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Debate Chaos Sparks Rule Review 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
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