P2JW261000-6-A00100-17FFFF5178F ****** THURSDAY,SEPTEMBER 17,2020~VOL. CCLXXVI NO.66 WSJ.com HHHH $4.00 DJIA 28032.38 À 36.78 0.1% NASDAQ 11050.47 g 1.2% STOXX 600 373.13 À 0.6% 10-YR. TREAS. g 2/32 , yield 0.686% OIL $40.16 À $1.88 GOLD $1,960.20 À $3.90 EURO $1.1817 YEN 104.95 Sally Inflicts Misery Across a Stretch of the Gulf Coast Fed Sets What’s News Higher Hurdles Business&Finance For Rate he Fed pledged to sup- T port the economic re- covery by setting ahigher Increase bar to raise interest rates and by signaling it expected to hold ratesnear zero for Central bank signals at leastthree moreyears. A1 rates near zero at Trump administration officials arelooking to give least through 2023 to U.S. investorsamajority help support recovery shareofthe companythat will take over the Chinese- CK TO BY NICK TIMIRAOS owned app TikTok. A1 House Democrats issued WASHINGTON—TheFederal areport revealing newde- SHUTTERS Reserve pledged to support the A/ tails on howBoeing design economic recovery by setting a errors, lax government over- ON/EP higher bar to raise interest sight and lack of transpar- ratesand by signaling it ex- encyset the stagefor two ANDERS pected to hold ratesnear zero N fatal 737MAX crashes. A1 DA foratleast three moreyears. DELUGE:Hurricane Sally brought life-threatening flooding, torrential rains and high winds to aswath of the Gulf Coastextending In newprojections released Snowflake’s shares sky- from Mississippi to the Florida Panhandle on Wednesday. Above,people wade through aneighborhood in Orange Beach, Ala. A3 Wednesdayafter atwo-daypol- rocketed in their trading icymeeting,all 17 officials who debut, giving the biggest participated said they expect to tech IPO of the year a mar- keep ratesnear zero at least ketvalue of $70.4 billion. A1 through next year,and 13 pro- The S&P 500 and Nas- jected rateswould stay there daq retreated 0.5% and Trump AidesSeek TikTok Deal through 2023. 1.25%, respectively, while TheFed’srate-setting com- the Dow edged up 0.1%. B8 mitteealso released newguid- ance specifying it would main- U.S. consumers increased tain ratesnear zero until it sees retail spending in August for With U.S. InvestorsinControl evidenceofatight labor mar- the fourth straight month ketand inflation reaches 2% but at aslowerpacethan “and is on track to moderately earlier in the summer. A2 BY JOHN D. MCKINNON to transfer the popular app to others, who have said the pro- He said he would be fully exceed 2% forsome time.” Amazon’smusic service AND MICHAEL C. BENDER aU.S.-based entity,asPresi- posed technologypartnership briefed on the TikTok deal on “They set an enormously launched intopodcasting, dent Trump has demanded. between ByteDanceand Oracle Thursdayand that he isn’t high bartoraise rateshere. becoming the latest en- WASHINGTON—Trump ad- ByteDanceLtd., the Beijing- falls short of the full U.S. ac- prepared to sign off until he That’sthe bottomline,” said trant to the rapidly ex- ministration officials arelook- based companythat owns Tik- quisition sought by Mr. receives more information. Roberto Perli, aformer Fed panding medium. B1 ing to giveU.S.investorsa Tok, has sought to retain ma- Trump,leaving concerns about Against that backdrop, economist who is nowatre- majority shareofthe company jority ownership forits the Chinese government’spo- TreasurySecretarySteveN search firm Cornerstone Macro. Deutsche Bank told U.S. that will take over the Chi- proposed partnership with Ora- tential access to U.S. user data Mnuchin and other U.S. offi- U.S. stock gains afterthe employees working from nese-owned video-sharing app cle Corp.inanew U.S.-based going forward. cials and investorshave PleaseturntopageA2 home during the pandemic TikTok,according to people companythat takesoverTik- Asked about ByteDance sought to ensurethat the U.S. that they don’t have to re- familiar with the matter. Tokoperations,The Wall Street maintaining amajority stake PleaseturntopageA6 Heard on the Street: Is the turn to the officeuntil July. B1 That is leadingtouncer- Journal reported previously. in TikTok,Mr. Trump said, Fed seeing shadows?............ B9 Manyfactoryworkers tainty and friction over the That hasraised concerns “Conceptually,Ican tell you, I U.S. charges Chinese citizens Trump urges expanded relief arestaying home to contoursofthe emerging deal among SenateRepublicans and don’t like that.” with cyberattacks................... A7 package......................................... A4 watchchildren who aren’t at daycareorschool be- cause of the pandemic. B1 Snowflake Va luation Soars House Democrats World-Wide To $70.4 Billion in Debut Slam Boeing,FAA Barr has told federal pros- ecutorstobeaggressivewhen For737 MaxFailures charging violent demonstra- tors with crimes,including BY CORRIE DRIEBUSCH Snowflake’sshareprice work very hardtodeliver on it.” Hunger forgrowthiNalow- potentially prosecuting them $300 forplotting to overthrow SnowflakeInc.’sshares sky- interest-rateenvironment and BY ANDY PASZTOR gation, the report, released on the U.S. government. A3 rocketed on their first day of ashiftoffavor toward tech- AND ANDREW TANGEL Wednesday, concludes that trading,giving the biggest nologycompanies have helped Boeing’s travails stemmed TheCDC’schief said a tech IPO of the year a market fuel significant demand for House Democratsissued a partly from areluctancetoad- Covid-19 vaccine might not be value of $70.4 billion and feed- IPOs this year,and Snowflake’s sharply worded report reveal- mit mistakes and “point to a 200 available to the general public ing the recent bout of enthusi- $253.93 first-dayperformanceislikely ing new details of how the companyculturethat is in se- until next summer.Trump asm around initial public of- s112% from to add even morehype.Snow- combination of Boeing Co.de- riousneed of asafety reset.” disputed that timeline. A6 ferings. itsofferprice flake is one of the most hotly sign errors, “grossly insuffi- “Wehavelearned many TheU.S.government Shares of the data-ware- anticipated tech offerings cient” government oversight hard lessons as a company plans to begin shipping any housingcompanyclosed at IPOprice: $120 among software and cloud- andlack of transparencyby from the accidentsofLion Air 100 coronavirus vaccines within $253.93, morethan double data investors. the plane maker and regula- Flight610 and Ethiopian Flight 24 hoursofthe shotsgetting their IPO priceof$120 and Snowflake’srise is also em- tors set the stagefor two fatal 302, and from the mistakes we approval from the FDA. A6 about triple what the company blematic of the broader tech 737MAX crashes. have made,” Boeing said in a Trump urged congressio- initially targeted aweek ago sector’s run-up in 2020.The The 238-page document, writtenresponse to the report, nal Republicans to seek abig- forits offering.Wednesday’s 0 One-minuteintervals tech-laden Nasdaq Composite writtenbythe majority staff of referring to the two fatal MAX gerand moreexpensivepack- ascent means the company is Indexisup23% so far this the House Transportation crashes.The Chicago-based 9:30 noon 4 ageofcoronavirus relief. A4 now valued at more than five year,far outdistancing the Committee, calls intoquestion aerospacegiant added: “We times the $12.4 billion valua- Source:FactSet gains in the S&P 500,eveN af- whether the plane maker or have been hardatwork Yoshihide Suga was tion it notched in aprivate ter a recent pullback. the Federal Aviation Adminis- strengthening our safety cul- elected as Japan’s first funding round in February of ecutive, said about the com- “When you’reinarecession, tration hasfully incorporated tureand rebuilding trust with new prime minister in al- this year. pany’ssoaring stock price. “It’s growth is hardtofind. It’sa essential safety lessons,de- our customers, regulators, and most eight years. A8 “Does this put pressureoN avoteofconfidence. But clearly scarce commodity. When you spiteaglobal grounding of the the flying public.” Hurricane Sally in- us? Of course it does,” Frank as amanagement group and as find something scarce, you’re MAXfleet sinceMarch 2019. Thefindingsreleased flicted life-threatening Slootman, Snowflake’schief ex- an employeebase we have to PleaseturntopageA6 Afteran18-month investi- PleaseturntopageA4 flooding, torrential rains and high winds along a swath of the Gulf Coast. A3 Gardeners Market Forces Thwart Wildfires continued raging acrossavast stretch Throw In of the Western U.S.,send- Trump Coal Revival ing plumes of smokeout forthousands of miles. A3 The Trowel Federal prosecutors ac- iii cused five Chinese citizens Falling demand, cheaper alternatives mean If your critical allegedly linked to Chinese Zeal wilts for intelligenceofhacking more industry continues its long-term skid than 100 companies. A7 pandemic veggies, applications are BY REBECCA ELLIOTT that sets in,” said Mr. Hick- TheTrump administration scarfs, sourdough AND JONATHAN RANDLES man, who has been laid off is poised to makea$7billion before. “What am I going to failing, so is your arms deal with Taiwan. A8 BY VALERIE BAUERLEIN FAYETTE COUNTY, do? Where am I going to TheDHS’sinternal watch- W.Va.—John Hickman was find a job? How am I going business. dog has opened an inquiry Thousands of quarantined filling out a coal production to take care of my family? into allegations of coerced Americans planted vegetables report about 2½ miles deep All of those things just keep hysterectomies being per- last spring,striking ablowfor in a mountain when his fore- cycling.” NETSCOUT vigilantly guards formed on migrant women. A4 hope just as their World War man’s voice came over the President Trump hasn’t II-eraforebearsdid with intercom. been able to bring back the critical applications of the home-front Victory Gardens. “Stop mining,” the fore- “beautiful, clean coal” as he CONTENTS Opinion.............. A15-17 Six months later, many are man instructed. “Bring the promised four years ago. As Arts in Review... A13 Personal Journal A11-12 world’s largestcompanies. Business News...... B3 Sports....................... A14 admitting defeat. men out.” mines and power plants con- Capital Account.... A2 Technology............... B4 “My tomatoes look likea It took nearly two hours tinue to close, the question Crossword.............