P2JW303000-4-A00100-17FFFF5178F **** THURSDAY,OCTOBER 29,2020~VOL. CCLXXVI NO.102 WSJ.com HHHH $4.00 DJIA 26519.95 g 943.24 3.4% NASDAQ 11004.87 g 3.7% STOXX 600 342.17 g 3.0% 10-YR. TREAS. g 1/32 , yield 0.780% OIL $37.39 g $2.18 GOLD $1,876.20 g $32.60 EURO $1.1747 YEN 104.32 What’s Lockdowns News Ordered Again Business&Finance Across Europe .S. stocks sold off as U rising coronavirus infec- tions shook investors’ confi- denceinthe global economic Franceand Germanyim- from hosting touristsuntil the recovery.The Dow, S&P 500 posed newlockdowns,inasign end of the month, she said, and and Nasdaq fell 3.4%, 3.5% of howEurope’sstrategyfor public gatheringswill be lim- and 3.7%, respectively. A1 containing the virus has buck- ited to 10 people from two led under the pressureof households. Tiffanyagreed to accept mounting cases and deaths. Both leadersaimed to cush- alowerpriceinits take- ion the economic impact of the over by LVMH, ending a restrictions,saying factories disputebetween the lux- By Noemie Bisserbe, Stacy Meichtry and schools would remain ury-goods companies. A1 and Ruth Bender open. Still, the newrestrictions Marvell is nearing a mark aclear departurefrom deal to buy Inphi for as In anational television ad- months of targeted measures much as $10 billion, in dressonWednesday, President that European officials hoped what would be yetanother Emmanuel Macron of France would keep alid on the virus. big semiconductor tie-up. B1 imposedanational lockdown Mr.Macron cast the newlock- that will beginonFridayand down as aform of shock treat- Fiat Chrysler posted re- last at least amonth, requiring ment aimed at halting the vi- cord operating profit forthe people to remain inside their rus’smomentum. thirdquarter and Ford deliv- homeswhile restaurants, bars “Ifwedon’t apply abrutal ered strong earnings, signal- and shops deemed nonessential break on newcontaminations, ing an industryrebound. B1 (3) will close. our hospitals will be saturated,” Boeing said it would cut Chancellor Angela Merkel of he said. more jobs and review jet- Germanysaid the country’sfed- Researchersinthe U.K., liner production rates in a eral and stategovernments meanwhile,estimated the coro- bid to stop bleeding cash. B1 ION/REUTERS agreed to aless-restrictiveone- navirus is spreading far more TAT OR month shutdown of restau- PleaseturntopageA8 GE reported another rants, bars, fitnessstudios,con- quarter of shrinking revenue ANSP TR cert halls and theaters, starting Rule is set for free amid the aviation industry’s on Monday. Hotels arebarred vaccinations................................ A7 troubles,but the conglomer- AND ateposted asmaller loss. B3 IENCE Trump’stariffs on foreign- SC made steel haven’t produced CE, Stocks Fall as Fears the domestic industryre- MMER naissancehepromised. A2 CO ON Ad firms and publishers Over Economy Grow complained to French reg- ulators that privacy MMITTEE changes Apple plans to roll CO TE BY WILL HORNER Google parent Alphabet Inc. out are anticompetitive. B1 SENA AND JULIET CHUNG and TwitterInc.dropped more Samsung posted its S. than 5% each aftertheir chief U. largest profit in more than From top, Facebook CEOMark Zuckerberg, Twitter CEOJack Dorsey and AlphabetCEO Sun- U.S. stocks sold off on executives squared off against 18 months, in another sign dar Pichai testifiedbeforethe Senate Commerce Committee via webcastabout social media’s Wednesdayinwhat is shaping U.S. senatorsinahearing over of technology’s strength influenceand were asked about alaw thatshields platforms from liability forusers’posts. up to be the worstweek since their companies’ roles moder- during the pandemic. B4 lateMarch, as rising coronavi- ating public discourse. rusinfections shook investors’ Stocks have slid this week UPS boosted revenue confidenceinthe global eco- on several uncertainties, and profit but earnings Tech CEOs Square Off With nomicrecovery. sparking discussion from in- from the company’sdomes- TheDow Jones Industrial vestorsabout whether the sell- tic businessfell sharply. B3 Averagelost 943.24 points, or off marked abuying opportu- Senators Over Online Speech 3.4%, to 26519.95, itsfourth nity or aturn in the market. World-Wide losing session in arow and its Worsening coronavirus case worstday sinceJune 11. numbersthreaten to make BY RYAN TRACY Inc.CEO Jack Dorsey and Sun- social-media platforms’ power TheS&P 500 fell 119.65 morestringent restrictions im- Franceand Germany im- AND JOHN D. MCKINNON dar Pichai,CEO of Google and and equally deep divisions points, or 3.5%, to 3271.03,its perativeacrossthe U.S. and posed new lockdowns, in a YouTube owner Alphabet Inc., about how to address it. thirdconsecutivedownses- Europe, potentially setting sign of howEurope’sstrat- WASHINGTON—Chiefs of have spent the yearssincethe Republicans arepushing to sion. Thebenchmark has back afragile economic recov- egyfor containing the cor- the largest social-media com- 2016 election rewriting their updatepart of a1996 law slipped morethan 8% from its ery. TheU.S.reported more onavirus has buckled under panies tangled with U.S. sena- policies and taking amoreac- known as Section 230 that record closing level in early than 73,200 newcases for the pressureofmounting tors over their role in public tiverole in moderating online helps shield internet platforms September and itsgains forthe Tuesday, the second daily in- cases and deaths. A1 discourse amid a contentious speech—in part to avoid a from liability foruser-gener- year nowstand at around 1.3%. crease in arow,according to election that has stoked bipar- spotlight likethe one placed ated content, claiming it has TheNasdaq Composite datacompiled by Johns Hop- Chiefs of the largest so- tisan criticism of the compa- on them Wednesday. been misused to censor con- dropped426.48points, or PleaseturntopageA2 cial-media firms tangled with nies’ policies. Instead, the SenateCom- servative views. 3.7%, to 11004.87,bringing its senatorsovertheir role in public discourse amid acon- Facebook Inc. Chief Execu- merce Committee hearing re- Sen. CoryGardner (R., gains forthe year to 23%. The New virus concerns drive tiveMark Zuckerberg, Twitter flected deep discontent with PleaseturntopageA4 stock prices of Facebook Inc., selloff in raw materials...... B11 tentious election that has stoked bipartisan criticism of the companies’ policies. A1 Biden is centering his INSIDE Tiffany, LVMH StrikeDealonLowerPrice closing campaign argu- ment on his ability to steer BY CARA lOMBARDO an agreement on newdeal set to start in January. the nation through the AND DANA CIMILLUCA terms calling forLVMH to pay Tiffany’sboardsigned off on pandemic, as Trump mini- $131.50asharefor the iconic the revised terms at ameeting mizes the virus’sthreat. A6 Tiffany&Co.agreed to ac- U.S. jewelrymaker,according lateWednesday, one of the peo- cept alowerpriceinits take- to people familiar with the ple said. Under the newframe- TheSupreme Court de- /REUTERS over by LVMH MoëtHennessy matter. That is down from an work,litigation over the deal clined to disturb extended VES Louis VuittonSE, ending adis- original priceof$135 ashare, would be resolved, paving the ballot deadlines in North Car- AL olina and Pennsylvania, leav- N putebetween the luxury-goods equating to savingsofabout way foranew shareholder vote ing the states moretime to TO companies that erupted after $430 million forLVMH. It and aclosing of the transaction the coronavirus pandemic up- would allowthe two sides to possibly by January. receivemail-in ballotspost- SHING ended the industry. avoid what would have been a Tiffanyagreed to sell itself marked by Election Day. A6 WA Thecompanies have come to costly and time-consuming trial PleaseturntopageA7 AWall Street Journal BUSINESS&FINANCE PERSONAL JOURNAL investigation pointstoa FiatChrysler’s and Pop-up music events Russian PR executiveasthe Ford’s earnings beat givehard-hit musicians source behind some key Now on the partsofawidely discred- expectations,signaling achancetoperform ited dossier on Trump. A4 an industryrebound. B1 and raisefunds. A11 Drive-Thru Hurricane Zetastruck southeastern Louisiana, lash- Menu: Terror ing the northern Gulf Coast with strong winds and life- iii threatening storm surge. A3 StatesAre Facing Halloween scares If your critical A Philadelphia curfew went intoeffect Wednesday don’t require applications are night afterunrest sparked Historic Cash Crisis by the fatal shooting of Wal- leaving the car terWallaceJr. by police. A3 failing, so is your BY STEVE GARBARINO TheWhiteHouse is de- Billions in shortfalls expected as year’s veloping aplan foranew bi- TheOaks Park Haunted business. ometric database that pro- income and sales tax revenue evaporated spectiveimmigrantsor Drive-Thru offers five fright- visitorswould need to enter ening options to choose from, BY HEATHER GILLERS shield,” his deputy wrote. including one called “The Con- NETSCOUT vigilantly guards beforeapplying forvisas. A3 AND GUNJAN BANERJI Connecticut is projecting a demned.” the critical applications of the totalrevenue declineof$8.4 “Fakeblood and guts get CONTENTS Opinion.............. A15-17 Connecticut acted fast. So- billion through the 2024bud- smeared and strewnall over Arts in Review... A13 Personal Journal A10-11 world’s largestcompanies. Banking &FinanceB10 Sports....................... A14 cial distancing,lockdowns and getyear—morethan twicethe your car,” said Emily MacKay, Business News...... B3 Technology............... B4 testing slashed Covid-19 cases rainyday fund built up over marketing and eventsdirector.