fell heretostay. Aslowly mending cash yield?” said Tom String- next 12 months,areversal -2.78 Bel-20 just 2.6% in September. economyand the arrival of a fellow, president and chief in- from the month before. -3.15 WSJ Dollar Index Among the biggest benefi- coronavirus vaccine could lift vestment officer of Texas- Some investment strate- ciaries were value stocks such value stocks higher as con- based Frost Investment gistssay that while they have -3.96 Hang Seng as building-materials supplier sumers boost their spending, Advisors. “Most value stocks been shifting some of their eq- -4.20 Indonesian rupiah Martin Marietta Materials Inc., they say. have some,ordecent, yield. So uity intovalue stocks,they are -4.76 FTSE Straits Times NewYork utility Consolidated Apotential Democratic if Ihaveachancefor apprecia- still being carefulabout the -4.92 FTSE 100 Edison Inc.and deliverygiant sweep of the WhiteHouse and tion and I have a yield of 2 or cyclical sectors they choose. -5.64 Ukrainian hryvnia FedEx Corp.All jumped 9% or Congressmight also offer a 3, maybe 4%, then all of asud- “When we talk about value -6.24 Kazakhstani tenge more in September. boost, as some analystssay den my investment choices be- per se,weare being very par- -7.12 IBEX 35 Meanwhile,the S&P 500 fell they expect Democratic presi- come alittle morenarrow ticular,” said Christopher Har- 3.9% for the month, its steep- dential candidate Joe Biden’s [with opportunities in] a few vey, headofequity strategyat -7.58 Argentine peso est September losssince2011. corporatetax plan to more of the technology, but a lot of Wells FargoSecurities.Hesaid -8.22 IPSA (Chile) The index was dragged down deeply impact some growth the value and cyclical stocks.” the firm has found “attractive -8.29 Russian ruble by the recent pullback in sectors,such as technology. “Therereally aren’t alot of valuations” in spaces including -10.68 Orange juice megacap technologycompa- Meanwhile,continued anti- alternatives,” Mr.Stringfellow industrials,financial services, -11.23 Turkish lira nies such as Amazon.comInc. trust scrutinyofbig tech com- added. consumer discretionaryand -20.86 S&P 500 Energy Highflying momentum stocks panies from both presidential Despite investors’ optimis- real-estate investment trusts. *Continuous front-month contracts likeTesla Inc.also pulled back. candidates could also weigh tic outlook forvalue investing, “What we’retrying to do is Shares of those companies lost on the growth trade,market it isn’t uncommon forvalue barbell high quality with Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies). 8.8% and 14%, respectively. observers say. stocks’ outperformance to be deeper value,” Mr.Harvey THE WALL STREET JOURNAL Some analystsand inves- Even more, they say, as in- short-lived. Shares of manu- said. P2JW275000-0-R00300-1------XA

THE WALL STREET JOURNAL. Thursday, October 1, 2020 | R3

HOW IS THE U.S. LATINO POPULATION TRANSFORMING THE U.S. ECONOMY?

IAMILEANA MUSA Co-Head of International WWeealthalth Management and Head of International Banking &&L Lending

If the U.S. Latino population were measured as astand-alone economy,its GDP would be the fastest growing among the world’s

top10economies.1 With 4.4million

Latino-owned businesses in the U.S.,2 this demographic is transforming the landscape of the U.S. economy.From expanding the labor force to increasing business ownership,U.S. Latinos are poised to createnew opportunities fordecades to come.The companies that embrace the U.S. Latino segment will remain competitive and be leaders in their respective industries.

To watch Ileana’s Morgan Stanley Minute “The U.S. Latino Opportunity,” go to: morganstanley.com/latino-opportunity.

1 Latino Donor Collaborative,“Latino GDP Report,” September 2019 2 United States Hispanic Chamber of Commerce,“Hispanic Businesses &Entrepreneurship Drive Growth in the New Economy,” October 2017 ©2020 Morgan Stanley Smith Barney LLC. Member SIPC. CRC 2787178 1/20 P2JW275000-0-R00400-1------XA

R4 | Thursday, October 1, 2020 THE WALL STREET JOURNAL. MARKETS REVIEW & OUTLOOK | THIRD QUARTER Currency Gyrations Gold’sRise Doesn’t Curb Bulls

Inject New Interest BY JOE WALLACE With real yields on governmentbonds back belowzero, gold’slack of dividends or coupon payments has lessofadownside.The metal’spriceroseabove Can gold keep going? Into Forex Market This year ranks as one of $2,000 atroyouncefor the first time this quarter, although it wasstill well thebest on record forinves- belowits inflation-adjustedhigh in 1980. tors in the precious metal, Weekly changes in gold prices and yields on 10-year BY CAITLIN OSTROFF ward currencycontracts, with futures prices up 24%for inflation-protected Treasurys* 2020 which are agreements to buy 2020 after hitting an all-time Swingsincurrencies have or sell a currency at a pre-es- high in August. 2008–19 breathed lifeback intothe for- tablished rate on a pre-estab- Though gold’sdetractors 8% eign-exchangemarket, attract- lished date, to boost his fixed- through the ages arenumer- Week ended ing investorswho bet that income fund returns. ous and prominent, including March 27:

some countries canoutgrow “Our focus the last few the likes of Warren Buffettand SE Gold rose 6.5% others in the pandemic. years has been rather low on John Bogle, the events of this RO 4 Yields fell 0.5pt. Aftercurrencies had their foreign exchange,” said Mr. year aregiving newlifeto quietest year on record in Hense. “It is gaining more in- those who insist the arc of fi- 2019,they arenow on track for fluence on our thinking.” nancial history points toward

PRICES 0 their highest year of volatility He is using forwards to bet the inevitable debasement of since2017, according to an in- that China’syuan will continue currencies likethe dollar.Bull- GOLD dex managed by Deutsche to strengthen against the U.S. ish investorscontend that Bank. One measureofthose dollar.The yuan has strength- trend means newhighs for –4 swings: Through the firstthree ened 3% in the past few months gold are in store. FELL Week ended quarters, the dollar has gained as China’srecoveryfromthe Gold has been aprime ben- March 20: or lost at least 1% against the coronavirus has takenhold—its eficiaryofthe Federal Re- –8 Gold fell 9.2% euroduring 13 trading ses- best quarterly performance serve’sdetermination to leave Yields rose 0.5pt. sions,the greatest instanceof sincethe firstquarter of 2008. borrowing costsathistorically wide daily swingssince2016, One reason forthe in- lowlevelstospur the econ- according to FactSet. creased currency volatility is omyafter the shock of –12 –0.6 pct. pt. –0.4 –0.2 00.2 0.4 0.6 The foreign-exchange mar- that central banks,historically Covid-19.Chairman Jerome ketwas jolted by the coronavi- one of the most important Powell formalized that stance FELL REAL YIELDS ROSE rus selloff in the spring when driversofcurrencymarkets, in August, saying the central London Bullion Market Association 3p.m. London gold prices, Change this year in thefinancial system wasun- have collectively slashed rates bank had dropped itslong- monthly averages† precious-metal futures prices der strain and dollarsbecame to near zero or below. That standing practiceofpre-emp- Jan. 21,1980:$2,839.72‡ scarce.The tentativeglobal has made it lessclear which tively raising rates to head off Silver economic rebound has gener- currency should strengthen higher inflation. $2,500 60% ated areturn trip forsome relativetoothers, said Ugo Theprospect of the Fed Recent high:$2,067.15 currencies.The dollar has Lancioni,head of global cur- pinning interest ratesnear 2,000 40 moved sharply up and down rency at Neuberger Berman. zero foryearstocome and al- this year,but remains just He thinks rebounds arein lowing inflation to runhot 1,500 Inflation-adjusted 20 2.4% weaker against a basket storefor some of the most helped pull so-called real Gold of currencies measured by the volatile currencies,inpart due yields into negative territory. 1,000 0 ICE U.S. Dollar index. to abettereconomic recovery This means investorsexpect to Meanwhile,uncertainty outside the U.S. TheNorwe- lose money,after accounting about the pandemic—and gov- gian kroneand the Mexican forinflation, if they buy 10- 500 –20 ernment responses to it—are peso aredown7%and 15.4%, year U.S. Treasurys and hold keepingcurrencytraderson respectively,against the dollar them until maturity. 0 Nominal –40 their toes. and have moreroom to re- In such an environment, 1970 ’80 ’90 2000 ’10 ’20 Jan. 2020 Increasedvolatility creates bound, he said. money managers say the pre- *London Bullion Market Association (LBMA) Gold Price, 10:30 a.m. London time fixing †Adjustedfor inflation through August, using the consumer opportunities forinvestors Theuneven paceofeco- cious metal has lived up to its priceindexfor August2020, figures arethrough Sept. 28 ‡In August2020dollars sincebiggermoves cangener- nomicrecovery, as well as the status as ahaven, shielding in- Sources: Federal ReserveBank of St.Louis (weekly changes, London gold prices); FactSet (futureprices) atehigher returns.Fixed-in- coming U.S. election and the vestors in a year when stocks come investorswho struggled U.K.’s end-of-year break from have been racked by volatility. justing forrising consumer ing called intoquestion by the end of 1999.This portfolio to generateprofits from own- the European Union’strade pol- “[Gold] has thousands of prices in the four decades some gold bulls,including an- earned compound totalre- ing bonds with negativeor icies,are likely to keep curren- yearsofatrack record of of- sincethen. Fueled by runaway alystsatGoldman Sachs turns of 7. 2% ayear through very lowinterest rateshave cies volatile.The British pound fering some form of protec- inflation, the Iranian hostage Group.Gold is the currencyof 2019,Ms. Till calculates.Its edged intocurrencies as away has swung wildly in recent tion against the unexpected,” crisis andthe Soviet Union’s last resort, especially when worst result was to lose 2.3% to boost returns. weeks,rising against the dollar said George Milling-Stanley, invasion of Afghanistan, prices governmentsare debasing fiat in 2015. In contrast, a portfo- Kaspar Hense, senior port- to $1.34 beforequickly retreat- chief gold strategist at State crested at $850 in the London currencies and pushing real lio with 60% stocks and 40% folio manager at BlueBay As- ing to around $1.28,around Street Global Advisors. “That’s market on Jan. 21, 1980. That interest rates to record lows, bonds earned 6.6%ayear and set Management, is using for- whereittraded Wednesday. worth having.” remains their all-time high in the analysts wrote in July. shed 14% in 2008. For decades after Paul Vol- inflation-adjusted terms. Bond yields have burnished For others, however, many Howmanydollars€1buys, quarterly range cker’s Fedraised interest rates Moves in real yields explain gold in another way.Since of the arguments made in fa- High Low to tame inflation in the early 72%ofswingsinthe gold price yields moveinversely to vor of investing in gold don’t 1980s,boosting real yields,the over the past 12 months, ac- prices,the fact they aresolow stand up to scrutiny. $1.25 fact that gold paid no dividend cording to analysis by Michael means Treasurys areunusually This year’s surge in prices or coupon counted against it. Sneyd, headofmacroquanti- expensive. Many money man- of the precious metal coin- Now, with real yields on gov- tativeand derivativestrategy agersworrygovernment cided with a rush of specula- 1.20 ernment bonds back below at BNPParibas.Changes in in- bonds, traditionally owned as tivetrading in derivatives and zero, gold’slack of income flation expectations accounted abuffer, won’t have much shares of companies with little isn’t such a drawback. foranadditional 21%. headroom to rise if stocks take or no record of making profits. 1.15 Themetal’spricesurpassed Sliding yields have given another tumble. Gold’sadvance is another $2,000 a troy ounce for the bullion, which is denominated Gold has done agood job at symptom of risk-taking en- firsttime ever this quarter,a in dollars, an additional boost smoothing out returns in re- couraged by lavish economic milestone in abull market that by denting the U.S. currency. cent decades,according to Hi- stimulus and enabled by easy 1.10 some say began in 2015 and TheWSJ Dollar Index, which laryTill, principal at Premia access to financial marketsfor climbed to giddy heightsafter tracks the greenback against ResearchLLC,who thinks inexperienced traders, skeptics Covid-19 kneecapped the world several other currencies,fell money managers should con- suggest. 1.05 economythis spring.Gold has forfivestraight months sider investing in bullion as a “It’sstill mostly specula- room to keep rising,some say. through August. Though the counterweight to stocks. tion,” said Simon Mikhailo- Thepricewould have to dollar has sincestrengthened, Take ahypothetical fund vich, co-founder of the Bullion climb an additional 43% from gold bulls say pressureis that invested 30% in a basket Reserve.“To me,that’snot the 1.00 its late-August level, crossing bound to intensify. of stocks tracking the S&P 500 point of owning gold.” 2015 ’16 ’17 ’18 ’19 ’20 $2,800 an ounce, to topits Thegreenback’srole as the index, 30% in gold futures and —Pat Minczeski Source:Dow Jones Market Data peak from early 1980,after ad- world’sreservecurrencyisbe- 40% in 10-year Treasurys at contributed to this article. China’s Yuan Is Riding High as Economy Rebounds

BY JOANNE CHIU lar on Wednesday. Howmanyyuan 10-yeargovernment bond 5 trillion yuan well for investor confidence,” AND CHONG KOH PING Meanwhile, Mr. Brady said one dollar buys* yields in local currency said Suan Teck Kin,anecono- he expected the dollar to stay mist at UOB in Singapore. The yuan is closing out its broadly weak as the U.S. seeks 6.8 yuan 4% Mr. Suan said a rebound in strongest quarter against the to reviveits economywith the growth had led foreign inves- China dollar in more than a decade, help of ultralow interest rates, 6.9 3 tors to pump money intoboth boosted by optimism over and with fiscal measures. bonds and shares.Hesees the China’seconomic outlook and China’scentral bank has 4 yuan at 6.7adollar by year- by the country’scomparatively been less dovish than major 7.0 2 end and 6.5inthe second half high interest rates. counterparts, and hasn’t cut of 2020. From the start of July anyofits key policyrates since Since2018,the yuan has through Wednesday’sclose, May. That hashelped widen 7.1 1 U.S. been buffeted by waxing and theyuan has strengthened the gapbetween returns avail- waning trade tensions. It ral- 3.9% against the dollar.That able on Chinese assetssuch as 3 lied as the U.S. and China puts the yuan on track for its sovereign bonds,and those in 7.2 Daily 0 Weekly struck apartial trade deal biggest quarterly gain since other large economies. 2020 2018 ’19 ’20 early this year,only to weaken early 2008,FactSet data With the yield on Chinese again as frictions flared and shows. The only other bigger 10-year government bonds China’seconomycontracted, quarterly gains on record are above3%, the yield advantage Domestic assets held by overseasentities,monthly† before beginning its most re- from the 1970s and 1980s,long over U.S. Treasurys has hit cent rally in late May. 2 beforeChina began reforming record highs above2.4 Equities Still, the yuan has swung its currency market in 1994. percentagepoints, according Bonds farlessthis year than freely China’sresilience, as the to FactSet. traded currencies likethe Aus- firstcountrytosuffer from Jim Veneau,head of Asian traliandollar or British pound. the coronavirus and then fixedincome at AXAInvest- Beijing maintains a tight grip bring it under control, has ment Managers, said investors on the currencythrough capi- helped,said Jason Brady, holding yuan bonds in aglobal 1 talcontrols,intervention via president and chief executive portfolio could benefit from the statebanks,and through the of ThornburgInvestment Man- wide gapinnominal yields,as narrow daily rangethat it sets agement. “What we do see is a well as foreign-exchangegains, for onshore trading. strong Chinese economy, while their buying would help Aweaker currencycan help which is part of what’sbehind boost the currency. makeChinese goods morecom- the strong renminbi,” he said, A steady stream of foreign 0 petitiveabroad, offsetting the using another name forthe money intoChinese marketsin impact of tariffs,while astron- currency. recent yearshas been spurred 2014 ’15 ’16 ’17 ’18 ’19 ’20 gerone helps deflect chargesof Having returned to work, partly by China’s inclusion in *Scale inverted to showastronger yuan. †1 trillion yuan =$147billion. currencymanipulation. China is doing brisk business various influential stock and Sources: TullettPrebon (forex,yield); People’sBank of China via Refinitiv (domestic assets) Therecent rally has been a abroad. It reported stronger- bond indexes. Last Thursday, mixed blessing forcorporate than-expectedgrowth in ex- FTSE Russell decided to add while morethan $100 billion a whether the yuan will rally it reaching 6.5per dollar China: It has benefited airlines portsfor August and awiden- Chinatoits flagship global year will flow intoChinese more and by howmuch. The within a year or so, while the and other major importers of ing trade surplus with the U.S. government-bond index,fol- stocks. consensus is that any further most bearish bank,DaiwaCap- rawmaterials,such as paper Greater demand forChina’s lowing similar moves by JP- It and several other banks, gains won’t be at the same ital Markets, expected it to be makers, as well as firms with goods also increases demand MorganChase &Co. and including Goldman Sachs rapid pace. at 7.6 per dollar at the end of heavy dollar-denominated for its currency. Bloomberg LP. Group Inc.and HSBC Holdings Asurvey of 14 economists 2020. Other forecasts for this debts, such as property devel- This month the yuan rallied Morgan Stanley estimates PLC,haverevisedtheir yuan andstrategistsbyThe Wall and next year ranged between opers. But it has been bad below 6.8 per dollar to hit its annual inflows of $80 billion forecastsinfavor of astronger Street Journal found the most 6.55 and 7.05 per dollar. news forexporterssinceit strongest levels sinceMay to $120 billion intoChina’s currency. More broadly, how- bullish, at Goldman Sachs and “Thingsare going back to makes their prices lesscom- 2019. It stood at 6.79 per dol- government bonds until 2030, ever,analystsare divided on at United Overseas Bank, saw normal for China. This bodes petitive versus global peers. P2JW275000-0-R00500-1------XA

THE WALL STREET JOURNAL. Thursday, October 1, 2020 | R5 MARKETS REVIEW & OUTLOOK | THIRD QUARTER

Top 10 Rankings How the 30 Dow Jones Industrials Performed Country-by-Country Derby Percentage change in the third-quarter and year-to-date Third-quarter stock-market performance, based on the S&P Global BMI Global Mergers & Acquisitions Global Equity Capital Markets (Broad Market Index) in U.S.-dollar and local-currency terms ranked by Deals announced in first 9-months Deals priced in first 9-months 3rd-qtr Percent Chg xxx-qtr Percent Chg Company close 3rd-qtr YTD Company close xxx-qtr YTD U.S.-dollar performance Value No. of Market Value No. of Market Local Local Adviser $billions Deals Share% Bookrunner $billions Deals Share% Salesforce.com 251.32 34.2 54.5 Johnson & Johnson 148.88 5.9 2.1 Country U.S. dollar currency Country U.S. dollar currency Nike 125.54 28.0 23.9 UnitedHealth Group 311.77 5.7 6.1 Goldman Sachs 586.4 234 25.8 Goldman Sachs 80.2 433 9.9 Bangladesh 24.5% 24.5% New Zealand 4.1% 1.4% Morgan Stanley 558.6 199 24.6 Morgan Stanley 78.0 373 9.6 Apple 115.81 27.0 57.8 American Express 100.25 5.3 –19.5 Luxembourg 17.7 12.8 South Africa 4.0 –0.2 JPMorgan 440.5 197 19.4 JPMorgan 70.0 423 8.6 McDonald's 219.49 19.0 11.1 Visa 199.97 3.5 6.4 Bahrain 17.5 17.5 Peru 4.0 4.2 BofA Securities 334.3 171 14.7 BofA Securities 61.6 368 7.6 Caterpillar 149.15 17.9 1.0 Microsoft 210.33 3.4 33.4 Sweden 16.3 12.0 Morocco 3.6 –1.4 Citi 205.9 139 9.1 Citi 56.0 308 6.9 Walmart 139.91 16.8 17.7 3M 160.18 2.7 –9.2 Denmark 15.0 10.1 Australia 3.2 –0.8 UBS 195.5 98 8.6 Credit Suisse 38.8 239 4.8 Procter & Gamble 138.99 16.2 11.3 JPMorgan Chase 96.27 2.3 –30.9 Pakistan 14.8 13.3 Tunisia 3.2 –0.3 Credit Suisse 194.2 99 8.6 Barclays 26.1 169 3.2 Dow 47.05 15.4 –14.0 Goldman Sachs 200.97 1.7 –12.6 South Korea 14.4 11.3 Slovenia 2.8 –1.5 Lazard 158.0 130 7.0 UBS 25.7 177 3.2 Honeywell International 164.61 13.8 –7.0 IBM 121.67 0.7 –9.2 Finland 14.0 9.2 Italy 2.8 –1.6 Evercore Inc 156.7 111 6.9 China International Capital 18.6 87 2.3 Walt Disney 124.08 11.3 –14.2 Travelers 108.19 -5.1 –21.0 Nigeria 14.0 13.7 Austria 2.5 –1.8 Barclays 149.9 95 6.6 CITIC Securities 17.0 103 2.1 Home Depot 277.71 10.9 27.2 Boeing 165.26 -9.8 –49.3 Coca-Cola 49.37 10.5 –10.8 Intel 51.78 -13.5 –13.5 India 13.8 11.2 Oman 2.4 2.4 Global Debt Capital Markets Global Syndicated Loans Verizon 59.49 7.9 –3.1 Walgreens 35.92 -15.3 –39.1 Latvia 12.5 7.7 France 2.3 –2.1 Deals priced in first 9-months Deals credited in first 9-months Amgen 254.16 7.8 5.4 Cisco Systems 39.39 -15.5 –17.9 Sri Lanka 12.1 11.4 Israel 2.1 1.3 Value No. of Market Value No. of Market Merck 82.95 7.3 –8.8 Chevron 72.00 -19.3 –40.3 China 11.4 10.6 Belgium 1.7 –2.6 Bookrunner $billions Deals Share% Bookrunner $billions Deals Share% Ireland 10.5 5.8 Greece 1.4 –2.9 Note: Salesforce.com, Honeywell International, and Amgen added on August 31. JPMorgan 541.7 2,149 7.8 JPMorgan 207.8 691 9.5 Performance is for the entire quarter Norway 10.5 7.2 Colombia 1.3 4.4 Citi 449.9 1,736 6.5 BofA Securities 191.1 742 8.8 Source: Dow Jones Market Data Taiwan 9.8 7.8 Kenya 0.9 2.7 BofA Securities 431.6 1,707 6.2 Citi 132.8 396 6.1 Lithuania 9.3 4.7 Hong Kong 0.8 0.8 Goldman Sachs 304.2 1,149 4.4 Mizuho 119.6 513 5.5 Qatar 8.9 8.9 Ukraine 0.2 6.1 Barclays 297.2 1,203 4.3 BNP Paribas 97.2 273 4.5 Biggest Percentage Gainers… Romania 8.9 5.0 Poland –0.1 –2.4 Morgan Stanley 294.5 1,402 4.2 Wells Fargo Sec 91.3 408 4.2 U.S. 8.6 8.6 U.K. –0.1 –4.6 3rd Quarter 52-Week Wells Fargo Sec 245.2 1,236 3.5 Sumitomo Mitsui Fin 88.0 562 4.0 Company Symbol Close Net chg % chg Low Close(l) High % chg Vietnam 8.5 8.4 Kazakhstan –0.2 6.5 Deutsche Bank 242.3 996 3.5 MUFG 87.5 748 4.0 Lebanon 8.2 8.2 Jordan –0.2 –0.2 Seres Therapeutics MCRB 28.31 23.55 494.7 2.52 l 33.00 693.0 HSBC 236.4 1,074 3.4 Deutsche Bank 61.9 233 2.8 Germany 8.1 3.6 Estonia –1.4 –5.6 Vivint Solar VSLR 42.35 32.45 327.8 3.17 l 42.99 545.6 BNP Paribas 220.4 866 3.2 Goldman Sachs 61.0 254 2.8 Japan 6.7 4.4 Philippines –1.9 –4.6 Tupperware Brands TUP 20.16 15.41 324.4 1.15 l 27.19 34.3 Netherlands 6.7 2.2 Brazil –2.5 –0.1 U.S. Mergers & Acquisitions U.S. Initial Public Offerings Eastman Kodak KODK 8.82 6.59 295.5 1.50 l 60.00 252.8 Argentina 6.6 15.3 Spain –3.0 –7.1 Deals announced in first 9-months Deals priced in first 9-months SunRun RUN 77.07 57.35 290.8 7.84 l 78.22 397.2 Canada 6.0 4.0 Portugal –3.6 –7.7 Value No. of Market Value No. of Market New Fortress Energy NFE 44.01 31.05 239.6 7.01 l 44.56 147.9 Kuwait 6.0 5.6 Russia –4.0 2.4 Adviser $billions Deals Share% Bookrunner $millions Deals Share% Owens & Minor OMI 25.11 17.49 229.5 3.63 l 25.20 332.9 Malaysia 5.6 2.4 Chile –4.3 –8.1 Goldman Sachs 385.9 141 37.5 Goldman Sachs 9,444 57 11.2 Kirkland's KIRK 8.21 5.50 203.0 0.56 l 13.58 482.3 Croatia 5.5 0.9 Indonesia –6.5 –2.6 Morgan Stanley Credit Suisse 353.8 99 34.4 9,178 40 10.9 Gogo Inc. GOGO 9.24 6.08 192.4 1.33 l 11.60 64.1 Switzerland 5.2 2.0 Cyprus –7.2 –11.1 BofA Securities Citi 233.1 109 22.6 8,839 43 10.5 Pacific Biosciences CA PACB 9.87 6.42 186.1 2.20 l 10.11 93.5 Slovakia 4.9 0.5 Czech Republic –7.3 –9.7 JPMorgan 214.0 101 20.8 BofA Securities 6,178 47 7.3 NIO ADR NIO 21.22 13.50 174.9 1.19 l 22.59 1234.6 Mexico 4.6 0.0 Hungary –8.5 –10.2 Evercore Inc 148.9 91 14.5 JPMorgan 5,926 41 7.0 Horizon Global HZN 5.75 3.55 161.4 1.20 l 6.95 58.0 Singapore 4.5 2.6 Mauritius –9.1 –10.4 Credit Suisse 130.2 47 12.7 Morgan Stanley 5,791 43 6.9 GRAVITY ADR GRVY 143.35 88.15 159.7 21.49 l 150.00 354.5 Bulgaria 4.4 –0.0 Thailand –11.0 –8.8 Citi 113.2 63 11.0 Jefferies LLC 5,289 41 6.3 Overstock.com OSTK 72.65 44.22 155.5 2.47 l 128.50 616.9 UAE 4.3 4.3 Turkey –13.4 –2.7 Barclays 106.3 65 10.3 UBS 4,559 22 5.4 BlueLinx Holdings BXC 21.53 12.96 151.2 3.60 l 35.40 –30.5 Egypt 4.3 2.1 Centerview Partners 84.5 38 8.2 Deutsche Bank 3,626 22 4.3 Source: S&P Dow Jones Indices Lazard 76.3 55 7.4 Barclays 3,264 26 3.9 Biggest Percentage Losers U.S. Investment-Grade Bonds U.S. High-Yield Bonds Deals priced in first 9-months Deals priced in first 9-months 3rd Quarter 52-Week Company Symbol Close Net chg % chg Low Close(l) High % chg Top 20 Global M&A Deals in First Nine Months 2020 Value No. of Market Value No. of Market Ranked by deal value excluding net debt of the target company, excludes Satsuma Pharmaceuticals STSA 3.89 –24.87 –86.5 3.77 l 36.11 –65.7 Bookrunner $billions Deals Share% Bookrunner $billions Deals Share% spin-offs repurchases Akebia Therapeutics AKBA 2.51 –11.07 –81.5 2.34 l 13.71 –34.5 JPMorgan 210.7 752 12.4 JPMorgan 35.8 280 10.9 Date Value BELLUS Health BLU 2.27 –8.02 –77.9 2.01 l 12.03 –66.0 BofA Securities 206.9 724 12.2 BofA Securities 32.6 289 9.9 Acquirer Target Announced $ billions Ashford Hospitality Trust AHT 1.65 –5.58 –77.2 1.35 l 31.69 –94.7 Citi 162.3 590 9.6 Citi 26.3 215 8.0 9F ADR JFU 0.91 –2.77 –75.4 0.72 l 13.80 –92.9 Nippon Telegraph & Telephone NTT DoCoMo (33.79%) 29-Sep 40.3 Morgan Stanley 126.5 405 7.5 Goldman Sachs 26.1 211 7.9 Nvidia ARM 14-Sep 40.1 Goldman Sachs 125.6 439 7.4 Barclays 25.0 187 7.6 Teligent TLGT 0.72 –1.70 –70.2 0.70 l 9.80 –91.8 PetroChina (Major oil and gas Nikola NKLA 20.48 –47.05 –69.7 10.20 l 93.99 100.6 China Oil & Gas Pipeline Network 23-Jul 38.4 Wells Fargo Sec 117.9 432 7.0 Wells Fargo Sec 20.0 178 6.1 pipelines, 100%) Just Energy Group JE 5.21 –11.75 –69.3 5.10 l 93.72 –92.9 Barclays 72.6 247 4.3 Morgan Stanley 19.7 136 6.0 China Chengtong Holdings Group Deutsche Bank 58.1 182 3.4 Deutsche Bank 14.5 139 4.4 Odonate Therapeutics ODT 13.43 –28.91 –68.3 12.56 l 46.50 –44.9 China Reform Holdings China China Oil & Gas Pipeline Network Tricida TCDA 9.06 –18.42 –67.0 8.50 l 44.30 –71.2 National Social Security Fund 23-Jul 34.9 Mizuho 55.9 234 3.3 Credit Suisse 12.4 118 3.8 (48.74%) China Insurance Investment Silk HSBC 51.0 159 3.0 RBC Capital Markets 12.2 116 3.7 MicroSect FANG+ -3X Invr FNGD l 8.82 –15.68 –64.0 7.59 231.66 –95.9 Road Fund China Investment Mallinckrodt MNK 0.97 –1.71 –63.7 0.81 l 6.42 –59.9 U.S. Core Leveraged Finance1 Global Investment Banking1 Aon Willis Towers Watson 9-Mar 30.3 Aurora Cannabis ACB 4.65 –7.77 –62.6 4.56 l 55.68 –90.7 Fees paid in first 9-months Fees paid for M&A, ECM, DCM and Russian National Wealth Fund Sberbank of Russia (50.26%) 10-Apr 28.8 MicSec US Big Oil 3X Lev NRGU 1.57 –2.51 –61.5 1.10 l 55.19 –96.2 Loans in first 9-months Analog Devices Maxim Integrated Products 13-Jul 21.2 KLX Energy Services Hldgs KLXE 4.15 –6.60 –61.4 2.53 l 49.90 –90.2 Revenue 2020 2019 Revenue 2020 2019 Seven & I Holdings 7-Eleven Speedway 2-Aug 21.0 Bank $millions Mkt Shr %Mkt Shr % Bank $millions Mkt Shr %Mkt Shr % Gilead Sciences Immunomedics 13-Sep 20.9 Most Active Stocks Existing Shareholders Otis Worldwide 19-Mar 19.0 JPMorgan 862.3 13.0 11.0 JPMorgan 6,094.9 9.4 9.1 Most heavily traded issues in Third quarter of 2020; composite volume, RAG-Stiftung Advent Goldman Sachs 505.6 7.6 5.7 Goldman Sachs 5,246.2 8.1 7.7 ThyssenKrupp Elevator 27-Feb 18.8 in millions International Cinven BofA Securities 501.3 7.6 7.9 BofA Securities 4,493.4 7.0 6.1 Teladoc Health Livongo Health 5-Aug 18.4 Barclays 496.3 7.5 7.9 Morgan Stanley 4,225.6 6.6 6.2 3rd Quarter 52-Week China Petroleum & Chemical (Oil Company Symbol Volume Close Net chg % chg High Low % chg China Oil & Gas Pipeline Network 23-Jul 17.1 Credit Suisse 435.8 6.6 8.3 Citi 3,621.8 5.6 5.0 and gas pipeline assets, 100%) Citi 418.7 6.3 4.6 Credit Suisse 2,688.8 4.2 3.8 Apple AAPL 10,977 115.81 24.61 27.0 137.98 53.15 111.6 Siemens Healthineers Varian Medical Systems 2-Aug 16.4 Morgan Stanley 339.3 5.1 5.5 Barclays 2,307.0 3.6 4.3 NIO ADR NIO 8,737 21.22 13.50 174.9 22.59 1.19 1234.6 Gores Holdings IV United Wholesale Mortgage 22-Sep 16.0 Deutsche Bank 332.5 5.0 5.9 Deutsche Bank 1,707.4 2.6 2.9 General Electric GE 5,731 6.23 –0.60 –8.8 13.26 5.48 –26.8 National Commercial Bank Samba Financial Group 25-Jun 14.6 RBC Capital Markets 256.7 3.9 4.7 Wells Fargo Sec 1,329.8 2.1 2.1 Tesla TSLA 5,188 429.01 213.05 98.7 502.49 44.86 782.3 Morgan Stanley E*Trade Financial 20-Feb 13.1 Wells Fargo Sec 225.5 3.4 2.6 Jefferies LLC 1,292.8 2.0 1.8 SPDR S&P 500 SPY 4,365 334.89 26.53 8.6 358.75 218.26 16.3 Liberty Global Virgin Media Telefonica O2 Holdings 7-May 12.3 American Airlines Group AAL 4,328 12.29 –0.78 –6.0 31.67 8.25 –51.6 Wuthelam Holdings (Asian 1 Nippon Paint Holdings 21-Aug 12.1 Dealogic Revenue analytics are employed where fees aren't disclosed. Source: Dealogic Ford Motor F 4,042 6.66 0.58 9.5 9.58 3.96 –22.6 businesses, 100%) Advanced Micro Devices AMD 3,953 81.99 29.38 55.8 94.28 27.43 189.6 Existing Shareholders Carrier Global 19-Mar 11.5 Who's No. 1? Bank of America BAC 3,825 24.09 0.34 1.4 35.72 17.95 –13.5 Finl Select Sector SPDR XLF 3,603 24.07 0.93 4.0 31.38 17.49 –10.4 Top 20 Global IPOs Priced in First Nine Months 2020 Top banks in Dealogic rankings across M&A, equity capital markets iShares Silver Trust SLV 3,584 21.64 4.63 27.2 27.39 10.86 31.7 Ranked by proceeds raised, including over-alottment (ECM), debt capital markets (DCM) and loans, in the first nine months of ProSh UltraPro Shrt QQQ SQQQ 3,114 23.85 –13.95 –36.9 181.60 19.55 –86.4 2020. Offer Pricing Value Invesco QQQ Trust I QQQ 2,952 277.84 30.24 12.2 303.50 164.93 51.0 Issuer Exchange Currency Price Date $ millions Wells Fargo WFC First 9-mo. Chg in share 2,767 23.51 –2.09 –8.2 54.75 22.00 –51.5 Beijing-Shanghai High Speed Railway Shanghai CNY 4.88 3-Jan 4,402 iShares MSCI Emg Markets EEM 44.09 4.10 46.32 30.10 market from first 9- 2,594 10.3 9.5 Pershing Square Tontine Holdings NYSE USD 20.00 22-Jul 4,000 mo United Airlines UAL 2,468 34.75 0.14 0.4 95.16 17.80 –58.5 Product and Deal Type No.1 - Ranked Bank share (%) 2019 (%) Snowflake NYSE USD 120.00 15-Sep 3,864 ProSharesUltVIXST UVXY 2,422 19.92 –12.85 –39.2 135.00 10.40 –34.9 JDE Peet's Amsterdam EUR 31.50 29-May 2,856 Investment Banking Carnival CCL 2,370 15.18 –1.24 –7.6 51.94 7.80 –63.4 Royalty Pharma Nasdaq USD 28.00 15-Jun 2,501 KE Holdings NYSE USD 20.00 13-Aug 2,438 Global IB Revenue1 JPMorgan 9.4 0.3 ProShares UltraPro QQQ TQQQ 2,275 130.90 33.25 34.1 175.67 32.27 129.4 THG Holdings London GBP 5.00 16-Sep 2,422 1 Direxion S&P 500 Bear 3X SPXS 2,253 5.76 –2.05 –26.2 28.85 4.88 –69.2 Global M&A Revenue Goldman Sachs 10.0 -1.2 Allegro.eu Warsaw PLN 43.00 29-Sep 2,344 Global ECM Revenue1 Goldman Sachs 11.0 1.6 Gainers and losers include common issues of $2 or more listed on NYSE, Nasdaq, NYSE MKT or NYSE Central Retail Arca at the beginning of the quarter. Thailand THB 42.00 5-Feb 2,289 Global DCM Revenue1 JPMorgan 9.1 1.1 Warner Music Group Nasdaq USD 25.00 3-Jun 2,214 Global Loans Revenue1 JPMorgan 11.4 0.8 Rocket Companies NYSE USD 18.00 5-Aug 2,070 Global M&A Goldman Sachs 25.8 -10.1 Churchill Capital IV NYSE USD 10.00 30-Jul 2,070 IPO Scorecard China Bohai Bank Hong Kong HKD 4.80 10-Jul 2,051 U.S. M&A Goldman Sachs 37.5 -10.9 Best-performing U.S.-listed IPOs in first nine months of 2020 ranked by Yihai Kerry Arawana Holdings Shenzhen CNY 25.70 24-Sep 2,049 Global M&A Boutique Evercore Inc 6.9 -11.0 % change in price from offer to last trade in the quarter Dun & Bradstreet Holdings NYSE USD 22.00 30-Jun 1,981 Equity Capital Markets $ Offer % Chg Pricing IPO Value PPD Nasdaq USD 27.0 5-Feb 1,863 Issuer Exchange price from offer Date $ millions Xpeng NYSE USD 15.0 26-Aug 1,720 Global ECM Goldman Sachs 9.9 unch. Inari Medical Nasdaq 19.00 263.3 May 21 179 Unity Software NYSE USD 52.0 17-Sep 1,495 Global IPOs Goldman Sachs 6.7 0.7 Berkeley Lights Nasdaq 22.00 247.1 July 16 205 Foley Trasimene Acquisition II NYSE USD 10.0 18-Aug 1,467 Global All Follow-Ons Morgan Stanley 10.7 -0.9 BigCommerce Holdings Nasdaq 24.00 247.1 Aug. 4249 GFL Environmental NYSE; Toronto USD 19.0 3-Mar 1,425 Global Convertible Bonds JPMorgan 13.8 5.7 I-Mab Nasdaq 14.00 235.9 Jan. 16 114 U.S. ECM Goldman Sachs 13.8 -0.6 Vaxcyte Nasdaq 16.00 208.6 June 12 288 Top 20 Global Bonds Priced in First Nine Months 2020 U.S. IPOs Goldman Sachs Ranked by face value, in U.S. dollars 11.2 1.6 KE Holdings NYSE 20.00 206.4 Aug. 13 2,438 Issuer Pricing Value U.S. Block Trades Morgan Stanley 34.5 8.8 Nasdaq CureVac 16.00 190.9 Aug. 13 245 Issuer Deal Type Nation Currency Date $ millions U.S. Non-Block Follow-Ons JPMorgan 13.3 0.9 Schrodinger Nasdaq 17.00 179.5 Feb. 5232 U.S. Convertible Bonds Goldman Sachs 16.6 5.1 nCino Nasdaq 31.00 157.0 July 13 287 Boeing Corp IG United States USD 30-Apr 25,000 Oak Street Health NYSE 21.00 154.5 Aug. 5377 Italy Sovereign Italy EUR 21-May 24,373 Fixed Income Oracle Corp IG United States USD 30-Mar 20,000 Forma Therapeutics Holdings Nasdaq 20.00 149.2 June 18 319 Global DCM JPMorgan 7.8 1.1 T-Mobile USA Corp IG United States USD 2-Apr 19,000 Keros Therapeutics Nasdaq 16.00 141.1 Apr. 7110 Commonwealth of Australia Sovereign Australia AUD 23-Sep 18,149 Global Investment-Grade Bonds JPMorgan 7.4 1.4 Vroom Nasdaq 22.00 135.4 June 8538 Italy Sovereign Italy EUR 21-Apr 17,397 Global High-Yield Bonds JPMorgan 9.9 1.6 Applied Molecular Transport Nasdaq 14.00 127.3 June 4177 Spain Sovereign Spain EUR 22-Apr 16,298 U.S. DCM JPMorgan 11.7 0.3 Agora Nasdaq 20.00 114.9 June 25 403 Italy Sovereign Italy EUR 3-Jun 15,579 U.S. Investment-Grade Bonds JPMorgan 12.4 0.7 Commonwealth of Australia Sovereign Australia AUD 26-Aug 15,065 Relay Therapeutics Nasdaq 20.00 113.0 July 15 460 U.S. High-Yield Bonds JPMorgan 10.9 1.3 United Kingdom Sovereign United Kingdom GBP 12-May 14,886 Shift4 Payments NYSE 23.00 110.3 June 4397 U.S. FIG Bonds JPMorgan Spain Sovereign Spain EUR 9-Jun 13,552 12.9 0.2 Snowflake NYSE 120.00 109.2 Sept. 15 3,864 Global Loans JPMorgan 9.5 -1.0 AT&T Corp IG United States USD 21-May 12,500 Laird Superfood NYSE 22.00 108.5 Sept. 22 67 Commonwealth of Australia Sovereign Australia AUD 13-May 12,365 Global Investment-Grade Loans JPMorgan 10.3 -1.5 COMPASS Pathways Nasdaq 17.00 105.3 Sept. 17 147 Agricultural Bank of China Corp IG China CNY 12-May 12,016 Global Leveraged Loans BofA Securities 9.5 -0.4 Worst-performing U.S.-listed IPOs in first nine months of 2020 ranked Italy Sovereign Italy EUR 8-Sep 11,839 U.S. Loans BofA Securities 14.6 -0.8 by % change in price from offer to last trade in the quarter Commonwealth of Australia Sovereign Australia AUD 14-Jul 11,815 U.S. Investment-Grade Loans JPMorgan 18.1 -0.3 Postal Savings Bank of China Corp IG China CNY 16-Mar 11,415 $ Offer % Chg Pricing IPO Value U.S. Leveraged Loans BofA Securities 13.0 -0.8 Issuer Exchange price from offer Date $ millions United Kingdom Sovereign United Kingdom GBP 9-Jun 11,405 Spain Sovereign Spain EUR 14-Jan 11,129 U.S. Total Leveraged Finance BofA Securities 11.9 -0.8 Lizhi Nasdaq 11.00 -79.5 Jan. 16 45 Walt Disney Corp IG United States USD 11-May 11,000 U.S. Core Leveraged Finance JPMorgan 10.2 2.7 ADiTx Therapeutics Nasdaq 9.00 -78.3 June 30 11 U.S. Core Leveraged Finance Revenue1 JPMorgan 13.0 2.1 Muscle Maker Nasdaq 5.00 -71.6 Feb. 13 8 Source: Dealogic 1 Dealogic Revenue analytics are employed where fees are not disclosed Source: Dealogic Phoenix Tree Holdings NYSE 13.50 -69.6 Jan. 16 134 Anpac Bio-Medical Science Nasdaq 12.00 -68.8 Jan. 30 16 Industry Groups Velocity Financial NYSE 13.00 -61.4 Jan. 16 108 Market Boxscores Zhongchao Nasdaq 4.00 -57.5 Feb. 21 13 Best and worst-performing U.S. industry groups in the past quarter How the major indexes performed Kubient Nasdaq 5.00 -55.4 Aug. 11 14 based on the DJ U.S. Total Stock Market Index family BlueCity Holdings Nasdaq 16.00 -45.8 July 885 Close % chg from Best Performers Worst Performers Third-quarter performance 9/30/20 9/30/19 Poseida Therapeutics Nasdaq 16.00 -44.6 July 9224 % chg from % chg from Industry group prev qtr Industry group prev qtr Dow Jones Industrial Average 7.6% 27781.70 3.2 PainReform Nasdaq 8.00 -42.5 Sept. 120 VIA optronics NYSE 15.00 -40.6 Sept. 25 94 Electronic Office Equipment 104.2 Integrated Oil & Gas –22.4 DJ U.S. Total Stock Market 8.6 34305.78 12.7 Casper Sleep NYSE 12.00 -40.1 Feb. 5100 Automobiles 75.3 Exploration & Production –21.1 DJ World (excl. U.S.) 246.39 1.6 6.0 Progenity Nasdaq 15.00 -39.9 June 19 100 Alternative Fuels 74.9 Oil & Gas –19.3 Nasdaq Composite 11.0 11167.51 39.6 GoHealth Nasdaq 21.00 -38.0 July 14 914 Platinum & Precious Metals 54.4 Oil Equipment & Services –15.3 S&P 500 8.5 3363.00 13.0 Delivery Services 53.7 Drug Retailers –11.7 Skillful Craftsman Education Technology Nasdaq 5.00 -36.8 July 22 15 Renewable Energy Equipment 37.5 Marine Transportation –11.0 NYSE Composite 6.8 12701.89 -2.3 Pandion Therapeutics Nasdaq 18.00 -36.3 July 16 153 Gambling 36.0 Pipelines –10.3 Russell 2000 4.6 1507.69 -1.0 uCloudlink Group Nasdaq 18.00 -32.2 June 936 Home Construction 33.3 Telecommunications Equipment –10.1 Value Line (Geometric) 3.5 457.92 -12.1 PolyPid Nasdaq 16.00 -31.2 June 26 69 Nonferrous Metals 30.5 Full Line Insurance –7.2 NYSE MKT Composite 1907.81 -23.3 Lyra Therapeutics Nasdaq 16.00 -30.1 Apr. 30 64 -4.3% Brewers 27.1 Retail REITs –7.0 Sources: Dow Jones Market Data; S&P Dow Jones Indices Source: Dealogic Source: S&PDow Jones Indices P2JW275000-0-R00600-1------XA

R6 | Thursday, October 1, 2020 THE WALL STREET JOURNAL.