* * * * * * WEDNESDAY, AUGUST 26, 2020 ~ VOL. CCLXXVI NO. 48 WSJ.com HHHH $4 .00

DJIA 28248.44 g 60.02 0.2% NASDAQ 11466.47 À 0.8% STOXX600 369.75 g 0.3% 10-YR. TREAS. g 11/32 , yield 0.680% OIL $43.35 À $0.73 GOLD $1,911.80 g $15.90 EURO $1.1836 YEN 106.39

AmericanAirlinesPlans19,000Job CutsIndustry braces forwave of mass layoffsas U.S. aid expires andtravel fails to rebound

No Joke:Comics NeedAn Audience

i i i

Stand-ups find itisn’t funny writingwhen not on stage

BY CHRIS KORNELIS

AntGroup revenue Net income

125

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100

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2017 ’18 ’19 ’20

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25

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21.2B

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WASHINGTON—When As-sistant Secretary of State Da-vid Stilwell told China’s am-bassador that the Houstonconsulate must close within 72hours, he delivered a relatedmessage: Remove all Chinesemilitary researchers now inthe U.S.

The July 21 order on the re-searchers, which hasn’t beenpreviously reported, was theculmination of months of ris-ing concern in the Trump ad-ministration over what U.S. of-ficials depict as anintelligence-gathering opera-tion aided by Chinese diplo-mats to collect scientific re-search from Americanuniversities.

BY KATE O’KEEFFEAND ARUNA VISWANATHA

The pandemic has clearedLewis Black’s schedule, butlike so many others, it hasn’tled to an increase in produc-tivity.

“Most of the stuff that I’vebeen doing,” says the stand-upcomedian and actor, “hasbeen, literally, dealing with thetech problems associated withtrying to get work done.”

Writing jokeshas been all butimpossible.To do that,he needs tobe on stage,somewhere hehasn’t been since

PleaseturntopageA8

The alleged sources for thatintelligence, according to U.S.officials and court documentsfiled in related cases, wereChinese postgraduate re-searchers in areas such as bio-medicine and artificial intelli-gence who had, to varyingdegrees, hidden from immi-gration authorities their ac-tive-duty statuses with thePeople’s Liberation Army.

Investigations are in earlystages, and much about theevents leading to the consul-ate’s closure remains classifiedand hard to assess. But U.S.officials say the interactionsbetween researchers and Chi-nese diplomats spurred the

PleaseturntopageA8

Beijing condemns U.S. spyplane overflight........................ A6

American Airlines GroupInc. said it would shed 19,000workers Oct. 1, the first bigwave of the tens of thousandsof pilots, flight attendants,mechanics and other airlineemployees in jeopardy of los-ing their jobs when protec-tions tied to federal aid to U.S.carriers expire this fall.

American’s cuts are short ofthe 25,000 potential job lossesit warned were possible lastmonth. But together with re-tirements and temporaryleaves of absence, the reduc-tions will make the carrierabout 30% smaller than it wasin March and are the clearestsign yet of the devastationcoming for the airline industryas the summer travel seasonwinds down and governmentfunds run out.

U.S. airlines have warnedemployees that more than75,000 jobs could be cut thisfall. This week Delta Air LinesInc. said it would furlough 1,941pilots unless it reaches a dealwith their union on cost reduc-tions. Earlier in the summer,United Airlines Holdings Inc.sent notices to 36,000 workerswhose jobs it said could be atrisk, though it hasn’t yet saidhow many will be cut.

The airline sector was oneof the few that had protec-tions as broader unemploy-

PleaseturntopageA5

BY ALISON SIDER

of programming that upendednorms for a convention, includ-ing videos of President Trumpissuing a pardon and conduct-ing a naturalization ceremonyfrom the White House. It alsofeatured more of an optimistictone than Monday.

In a convention marked byglossy tributes to Mr. Trump,the first lady was the speakerwho made the most direct ac-knowledgment of the toll thecoronavirus pandemic has

taken, with more than 177,000people killed. “I know manypeople are anxious and somefeel helpless,”Mrs. Trump said.“I want you to know you arenot alone.”

She praised the people whoelected her husband in 2016.“We have not forgotten the in-credible people who were will-ing to take a chance on a busi-nessman who had neverworked in politics,” she said,calling on them to award him a

second term. She also refer-enced civil and racial unrestthat has swept across the coun-try in recent months.

Mrs. Trump and Mr. Pompeoboth bucked tradition withtheir remarks. It is not typicalfor a sitting secretary of stateto give political speeches, par-ticularly while on a diplomatic

PleaseturntopageA4

First lady Melania Trump ar-gued for her husband’s re-elec-tion from the White Housegrounds, saying he was fightingfor Americans, and Secretary ofState Mike Pompeo weighed infrom Jerusalem, as Tuesday’ssecond night of the Republicanconvention entered unusualterritory for a political event.

The speeches capped a night

BY ALEX LEARYAND REBECCA BALLHAUS

First Lady, Secretary of StateBuck TraditionWith Speeches

WASHINGTON—The U.S.business of Teva Pharmaceuti-cal Industries Ltd. was in-dicted Tuesday on charges thegeneric drugmaker fixedprices on cholesterol medica-tion and other drugs.

The Justice Department’santitrust division brought thecase in a Pennsylvania federalcourt, alleging Teva Pharma-ceuticals USA engaged in anti-competitive conduct that re-sulted in at least $350 millionin overcharges to consumers.

Prosecutors accused thecompany of fixing prices, rig-ging bids and allocating cus-tomers in three different con-spiracies, including forpravastatin, a commonly pre-scribed cholesterol drug whose

Teva Indicted in Price Casebrand name is Pravachol.

A second conspiracy in-volved price fixing on medica-tions used to treat arthritis, sei-zures, pain, skin conditions, andblood clots, the Justice Depart-ment alleged. The third allegedconspiracy involved drugs usedto treat brain cancer, cystic fi-brosis, arthritis, and hyperten-sion, the department said.

Teva participated in theconspiracies from May 2013until at least December 2015,prosecutors alleged.

“Today’s charge reaffirmsthat no company is too big tobe prosecuted for its role inconspiracies that led to sub-stantially higher prices for ge-neric drugs relied on by mil-lions of Americans,” saidAssistant Attorney General Ma-kan Delrahim, the Justice De-partment’s top antitrust official.

Teva rejected the allegationsand promised to defend itselfin court, saying in a statementthat it was “deeply disap-pointed that the governmenthas chosen to proceed with thisprosecution.” The companysaid its own internal investiga-tion found no price-fixing.

The indictment is the high-est-profile action in a long-running investigation that hasswept across the generic-drugindustry and has resulted incases against seven companiesand four executives so far.

Generic drugs account forsome 90% of medications dis-pensed in the U.S.

Most companies so far haveagreed to settle charges bypaying criminal penalties, ad-mitting wrongdoing andagreeing to cooperate, in ex-

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BY BRENT KENDALLAND JARED S. HOPKINS

Ant Group Opens Up for IPOAnt Group, the Chinese financial-technology giant controlledby Jack Ma, revealed details about its earnings as it preparesfor IPOs on exchanges in Shanghai and Hong Kong. B1

ChinaConsulateFightTied toMilitaryDiplomats helped researchers evade FBI

scrutiny, U.S. says, spurring Houston closure

Re-election bid dwarfs 2016campaign...................................... A4

First lady Melania Trump addressed the Republican National Convention from the White House Rose Garden. Secretary of StateMike Pompeo delivered recorded remarks from an official trip to Israel. The president’s daughter Tiffany Trump also spoke.

Salesforce.#1CRM.

Ranked #1 for CRMApplications based onIDC 2019H1 RevenueMarket ShareWorldwide.

17.3%

5.3%5.5%

3.5%3.5%

salesforce.com/number1CRMCRM market includes the following IDC-defined functional markets: Sales Force Productivity and Management,Marketing Campaign Management, Customer Service, Contact Center, Advertising, and Digital CommerceApplications. © 2019 salesforce.com, inc. All rights reserved. Salesforce.com is a registered trademark of salesforce.com, inc., as are other names andmarks.

2015 2016 2017 2018 2019H1

Source: IDC, Worldwide SemiannualSoftware Tracker, October 2019.

CONTENTSArts in Review.... A11Business News.. B3,5Crossword.............. A12Heard on Street. B12Markets..................... B11Opinion.............. A13-15

Personal Journal A9-10Property Report... B6Sports........................ A12Technology............... B4U.S. News......... A2-3,5Weather................... A12World News........ A6-7

s 2020 Dow Jones & Company, Inc.All Rights Reserved

>

What’sNews

First ladyMelania Trumpargued for her husband’s re-election from theWhiteHousegrounds, saying he was fight-ing for Americans, and Secre-tary of State Pompeoweighedin from Jerusalem, as the sec-ond night of the GOP conven-tion entered unusual territoryfor a political event. A1, A4 Protesters in Kenosha,Wis., clashed with law en-forcement for a third nightin the wake of the policeshooting of Jacob Blake, a29-year-old Black man. A3 FDA officials pushedback against claims thattheir authorization of con-valescent blood plasmatreatments for Covid-19had been politicized. A5 The Kremlin said itwasn’t involved in the sud-den illness of Russian dissi-dent Navalny and questionedGerman doctors’ assertionthat he was poisoned. A6 Firefighters gained someground on two massivewildfires in Northern Cali-fornia overnight Mondayinto Tuesday after hot andwindy conditions abated. A3Laura gathered strength asit churned toward the Texasand Louisiana coasts, where itwas projected tomake landfallas a Category 3 hurricane. A3 Trump will nominateChad Wolf, the acting DHSsecretary, to serve perma-nently in that role, the pres-ident wrote in a tweet. A3 Beijing alleged that a U.S.spy plane entered a no-flyzone over an area where theChinese military was con-ducting live-fire drills. A6

American Airlines saidit would shed 19,000

workers Oct. 1, as the in-dustry braces for a wave oflayoffs when protectionstied to federal aid to U.S.carriers expire this fall. A1The U.S. business of Tevawas indicted on charges thatthe generic drugmaker fixedprices on cholesterol medi-cation and other drugs. A1McDonald’s said its probeinto Easterbrook’s conduct isexamining whether he cov-eredup improprieties byotheremployees alongside allega-tions of potential misconductwithin the HR department. B1 Chinese fintech giant Antrevealed how highly profit-able its business has been asit gears up forwhat is likely tobe a record-breaking IPO. B1 Palantir launched abroadside against the techsector as it unveiled paper-work to take itself public. B11The S&P 500 and Nasdaqagain notched records, ris-ing 0.4% and 0.8%, respec-tively. The Dow fell 0.2%. B11GM is tapping salariedworkers to help keep thelines running at a Missouripickup-truck plant, drawingobjections from the UAW. B1 Some mortgage lendersare asking customers toconfirm that they don’t in-tend to seek forbearance. B1Best Buy’s online salessurged in the latestquarter, butexecutives said product short-ages crimped the gains. B1 A federal judge granted“Fortnite” creator EpicGames a partial reprieve inits battle against Apple. B4

Business&Finance

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A2 | Wednesday, August 26, 2020 * * * * THEWALL STREET JOURNAL.

U.S.WATCH

THE WALL STREET JOURNAL(USPS 664-880) (Eastern Edition ISSN 0099-9660)(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)

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about recommendations con-cerning men’s drinking incor-rectly implied that retail salesconstituted total consumption.

Foley Trasimene Acquisi-tion Corp. II (BFT.UT), ForumMerger III Corp. (FIIIU), Har-mony Biosciences HoldingsInc. (HRMY), and Inhibrx Inc.(INBX) had initial public offer-ings on Aug. 19. Northern Gen-esis Acquisition Corp.(NGA.UT), one (AONE.UT), andStar Peak Energy Transition

Corp. (STPK.UT) had IPOs onAug. 18. The IPO Scorecard ta-ble in Thursday’s Business & Fi-nance section incorrectly gavethe IPO dates for these compa-nies as Aug. 17.

Notice to readersWall Street Journal staff

members are working remotelyduring the pandemic. For theforeseeable future, please sendreader comments only by emailor phone, using the contactsbelow, not via U.S. Mail.

VIRGINIA

Ruling Keeps StatueIn Place for Now

Gov. Ralph Northam suffered asetback in his bid to take down aprominent statue of ConfederateGen. Robert E. Lee in Richmondas a judge ruled that a lawsuitseeking to block the monument’sremoval can proceed to trial.

Richmond Circuit Court JudgeW. Reilly Marchant Tuesday de-nied state officials’ motion tothrow out the suit, which wasbrought by several people who livenear the 130-year-old statue. Thejudge set an Oct. 19 trial date.

A lawyer for the plaintiffs de-clined to comment. They allegein the suit that removing thestatue would violate an 1889joint resolution of the Virginialegislature, as well as a restric-tive covenant created by prop-erty deeds from 1887 and 1890.

“I will keep fighting to removethis divisive and antiquated relic,”said state Attorney General MarkHerring, a Democrat, whose officeis defending the governor’s at-tempt to take down the statue.

Mr. Northam, a Democrat, an-nounced his intention in June toput the state-owned statue instorage, as nationwide protestssparked by the police killing ofGeorge Floyd in Minneapolisprompted a push to sweep awayConfederate symbols.

But a judge quickly issued atemporary injunction blocking thegovernor’s plan, even as dozensof Confederate statues aroundthe U.S. continued falling, someat the hands of protesters andothers on local officials’ orders.

—Scott Calvert

HOUSING

Price Growth in JuneHeld Steady at 4.3%

Home-price growth was un-changed in June, as home salesstarted to rebound following the

pandemic-related lockdowns.The S&P CoreLogic Case-

Shiller National Home Price Index,which measures average homeprices in major metropolitan areasacross the nation, rose 4.3% in theyear that ended in June, the samerate as the prior month.

Sales of previously ownedhomes, which make up the bulkof the housing market, rose 20.7%in June from a month earlier, ac-cording to the National Associa-tion of Realtors, as economic ac-tivity started to resume andbuyers felt comfortable returningto the market. Existing-homesales have since surged almost25% in July.

A separate measure of home-price growth by the Federal Hous-ing Finance Agency also releasedTuesday found a 5.7% increase inhome prices in June from a yearearlier.

—Nicole Friedman

WASHINGTON

Immigration AgencyCancels Furloughs

U.S. Citizenship and Immigra-tion Services called off a fur-lough of more than 13,400 em-ployees that was set to beginMonday, forestalling a cut ofmore than two-thirds of its staffthat would have brought muchof the agency’s work to a halt.

Joe Edlow, the agency’s dep-uty director and day-to-dayleader, announced the cancella-tion Tuesday. He said USCISleadership decided to cancel thefurloughs in light of higher-than-expected demand in immigrationapplications and aggressivespending cuts.

USCIS, unlike most other fed-eral agencies, funds itself almostentirely through the fees it col-lects. In May, the agency said it

was considering a furlough aftercitizenship and immigration ap-plications fell precipitously inMarch and April because of thecoronavirus pandemic.

Since the agency first pro-posed the furloughs, applicationshave risen. USCIS projected ear-lier this month that its revenuewould fall 4% short of initial pro-jections for the year endingSept. 30, rather than the 61%shortfall it predicted in May.

—Michelle Hackman

PUERTO RICO

Rep. González TestsPositive for the Virus

GOP Rep. Jenniffer González-Colón, Puerto Rico’s representa-tive in Congress, tested positivefor Covid-19 this week, becomingthe 13th House lawmaker tocontract the virus.

Ms. González said she likelycontracted the virus by being inclosed environments with otherofficials earlier this month, whenPuerto Rico finished its primaryelections. She had been in quar-antine after learning that JohnnyMéndez, leader of Puerto Rico’sHouse of Representatives, hadtested positive. She had initiallytested negative, but then testedpositive on Monday.

“I think it was a mistake on mypart to be in a closed environmentas it was last Sunday, wherethere were many people and youcouldn’t control who might havebeen infected and who might not,”Ms. González said in a videoposted on her Facebook page.

A total of 17 members ofCongress have tested positivefor Covid-19 or its antibodies, orbeen presumed to have con-tracted the disease.

—Kristina Peterson

BLOCKAGE: Darren Desmarais used an excavator with a jackhammer to break up a dam at a brook in Londonderry, Vt., on Tuesday.

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miliar with the matter.Teva said it attempted to

reach a resolution but the de-partment “has shown an unwill-ingness to consider alternativesthat would not deeply impactTeva and the stakeholders whodepend on the company, includ-ing the patients who benefitfrom our medicines.”

Teva, which had nearly $17billion in sales last year, isamong the largest pharmaceu-tical companies by revenueglobally. The Israel-based com-pany has been challenged inrecent years by the collapse ofgeneric drug prices and aheavy debt load, seeing sharesfall more than 80% since 2015.New management initiated arestructuring.

In addition to financial pen-

alties, a felony conviction ofTeva could lead to its exclu-sion from federal health-careprograms.

The case would mark a rareshowdown in court. Becausethe stakes of a criminal convic-tion can be so dire, companiesin the Justice Department’scrosshairs for price fixingrarely elect to go to trial.

Each of the charges carriesa statutory maximum penaltyof $100 million, but the maxi-mum fine may be increased totwice the gain derived fromthe alleged crime or twice theloss suffered by victims.

The charges are the latestheadache for Teva, which alsois facing price-fixing lawsuitsfrom state attorneys generaland private plaintiffs, includ-

ing health insurers.A coalition of states has

filed three sweeping lawsuitsrelated to alleged drug price-fixing since 2016 against ahost of companies includingTeva. The most recent, filed inJune, involves alleged price-fixing of more than 80 pre-scription drugs including skinmedications.

The states have alleged thatconspiracies among top gener-ics makers played out overyears at routine industryevents, including meals, par-ties and golf outings as well asthrough telephone calls,emails and text messages.

Teva has disputed the alle-gations.

The company’s U.S. unit alsowas hit with a separate civil

lawsuit from the Justice De-partment this month alleging itengaged in a scheme to gamethe Medicare system and propup high prices for its multiplesclerosis drug Copaxone. Tevadenied the allegations.

Teva is also among drugmanufacturers facing thousandsof lawsuits brought by states,cities and counties accusing itof helping spark the nation’sopioid crisis. Last year, Tevaagreed to a global settlementframework with several stateattorneys general to resolve theclaims, but so far nothing finalhas been announced.

Chief Executive Kare Schultzsaid in an interview this monthhe had hoped a deal would gothrough earlier this year, andthat talks are continuing.

Joseph James DeAngelo Jr.,also known as the GoldenState Killer, pleaded guilty inJune to 13 murders and 13rape-related charges. A U.S.News article Saturday aboutMr. DeAngelo’s sentencing in-correctly said he pleadedguilty last year to 13 murdersand more than 50 rapes.

Retail sales of alcohol haverisen during the pandemic fromthe year-earlier period. A Per-sonal Journal article Aug. 18

Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling888-410-2667.

CORRECTIONS AMPLIFICATIONS

change for deferred prosecu-tion agreements in which thegovernment would drop thecases eventually, as long asthe defendant companies ful-filled their obligations underthe settlements.

Among those that reachedsuch deals were Novartis AG’sSandoz subsidiary, which inMarch agreed to pay a $195million criminal penalty, andTaro Pharmaceuticals Inc.,which agreed last month topay $205.7 million.

The Justice Department al-leged Teva’s conspirators in-cluded Sandoz and Taro, aswell as Apotex, which agreedto pay a $24.1 million penaltyin May, and Glenmark Pharma-ceuticals, which is facingcharges the department an-nounced in June. The companyhas pleaded not guilty.

Teva had met with top Jus-tice Department brass to try topersuade them not to bring acase, and it was resistant to asettlement that would have in-cluded a deferred prosecutionagreement, a sizable financialpenalty and a requirement thatthe company admit wrongdo-ing, according to a person fa-

ContinuedfromPageOne

DrugmakerIndicted inPrice Case

In July and August, the SBAdisclosed the names of borrow-ers receiving PPP loans of$150,000 or more along with

U.S. NEWS

must be disclosed on a publiclysearchable website, USASpend-ing.gov. The disclosures mustinclude the name of the entityreceiving the award, theamount of the award and otherrelevant details.

“Once the PRAC learned inlate July that PPP informationwas not included in theUSASpending data, we formallyrequested full and ongoing ac-cess to this data from the SBAAdministrator,” Robert West-brooks, the committee’s execu-tive director, said in a state-ment to The Wall StreetJournal. “The PRAC requirescomplete PPP information tomeet its reporting responsibili-ties under the Cares Act and toensure transparency of corona-virus emergency spending.”

The SBA contends that dis-closing the names of loan re-cipients could violate theirprivacy because PPP loans arescaled to the size of a busi-

ness’s payroll.“SBA is acting, consistent

with legal requirements, toprotect this sensitive informa-tion for small businesses,” theagency said.

Advocates for disclosure sayit is important to gauge theprogram’s effectiveness. Pub-licly traded companies, big lawfirms, government contractorswith steady incomes, compa-nies accused of fraud, private-equity firms, hedge funds andluxury real-estate developersall participated in the programaimed at struggling small busi-nesses. The scrutiny has ledsome companies to give backthe money.

“Any attempt to conceal thisinformation could allow fraud-ulent behavior to go unde-tected and wasted taxpayerdollars to be kept secret,” saidRep. Carolyn Maloney (D., N.Y.),the top Democrat on the HouseOversight Committee.

loan ranges across five catego-ries ranging from $150,000 tothe maximum of $10 million.

Releasing the names of allthose who received loans of$25,000 or more would haveled to disclosure of about 1.8million additional recipients,the Journal estimates.

The SBA said the decision todisclose only PPP loans of$150,000 or more came as partof “bipartisan agreement withmembers of Congress to pro-tect small businesses from theharms that public disclosurecould cause.”

A spokesman for Sen. BenCardin (D., Md.), the top Demo-crat on the Senate Small Busi-ness Committee, said the initialagreement for disclosure“doesn’t preclude or exemptSBA from fully complying withfederal transparency laws.”

The SBA has confidentiallyshared the full list of PPP bor-rowers to congressional over-

sight committees and somewatchdog agencies, includingthe Justice Department andthe Government AccountabilityOffice. But the public has yet toget broader access to the data.

The 2006 law was amendedduring the Obama administra-tion to allow agencies to with-hold data that also wouldn’t bedisclosable under the Freedomof Information Act, which gov-erns public records requests.

In April, the SBA denied aJournal request for loan-levelPPP data. The Journal’s parentcompany, Dow Jones & Co., andother news organizations suedthe SBA to force it to disclosethe data. Last week, the SBAasked a judge for a summaryruling in its favor, arguing thatloan amounts aren’t disclosableunder FOIA because of busi-ness confidentiality. The litiga-tion is ongoing.

—Chad Daycontributed to this article.

A watchdog panel of gov-ernment inspectors general isasking the Small Business Ad-ministration to provide thenames of borrowers who re-ceived Paycheck ProtectionProgram loans of $25,000 andup, citing a 2006 law that re-quires their disclosure.

The request is being madeby the Pandemic Response Ac-countability Committee, apanel of inspectors generalfrom across the governmentthat is responsible for ensuringrelief funds appropriated underthe $2 trillion Cares Act andother pandemic relief measuresare being spent appropriately.

The 2006 Federal FundingAccountability and Transpar-ency Act says that loans,grants, contracts and otherforms of federal financial assis-tance totaling $25,000 or more

BY CEZARY PODKULAND RYAN TRACY

Watchdog SeeksMore Names of PPPBorrowers

$25,000 - $150,000:1.8million additionalloans disclosable byUSASpending.gov'sthreshold

Less than $25,000:2.7million notdisclosable byeither threshold

$150,000 ormore:700,000 recipientsdisclosed by SBA

Number of PaycheckProtection Program loans,by loan amount

Source: WSJ analysis of partial PPP loandisclosures made by SBA

Note: Data as of Aug. 8

WASHINGTON—Many home-owners who refinance theirmortgages in the next threemonths will avoid paying anadditional fee averaging $1,400,a federal regulator said.

Mortgage-finance giantsFannie Mae and Freddie Macwill delay a 0.5% surcharge onrefinanced home loans untilDec. 1, said the Federal Hous-ing Finance Agency, which reg-ulates them.

The decision came after anoutcry from industry groups,lawmakers and the WhiteHouse, saying the fee was inap-propriate in the middle of thecoronavirus pandemic andwould hurt consumers.

“It doubled the costs of refi-nancing for most of my cli-ents,” said Steve Walsh, presi-dent of Scout Mortgage inScottsdale, Ariz. “They don’tneed added costs right now.”

Record-low interest rates arespurring a refinancing boomthat is helping Americans copewith the recession by loweringtheir monthly mortgage pay-ments.

The fee adds an estimated$1,400 to the average mortgageguaranteed by Fannie and Fred-die, though that amount couldbe spread over the life of theloan, so borrowers would seeonly a modest increase inmonthly costs.

Fannie, Freddie and theirregulator had said the fee wasdesigned to make up for theroughly $6 billion they wereexpected to spend in responseto the pandemic, including bil-lions of dollars they set asideagainst possible loan losses.

The government-controlledcompanies guarantee abouthalf of the $11 trillion U.S.mortgage market.

Mortgage lenders welcomedthe delay. They said they hadbeen given essentially nowarning and would have topay the fee out of their ownpockets on refinancings thatwere in the pipeline before thefee was to take effect Sept. 1.

The Mortgage Bankers As-sociation had estimated thatlenders collectively wouldhave to pay $750 million infees on about $150 billion ofFannie and Freddie loans al-ready locked in.

The FHFA didn’t bow topressure to scrap the fee en-tirely, but it did agree to ex-empt loans with balances ofless than $125,000.

BY ANDREW ACKERMAN

MortgageRefinanceSurchargePostponed

P2JW239000-4-A00200-1--------XA

THEWALL STREET JOURNAL. * * * * * * Wednesday, August 26, 2020 | A3

U.S. NEWS

LOS ANGELES—Firefightersgained some ground on twomassive wildfires in NorthernCalifornia overnight Mondayinto Tuesday after hot andwindy conditions abated.

A 352,000-acre fire racingthrough Wine Country in andaround Napa County north ofthe San Francisco Bay Areawas 27% contained Tuesday,according to fire officials,while a second blaze that hasburned more than 363,000acres south of the Santa CruzMountains was roughly 17%contained.

Daniel Berlant of the Cali-fornia Department of Forestryand Fire Protection, known asCal Fire, said cooler tempera-tures and higher humidityhave aided firefighters acrossthe state during the past 24hours. But he warned that “weare going to be going back to awarming and drying trend.”

He said some evacuationorders have been lifted, in-cluding in the Santa CruzMountains where the CZULightning Complex fire hasbeen burning.

Mr. Berlant said there werea total of about two dozen ma-jor fires burning in the stateafter more than 13,000 light-ning strikes occurred, startingwith unusual lightning stormson Aug. 15. More than 1,400structures have been de-stroyed by the fires, accordingto the agency’s latest data.

Seven fire-related deathshave been reported statewide,including five in Wine Country.

The two largest fires cur-rently burning are the second-and third-largest in state his-tory and collectively haveburned more 716,000 acresand destroyed nearly 1,000structures. In total, about 1.25million acres, equivalent to thesize of Delaware, have burnedin California this month.

Across the Western U.S.,there are 93 large fires in 14states that have burned morethan 1.8 million acres, accord-ing to the National Inter-agency Fire Center.

On Monday, firefighters hadbeen preparing for the blazesto spread after the NationalWeather Service issued a red-flag warning for much of thenorthern part of the state,cautioning of possible light-ning strikes and erratic wind.By Tuesday, those conditionshad relented as a deep marinelayer led to high relative hu-midity inland, and a warningwas in place only for the mostnorthwestern part of the state,as well as Nevada.

The fires in Northern Cali-fornia have left a layer ofsmoke over much of the SanFrancisco Bay Area. Economicfallout from the Covid-19 pan-demic led to budget cuts thatput several wildfire-preventionprojects on hold.

BY ALICIA A. CALDWELLAND TALAL ANSARI

ProgressMade inContainingCaliforniaWildfires

Fierce winds are expected toextend far inland, he said.

Hurricane Laura was mov-ing northwest at a rapid clipover the Gulf’s warm waters,which are expected to fuel itsgrowth, with winds reaching115 mph before landfall.

Storm surge threatens astretch of coast from San LuisPass, Texas, to the mouth ofthe Mississippi River. Thesurge, combined with rainfallof 5 to 10 inches—with iso-lated instances of up to 15inches—could trigger wide-spread flash flooding and ur-ban flooding, the center said.

More than 430,000 homesin Texas and Louisiana, with areconstruction cost value of$88.6 billion, are at risk ofstorm-surge damage, accord-ing to an analysis by CoreLogicInc., a financial and propertydata firm.

Louisiana Gov. John Bel Ed-wards said the state was coor-dinating with federal authori-ties to pre-position pumps andother equipment to deal withthe storm’s effects.

Hurricane Laura gatheredstrength in the Gulf of Mexicoon Tuesday, as it churned to-ward the Texas and Louisianacoasts, where it is projected tomake landfall as a Category 3storm late Wednesday or earlyThursday.

The hurricane, a Category 1storm with 80 mile-an-hourwinds as of Tuesday evening,is forecast to unleash a stormsurge as high as 13 feet, caus-ing life-threatening flooding,according to the National Hur-ricane Center. Officials inTexas and Louisiana issuedmandatory evacuation ordersin a dozen coastal cities andcounties and voluntary evacu-ation orders in numerous oth-ers. Shelters prepared to re-ceive evacuees at a time whenthe coronavirus pandemic isgripping both states.

“There will be a lot of dev-astation wreaked upon Texas,as the storm sweeps through,”said Texas Gov. Greg Abbott ata news briefing Tuesday.

BY ARIAN CAMPO-FLORES

Hurricane Laura Barrels Toward Gulf Coast

KENOSHA, Wis.—Protestersangry over the shooting of aBlack man by police clashedwith law enforcement for athird night, and groups ofarmed citizens came out say-ing they were there to protectlocal businesses from looting.

The city has experienced vi-olent clashes, fires and lootingsince Jacob Blake, a 29-year-old Black man, was shot in theback by police on Sunday.

On Tuesday, Wisconsin Gov.Tony Evers declared a state ofemergency. Mr. Evers said heauthorized 250 Wisconsin Na-tional Guard troops to protectcritical infrastructure and as-sist Kenosha authorities. Ke-nosha officials said another100 law-enforcement officersfrom surrounding areas wereassisting local police. An 8p.m. curfew was in effect.

“We will continue to workwith local, state and federallaw enforcement in holdingthose criminals who are de-stroying our city responsible,”said Mayor John Antamarianin a statement.

Josh Binninger, 41, a Racineresident who said he was bornand raised in Kenosha, stood inthe parking lot of Ricchio Auto-Works with a few dozen otherarmed people on Tuesdaynight. Mr. Binninger had anAK-47 slung across his chestand was wearing a tactical vest.

He said similar groups—more than 200 people overall—were stationed at other busi-nesses and properties aroundKenosha. He had organizedthem via a Facebook post.

“We’re here because we justwatched our hometown be ter-rorized and burnt down thelast two days,” Mr. Binningersaid. “We’re not here to be ag-itators.”

Gates were erected aroundthe Kenosha County Court-house, a site of previous

clashes between protesters andpolice. Some protesters rattledthe gates, and police in riotgear yelled at them to go home.

Police shut down gas sta-tions to prevent further incin-eration of the city. Some pro-testers came with their owngas cans and launched fire-works at the police. Large car-avans of cars, many with ob-scured plates, were reported tobe blocking the streets, accord-ing to police scanner traffic.

Unrest overnight Mondayleft government buildingsdamaged and businessestorched downtown.

“I’m devastated,” residentKatie Gray, 36, said. “I’m dev-astated for multiple reasons.I’m devastated because thisman got shot in front of histhree kids.”

In the Uptown area, a ra-cially diverse neighborhoodabout a mile from downtown,onlookers gathered Tuesday ona sidewalk behind yellow policetape to watch firefighters spray

water on a strip of still-smol-dering buildings: a beauty shop,a restaurant and a cellphonestore. Lonnie Stewart, 60, wasangry that the Family Dollarstore down the street, one ofthe few places locals can walkto get groceries, was looted.

In a video that went viralSunday, Mr. Blake is shownrounding a silver SUV as offi-

cers follow with weaponsdrawn. An officer can be heardscreaming, “Drop the knife,”but it isn’t clear from thevideo whether Mr. Blake isholding anything. When Mr.Blake opened the door of thevehicle, an officer grabbed histank top and shot him multipletimes from behind. Anothervideo with a different angle ofthe shooting, which left Mr.Blake hospitalized, showed of-ficers trying to pin him to theground seconds before firing.

At a news conference Tues-day, Mr. Blake’s mother, JuliaJackson, called for an end tothe violence in her son’s name.“Let’s use our hearts, our loveand our intelligence to worktogether to show the rest ofthe world how humans aresupposed to treat each other,”she said. “America is greatwhen we behave greatly.”

Attorneys representing Mr.Blake said at least one bulletwent through his spinal cord,leaving him paralyzed for now.

His liver and kidney weredamaged, he has holes in hisstomach, and his colon andsmall intestine were removed,they said. He also was shot inhis arm.

Patrick Salvi, one of Mr.Blake’s attorneys, said theyplan to file a civil lawsuit toseek money to pay for Mr.Blake’s medical care and tohold police accountable. An-other attorney said they wantthe officers who shot Mr.Blake to be fired.

The police haven’t commu-nicated with the family or Mr.Blake’s attorneys, they said.

On Monday, police said theywere responding to a domesticincident when the shooting oc-curred. They haven’t said ifMr. Blake was charged withanything.

According to a Broadcastifyrecording of police radio fromSunday night, officers went toMr. Blake’s home after a callersaid that he had taken somekeys and was refusing to givethem back.

Police also haven’t said ifthe officers who shot Mr.Blake were wearing body cam-eras. In 2017, the city voted toapprove body cameras for itsofficers but tabled the idea be-cause of the roughly $1 millionexpense and unresolved issuesabout privacy and how datashould be stored.

Court records show Mr.Blake was arrested for drivingwithout a license in 2018.There also was a warrant forhis arrest filed in WisconsinCircuit Court in July oncharges of criminal trespass,domestic abuse and third-de-gree sexual assault.

Ben Crump, an attorney re-tained by Mr. Blake’s family,has said Mr. Blake was helpingto de-escalate the situation onSunday when officers initiallyused a stun gun on him, andthat Mr. Blake was walkingaway from police to check onhis children when he was shot.

BY ERIN AILWORTHAND JULIE WERNAU

New Unrest Roils Wisconsin City

Protesters shelter from tear gas and pepper balls fired by law enforcement during a demonstrationover the police shooting of Jacob Blake, below. Mr. Blake is paralyzed for now, his lawyers said.

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role and is serving on an un-lawful basis, potentially jeopar-dizing policies he enacted ifthey are challenged in court.

Mr. Wolf was elevated tothe top job after White Houseofficials determined that Mr.Trump’s preferred picks at thetime, Ken Cuccinelli, now theDepartment’s second-rankingofficial, and Mark Morgan, theacting commissioner of U.S.Customs and Border Protec-tion, weren’t eligible for theacting post under a federallaw governing vacancies.

Mr. Wolf was initiallyviewed by many in the admin-istration as a caretaker of the17-year-old agency until Mr.Trump could find someonesuitable to nominate for thepermanent post. In the ensuingmonths, Mr. Wolf gained Mr.Trump’s trust, people close toboth men say, as he carried outa crackdown at the U.S.-Mexicoborder.

He sent Homeland Securityagents to Portland, Ore., inJuly, thrusting the departmentinto a national debate over therole of federal agents in quell-ing unrest in the city.

President Trump will nomi-nate Chad Wolf, the actingsecretary of Homeland Secu-rity, to serve permanently inthat role, the president wrotein a tweet on Tuesday.

Mr. Wolf has been leadingthe Department of HomelandSecurity on an acting basissince November, after the res-ignation of Kevin McAleenan,who was never confirmed byCongress. The Departmenthasn’t had a Senate-confirmedleader since April 2019, whenthen-Secretary Kirstjen Niel-sen resigned, the longest sec-retary-level vacancy in history.

Mr. Trump has come underbipartisan criticism for his re-liance on acting officialsacross the government, andparticularly at DHS, whereacting officials also fill thesecond- and third-rankingroles, as well as running itsthree immigration agencies.

Earlier this month, the Gov-ernment Accountability Officeconcluded in a nonbinding re-port that Mr. Wolf was improp-erly appointed to his acting

BY MICHELLE HACKMAN

Trump to NominateWolf as Chief of DHS school officials said the board

of trustees met via conferencecall on Tuesday and unani-mously accepted Mr. Falwell’sresignation.

The statement said theboard “used most of its meet-ing to focus forward on theuniversity’s future and stepsthat could be taken to ensureit remained true to its mis-sion.”

Mr. Falwell resigned Mon-day after a series of scandalsinvolving his social-mediaposts and accusations abouthis personal behavior.

In an interview late Mondaynight, Mr. Falwell said hewouldn’t have to sue to getpaid. “I didn’t break anyrules—I get my compensation,”he said.

He noted earlier Mondaythat some rules that apply toLiberty students, like a ban onalcohol, don’t apply to staff.

Some alumni, students andformer employees reacted withrelief that Mr. Falwell, the sonof the school’s founder andone of President Trump’s mostardent evangelical supporters,was gone. Allegations abouthis personal behavior hadmounted throughout August,

and he was placed on an indef-inite leave of absence earlierthis month before resigning onMonday.

Brooke Smoke, who re-sumed classes at the Lynch-burg, Va., campus this weekalong with thousands of otherstudents, said she hoped theschool would make majorchanges in Mr. Falwell’s wake.

“I’m hoping they’ll focusmore on the Christian aspect

of Liberty and not the politicalaspect,” said Ms. Smoke, a 22-year-old senior.

But the school may face in-ternal disagreements abouthow best to move forward.

Dustin Wahl, an alumnuswho founded an organization,Save71, devoted to ousting Mr.Falwell, said people in the ad-ministration and on the boardof trustees had failed to hold

Mr. Falwell accountable andthey weren’t the right peopleto put the school on a newcourse. The name of the grouprefers to 1971, the year Libertywas founded.

Mr. Falwell’s compensationhas swelled as Liberty grewinto an online learning jugger-naut during his tenure. In2008, his first full year as headof the university, he earnedjust $271,000 in pay and bene-fits, according to tax filings.

Liberty enrolls more than47,000 undergraduates and38,000 graduate students, ac-cording to the latest availablefederal figures from fall 2019.Of those students, 72% of un-dergraduates and 94% of grad-uates study exclusively online.

The school earns about $1.2billion in revenue annually,about 84% of which comesfrom tuition and fees, the taxfiling covering fiscal 2018shows. Its assets total morethan $2.8 billion.

Much of the university’srevenue is bolstered by federalstudent aid. In the 2020 schoolyear, Liberty undergraduateand students received $676million in federal studentloans, federal data show.

Liberty University owesJerry Falwell Jr. a total ofabout $10.5 million over thenext two years after he re-signed as president of the na-tion’s largest evangelical col-lege following several scandals,according to a person close toMr. Falwell with knowledge ofhis employment contract.

Mr. Falwell is due his $1.25million salary for two years,followed by a lump-sum pay-ment of about $8 million, be-cause of a clause in his con-tract that allowed him toresign with full pay if his re-sponsibilities were curtailed,which they were when he wasput on an indefinite leave ofabsence two weeks ago, theperson said.

Mr. Falwell has agreed toconsult for the school duringits transition to a new admin-istration, the person added.

A spokesman for Libertydidn’t respond to requests forcomment, including about howmuch the school might oweMr. Falwell in compensationfollowing his resignation.

In a written statement,

BY IAN LOVETTAND ANDREA FULLER

University Said to Owe Falwell Millions

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Source: NOAADylan Moriarty and Max Rust/THE WALL STREET JOURNAL

Category 37 p.m.Wednesday

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Jerry FalwellJr. is said tobe owed $10.5million underhis contractwith LibertyUniversity.

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As President Trump prepares to accept the nomination, campaign-finance records are shedding light on the magnitude of his effort.

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move, saying that he was politi-cizing a government function andthat his policies during the pan-demic have shut downmost legalimmigration avenues. A WhiteHouse spokesman dismissed theidea that anything was inappro-

mission overseas, and politicalactivity is generally not con-ducted on White Housegrounds.

Mr. Pompeo’s speech extolledforeign-policy decisions by thepresident, including the deadlystrike on Iranian military leaderQassem Soleimani and movingthe U.S. Embassy to Jerusalem.“President Trump has put hisAmerica First vision into ac-tion,” he said. “It may not havemade him popular in every for-eign capital, but it has worked.”

A Democratic-led congressio-nal committee said it wouldopen an investigation intowhether Mr. Pompeo’s speech,which he recorded during a tripaimed at urging Arab countriesto forge formal ties with Israel,violates federal regulations orState Department guidelines onpolitical activity.

The State Department said itwouldn’t bear any costs in con-nection with his appearance and

ContinuedfromPageOne

presidential ambitions, butconvention speaking slots cangive rising stars an opportunityto introduce themselves andleave an impression on theAmerican public.

“Getting on the stage, espe-cially during prime time, pro-pels you into the conversation,”said Steve Grubbs, an Iowa-

based Republican strategist andformer state party chairmanwho advised the unsuccessful2016 presidential bid of Sen.Rand Paul of Kentucky. “Thatconversation matters in becom-ing an early front-runner andfinding money.”

What the GOP will be lookingfor in 2024 could depend on the

outcome of November’s elec-tion. If Mr. Trump wins a sec-ond term, he is likely to play astrong role in shaping theparty’s future. If he loses to for-mer Vice President Joe Biden,or if Democrats take control ofboth chambers of Congress, theparty could find itself in moreof a soul-searching mode.

smaller,” one adviser said. “Ifyou play the game, play witheverything you got. That’s allwe had in 2016.”

Incumbent presidents tradi-tionally have larger cam-paigns—though not usually bysuch a large margin—becausethey are able to raise moremoney. After being outpacedin fundraising in 2016 by Mrs.Clinton, the Trump campaignthrough July raised more than$426 million, more than threetimes what it had raised bythat point four years ago.

Yet the campaign’s heftyspending has raised eyebrowsamong some Trump allies,who wonder where the moneyis being spent as national pollsshow Mr. Biden with a sub-stantial lead.

“They’ve already spent asmuch as 2016, and they’re los-ing to Joe Biden,” one WhiteHouse official said last month.

Courtney Parella, theTrump campaign’s deputy na-tional press secretary, said thecampaign was in good shape“thanks to the record enthusi-asm for President Trump andthe solid infrastructure we’vebuilt on since 2016.” Trumpcampaign manager Bill Stepienhas said the campaign’s inter-nal polling shows the presi-dent in “strong standing.”

The Trump campaign inJuly spent about $5 millionmore than Mr. Biden, and hasspent $93 million more thanMr. Biden’s campaign over thecourse of the election, FEC fil-ings show.

THE REPUBLICAN CONVENTION

month, preferring instead torely on free media. Mrs. Clin-ton’s largest expenses, in con-trast, were on payroll, traveland advertising.

The Trump campaign’s ex-pense report this time aroundlooks considerably more tradi-tional. The campaign’s largestshares of expenses in Julywere on advertising, mailersand payroll, according to Fed-eral Election Commission fil-ings—though the campaignalso spent more than $1.7 mil-lion on merchandise such asstickers, apparel and signs.

During the Democratic Na-tional Convention last week,the Trump campaign mounteda digital ad campaign attackingJoe Biden, spending more than$10 million to temporarily takeover advertising on the home-pages of The Wall Street Jour-nal, the Washington Post andthe Daily Caller as well as theYouTube masthead, a cam-paign official said. It expectsto spend a similar amount dur-ing the Republican conventionthis week, the official said.

According to FEC filings,the campaign in July had morethan 200 staffers on the pay-roll, many of whom are basedin a sprawling Arlington, Va.,office building. That numberdoesn’t account for some ad-visers paid through their con-sulting firms. Four years ago,that number was less than 80.

Campaign advisers say thegoal was always for the 2020operation to be bigger. “Imean, Jesus—that operationwas so tiny, it couldn’t be

WASHINGTON—Nearly fouryears after Donald Trump’sskeletal campaign propelledhim to a surprise victory, hisoperation looks a lot more likethe behemoth Hillary Clintonbuilt.

As President Trump preparesthis week to accept the Republi-can nomination for presidentfor a second time, new cam-paign-finance records shed lighton the magnitude of his opera-tion. Through the end of July,with more than three months togo before the election, theTrump campaign already hadspent $323 million, more thanthe $321.8 million it spent inthe entire 2016 election cycle—and more than the $258 millionMrs. Clinton’s campaign spentthrough July 2016.

Mr. Trump entered the gen-eral election four years agowith the most thinly fundedand staffed campaign for anominee in recent memory,which left him nearly entirelyreliant on the RepublicanParty for the basic functionsof a campaign. His operation’ssingle largest expense in themonth before the 2016 Repub-lican convention was on cam-paign merchandise such as T-shirts and stickers. He spentjust $150,000 on ad buys that

BY REBECCA BALLHAUS

Re-ElectionBid Dwarfs2016 EffortPresident’s operationhas spent more than itdid in the entire racefour years ago

The TrumpOperationPresident Trump's campaign brought in $72million in July,nearly double what his campaign raised in July 2016.

Campaign revenue/spending

Source: Federal Election Commission

JULY 2020

Trump

Biden

Spent $64.5million

Raised $72.0million

$59.7

$63.4

JULY 2016

Trump

Clinton$38.2

$52.3

$18.5

$36.7

JULY 2020

Trump campaign topspending categories

Placed (TV/radio/print)media

Online advertising

SMS (textmessage) advertising

Direct-mail printing and postage

Payroll

$34.2million

$9.8

$3.3

$2.4

$2.0

Some potential 2024 GOPcandidates who haven’t alwayssupported Mr. Trump in recentyears are expected to miss theRepublican convention. That in-cludes Maryland Gov. Larry Ho-gan, who has been critical ofthe president’s handling of thecoronavirus pandemic, and Ne-braska Sen. Ben Sasse, anotherfrequent critic.

Also absent are former Presi-dent George W. Bush and 2012Republican presidential nomi-nee Mitt Romney, now a senatorfrom Utah. Both have been criti-cal of Mr. Trump and neitherhas endorsed his re-election.

That stands in contrast withlast week’s Democratic conven-tion, which featured every liv-ing former Democratic presi-dent as well as the party’s 2004and 2016 presidential nominees.

Three Floridians mentionedas possible 2024 GOP candi-dates—Gov. Ron DeSantis andSens. Marco Rubio and RickScott—haven’t been named asconvention speakers.

Two other senators, 2016presidential candidate Ted Cruzof Texas and Josh Hawley ofMissouri, who has drawn na-tional attention in recent years,also aren’t scheduled to appear.

Ms. Haley, who served asambassador during the firsthalf of Mr. Trump’s adminis-tration, highlighted her par-ents’ immigrant story and out-lined her accomplishments asgovernor, which overlappedwith the current Democraticpresidential nominee’s time asvice president.

“Everything we did hap-pened in spite of Joe Biden andhis old boss,” said Ms. Haley, aonetime critic of Mr. Trumpwho defended him Monday.“We cut taxes. They raisedthem. We slashed red tape.They piled on more mandates.”

Mr. Scott of South Carolina,the only Black Republican sena-tor, argued for greater schoolchoice. He also suggested thatthe nation is making progressin addressing racial division,even if it doesn’t always seemthat way.

“We live in a world that onlywants you to believe in the badnews, racially, economically andculturally polarizing news,” hesaid. “The truth is, our nation’sarc always bends back towardsfairness. We are not fully wherewe want to be, but I thank Godalmighty that we are not wherewe used to be.”

This week’s Republican Na-tional Convention offers thebiggest opportunity yet for sev-eral politicians who could seekthe party’s 2024 presidentialnomination to showcase them-selves as potential successors toPresident Trump.

Two South Carolinians, for-mer governor and U.N. Ambas-sador Nikki Haley and Sen. TimScott, spoke during prime timeMonday on the convention’sopening night, along with Mr.Trump’s eldest son, DonaldTrump Jr. They will be followedon subsequent nights by VicePresident Mike Pence, Sen. TomCotton of Arkansas and others.

Secretary of State MikePompeo, another potential2024 candidate, delivered a re-corded address from Israel thatwas played Tuesday evening.His decision to speak to theconvention while on a tax-payer-fund trip sparked com-plaints from former diplomatsand congressional Democratsthat he had crossed the tradi-tional boundary between diplo-macy and politics.

It is still early for Republi-cans to publicly discuss future

BY JOHN MCCORMICK

Potential 2024 Candidates Get Platform of Their Own

Republican Sen. Tim Scott of South Carolina got a prime-time speaking slot at the convention on Monday.

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wasn’t involved. Mr. Pompeo isthought of as a future GOP pres-idential candidate.

Mr. Trump’s aides have de-fended the unconventional ar-rangements of speaking fromthe White House after the partywas forced to cancel most of itsin-person convention events dueto the pandemic. A governmentbody charged with enforcing therule that restricts political activ-ity by federal employees saidMr. Trump could speak from theWhite House.

The Biden campaign in astatement said, “Like his manyfailures throughout theCOVID-19 pandemic, Republi-cans and the Trump campaignare trying to use their conven-tion to create an alternate real-ity and distract from the crisisthey created.”

Mr. Trump made his first ap-pearance early in the program.In a video, he said he was issu-ing a pardon for one conventionspeaker, Jon Ponder, who wasconvicted of bank robbery andbecame an advocate for felonrehabilitation. Mr. Ponderpraised Mr. Trump’s work oncriminal justice reform.

Just after 10 p.m., Mr. Trumpappeared again from the WhiteHouse for a naturalization cere-mony featuring five newU.S. citi-zens. Democrats criticized the

priate about the ceremony.Two of Mr. Trump’s children

gave some of the most chargedspeeches, lashing out at thenews media and political oppo-nents. Tiffany Trump said thecontest is a “fight for freedomversus oppression.” Eric Trumpsaid, “The Democrats want todefund, destroy and disrespectour law enforcement.” Mr. Bi-den has said he doesn’t supporta push by some activists to de-fund police departments.

The program also featuredpeople the campaign picked tohighlight Mr. Trump’s policies.

Cultural issues gained thespotlight with a speech from astudent whose encounter with aNative American activist at theLincoln Memorial in Washing-ton last year became a viral mo-ment. “I learned that what washappening to me had a name. Itwas called being canceled,” saidNicholas Sandmann of Ken-tucky. “Canceled is what’s hap-pening to people around thiscountry who refuse to be si-lenced by the far left.”

Mary Ann Mendoza, whoseson was killed by a drunkendriver in the country illegally,planned to speak but waspulled from the program aftershe encouraged her Twitter fol-lowers to read a thread that in-cluded anti-Semitic ideas. She

apologized, saying she shared it“without reading every postwithin the thread.”

The speech was a return tothe convention stage for Mrs.Trump and a chance for a redo.In 2016, her speech drew accu-sations of plagiarism over simi-larities to words by MichelleObama.

Mrs. Trump has kept a lowerprofile than some of her prede-cessors, but she has put energyinto an antibullying effort. Shejust oversaw a redesign of theRose Garden, where she spokeTuesday before an audience.The campaign had discussedgiving her more of a role, in-cluding heading fundraisers,though that has been curtailedby the pandemic.

Mr. Pompeo’s appearance ledto questions from the HouseForeign Affairs Committee,whose chairman, Rep. Eliot En-gel (D., N.Y.), pointed to StateDepartment documents he said“clearly” show a violation of le-gal restrictions interpreted bydepartment lawyers and reiter-ated by Mr. Pompeo in a Julymemo to employees. A subcom-mittee chairman said he waslaunching an investigation.

Neither the State Depart-ment nor the Trump campaignresponded to requests forcomment.

First Lady,PompeoMake Case

In the SpotlightOnWednesday

Vice President Mike Penceis set to speak from FortMcHenry, the national monu-ment in Baltimore, on thethird day of the RepublicanNational Convention. Otherscheduled speakers include:

u Second lady Karen Penceu Tennessee Sen. MarshaBlackburnu Iowa Sen. Joni Ernstu South Dakota Gov. KristiNoemu New York Rep. EliseStefaniku Kellyanne Conway, adviserto the president. Ms. Conwaysaid late Sunday she wasleaving the administration atthe end of the month, and itwasn’t known whether shewould keep her slot at theconvention.

The first night of the Re-publican National Conventiondrew 17 million viewers, ac-cording to Nielsen, underper-forming the opening nights ofboth last week’s Democraticevent and the 2016 Republicanconvention.

TV viewership of Monday’sevent, which includedspeeches from PresidentTrump and his son DonaldTrump Jr., was 14% smallerthan the first night of theDemocratic National Conven-tion, which drew 19.7 millionviewers, according to Nielsen.

The first night of the Re-publican and Democratic nom-inating conventions both hadsmaller TV audiences thanfour years ago. The decline inTV viewership of the conven-tions reflects, in part, Ameri-cans’ shifting media-consump-tion habits. As millions ofhouseholds cut the cable cord,political discourse is increas-ingly moving online.

BY BENJAMIN MULLIN

Event Draws17 MillionViewers

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U.S. NEWS

client meetings and confer-ences in the final months ofthe year shows no signs of re-turning. Governments aroundthe world are still restrictingtravel—including between theU.S. and Europe—cutting offlucrative international trafficfor major airlines.

“I’m afraid it’s hard to bepositive for anything betweennow and the end of the year,”said John Grant, chief analystat airline data provider OAG.

American’s reductions in-clude 17,500 furloughs of pi-lots, flight attendants, me-chanics and others, as well as1,500 cuts from managementand administrative ranks. Theycover American Airlines itselfas well as the two regional air-lines it owns.

Other airlines includingAlaska Air Group Inc., JetBlueAirways Corp. and Spirit Air-lines Inc. have said they wouldbe able to avoid furloughs atleast for pilots, who are ex-pensive to train and difficultto replace.

Southwest Airlines Co. hassaid it can likely managethrough this year without let-ting employees go after thou-sands agreed to take extendedleaves or depart on their own.

“They did a good job entic-ing people away,” said CharlieMattingly, one of the hundredsof pilots who accepted South-west’s early-retirement offerand recently made his lastflight. The prospect of givingup a decadeslong career wasan emotional one for many,said Mr. Mattingly, who is alsoa principal at Leading Edge Fi-nancial Planning, which pro-vides financial advice to pilots.

“I’ve been a pilot for 23years,” he said, “and I’m not apilot anymore.”

patients who got plasma withhigh levels of antibodiesshowed an approximately 35%survival advantage over pa-tients who got plasma withlower antibody levels. The pa-tients who benefited were un-der age 80, not on mechanicalventilation and received theplasma within three days ofdiagnosis of their illness.

Scientists who weren’t in-volved in the recent convales-cent- plasma studies agreedthat there is a case to be madein support of the FDA decision.What has been missing is anopen discussion about the prosand cons of the emergency au-thorization and its conse-quences, said Joshua Sharf-stein, a professor at JohnsHopkins Bloomberg School ofPublic Health and former se-nior FDA official who was in-volved with EUAs during theswine-flu outbreak in 2009.

Others said even under anEUA’s lower standard of evi-dence, convalescent plasmafalls short. “We can’t saywhether you are better off get-ting convalescent plasma thana placebo,” said David Magnus,professor of medicine and bio-medical ethics at StanfordUniversity. “It is plausible as acandidate for research, not

clinical care.”Before the Sunday decision,

the vast majority of Covid-19patients who got access toconvalescent plasma did sothrough the large FDA-spon-sored expanded-access pro-gram led by the Mayo Clinic.In the program, set up inApril, more than 72,000 hospi-talized patients received con-valescent plasma transfusionsthrough a process also knownas “compassionate use” access,streamlined to fill urgent re-quests of doctors looking tosave patients’ lives.

Investigators have reportedsafety data involving the first5,000 patients, then 20,000,providing reassurance that theplasma appeared safe to use.

The question of whetherconvalescent plasma works al-ways lingered. All patients re-ceived the experimental treat-ment in the expanded-accessstudy, so investigators can’tmake comparisons betweenresults in patients who getplasma versus those whodon’t. As a result, they can’tbe certain that improved out-comes are due to the plasma.

The EUA in some waysmakes it easier to access con-valescent plasma, by removingsome of the regulatory barri-

ers. It enables patients to getplasma at hospitals that previ-ously weren’t able to offer itbecause they lacked the re-quired staffing and resourcesto participate in the expanded-access program.

Patients also don’t have tosign up for a randomized clini-cal trial—something theymight have been reluctant todo because they would risk be-ing assigned to a controlgroup and denied plasma.

The EUA applies only to hos-pitalized patients: Outpatients,or healthy people seekingplasma because of exposure tothe coronavirus, might have toenroll in clinical trials designedfor those populations. Doctorsmay also file emergency re-quests with the FDA, whichmight not approve them.

Jesse Goodman, a professorat Georgetown University anda former chief scientist at theFDA, said promising data out-side the rigors of a clinicaltrial can be deceptive. Eventhough an EUA isn’t the samething as a drug approval, Dr.Goodman said, “many peopleportray it as one, and believeit is one. We need to make itvery clear in ways people canunderstand that they are get-ting an unapproved product.”

ment surged in recent months.Airlines agreed not to let anyworkers go through the end ofSeptember as a condition ofthe $25 billion they receivedunder a broad economic stim-ulus package passed in March.Efforts to secure another $25billion in funds to keep airlineworkers in their jobs throughthe end of March 2021 gar-nered bipartisan support buthave stalled in recent weeks,as Congress has been unableto reach an accord

“It was assumed that bySept. 30, the virus would beunder control and demand forair travel would have re-turned. That is obviously notthe case,” American Chief Ex-ecutive Doug Parker and Presi-dent Robert Isom wrote in amessage to employees Tues-day. American plans to fly lessthan half its typical schedulein the fourth quarter.

Airlines had hoped to pre-vent the tumult the industryand its workers experiencedafter the Sept. 11, 2001, terror-ist attacks, when carrierswithin a matter of weeks out-lined plans to let go tens ofthousands of employees.

After years of turmoil, in-cluding the 2008 financial cri-sis and the waves of bankrupt-cies and consolidation ittriggered, airline employmentlevels only recently returnedto near where they stood be-fore Sept. 11. Airlines’ ranksswelled by about 20% in thepast decade as the industryenjoyed a record-long stretchof profits, according to figuresfrom the Bureau of Transpor-tation Statistics. Airlines’ big-gest labor challenge before thepandemic was finding enoughpilots to keep up with surgingtravel demand.

The pandemic is set to havean even deeper and longer-lasting impact on airlines’ fi-nances than 9/11, several in-dustry executives have said.

Carriers have spent monthstrying to lure passengers backonto planes after the pandemicnearly halted travel in the

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AmericanAirlinesPlans Cuts

Air-travel demand has stalled at around 30% of last year’s levels.

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Food and Drug Administra-tion officials pushed backagainst claims that their au-thorization of convalescentblood plasma treatments forCovid-19 had been politicized,as the partisan brushfire ob-scures several scientific andpublic-health ramifications ofthe agency’s decision.

The FDA on Sunday autho-rized antibody-rich convales-cent plasma, derived from pa-tients who have survived thevirus, as a potentially effectivetherapy against the new coro-navirus. The authorizationcame after President Trumpcriticized the agency for de-laying the decision, assertingthat it might be part of a“Deep State” attempt to sabo-tage his re-election campaign.

That, in turn, brought claimsthat the FDA authorized thetherapy under pressure fromMr. Trump—which agency offi-cials rejected Tuesday.

FDA chief Stephen Hahnsaid on CBS that the agency’sdecision wasn’t influenced bypolitical pressure. He said hehad inadvertently mischarac-terized some data at a WhiteHouse news conference, butthe authorization “was basedon sound science and data.”

Emergency-use authoriza-tions have been used duringprevious pandemics, and sci-entists and government offi-cials have sometimes dis-agreed on how to interpret thedata. EUAs are temporary andhave a lower regulatory stan-dard than the standard appliedfor a drug approval.

In a statement Tuesday, Pe-ter Marks, a senior FDA offi-cial involved in the convales-cent plasma decision, said theFDA reviewed data fromsources including over a dozenstudies and from a nationalFDA-sponsored expanded-ac-cess study led by the MayoClinic. He underscored thatconvalescent plasma’s poten-tial benefits outweigh poten-tial risks—meeting the stan-dard for authorization in apublic-health emergency.

FDA scientists found some

BY AMY DOCKSER MARCUSAND THOMAS M. BURTON

Politics Clouds Covid-Plasma Science

The FDA’s Stephen Hahn, left, with Health and Human Services Secretary Alex Azar on Sunday.

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decline nationally, despite anuptick on Monday, health offi-cials and business leaders inrural parts of Illinois are rais-ing alarms about rising infec-tion rates that are fueling asteady increase in positivecases statewide.

In the past two weeks, eightof the 10 counties in Illinoiswith the fastest rates of newCovid-19 cases per capita werein smaller nonmetropolitancounties, according to an anal-ysis of data tracked by JohnsHopkins University.

This is a reversal from anearlier trend, which saw CookCounty, which includes Chi-cago, leading the state in coro-navirus infections. SinceMarch, Cook County has ac-counted for about 55% of thestate’s Covid-19 cases. But itscontribution has slowed ascases have spread to othercorners of the state.

In rural Effingham County,population 34,000, casessurged from a few dozen inmid-July to 427 as of Sunday.That increase gave the countythe highest rate of cases bypopulation for the week endedAug. 17, with more than 400cases per 100,000 residents.Cook County had a rate ofabout 100 cases per 100,000residents for that week.

“For a long time, it seemedlike it was in the urban areas,and now a lot of the urban ar-eas are tapering off,” said JeffWorkman, administrator forthe health department in Eff-ingham County. “It is frustrat-ing, honestly. We need tosomehow convey to peoplethat they need to wear masksand social distance.”

The U.S. reported 38,045new cases on Monday, accord-ing to Johns Hopkins. That is

up from 34,567 on Sunday butstill an improvement from lastweek, when cases topped40,000 most days and neared50,000 on some.

The rise in rural infectionsin Illinois continues a summertrend. New cases in the state’s75 nonmetropolitan countieshave outpaced those in thestate’s 27 metropolitan coun-ties since the middle of July,according to Johns Hopkins.

The shift follows a broadertrend in the Midwest sinceJuly in which cases in rural ar-eas have outpaced those in ur-ban ones in several states.

On Monday, the Illinois De-partment of Public Health an-nounced 1,612 new Covid-19cases. The state has had221,790 cases since the startof the pandemic.

Ngozi Ezike, director of thestate health department, saidlast week that while the posi-tivity rate for the nation as awhole declined over the previ-ous four weeks, it had in-creased for Illinois during thatperiod. “We’re going in thewrong direction,” she said.

The rise in cases across Illi-nois comes as students are re-turning to K-12 schools anduniversities, which could leavethe state in a bad position ifinfections spread more thisfall as the weather cools,health officials say.

Diana Stenger, administra-tor for the health departmentin Coles County, attributes arecent surge in cases to youngpeople having parties to saygoodbye to friends beforeheading to college.

The county, with about53,000 residents, has had 827cases and 20 deaths. Its rateof new cases was recentlythree times that of CookCounty.

—Maureen Linkecontributed to this article.

BY KRIS MAHER

Cases JumpIn Rural PartsOf Illinois

spring. They have developedmore-thorough cleaning proce-dures and toughened rules re-quiring passengers to wearmasks. They have struck part-nerships with medical institu-tions such as the Mayo Clinicand brands like Clorox. Theyhave offered deep discounts.

Nevertheless, travel de-mand has stalled at around30% of last year’s levels. Exec-utives believe it will takeyears—and likely a vaccine—for it to fully rebound.

“We are six months intothis pandemic, and only 25%of our revenues have been re-covered,” John Laughter, se-nior vice president of flight

operations, told Delta pilots ina memo Monday. “Unfortu-nately, we see few catalystsover the next six months tomeaningfully change this tra-jectory.”

Airlines had hoped thatsummer would bring highertravel numbers. Americanmade plans to sharply expandflying to capture the increasedtraffic as demand started torise in May and June. But theearly optimism waned quicklyas the virus continued spread-ing, triggering new travel re-strictions that damped traveldemand in July. Airlines beganto scale back their plans.

The corporate traffic thatwould typically ramp up in thefall as business travelers jet to

The pandemic is setto have a longer­lasting impact onairlines than 9/11.

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Vietnamese master.Revolutionary style.Delicate artistry.This original oil wascomposed by Le Pho,one of the two mostimportant Vietnamesepainters of all time. Theartist is renowned for hisportrayals of women andchildren, with imagerythat brings together the

Asian tradition with the revolutionary Post-Impressionist style of HenriMatisse and Pierre Bonnard, whom he painted with in France in the1940s. Circa 1970. Canvas: 381/4”h x 511/4”w; Frame: 447/8”h x 577/8”w. #31-1584

East Meets WestLe Pho

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A6 | Wednesday, August 26, 2020 * * * * * THEWALL STREET JOURNAL.

MOSCOW—The Kremlin saidit had no involvement in thesudden illness of Russian dissi-dent Alexei Navalny and ques-tioned the assertion by Germandoctors that he was poisoned,pushing back against demandsfromWestern leaders for an in-quiry into the latest suspectedattack against a critic of Presi-dent Vladimir Putin.

The exact circumstances sur-rounding the illness of Mr. Na-valny, who remains in a coma ina Berlin hospital, are a mystery.

Kremlin spokesman Dmitry

Global trade flows collapsedin the spring, marking thelargest fall in two decades, ascoronavirus lockdowns dis-rupted air and sea transportand dealt a blow to the de-mand for many consumer andinvestment goods.

In more recent weeks, signshave emerged of a rebound inthe movement of goods acrossnational borders. But the enor-mous economic and social dis-ruptions caused by the pan-demic are expected to reshapeglobal trade in the longer term.

Global trade had weakenedbefore the crisis, hobbled bytrade tensions and fresh tar-iffs. Coming in addition tothose disruptions, the pan-demic has raised fresh ques-tions about the resilience ofsupply chains that stretchacross the globe and drive athird of world trade.

Now, some governments—stung by shortages of domesti-cally made medical supplieswhen the pandemic hit andworried about a reliance onChinese-made products—areadvocating the erection oftrade barriers and are pushingto bring manufacturing home,in what could be a rebalancingof world trade after the globalhealth crisis abates.

The CPB Netherlands Bu-reau for Economic Policy Anal-ysis on Tuesday said flows ofgoods across borders were12.5% lower in the threemonths through June than inthe first quarter of the year.That was the largest dropsince records began in 2000.

more and more regions.”But there also are signs that

the recovery in exports isn’treaching every corner of theglobal economy. U.S. and Ger-man manufacturers respond-ing to a survey of purchasingmanagers last week reported ajump in export orders in Au-gust, with the former seeingthe largest rise since Septem-ber 2014. By contrast, Frenchand Japanese manufacturersreported a drop in new orders.

One challenge is capacity.Businesses prefer to sendsmaller, high-value items byair when they are selling tocustomers who are far away,while air travel also is essen-tial to make up for shortagesas a result of delays in ship-ping by sea. But many aircraftremain grounded in responseto the sharp fall in air travel.

forecast for the year.There are some signs that

trade flows are reboundingrapidly. On Tuesday, a measureof container traffic compiled byGermany’s Leibniz Institute forEconomic Research and the In-stitute of Shipping Economicsand Logistics recorded a sharprise in July, to a level not farbelow that seen a year earlier.

“Container throughput isapproaching the level reachedbefore the corona crisis,” saidTorsten Schmidt, economic di-rector at the Leibniz Institute.“The recovery is affecting

by 7.6% in June, following adecline of 1.1% in May and12.3% in April.

The rebound in trade as thesecond quarter drew to a close,together with more-recent in-dications from seaborne freightvolumes and export orders re-ported by manufacturers, sug-gests a pickup in trade flows islikely in the third quarter.

As a result, the WorldTrade Organization said tradevolumes likely would fall by13% this year compared with2019, in line with the more op-timistic of the two scenarios it

June than a year earlier.However, German sales to

the U.S. were 20.7% down on ayear earlier, reflecting the factthat the world’s largest econ-omy was just emerging fromlockdown, with American con-sumers still wary of returningto the nation’s stores andbusinesses unsure of their in-vestment plans.

German imports showed asimilar pattern, with purchasesfrom China up 20% comparedwith June 2019, and purchasesfrom the U.S. down 17.4%.

Globally, trade flows rose

China was the first majoreconomy to enter lockdown,and the first to leave it. So itsexports rose in the secondquarter, by 2.4%, following a7.7% drop in the first quarter.Since the U.S. and the euro-zone were in lockdown formuch of the three-month pe-riod, their exports fell by24.8% and 19.2%, respectively.

As the second quarter drewto a close, some trade flows hadbounced back more rapidly thanothers. According to Germany’sstatistics agency, sales of goodsto China were 15.4% higher in

WORLD NEWS

HONG KONG—Beijing saidthat a U.S. spy plane entered ano-fly zone it had designatedover an area where the Chinesemilitary was conducting live-fire drills, condemning theoverflight as a provocative act.

An American U-2 reconnais-sance aircraft “severely dis-rupted regular Chinese train-ing activities” on Tuesday byintruding into airspace over anarea where the People’s Libera-tion Army’s Northern TheaterCommand was carrying out theexercises, said a spokesman forChina’s Defense Ministry.

The overflight was a blatantact of provocation that couldhave caused misunderstand-ings, misjudgments or even anaccident, said the spokesman,Senior Col. Wu Qian. He ac-cused the U.S. of contraveningbilateral guidelines on aerialand maritime safety, as well asinternational norms.

“China is firmly opposed tothis and has made solemn rep-resentations to the U.S.,” Col.Wu said. He didn’t providefurther details about the U-2’sflight path or the location ofthe Chinese live-fire drills.

The plane was flown by per-sonnel of the U.S. Pacific AirForces, which described theflight in a statement as withinaccepted international rulesand regulations. “Pacific AirForces personnel will continueto fly and operate anywhereinternational law allows, at thetime and tempo of our choos-ing,” the statement said.

According to notices issuedby China’s Maritime Safety Ad-ministration, military exercises,including live-fire drills, werebeing conducted in waters offthe northeastern coast, from theBohai Gulf to the Yellow Sea.

BY CHUN HAN WONG

BeijingCondemnsU.S. SpyOverflight

ratchet up pressure on Mr.Trump, said Rachel Lee, a for-mer North Korea analyst for theU.S. government. “I’m sureNorth Korea has had to recali-brate their policy,” she said.

North Korea started the yearon far less humbling and moreaudacious footing. The SouthKorean and U.S. militaries wenton alert after Pyongyangthreatened to deliver a “Christ-mas gift.” Then, in a speechpublished Jan. 1, Mr. Kim saidhe no longer felt bound by amoratorium on long-rangeweapons tests. He promised tosoon unveil a new strategicweapon, an unfulfilled vow.

The North restarted majorweapons tests in March, un-leashing five in about sixweeks. But since April 14,Pyongyang has halted majortest-fires, though it has con-ducted other routine drills,.

An Oct. 10 celebration mark-ing the 75th anniversary of the

Workers’ Party founding, one ofthe regime’s most importantevents in years, could provide aforum for the Kim regime to fi-nally showcase its latestweapon, Pyongyang watcherssay.

“North Korea does have a lot

of problems,” said Go Myong-hyun, a research fellow at theAsan Institute, a Seoul-basedthink tank. “But that does notmean North Korea will suspenddevelopment or work on its nu-clear weapons.”

The North, for now, is deal-ing with more on-the-ground

issues. At a Workers’ Party ple-nary session last week, NorthKorea acknowledged its eco-nomic plans had failed to im-prove the lives of citizens andprogress had been “seriouslydelayed.” When the five-yearplan was adopted in 2016, Mr.Kim touted expected scienceand technology advancements,in addition to hopes to expand“external economic relations”that would allow the country to“fly the flag of victory.”

But a combination of inter-national sanctions, borderclampdowns prompted by thecoronavirus threat and floodshave derailed an economicturnaround. Now, Mr. Kim talksof self-reliance and belt tight-ening. The next five-year planwon’t be revealed until January.

North Korea’s economycould contract by at least 8.5%this year, according to a FitchSolutions estimate this month,dragged down by slowdowns to

the global economy.Pyongyang doesn’t publish

official economic data. SouthKorea’s central bank, relying ondata gathered by other govern-ment departments estimatedthe Kim regime’s economy ex-panded by 0.4% last year,helped by more constructionand agricultural output. Thatfollowed contractions of 4.1% in2018 and 3.5% in 2017. TheSouth Korean figures don’t in-clude the North’s undergroundeconomy.

The Kim government hasevaded international sanctionsand generated funds by hackingfinancial institutions and illicitship-to-ship transfers, accord-ing to United Nations reports.But foreign tourism, a keysource of legitimate revenue,has collapsed after the Northsealed off its borders to bolsterits virus-preventive efforts.

Last month, the North insti-tuted a lockdown near theSouth Korean border, after asuspected case of Covid-19emerged. As of late July, NorthKorea had 4,380 people quaran-tined, the World Health Organi-zation said. Pyongyang hasn’tacknowledged any cases, butstressed prevention measures.

The North this month waspummeled with rainfall that ledto widespread flooding, whichstate media has said damagedat least 16,680 homes and 630public buildings. From late Juneto mid-August, North Korea re-ceived over 60% more rain thanthe average, with some of thehardest-hit areas home to abulk of the country’s rice fields,South Korea says.

The bad weather worsensthe government’s vulnerablefood production. Even beforethe floods, about three-fifths ofNorth Korea’s roughly 25 mil-lion people had limited or un-certain access to adequate food,according to a U.S. estimate. Inthe past year, about 700,000additional North Koreans canbe deemed “food insecure,” ac-cording to the U.S. Departmentof Agriculture analysis.

SEOUL—In a year that oncelooked primed for outwardprovocation through its weap-ons program, North Korea hasinstead turned inward in recentmonths.

Pyongyang in recent weekshas shuffled senior leadershippositions and made a rare ad-mission of defeat on its five-year economic policy. Furtherkeeping the regime focused onthe home front are widespreadflooding and the task of keep-ing the coronavirus out of acountry under-equipped to dealwith a big outbreak.

Meanwhile, Pyongyang hashalted major weapons tests,and its nuclear talks withWashington remain gridlocked,with little likelihood of prog-ress before a U.S. election thatwill decide the fate of PresidentTrump, who has met withNorth Korean leader Kim JongUn three times.

Pyongyang this month de-moted and replaced his pre-mier, whose role focuses on theeconomy. South Korea’s spyagency said Mr. Kim, who roseto power in late 2011, recentlyhas delegated authority tosome senior aides—includinghis sister Kim Yo Jong, now ade facto No. 2, though not ananointed successor. Thisspreads the potential blameonto others in the event of apolicy failure. But another mo-tivating factor, the spy agencytold South Korean lawmakerslast week, may be that Mr. Kimis feeling the strain of ruling aschallenges pile up.

If not for the Covid-19 fearsand the recent flooding, Pyong-yang may have charted a differ-ent path this year, conductingeven more weapons tests to

BY TIMOTHY W. MARTINAND ANDREW JEONG

North Korea Turns Focus InwardKim Jong Un is dealingwith a falteringeconomy, flooding andcoronavirus defense

North Korean leader Kim Jong Un, left, in an image released by his regime, led a meeting last week.

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Global Trade Shows Signs of Recovery After Sharp Fall

A rebound isn’t reaching every corner of the globe: Japanese manufacturers reported a drop in new orders. Above, a ship in Yokohama.

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Peskov told journalists Tues-day that suggestions that Mr.Putin played a role in harmingthe dissident are baseless, re-sponding to allegations fromsome of Mr. Navalny’s allies.

Mr. Navalny, a prominent op-position activist who hasamassed a following numberingmillions across Russia, fell ill ona flight Aug. 20 after drinkingtea. He was put on a ventilatorat a hospital in Siberia beforebeing transferred Saturday toGermany, where doctors deter-mined that he had been poi-soned with a nerve agent.

Mr. Peskov rebuffed calls

fromWestern leaders for an in-vestigation into Mr. Navalny’ssickness, citing the need forfurther proof of foul play.

On Tuesday, Secretary ofState Mike Pompeo said Wash-ington supports calls for aprobe into the circumstancesaround Mr. Navalny’s poisoningand said the U.S. is ready to as-sist. German Chancellor AngelaMerkel has urged Russia tolaunch a probe, and FrenchPresident Emmanuel Macronhas called for transparency.

The disagreements, notonly concerning the investiga-tion but about whether Mr.

Navalny was poisoned at all,signal a deepening divide be-tween Russia and the Wes.

Mr. Peskov said that Rus-sian doctors found no traces ofpoison in Mr. Navalny’s bloodor urine, and that his conditioncould have been caused by ametabolic imbalance, such as alow-blood-sugar attack.

“We don’t understand whyour German colleagues are insuch a hurry, using the wordpoisoning,” Mr. Peskov said.

“If it’s established that itwas poisoning, then, of course,it will be grounds for investi-gation,” he added.

BY THOMAS GROVE

Kremlin Denies Poisoning Opposition Activist

Yulia Navalnaya, left, arrives at the Berlin hospital where herhusband, Russian dissident Alexei Navalny, is receiving treatment.

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The economy couldcontract by at least8.5% this year,analysts estimate.

BY PAUL HANNON

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WORLD NEWS WORLD WATCH

VIETNAM

U.S. Alleges CurrencyManipulation in 2019

The Treasury Department hasdetermined that Vietnam de-pressed its currency in 2019, afinding that will open the door totariffs on tires from Vietnam andprovide the first test case of aTrump administration initiative totariff countries for alleged cur-rency manipulation.

The Treasury’s determination,published Monday, marks the firstcase the department has weighedin since new regulations took ef-fect in April allowing currency-fo-cused tariffs. The tariffs being pur-sued in the case will affect onlypassenger vehicle and light-trucktires, which accounted for lessthan 1% of the $67 billion in im-ports from Vietnam in 2019. Butanalysts say the finding has broadimplications because it implies thatall goods from Vietnam in 2019benefited from the subsidy.

Vietnam’s trade minister TranTuan Anh disputed claims it deval-ued its currency.

—Josh Zumbrun

THAILAND

Facebook to FightOrder to Block Group

Facebook Inc. said it was pre-paring to legally challenge Thai-land’s government in connectionwith orders to block access to agroup on the website focused onthe Thai monarchy, a politicallysensitive subject in the country.

The private Facebook group,called the Royalist Marketplace,was created in April and quicklybecame a forum to debate andscrutinize the powerful royalfamily’s role in politics.

It amassed a million membersat a time when a youthful newmovement is demanding greateraccountability from the monarchy.

The subject has long beenconsidered off-limits in the coun-try, which has strict lèse-majestélaws, including punishments ofup to 15 years in prison.

Thailand’s Ministry of DigitalEconomy and Society didn’t re-spond to requests to comment.The palace hasn’t publicly com-mented on the issue.

—Niharika Mandhana

IRAN

U.N. Rejects U.S. CallTo Restart Sanctions

The United Nations SecurityCouncil won’t act on a U.S. bidto reimpose multilateral sanc-tions against Iran, its presidentannounced Tuesday, following anear-unanimous rejection ofWashington’s standing to do so.

Thirteen of the 15 membersof the panel have said the U.S.can’t reinstate the sanctions be-cause it withdrew from the 2015multilateral nuclear accord thatprovided that authority.

“It is clear for me that thereis one member which has a par-ticular position on the issues,while there are significant num-bers of members who have con-testing views,” according to Am-bassador Dian Triansyah Djani ofIndonesia, president of the coun-cil this month.

The U.S. hasn’t said what itsnext move will be.

Ambassador Kelly Craft, theU.S. envoy to the U.N., acknowl-edged the U.S. isolation in herown remarks Tuesday.

“The Trump administrationhas no fear in standing in lim-ited company on this matter, inlight of the unmistakable truthguiding our actions,” Ms. Craftsaid. “I only regret that othermembers of this Council havelost their way and now findthemselves standing in the com-pany of terrorists.”

—Josh Zumbrun

EUROPE

China Begins NewDiplomatic Push

China’s top diplomat began aweeklong tour of Europe seekingto counter growing wariness ofBeijing’s increasingly assertive for-eign policy amid the coronaviruspandemic and worsening relationsbetween Beijing and Washington.

Chinese Foreign MinisterWang Yi’s five-country trip, toGermany, Italy, France, the Neth-erlands and Norway, billed aspromoting cooperation in rebuild-ing the world economy andfighting coronavirus, is his firstoverseas in months.

—Daniel Michaels

ALIVE: A child is pulled from the rubble of a five-story apartment building that collapsed Monday in Mahad, a town in central India.Rescuers found one body and nearly 60 survivors, an official said Tuesday. More than 20 others are feared trapped in the rubble.

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Prime Minister Abdalla Ham-dok, Mr. Pompeo said the Su-danese political transition rep-resented a “once in ageneration opportunity.” Afterthe meeting, Mr. Hamdok saidhe had “transparent discus-sions…on the removal of Su-dan’s name from the list ofcountries sponsoring terror-ism and bilateral relations,”but he didn’t mention Israel.

The government didn’t havea mandate to recognize Israeland wanted to decouple thediscussions on easing sanc-tions from that question, a Su-danese spokesman said.

The State Department saidMessrs. Pompeo and Hamdokdiscussed “positive develop-ments in the Sudan-Israel rela-tionship,” without elaborating.

It wasn’t immediately clearwhether the Sudanese refusalto normalize ties would affectits bid to rapidly ease sanc-tions. Recognizing Israel iscomplex for the transitionalgovernment, which is facingpressure from Islamists in themilitary and security serviceswho were close to the toppledBashir administration.

Mr. Pompeo’s presence inKhartoum showed how far bothsides have come in a stop-startdiplomatic courtship that be-gan at the end of the Obamaadministration. Sudan was firstdesignated as a state sponsorof terrorism in 1993 for har-boring al Qaeda leader Osamabin Laden and others.

Secretary of State MikePompeo’s bid to persuade Su-dan to recognize Israel ap-peared to be rebuffed Tuesday,in a setback to the administra-tion’s effort to expand theUnited Arab Emirates-Israelpeace deal to other Arab na-tions.

Mr. Pompeo flew to Khar-toum from Tel Aviv in whatthe State Department calledthe first direct flight betweenthe two nations amid specula-tion that the strategically lo-cated African nation wouldjoin the U.A.E., which recog-nized Israel this month in adeal brokered by the Trumpadministration.

The new Sudanese govern-ment, which came to powerlast year after street protestsoverthrew the 30-year militarydictatorship of Omar al-Bashir,has been pressing Washingtonto remove it from a list ofstate sponsors of terrorism tohelp revive its isolated andbattered economy.

The U.S. has outlined termsfor easing sanctions, includingpaying $300 million compen-sation to victims of terroristattacks allegedly sponsored bySudan on the American em-bassies in Nairobi and Dar esSalaam. Sudanese governmentofficials say they would need athird party—possibly theU.A.E.— to help pay the bill.

Ahead of a meeting with

BY NICHOLAS BARIYO

Sudan Spurns U.S.Push for Israel Ties

Mike Pompeo, right, is greeted by a Sudanese official in Khartoum.

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A8 | Wednesday, August 26, 2020 THEWALL STREET JOURNAL.

The U.S. ordered the closure of China’s Houston consulate, above. It said diplomats helped visiting military scholars evade FBI scrutiny.

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audience for months, butmany of those are timely riffsoff the daily news, not the lon-ger-simmering material thatstand-up comedians work andrework night after night withfeedback from a live crowd.“Stand-up comedy without anaudience is just an insane per-son at a bus stop just ranting,”says comedian Ron Funches.

Ideas, thoughts and rantscome to them from all over,but it is through performing

on stage and interacting withthe audience that the nuggetsturn into jokes.

“I need to perform towrite,” says comedian Jim Gaf-figan. “I don’t write that well.I don’t speak that well. But thecombination of them to-gether—I can rewrite some-thing where it is very efficient.And I know from experiencehow to get to a point where itis funny.”

Some comedians have been

Laurie Kilmartin has been performing stand-up comedy on Zoom.

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March 13, a performance hetaped and is releasing as aspecial in October.

How does a comedian knowif something is funny? The au-dience tells him. It’s no joke.

“I can tell you what littlethoughts I have that I mighttalk about. But I would have tobe in front of the audience inorder to know how to shape itinto something that’s funny,”says Mr. Black. “I don’t knowhow to do it otherwise. I don’twrite jokes—unless I’m infront of an audience.”

Stand-up comedians acrossthe country say they are expe-riencing the same thing: Theyhave plenty of time to comeup with ideas, but no stage toturn them into material. Late-night talk-show hosts havebeen telling jokes without an

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doing a few live sets for ahandful of fans in social-dis-tancing situations. There havebeen some shows outside atparks and some at drive-inmovie theaters. But otherwise,stand-up has largely been re-duced to virtual platformssuch as Zoom, which comedi-ans say is better than nothing.But barely. “It’s a poor substi-tute for actual stand-up com-edy in a club,” says Laurie Kil-martin, a stand-up who alsowrites for TBS’s “Conan.”

Ms. Kilmartin says she doesa lot of her writing for herstand-up act on the way to theshow, or when she is in thevenue listening to other com-ics and her adrenaline kicks in.In normal times, she bringsnew ideas and premises onstage, listens to how the audi-ence reacts—or doesn’t—andmakes adjustments.

She and other comedianssay that when they are doingsets on Zoom, they encounterthe same problems everyoneelse has: It is hard to hearpeople, it is hard to mute peo-ple, the timing is off. For com-ics, that means it is hard totell what’s working, how to ad-

just and what to rewrite.Lately, she has been work-

ing on a chunk of materialabout Irish-Americans. (Ms.Kilmartin is Irish-American.)Since performing it for thefirst time on Zoom, she saysshe’s rewritten 80% of the ma-terial. “I would really love toperform it in front of a regularaudience just to see how it islanding,” she says. “I’m doingthe best I can in terms of try-ing to shape this thing in frontof a Zoom crowd.”

“Nobody knows what’sfunny,” says Paula Poundstone,a stand-up comic and a regularon NPR’s “Wait Wait…Don’tTell Me!” “I have my opinionabout what’s funny. And thestuff that I say, generallyspeaking, I think it is funny.What I don’t know is if thepeople I’m talking to are re-sponding.”

During her Zoom stand-upsets, the audience comes intothe show muted, says come-dian Jackie Kashian, and anannouncement is made: “Ifyou’re in a quiet place, and arejust going to watch the show,feel free to unmute yourself. Ifyou’re doing dishes and listen-

ing to the show, mute yourself.If you have loud dogs or kidscoming in and out, mute your-self. If you’re just watching theshow on your couch, yourcamera can be on or off, yourcall...but if you’re working outor doing something weird,please turn your camera off.”

Ms. Kashian has been work-ing on a bit about her father,who recently told her that hercousin’s son has the “dreamjob” driving a “cement mixer.”

“So, essentially, inside ofmy dad is a 4-year-old toddlerwho would love to drive a ce-ment mixer,” she says. “So, Igo on stage—or in this caseZoom—and I run that by theaudience,” she says, to see “ifthey have any feedback aboutit. What I’m doing, I’m tryingto find jokes about cementmixers.”

Her Zoom audiences, how-ever, haven’t been very helpfulon this one. “The feedback I’vegotten from it are a lot ofemails that they’re concretemixtures, not cement mixers,”she says. “Thank you for yourcorrection. I don’t care. Every-one knows what I’m talkingabout.”

action to close it.One cause for U.S. suspicion

was the way Chinese diplomatsbehaved after the White Housedecided in May to restrict futurevisas for such researchers.When the Federal Bureau of In-vestigation began questioningsome of them, Chinese officialsbegan to extract the researchersfrom the U.S. and offered in-structions that U.S. officials saywould be unusual for diplomatssimply dealing with academicsreturning home.

Delete devicesIn one instance, researchers

brought to the Chinese Embassyin Washington were told to de-lete or reset all their electronicdevices because they would beinterviewed by U.S. officers atthe airport, prosecutors allegein court papers.

In another, Chinese diplo-mats misled the State Depart-ment about a visit to Indiana, inwhich they counseled an artifi-cial-intelligence doctoral stu-dent that the U.S. governmentmight contact him because ofhis military background, whichhe hadn’t disclosed on his visaapplication, according to an FBIaffidavit. Lying on a visa appli-cation is a federal crime.

Discussions had been underway in the administration overpotentially closing a Chineseconsulate to counter a range ofbehavior, including what itviews as a Beijing-directed cam-paign to fulfill the country’s mil-itary and technological ambi-tions in ways that jeopardizeU.S. national security.

China’s Foreign Ministry saidits diplomats “have never en-gaged in activities incompatiblewith their status.” China deniesU.S. accusations of intellectual-property theft, characterizingthe clash as political.

After the Houston consulatewas ordered to close, China shutthe U.S. consulate in Chengdu,worsening already-tense U.S.-China relations.

The Justice Department inrecent weeks has charged fourChinese researchers in federalcourt with visa fraud. Two havepleaded not guilty, and two ha-ven’t entered pleas.

The government’s evidencehasn’t yet been presented to theattorneys of the accused.

In some of the cases, the re-searchers did little to hide theirChinese military affiliations, us-ing email addresses from Chi-nese military institutions or list-ing employment at a Chinesemilitary university on a ré-sumé—signs they might haveviewed their research as part ofa longstanding system of U.S.-China academic exchanges.

In one case, a Chinese bio-medical researcher in San Fran-cisco, who is accused of lyingabout holding the equivalentrank of major in the PLA, toldinvestigators he was under or-ders from a supervisor in Chinato study the exact layout of thelab where he worked to repli-cate it at home, according tocourt documents. He also saidhe had a designated contact atChina’s consulate in San Fran-cisco, the documents say.

U.S. officials believe Chinesemilitary-affiliated researchersrepresent a small sliver of the

ContinuedfromPageOne

approximately 370,000 Chinesewho study in the U.S. as part ofacademic exchanges. Prior toPresident Trump’s May order,the State Department had verylimited authority to deny visasto foreign scholars unless theysought to work on controlled orclassified research.

The Trump administrationearly on began to broaden thedefinition of areas deemed ofinterest to U.S. national secu-rity. Bipartisan consensus hasbeen building since the end ofthe Obama years for a more ag-gressive Washington approachto relations with Beijing, whichhas been growing more hostiletoward the U.S. and its allies.

In recent weeks the WhiteHouse has accelerated the cam-paign, including by orderingplanned bans on some of themost popular apps made by Chi-nese tech firms and further re-stricting telecommunicationsfirm Huawei Technologies Co.from obtaining U.S. componentsnecessary for its survival.

In academia, the administra-tion has sought to curtail Chi-nese government programs thatfund research in the U.S. byprobing a lack of disclosures byacademics who also apply forU.S. taxpayer-funded researchgrants.

In January, Charles Lieber, aHarvard University pioneer innanotechnology, was chargedwith lying to U.S. governmentinvestigators when asked aboutmore than $1.5 million he re-ceived in Chinese backing. Hehas pleaded not guilty and thecase is expected to go to trial. Alawyer for Mr. Lieber said he isinnocent.

The same day, the Justice De-partment unveiled an indict-ment against a Chinese re-

searcher at Boston Universitywho prosecutors allege failed todisclose that she was a lieuten-ant in the Chinese army. The re-searcher had already left thecountry.

Harvard and Boston Univer-sity said they have cooperatedin the investigations.

On May 29, Mr. Trump an-nounced the ban on new visasfor graduate-level and above re-searchers who have worked tosupport China’s military.

Admissions made by one re-searcher as he was trying toleave the U.S. prompted authori-ties to scrutinize such research-ers already in the country. TheFBI since June has interviewedsome 50 researchers in 30 citiesthat they believe are in China’smilitary.

Mr. Trump’s order appearedto startle China. “They startedto scramble,” said one U.S. offi-cial. Chinese diplomats began tobehave in what the U.S. officialsviewed as unusual ways, and re-searchers started to quicklyleave the country.

Two days after the order, achartered flight that Chinesediplomats told U.S. officialswould carry Chinese studentshome amid coronavirus travelrestrictions departed Houston’sGeorge Bush IntercontinentalAirport. U.S. officials said theylater realized military research-ers were among the passengers.

One week later, Wang Xin, avisiting biomedical researcherat the University of California,San Francisco was pulled asideby Customs and Border Protec-tion at the Los Angeles Interna-tional Airport as he prepared tocatch a flight with his wife andchild to Tianjin, China.

The university was aware Mr.Wang was employed at China’s

Fourth Military Medical Univer-sity, which was on his résumé,according to a UCSF spokes-woman. Mr. Wang informed theuniversity in May he and 16 col-leagues in the U.S. were beingrecalled, according to court doc-uments.

Under questioning, Mr. Wangacknowledged he held a rankequivalent to major in the Chi-nese military and that he lied insaying on his visa applicationhis service ended in 2016 toboost his chances of gaining ad-mission to the U.S., according tothe court filings.

He said he had a designatedcontact at the San Francisco

consulate. He also said he hadbeen told by his supervisor inChina to copy the layout of hislab. Federal agents later foundfiles of UCSF research on hiscomputer and other devices thatauthorities allege he intended toshare with his colleagues inChina, according to court docu-ments. He admitted he hadwiped clean his chat history onWeChat, the Chinese messagingservice, according to the docu-ments.

Mr. Wang was charged withvisa fraud and pleaded notguilty. His attorney declined tocomment.

A few weeks after Mr. Wang’sarrest, the Chinese Embassysummoned a Chinese researcherat Duke University, identified

only as “L.T.,” to Washington,U.S. prosecutors allege. There,the filings say, she and four oth-ers met with a man they calledby the Chinese honorific“teacher,” who instructed themto delete or reset their elec-tronic devices.

At the Los Angeles airport onJuly 12, L.T. said personnel atChina’s state-run Xiamen Air-lines told her U.S. border pro-tection officers were going to beinterviewing her, and remindedher of the instruction to wipeher devices, the filings say. Sheused the WeChat app to call herembassy contact, who advisedher to follow instructions andremain calm. L.T. was allowed totravel to China, the Justice De-partment said. Duke Universitydeclined to comment.

The next day, agents con-fronted Song Chen, a neurolo-gist at Stanford University re-searching neuromusculardisorders, with a photo of her ina military uniform. She hadlisted a Chinese hospital as heremployer on her visa applica-tion, according to court filings.

She also had been in touchwith the Chinese consulate inNew York. A letter she ad-dressed to the consulate saidshe had received authorizationfrom the PLA air force to extendher stay in the U.S. and ac-knowledged that she lied abouther employer on her visa appli-cation, prosecutors allege.

Agents found the letter in afolder she had deleted from herhard drive, according to the fil-ings. Prosecutors see this as evi-dence of her Chinese militaryaffiliation and of deceptionaided by consulate officials.

She was charged with visafraud. An attorney for Ms. Songand a Stanford spokeswoman

declined to comment.On July 17, officials from

China’s Chicago consulate trav-eled some 250 miles to Bloom-ington, Ind. Consulate officialsare required to explain anytravel more than 25 miles fromtheir home base; in this in-stance, they told the State De-partment they were meetingwith a woman to deliver studenthealth supplies. They left outthat they would meet with anIndiana University doctoral stu-dent in artificial intelligencewho hadn’t disclosed his mili-tary affiliation on his visa appli-cation, prosecutors alleged.

Military positionThe meeting lasted 45 min-

utes in a public park near thestudent’s apartment, accordingto FBI agents who monitoredthe contact. The consulate offi-cials warned the student, ZhaoKaikai, that the U.S. governmentmight contact him because ofhis military background, Mr.Zhao later told the FBI, prosecu-tors said.

A trash can held documentsripped up by hand, and a searchof his electronic devices foundhe had deleted nearly allWeChat content before July 11,prosecutors alleged.

An attorney for Mr. Zhaosaid: “If words were adequate toexpress my dismay at the direc-tion the [Justice Department]has taken in these cases, I mightfind a few.”

An Indiana Universityspokesman declined to com-ment beyond confirming Mr.Zhao was a Ph.D. candidate inthe informatics program.

The Chinese consulate in SanFrancisco took in another re-searcher, Tang Juan, after shewas questioned by FBI agents inmid-June about her denial onher visa application that shewas ever in the Chinese military,when a photo on the internetshowed her in uniform.

She was at the University ofCalifornia, Davis to conduct can-cer research on a Chinese gov-ernment scholarship. Prosecu-tors said a later search of Ms.Tang’s electronic devices turnedup Chinese military documentsthat allegedly detailed her re-search “related to antidotes forbiological agents.”

Ms. Tang stayed at the con-sulate for a month but was ar-rested by the FBI leaving a localmedical facility on July 23.

Ms. Tang’s attorneys said shewent to the consulate to ask forassistance after being ques-tioned and that consulate em-ployees believed Ms. Tang, whohas asthma, needed to be seenby a doctor.

She pleaded not guilty tocharges of visa fraud and falsestatements. A lawyer for Ms.Tang said in a statement thatshe came to the U.S. “solely forthe purpose of scientific study.”

A UC Davis School of Medi-cine spokesman said Ms. Tang’swork was in the research labo-ratory for radiation oncologyand that the school was cooper-ating with authorities.

Officials in the Justice De-partment and elsewhere in theTrump administration saw apattern of behavior they be-lieved jeopardized U.S. nationalsecurity and justified actionagainst China’s diplomats.

“The consulates were direct-ing PLA associates on how toavoid detection and what mate-rials to erase on their phone,”said John Demers, Assistant At-torney General for National Se-curity, in an interview. “We de-duced from that, OK, this is partof a much bigger effort thanmaybe we were even aware of.”

ComicsNeed AnAudience

The U.S. hascharged fourChinese researcherswith visa fraud.

Tang Juan, who went to the San Franciscoconsulate, did cancer research at UC Davis.

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Zhao Kaikai was a doctoral student inartificial intelligence at Indiana University.

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Chinese neurologist Song Chen researchedneuromuscular disorders at Stanford.

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THEWALL STREET JOURNAL. * * Wednesday, August 26, 2020 | A8A

veiled attempt to advance Mr.Trump’s political agenda.

The White House didn’t re-spond to a request for com-ment. A Postal Service spokes-man referred to Mr. DeJoy’srecent congressional testimony.

Mr. DeJoy told a Senatecommittee Friday he hadnever spoken to Mr. Trumpabout the agency, other thanin receiving his congratula-tions on becoming postmastergeneral this spring.

Mr. DeJoy also defended his

changes to the Postal Service.The former logistics executivequickly jump-started a cost-cutting overhaul of postal op-erations after he was ap-pointed. The mail agency facesboth longstanding financialproblems and fresh challengescaused by the pandemic, whichhas increased costs amid a de-crease in mail volume.

Meanwhile, an unprece-dented number of voters castmail-in ballots in state pri-mary elections earlier this

year as new Covid-19 caseswere surging across the coun-try. States are preparing foranother influx of such ballotsin November.

The Democratic-led U.S.House took action to help theagency on Saturday, passinglegislation to prevent PostalService cutbacks at leastthrough January and to pro-vide it with $25 billion in ad-ditional funding. The bill hasan uncertain future in the Re-publican-led Senate.

surtax on corporations perma-nent, producing about $210 mil-lion in additional annual reve-nue. The governor also renewedhis call for increasing taxes onmillionaires, and proposed rais-ing the rate of the top income-tax bracket to 10.75% from8.97%. That would bring in ad-ditional annual revenue ofabout $390 million, accordingto the Murphy administration.

“I would urge those whowould pay this tax to see itthis way—we are asking you tosacrifice pennies on your topdollar to ensure that everyNew Jerseyan has the sameopportunity to succeed thatyou did,” Mr. Murphy said.

Democratic AssemblySpeaker Craig Coughlin, whopreviously opposed the mil-lionaires tax, said he wouldkeep an open mind as he re-views the governor’s proposal.

“All options are on the ta-ble,” Mr. Coughlin said.

The governor’s spendingplan also raises the state’s sur-plus to $2.2 billion to guardagainst additional economicand fiscal shocks from thecontinuing pandemic, he said.

Republicans said the gover-nor’s budget plan relies toomuch on tax increases andborrowing. Doug Steinhardt,chairman of the New JerseyRepublican Party, said it is in-

appropriate for the state tomake the record $4.9 billionpension payment without ask-ing public-sector unions tomake sacrifices related to theirstate-funded retirement plans.

“In the middle of a pan-demic, where every New Jer-sey household and small busi-ness has sacrificed, madetough choices, and scaled backits spending, Phil Murphy’s ap-petite to spend your money isgrowing,” said Mr. Steinhardt.

The state GOP, along withRepublican lawmakers, re-cently sued New Jersey in anattempt to block a new lawthat allows the state to borrowbillions of dollars to cover rev-

enue shortfalls stemming fromthe pandemic. The New JerseySupreme Court, the state’s topcourt, sided with the Murphyadministration and ruled thatthe new measure is constitu-tional because it met an ex-emption for an emergencycaused by a disaster.

Mr. Murphy’s budget pro-posal also includes the cre-ation of a “baby bond” pro-gram where the state willdeposit $1,000 into an accountfor 72,000 children born in2021 that can be withdrawnwhen those children reach 18years of age. A family of fourearning $131,000 or less wouldqualify for the program.

Under Mr. DeJoy’s leader-ship, the lawsuit alleges, thePostal Service has since Junereversed decades-old policy“that were mission critical tothe timely delivery of mail,”prompting concerns about itsability to effectively deliver arecord number of mailedvotes. Mr. DeJoy has said thePostal Service would suspendoperational changes, such asremoval of mail-processingequipment and collectionboxes, until after the election.

The U.S. Postal Service de-livers 48% of the world’s mailand delivered 143 billionpieces of mail to 160 millionaddresses in fiscal 2019, ac-cording to court documents.

New York expects the num-ber of voters who will cast ab-sentee ballots this year to beat least 10 times greater thanthose who voted by mail in2016.

The state already has seenvote-count chaos after thou-sands of absentee ballots fromthe Democratic primaries inJune were first invalidatedand then counted weeks later.

Tuesday’s lawsuit, filed inthe U.S. District Court for theDistrict of Columbia, wasjoined by New Jersey, Hawaii,San Francisco and New YorkCity. It is the third suit filedthis month by state attorneysgeneral concerning Postal-Ser-vice changes.

The New York attorney gen-eral filed a lawsuit Tuesday toblock the Trump administra-tion from disrupting the oper-ations of the U.S. Postal Ser-vice, joining other Democratic-led states and lawmakers inpressuring the federal agencyto maintain services ahead ofthe Nov. 3 election.

The suit, which names Pres-ident Trump, U.S. PostmasterGeneral Louis DeJoy and thePostal Service as defendants,follows changes made by Mr.DeJoy at the struggling agencythat postal union representa-tives and customers have saidsubstantially slowed mail de-livery around the country.

The Postal Service has be-come the focus of a tense po-litical battle over expandedmail-in voting during the pan-demic. Mr. Trump has beenvocal in his opposition to vot-ing by mail. In a tweet lastmonth, he wrote that “Repub-licans, in particular, cannot letthis happen!”

Democrats, who favor themethod amid the pandemic,worry the recent changes byMr. DeJoy, a major Trumpcampaign donor, will interferewith the election.

The lawsuit filed by NewYork Attorney General LetitiaJames, a Democrat, allegesthat the changes were a thinly

BY DEANNA PAUL

Lawsuit Is Filed to Stop Postal-Service Changes

Postal Service workers rallied Tuesday on the steps of the James A. Farley Post Office in Manhattan.

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the readiness of staff, and ask-ing Mayor Bill de Blasio to delaythe reopening. New York City’spublic-school system, the larg-est district in the nation, is oneof the few big districts planningto open for in-person classes. Ithas settled on a hybrid modelthat would let families choosefully remote classes, or a mix ofdays on campus and off.

Ms. Sorden’s concern is oneshared by many: Making sureschools are well-ventilated.

The Department of Educa-tion said Tuesday that it has de-ployed teams to inspect ventila-tion systems, fans and windowsin all schools through Sept. 1.The agency promised to beginposting results online this week,with all available by Sept. 4.

Many of the city’s 1,800school buildings are severaldecades old, which has raisedconcerns about the conditionof airflow systems. Well-func-tioning ventilation uses out-door air and filtration to di-lute, push out, and replaceindoor air that can mitigate

the spread of the coronavirusand other germs.

The Council of School Su-pervisors and Administrators,which represents 6,400 NewYork City school leaders, hassaid delaying reopening wouldgive schools more time to en-sure they hire enough nurses,repair ventilation systems, andstock cleaning supplies, ac-cording to the union.

In New York City, most pub-lic-school students are blackor Hispanic, according to theDOE, and as of March, about820,000 of New York City’s 1.1million public-school studentslived in poverty, demographicsthat have been disproportion-ately affected by the virus.

In response to widespreadconcerns, Mr. de Blasio saidlast week that if a classroomor a building doesn’t have ade-quate ventilation, the DOE willshut it until it does. On Mon-day, he said he would closestreets and parks to make iteasier for schools to hold classoutside if they want.

Schools Chancellor RichardCarranza said the DOE haspurchased more than 10,000portable air filters for roomsthat are cited as needing addi-tional circulation. But ensur-ing a school has adequate ven-tilation can sometimes requirea major capital investment,some experts said.

In a 2016 report, the Na-

tional Council on School Facil-ities estimated that bringingU.S. school buildings up to ac-ceptable standards would cost$145 billion annually.

In a June Congressional re-port, the U.S. Government Ac-countability Office estimated41% of districts nationwide needto update or replace heating,ventilation and air-conditioningsystems in at least half of theirschools, representing about36,000 schools nationwide.

Ron Cosby, an executive atthe U.S.-based heating, venti-lation and air conditioning di-vision of Trane TechnologiesPLC, said maintenance needsvary from school to school andair quality can be affected by abuilding being closed.

“If a building has been sit-ting idle for a while, you don’tjust go and flip a switch andeverything comes back on. Youhave to make sure things areset up properly and operatingproperly.”

There are no federal or stateregulations governing air qual-

ity in schools, but good venti-lation is critical to reducingthe spread of the virus, he said.

Kevin Van Den Wymelen-berg, a professor of architec-ture at University of Oregon,said ventilation systems canboth mitigate and spread thevirus. But if best practices areused, each time the air is cir-culated in or out, it is pushedover filters that can reduce thespread of germs. The processbecomes more difficult duringthe heating season, dependingon the building, he said.

In April, Ms. Sorden’sschool was named one of“2020 America’s Best UrbanSchools” by the National Cen-ter for Urban School Transfor-mation. Without a ventilationreport, she said it is difficultto guarantee parents that theirchildren will be safe.

“This is a delicate balancewhere you don’t want to goagainst your employer, whichI’m not in any way,” she said.“We’re praying that the folksabove are doing the right thing.”

Concourse Village Elemen-tary School principal AlexaSorden has always felt proudthat her own children attendthe school that she runs.

So when she decided to keepher children home this fall fromthe Bronx school that is rankedamong the best in the nation,other parents took notice. Shebased her decision, in part, onthe lack of information aboutwhether the building has properventilation to help filter outCovid-19. “I don’t feel a hundredpercent confident,” she said.

With only two weeks untilschool is scheduled to startSept. 10, Ms. Sorden is one ofthousands of New York Cityprincipals questioning thesafety of school buildings and

BY LEE HAWKINS

ManyWorry About Air Quality in SchoolsNYC officials work toensure ventilationsystems mitigate thespread of Covid-19

Concourse Village ElementarySchool principal Alexa Sorden

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An uptick in coronaviruscases in Danbury, Conn., hasprompted officials to closeathletic fields and delay in-person public-school classes,likely until October.

The infection rate in Dan-bury, a city of roughly 85,000,jumped to about 6% or 7% in arelatively short period, Gov.Ned Lamont said at a news con-ference Tuesday. Connecticut’sstatewide infection rate hashovered around 1% for months.

“It’s not a time to panic,but it is a time to be cau-tious,” he said, adding that thearea’s hospitals still haveplenty of beds available.

Danbury Mayor Mark Bough-ton said officials have found in-stances of Covid-19 beingspread by people who recentlytraveled, attended in-personworship services or partici-pated in team sports. He saidhe recently visited city athleticfields and saw children sittingclose to each other on thebenches and parents socializingon the sidelines without masks.

“I know people want to for-get about it because we’re sotired of it; I get it. But it’s stillthere and we have to be dili-gent,” he said of the virus.

Officials also are seeing ahigher rate of infection amongyoung people. The governorsaid the state had closed theboat launch at nearby Candle-wood Lake after several largeparties were reported there.

“We’ve got to be incrediblystrict about this,” he said.

Connecticut has recordedmore than 52,000 coronaviruscases and more than 4,400deaths since March, with theworst of the pandemic hittingthe state in the spring. Thestate began reopening itseconomy in late May, andmost businesses and attrac-tions are operating under ca-pacity restrictions, except forbars, which remain closed.

Connecticut, along withNew York and New Jersey, re-quires travelers from stateswith high rates of infection toquarantine upon arrival. Mr.Lamont said Connecticut hasfined several people for non-compliance.

So far the uptick in casesseems to be confined to Dan-bury, the governor said, add-ing that he doesn’t think otherschool districts need to closeor delay reopening.

Last week, Mr. Boughtonsaid Danbury public schoolswould start the year entirelyonline—not likely before Oct.1—before moving to a mix of inperson and remote learning.

Officials called for Danburyresidents to get tested forCovid-19, even if they don’thave symptoms, and urgedthem to respond when contacttracers call. “We have to getmore people tested becausethat helps us understandwhere the virus is,” he said.“We want to see more data.”

Danbury Acting Health Di-rector Kara Prunty said manycases have been linked tosmall family gatherings. Sheurged people to socially dis-tance if they get together.

BY KATE KING

ConnecticutCity Sees anIncrease inVirus Cases

New Jersey Gov. Phil Mur-phy called for borrowing $4billion and raising taxes on thestate’s wealthiest residents tofill a $5.7 billion budget short-fall fueled by the coronavirusshutdown.

Mr. Murphy’s budget pro-posal includes $1.25 billion inbudget cuts that stretch acrossall state departments andmakes a record high pensionpayment of $4.9 billion. Itspares public-education fund-ing from reductions and raisestaxes on cigarettes, guns andammunition.

The Democratic governorsaid the Covid-19 pandemicunleashed an economic cri-sis—1.4 million New Jerseyresidents have filed for unem-ployment—that is comparableonly to the Great Depressionand the Civil War in the state’shistory. In six months sincethe pandemic hit New Jersey,about 190,000 residents havebeen infected with the virus.More than 14,000 state resi-dents have died from Covid-19.

“We can’t build the sameNew Jersey that we had beforethe coronavirus crisis,” Mr.Murphy told lawmakers gath-ered at SHI Stadium at RutgersUniversity. “Now is the time tosecure the resources and tomake the investments to en-sure that every single New Jer-seyan benefits from the brightfuture I know is ahead of us.”

The state’s budget typicallyends on June 30, but statelawmakers passed a $7.6 bil-lion stopgap budget to coverspending through September.The governor’s new spendingplan would begin on Oct. 1 andend on June 30, 2021.

Mr. Murphy’s spending planproposes to make an expiring

BY JOSEPH DE AVILA

Gov. Murphy Presses for Millionaires Tax

‘We can’t build the same New Jersey that we had before the coronavirus crisis,’ New Jersey’s governor said Tuesday at Rutgers University.

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A8B | Wednesday, August 26, 2020 * * THEWALL STREET JOURNAL.

GREATERNEW YORKWATCH

CONNECTICUT

Test Issues PromptNew Virus Checks

Fairfield University is retest-ing students and staff for thenew coronavirus after school of-ficials discovered that some pre-vious test results might havebeen erroneous or sent to thewrong patients.

In a statement to the schoolcommunity, Fairfield officials saidthey will no longer use that laband are advising anyone who hasalready taken a saliva test for theschool to disregard their results.

The school said it hasbrought in 35 rapid testing ma-chines and that it will be retest-ing members of the school com-munity on-site with swab teststhat will give results in 15 min-utes.

—Associated Press

NEWARK AIRPORT

TSA Worker RescuesLost Wedding Gown

Transportation Security Ad-ministration employees saved abride’s big day after her weddingdress was left behind at an air-port security checkpoint.

The bride’s mother forgot totake the red roller bag holdingher daughter’s gown after shecleared security at New Jersey’sNewark Liberty International Air-port and boarded a flight to Co-lumbus, Ohio, earlier this month,the TSA said.

The bride’s brother, Christo-pher Cepeda, filled out a lost andfound form online because thewedding was set for the follow-ing day. “As soon as I submittedthe request, we lost hope of re-trieving the luggage on time forthe wedding,” Mr. Cepeda said.

The website indicated the re-sponse time was about fivedays. TSA administrative assis-tant Loletta Nathan-Gordon sawthe email and recovered the bagin six minutes, the TSA said.

Mr. Cepeda paid to ship thebag overnight and it arrived intime for his sister to walk downthe aisle. He said Ms. Nathan-Gordon “literally saved my sis-ter’s wedding.”

—Associated Press

dispute, he saved attorneycosts by researching cases.

It took him nine years toearn his college degree. “Thefamily legacy was more impor-tant than my studies,” he says.

Upon graduating last year,he finally struck out on hisown, accepting a five-monthassignment in Seattle withthe Coast Guard’s MaritimeForce Protection Unit. “It wasthe best vacation I ever had.”

H e returned to NewYork planning to takeanother long assign-

ment with the Coast Guard.Then the pandemic hit. Mr.Li didn’t want his parentsexposed to the virus at thestore. Yes, he’s back to 80-hour weeks at the shop.

He isn’t unusual, says YinKong, director and co-founderof Think!Chinatown, a non-profit civic group. Chinatownwas disproportionately hit byCovid-19, and many who grewup working for their parentshave returned to help.

The older generation,meanwhile, is starting toadopt their children’s sug-gestions. “They are morewilling to try new things,like go online,” she says.

Mr. Li said he is puttinghis own stamp on the storefor the first time, startingwith the Reddit posts. Butwhen we spoke, he admittedhe still hadn’t told his par-ents what he had done,afraid of their reaction.

Last week, I visited theshop, 47 Division Street Trad-ing Inc. A faded 2012 dragoncalendar hung in the window.Inside the narrow store, sau-sages dangled from a ceilingpipe and whole ducks sat inbins atop milk crates. Thefrozen meats were displayedin a repurposed Good Humorice cream case.

There were only a fewsigns in English, another ef-fort by Mr. Li to update:“Duck Feet $1.59 a pound.”“Pig trotters $1.49 a pound.”

Mr. Li was waiting on a

young man who was clearlynot a local. “I saw the Redditpost!” said the customer,Alec Feretti, who had bikeddown from Murray Hill. Hewas buying a pork shoulder,a duck and a black chicken.

He loved the prices. “MaybeI’ll come back and work myway up to pig lips,” he said.

M r. Li told me that thenight before, he fi-nally told his parents

about the posts.I spoke to his father, Peter

Li, through a translator.“I’ve noticed at least five or

six people who are clearly notfrom here every day,” he said.“I’m really appreciative thatafter he put it on the internet,people see it and are coming.”

His son took me upstairsto the office, with its plywoodfloors and metal file cabinets.“It’s as janky as s—!” Mr. Ligrinned. “The atmosphere isdefinitely 1980s hard-coreChinese immigrant.”

He looked embarrassed

and proud at the same time.He pulled up a website from

a fancy butcher shop in Aus-tralia. “I’d love to be like this,while retaining our own per-sonal characteristics,” he said.“For us, it’d have a more Chi-nese heritage and style to it.”

Does that mean he’s plan-ning to stick around?

He sighed. He has passedup good opportunities to joinfriends launching businesses,he said. And he sometimesfeels stagnant compared withhis pals who went into invest-ment banking. “But when myparents came here, it wasn’tabout them, it was about us,”he said of himself and hisolder sister. “It’s only fair forus to keep that in mind.”

I told Mr. Li how great itwas to meet someone withsuch an unusual perspective.He looked mystified. “I’m aregular Chinatown kid whojust grinds…We’re a dime adozen.”

anne.kadet@wsj.com

METRO MONEY | By Anne Kadet

Son Aims to Rescue Parents’ ShopSoon after

the coronavi-rus lockdownhit, some pe-culiar postsappeared on

the New York City forum ofReddit, a popular discussionsite. A user calling himself“meat boy” was offeringcrazy low prices on cutsranging from drumsticks topig lips at an obscure China-town butcher shop.

“Let your poor and brokeass friends know that theydon’t need to starve in timeslike this,” he wrote.

The missives, which of-fered even steeper discountsto people in need, were funnyand rude. They garneredthousands of likes and hun-dreds of comments on theusually curmudgeonly forum.“Heart of NY right there,”was a typical response.

“Meat boy,” I learnedwhen I called, is Jefferson Li,a 28-year-old who works atthe butcher shop with hisparents. His folks immi-grated in 1985 from China’sGuangdong province andspeak little English.

Mr. Li said he hoped to lurenew customers to the strug-gling store, which caterslargely to Chinese immigrants.His dad worked long days atthe shop for decades anddrove a taxi at night. “I can’tstand to see all that effort godown the drain,” he said.

He’s no slacker himself.He has been “volunteering”at the shop since he was 5years old, working the regis-ter and hauling boxes.

He enlisted in the CoastGuard, attended Hunter Col-lege and supported himselfwith jobs ranging from astint at J.Crew to a logisticsgig. But he never stoppedhelping at his parents’ shop.

Sometimes he served dou-ble duty: When superstormSandy destroyed $750,000 ofinventory in 2012, he wran-gled grants and loans to savethe business. In a landlord

Jefferson Li stands outside his family’s business, 47 Division Street Trading Inc., in Chinatown, where he has returned to work.

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Medicine in the RawHealthcare Starts with Healthy Food.

God’s Love We Deliver is a member of the Food is Medicine Coalition (FIMC).To learn more about FIMC’s work around the country, visit fimcoalition.org

Since 1985, we’ve been cooking and home-delivering nutritious, individually tailored mealsto people living with serious illness in the NYC metropolitan area.

Being sick and hungry is a crisis. You can help.

Donate, volunteer, or just learnmore at glwd.org

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GREATER NEW YORKNY

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© 2020 Dow Jones & Company. All Rights Reserved. THEWALL STREET JOURNAL. Wednesday, August 26, 2020 | A9

PERSONAL JOURNAL.FAMILY & RELATIONSHIPS

Here are some techniques tohelp you do this.

Get some distance.You can use language to put men-tal space between you and what-ever temptation you’re strugglingwith, whether it’s a piece of cakeor the yearning to yell at yourkids. This is called “psychologicaldistancing.”

The idea is to talk to yourselfwhen you’re upset as another per-son would. Experts suggest usingthe third person point of view toinsert distance. (“Elizabeth isstressed-out on deadline but is notgoing to melt down.”) Studiesshow that people who do this haveless anxiety and perform betterunder stress.

Create an alter ego.To strengthen your resolve, imag-ine you’re a different, more capa-ble person. Want to up your ten-nis game or swim laps faster?Pretend you’re an Olympic athletein the competition finals. (My dadtaught me to do this when weraced sailboats: “The world’swatching, so let’s show them howwe win!” he’d shout with glee atthe starting line.)

You could also ask yourself what

someone you admire would do inthe same situation. My favorite?“What would Mr. Rogers do?”

Studies show that when smallchildren pretend to be a favoritecharacter—Batman, Bob theBuilder, Dora the Explorer or Ra-punzel—they perform better onchallenging tasks, both better reg-ulating their emotions and manag-ing their frustration.

Can this work for adults? Yes.“It allows you to take a step backand also channel someone who ismore competent for the task,” saysAmanda Grenell, a developmentalpsychologist at the University ofMinnesota who co-authored theresearch.

So go pick your superhero.

Time travel.Recall a time in the past when youkept your resolve. Or think aboutpast challenges in history that oth-ers have overcome.

Research shows it can also helpto envision a future point intime—whether it’s in a week or ayear—when things will be better.“You think: ‘Yes, it is a turbulenttime. But it will get back to nor-mal,’” says Ethan Kross, a profes-sor of psychology and manage-ment and director of the Emotion

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TheOneThing YouCan ControlNow: Yourself

We often feelpowerless. Betterself-control can help.

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During the first month of thecoronavirus shutdown, 9-year-old Drew Schnurman read

books, played board games andwatched YouTube. But he gotbored. “He was really needy, ask-ing me to play with him all thetime and looking for a lot of atten-tion,” said his mother, DanaSchnurman, a public-relationsfreelancer who tried to keep himoccupied while working from homein Deerfield, Ill.

Some of his school friends mes-saged him on his iPad, asking himto play “Fortnite,” the popular on-line game. And some of the mothersasked Ms. Schnurman if he’d like tojoin the other boys. Desperate toconnect her son with friends and totake some of the entertainmentburden off of herself, Ms. Schnur-man suggested it to Drew. Hewasn’t interested but finally agreedto give it a try.

Now, he spends almost all dayand night in the basement playing“Fortnite,” and his parents are hav-ing a hard time prying him away.

Videogame-playing has soaredduring the pandemic, with the ma-jor game developers reporting re-cord sales. During a one-week pe-riod in March, after thecoronavirus was declared a pan-demic, U.S. videogame usage onVerizon networks increased by75%, according to the telecom.

FAMILY& TECHJULIEJARGON

Nine-year-old Drew Schnurman has found a social outlet in the onlinegame ‘Fortnite’. Drew and his mom, Dana Schnurman, played hoops.

Early in the coronaviruspandemic, Zvi Band tookout a blank piece of paperand drew a line down themiddle. Then he made twolists.

On one side, he wrote down thethings he can’t control: the lengthof the quarantine; whether he orsomeone he knows gets sick;whether his business suffers; if orwhen there will be a cure.

On the other side, he listedthings he can control: how hespends his time and who hespends it with; how he cares forhis wife and family; what hespends money on; the informationhe consumes; the food he eats;how well he follows safety pre-cautions.

When he was done, Mr. Bandripped the page in half, crumpledup the list of things he can’t con-trol, and threw it away. He tapedup the list of things he can controlnext to his computer monitor.

“It reminds me to stay focusedand that I am in command of myemotional state,” says the 36-year-old CEO of a software company inWashington, D.C.

Feel like everything right now isbeyond your control? It’s not.

You can control yourself.Self-control—the ability to man-

age your thoughts, feelings and ac-tions to achieve a goal—is a neces-sary skill to master in the Covid-19era. You can’t overcome a chal-lenge—big or small—without beingdisciplined.

Yet many people are finding itharder to maintain their self-con-trol these days. When we’re underextreme stress, our brain worksovertime to regulate our emotions,attention and behavior. At thesame time, we have more distrac-tions, fewer options for stress re-lief and poorer sleep. All this taxesour mental resources, depletingour ability to stay motivated, ex-perts say.

“You can think of self-control asbandwidth,” says Angela Duck-worth, professor of psychology atthe University of Pennsylvania,who studies self-control. “Andright now, it’s divided.”

The Ancient Greeks had a wordfor the lack of self-control: Akra-sia—acting against one’s betterjudgment because of a weakness ofwill. It’s what happens when we

BONDSElizabethBernstein

Boys FindAWay toCope inPandemic

videogames? While there’s nomagic number of hours, expertssay there are telltale signs whengame-playing crosses from fun toproblematic.

“What you want to be con-cerned about is that boy who isstaying up much later than usualand losing sleep, not coming downfor meals and withdrawing fromother activities,” said Vicki Ehr-lich, a clinical psychologist inLarchmont, N.Y., who said shetreats many children and teenswho use videogames to escape orcope with other problems. “If theybecome irritable and angry whenthey stop, that’s a sign of thegame becoming more entrenched.”

Other warning signs includekids gaming in secret, or playingdown to parents the amount oftime they spend gaming. The typeof game they choose matters, too.

“Playing with friends posesmuch less of a risk than playingalone, against the game,” Dr. Ehr-lich said. Also at lower risk arekids whose families are function-ing fairly well, who have friend-ships and who don’t have learningproblems or a propensity for de-pression or anxiety.“But it’s still con-cerning because wedon’t know howmuch of a habitthis will create,”she said.

Luke Walters, a16-year-old in Rich-mond, Vt., said heenjoys making newfriends in the gameshe plays. “I talk tosome of them aboutstuff I wouldn’t talkto my friends in real life about, be-cause they can’t spread rumorsaround school about who you like,for instance,” he said.

“All I can say is, if the internetdidn’t exist, I think his head wouldhave exploded by now,” his father,Thomas Walters, a retired teacher,said. “I’m cool enough to know thatit’s not just gaming. They chat asmuch as they play.”

If you worry your child has be-come too immersed in video-games, there are things you cando, experts say.

n Seek the root of the problem.If you think your child is trying toescape the stress of pandemiclife, ask him what he likes aboutthe game. Understanding whichneeds the game fills can help youfigure out other activities tomeet the same needs. He couldbe craving more time with you.

n Disable stealth mode. Expertssay it’s best for consoles, laptopsand other devices to be kept in amain room of the house, not thechild’s bedroom. If you are wor-ried he will sneak into the livingroom to play in the wee hours,lock up the controllers or devicesat bedtime.

n Use positive reinforcement.Approaching your son in a posi-tive way can be more effective

than getting mad athim for not turningoff his console. “Youcan say, ‘We missyou at dinner,’ ” Dr.Ehrlich said.

n Find solutionstogether. Ratherthan lay down thelaw that excessivegaming must stop,get your child in-volved in choosingalternative activities.Susan Groner, au-

thor of a forthcoming book, “Par-enting With Sanity and Joy: 101Simple Strategies,” suggests say-ing something like, “It’s great thatyou have that outlet. It seems,though, that it’s taking up allyour time and you’re not reallydoing anything else. What do youthink is a reasonable amount oftime per day to play?”

How Parents CanWin GameWars

It’s likely boys are driving muchof the surge. In a study conductedlast year, Common Sense Mediafound that before the pandemic,boys ages 8 to 18 were spendingan average of one hour and 19minutes a day playing videogames,compared with just 14 minutesspent by girls.

There is also evidence to sug-gest that boys are generally feelingless isolated than girls. That’s notto say they don’t get lonely or de-pressed. But in a spring survey byCommon Sense Media, boys werefar less likely than girls to reportfeeling more lonely than usualduring the pandemic. The organi-zation also found boys spend a lotless time on social networks likeSnapchat and Instagram, whichcan magnify feelings of lonelinessand depression.

Eunice Louie, a manager at atech company in Silicon Valley,said her 11- and 15-year-old sonshave probably been spending toomuch time playing videogameswith friends but it’s their only so-cial outlet. “Videogames have ac-tually kept them sane,” she said.

Parents feel conflicted. Whilegames have given boys a critical

social outlet when they are cut offfrom school, sports and other ac-tivities, some parents worry theirnew habits will be hard to breakwhen the pandemic is over. Theyalso worry about the effects ontheir sons’ academic performance.Will they be able to stay focused?Will they rush through homeworkto get back to their game?

Games aren’t as rewarding forgirls as a social outlet: Many girlswho play games online keep thevoice chat off, because they tendto experience harassment frommale players, said Bubba Gaeddert,executive director of the VarsityEsports Foundation, a nonprofitfocused on promoting diversityand inclusion in gaming.

It’s hard to pry kids away fromtheir videogames in part becausetheir brains aren’t developedenough to switch from a highly re-warding activity to one that’smore mundane. Having to sud-denly cease such a rewarding ac-tivity can leave a child feelingwithdrawal-like symptoms, expertssay. “It makes me feel kind ofmad,” Drew said.

How can parents tell if a child isspending too much time playing

succumb to a temptation that feelsgood in the moment, rather thandoing something that would begood for us in the long run. Duringthe pandemic, lack of self-controlincludes bingeing Netflix for hoursinstead of doing our work, suc-cumbing to our emotions andsnapping at loved ones (or strang-ers), and endlessly doomscrollingthe news.

Times are hard. It’snatural to lapse some-times. If you’ve feltyour self-control slip re-cently, don’t beat your-self up about it. It’s OKand even to be expectedfrom time to time. Justtry to do better goingforward.

Research shows thatpeople who practiceself-control reap a hostof benefits, including fewer physi-cal and mental health problemsand a longer lifespan; more suc-cess in school and work; a greaterpopularity with others, fewer ar-guments and better relationships,says Roy Baumeister, a social psy-chologist and professor at theUniversity of Queensland in Aus-tralia, who has studied self-con-trol for 30 years.

Everyone’s born with some abil-ity to maintain self-control, ex-

perts say. But for some, it comeseasier. People with the personalitytrait of conscientiousness may findself-control more manageable, aswill people who have learnedhealthy coping skills. People whoare naturally more reactive willprobably find it harder.

The good news: Everyone canstrengthen their self-control. “TheVictorians called this building

character,” says Dr.Baumeister, who is co-author of “Willpower:Rediscovering the Great-est Human Strength.”

A just-published arti-cle reviewing the re-search on self-controlcommissioned by theJohn Templeton Founda-tion, a philanthropic in-stitution that funds sci-entific research,

identifies two main ways to boostit. The first is to form better hab-its, such as turning off your cell-phone when you need to work,shopping locally so you can walkto stores and get some exercise, orgoing to bed at the same timeeach night.

Next, reframe your thinking.Psychologists call this cognitivereappraisal. The idea is to broadenyour perspective beyond the mo-ment at hand.

Understress,our brain worksovertime to

regulate our emo-tions, attentionand behavior.

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vacation property, buying and fix-ing up cabins and mobile homes inMinnesota and Florida. They nowown a cabin by Lake Augusta inMinnesota and are paying off ahouse in Florida. They planned tosell their family home this year topay off the Florida mortgage.

Everything is on hold. Mr. Sti-gen’s position as regional facilitymanager at Cabela’s, an outdoor-recreation retailer, was eliminatedin coronavirus-related downsizing,and he hasn’t found another job. Ms.Stigen hasn’t returned to her part-time job as a hair stylist or goneback to volunteering with the Salva-tion Army food shelf, because shecares for her 83-year-old mother,who has stage 4 lung cancer and isconcerned about contagion.

Mr. Stigen started a spendingjournal. They cut cable TV and high-speed internet service. They quit thegym. They’ve been relying on unem-ployment insurance and PandemicUnemployment Assistance and ob-tained health coverage through the

MinnesotaCare program. “We aregetting by day by day,” says Mr. Sti-gen. “I’m not sure how we are goingto pay all our expenses until we getthrough this Covid mess.”

Many who are still working arecutting discretionary expenses be-cause they doubt the economy willbounce back quickly, which couldjeopardize their jobs.

Dave Wysocki, 66, was laid offJuly 1, ending a 32-year careerworking in the box office and fi-nance department of the PittsburghPirates. Although he receives about$4,000 a month in pension and So-cial Security funds, he monitorsspending carefully, knowing howquickly it adds up. Two years ago,he had $20,000 in car and home-eq-uity debt and needed budget coun-seling from a financial coach.

“I assign each dollar to a cate-gory—food, transportation, utili-ties,” he says. Money not usedgoes into an “Unspent Account”and tapped for one-time expenses.

He’d like another job, ideally aFROM

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In the mid-1980s, I started look-ing for a 1933 convertible to pairwith my coupe, and was luckyenough to find a Model Fifty-Six C(very few were built, and the fac-tory list price was $1,115 whennew), which I had restored andpainted in original colors. In 1989, Istarted looking for a certain con-vertible sedan, of which only 124were made, to complete my collec-tion. A chance encounter at a Her-shey meet led me to a San Fran-cisco garage, inside which was an

Fifty-Six S Sport Coupe (which had abase cost of $1,030 new). I have apicture of me with the car from theday I purchased it. I was wearing astraw hat, which I still have. Thatsame year, I began attending the an-nual Antique Automobile Club ofAmerica national meet in Hershey,Pa., with my antique-car mentor andfriend, the late David Noran, whoalso owned a 1933 Buick. We mademore than 30 consecutive appear-ances in the pursuit of elusive origi-nal parts to improve our vehicles.

unrestored 1933 Eighty-Eight C(which went for $1,845 new, and istoday one of only three survivingthat I have been able to find) and ahuge stash of parts. I bought all ofit, and it took two full 18-wheelersto get the stash to the restorationshop I was using in Kentucky.That last car went through a

five-year restoration, and in 1996, Idisplayed all three 1933 Buicks atthe Hershey show and wasawarded first-place award badgesfor each, which now permanently

David C. Anderson, 75, an invest-ment adviser and bluegrass musi-cian who lives in St. Louis, on histhree 1933 Buicks, as told toA.J. Baime.

When I was in high school, a num-ber of my classmates in FortThomas, Ky., owned Fords from the1930s, which they spent weekendsmodifying and repairing so theycould cruise the main street in town.I saved funds, but my father refusedto give me permission to buy a vin-tage car because he thought my aca-demic record would suffer. So I hadto settle for sharing a 1955 DodgeRoyal Lancer with my mom.I finally bought my first vintage

vehicle in 1971—a 1933 Buick ModelWHITNEY

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MY RIDE | A.J. BAIME

What’s BetterThan HavingOne ’33 Buick?Having Three.

David C. Anderson with his Buicksnear his home in St. Louis.

reside on their respective radiators.Why 1933 Buicks? For me, the

1930s represent the pinnacle ofAmerican automotive design. Thenew element of chrome allowed fordesigns that featured lots of flam-boyant “brightwork.” New manufac-turing techniques could producefenders with more sensuous curves.In the highly competitive automobilemarket of the 1920s and 1930s, Gen-eral Motors changed the body designof its cars slightly every year to at-tract customers. So 1933 Buicks looka little different than the cars fromthe year before and after. For me, the1933 Buicks stand out.My dad got to ride in all three

before he passed away in 1999, andwe shared some nice moments talk-ing about the benefits of deferredgratification. Meanwhile, next yearwill mark the 50th anniversary ofthe day I bought my first 1933Buick. I’m hoping that by then, thepandemic will have subsided andwe can have a proper party.

and Self-Control Laboratory atthe University of Michigan.

Imagine your future self.One of the reasons it is sohard to choose a future goalover immediate gratification isbecause it’s hard to relate toour future self, says Dr. Duck-worth. She suggests visualiz-ing yourself in the future theway you want to be, as a wayto connect your current ac-tions to your future goals.Then—this is important—youneed to identify the obstaclesthat stand in the way.

Angela Hale, who owns acoaching business and is thesingle mother of a toddler, of-ten imagines her future selfwhen she feels irritable, over-whelmed or doubts herself.

One recent evening, as sherocked her daughter to sleepfor the sixth time and tried notto panic about the work shestill had to do, Ms. Hale closedher eyes and imagined herself afew years older. She visualizeda beautiful home and a thrivingbusiness. And she pictured herdaughter laughing and runningaround. “This helped me seehow temporary this time in herlife is, and I melted instead ofexploding,” says Ms. Hale, 35,who lives in Nevada City, Calif.“I suddenly felt so lucky to bethere with her.”

Often when she imagines herfuture self, Ms. Hale asks foradvice—about a relationship ora job or even what time to goto bed. Then she takes it.

“I know my future self wellenough by now to know thatshe knows what’s best,” Ms.Hale says. “She didn’t getwhere she is by wasting en-ergy on unavailable men, stay-ing up all night watching oldepisodes of ‘Grey’s Anatomy’or making poor financialchoices. So neither will I.”

ContinuedfrompageA9

One ThingYou CanControl: Self

Angela Hale imagines thefuture to boost her self-control.

After Sue Sweetra waslaid off because of thepandemic, the 56-year-old widow began volun-teering regularly at afree farmers market,

where she and other volunteers re-ceived boxes of potatoes, onions,turkey and cheese.

“That helped stretch my bud-get,” says Ms. Sweetra, who losther job as an operating-roomnurse when all elective surgerywas canceled. “I spent $40 on gro-ceries in May.” Not knowing whenor if she would be called back towork, Ms. Sweetra also decided tosell the Crested Butte, Colo., homeshe shared with her late husbandand move into a smaller place.

The pandemic has left many peo-ple at or near retirement age out ofwork and unexpectedly living on ashoestring budget. They’re cuttingtheir high-speed internet and life-insurance premiums. Frills like sub-scriptions are gone.

About 58% of baby boomers sawtheir jobs negatively affected byCovid-19, according to a survey byTransamerica Center for Retire-ment Studies.

Many are too young to collectSocial Security, which can begin at62, or use Medicare, which startsat 65, and don’t have enoughmoney set aside. Less than half ofworking Americans over 60 feeltheir retirement savings are ontrack, and 13% had no retirementsavings, according to a 2019 reportby the Federal Reserve.

The stock market has recoveredits losses from earlier this year,which helps those who have 401(k)or other retirement accounts, butnot everyone has those invest-ments. Moreover, financial advis-ers warn against prematurely tap-ping retirement savings.

Getting a new job at their agecan be difficult.

“Once an older person loses hisor her job, it takes longer to find anew one,” says Alicia Munnell, direc-tor of the Center for Retirement Re-search at Boston College. More thanhalf of older workers are in jobs thatcan’t be done from home and withCovid-19 riskier for older adults,they’re concerned about returning tothe workplace. “You either face ahealth risk of returning to work tooearly or an economic risk of runningout of money,” she says.

Everyone defines shoestring dif-ferently, and what is a pared-downbudget for one person might beextravagant to another. Wherepeople live makes a difference: Astudy released in June found that$1 million in savings lasts 23 yearsin Mississippi compared with 10years in Hawaii.

Even those who began prepar-ing for retirement in their mid-20sfind plans upended by the pan-demic. Gary Stigen, 61, and hiswife, Liz, 59, began meeting withfinancial advisers soon after theymarried and saved regularly. Overthe years, the couple, who live inCoon Rapids, Minn., invested in

BY CLARE ANSBERRY

Baby Boomers DealWithCovid‑19’s Financial HitNest EggHow longwill $1million in savingslast during retirement? It depends onwhere you live, estimates show.

Sources: GOBankingRates analysis of Bureau of LaborStatistics (expenditures) and Missouri EconomicResearch and Information Center (cost of living)

Mississippi

Tennessee

Texas

Florida

Minnesota

Pennsylvania

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Sue Sweetra, here holding a picture of her late husband, Clifford, ispacking for a move to a less-expensive place. Dave Wysocki, 66, was laidoff July 1 from his job with the Pittsburgh Pirates, ending a 32-year career..

position that involves helping oth-ers, but isn’t sure given the econ-omy, Covid-19 and age, whetherthat’s doable. “Can I go back towork somewhere?” he says. “By nomeans, at 66, am I ready to say Iwill never work again.”

Ms. Sweetra, the operating-room nurse, worked at a Denverhospital and her husband, who was16 years older, worked at LockheedMartin. After he received an early-retirement package, the couplemoved to Crested Butte. When hedied in 2015, her emotional worldunraveled and so did her financialone because she was no longer re-ceiving his Social Security, whichwas 40% of their income.

She tapped her retirement sav-ings to help pay bills and told herfriend Bev Miller, who is also a fi-nancial coach, “I’m bleedingmoney and don’t know how tostop.” Ms. Miller helped Ms.Sweetra put together a budget andcreate an emergency fund, whichgrew to $24,000.

In January 2019, Ms. Sweetra, anon-smoker and active hiker andskier, was diagnosed with lung can-cer and out of work for 8 months.She returned to work in October,only to be laid off again in March.Her part-time job in Crested Butteas a dental assistant also ended.

Her emergency fund dwindled to$3,000. She decided to sell herhouse in Crested Butte and is get-ting ready to move to a smallerhouse. It wasn’t an easy decision.She and husband bought theCrested Butte house as their dreamretirement home. It will always re-main special, she says, but “it’s timefor me to make my own dreams.”

PERSONAL JOURNAL. | FAMILY & RELATIONSHIPSNY

P2JW239000-0-A01000-1--------NS

THEWALL STREET JOURNAL. Wednesday, August 26, 2020 | A11

very polished gentleman.” Thestatement, which drips, says a lotabout Noel, a lot about Mike and alot about the show: When Noel’stwin, Joel, shows up, it doublesthe Black population of the as-pre-sented Hamptons.

The more overt hostility is be-tween Noel and Peggy, who likeher colleague J.B. has cycled out ofthe Manhattan real-estate market(which seems right now to havebeen a genius move) and is, like allher co-stars, a type. Her problemwith Noel does seem to be based

in his approach, and grasp of real-ity: He lists that aforementionedAmagansett house at $35 millionto lure the owner into selling, butthen can’t defend the price whenPeggy brings him at least one bonafide buyer who knows more aboutthe property than he does. It’s ex-actly the kind of cringe-inducingsituation for which reality televi-sion was born and raised.

Something like the misleadinglytitled “Million Dollar BeachHouse”—nothing is a mere milliondollars—seems intended for those

who will never come close to af-fording one of the featured proper-ties, but will be comforted by thepetulance of the inhabitants.Which is not to say that buyersand sellers of Hamptons houseswon’t find something genuinely in-teresting in the proceedings. Thebest moments of the show, in fact,occur when an owner unexpectedlywalks into his or her own home af-ter it’s been redecorated, re-envi-sioned and one might say “cor-rected” by the people assigned tosell it. “We can spend tens of thou-sands to sell a house,” says Mike.“It’s worth it.” But on several occa-sions what they do is clearly takenas an insult by the sellers.

“I’m not digging it,” says awoman named Patti at the openhouse for her “Patti Shack.” Shecan barely contain her “completeand utter disdain,” as one agentputs it, and in front of potentialbuyers. Similarly, a Hamptons cou-ple who show up, take one lookaround at the remake their homehas been given and command theirreal-estate agents to start movingout furniture. It’s at moments likethese that the agents of “MillionDollar Beach House” really seem tobe earning their money.

Million Dollar Beach HouseWednesday, Netflix N

ETFLIX

You don’t have to mortgageyour soul to sell real estatein the Hamptons, but the

stakes are high. Sellers are needy.Buyers are demanding. The com-missions are stratospheric. Andyour co-workers are cutthroats. Allof which helps establish “MillionDollar Beach House” as a water-front property at the low tide ofhuman behavior. And, naturally, aparagon of reality TV.

The East Coast answer to “Sell-ing Sunset,” in which purveyors ofhigh-price properties in L.A. alsoengage in soap-opera-like antics,the six-episode “Beach House” isin the relative big leagues of real-estate porn: The houses are allhangar-like, most look unlived-in,some have up to eight bedrooms,25-foot ceilings, “indoor/outdoorflow” and “backyards” appointedlike four-star restaurants. Someare smart houses, many have spec-tacular views, and most have spec-tacular price tags—one of theminidramas in the mix involves a

$35 million home in Amagansett.(Montauk is also included amongthe “Hamptons,” though somewould argue.) The agent’s cut ofthe selling price may not be sevenfigures, but it’s often close. Thiscan cause anxiety.

And, naturally, if viewers arenot quite satisfied luxuriating inthe dream homes of other people,they can be marinating in the bilegenerated by those selling thedream homes of other people.

What’s often referred to as “un-scripted” TV seems very often, andvery highly, scripted—although ifone were actually to create dramain which to immerse the “BeachHouse” characters, you’d expect itto be a little more fraught. As it is,the employees of Nest Seekers In-ternational are preoccupied withtheir careers, their careers, theircareers and Noel, the one Blackemployee working out of the com-pany’s Hamptons office. “You methim yet?” asks an agent namedMike, a former fashion model. “A

TELEVISION REVIEW | JOHN ANDERSON

No Good Deed GoesUnsigned

A scene from Netflix’s ‘Million Dollar Beach House’

ARTS IN REVIEW

CULTURAL COMMENTARY

Pandemic Perseverance,Then andNow

In enduring thechallengesofCovid-19,NewYork’sTenementMuseumdraws inspiration fromthe immigrants towhomit isdedicated

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Interior, above, andexterior, below left, of NewYork’s Tenement Museum

model to rely equally on philan-thropy and earned revenue, insteadof deriving only 25% of our revenuefrom philanthropy.

And we had some lucky breaks. Awonderful anonymous donor offeredto refinance a $9.5 million tax-ex-empt bond previously issued to helpus buy our tenement buildings, giv-ing us an especially friendly interestrate that will reduce our mortgageexpenses by almost $500,000 annu-ally. A PPP loan allowed us to bringback all furloughed full-time staff inlate April to plan for the very differ-ent kind of programming we expectto do for the foreseeable future.And just as there are moments wor-thy of celebration in our presentcrisis, not everything in the tene-ments’ hardscrabble history wasgrim: In addition to providing forher family, Sarah Burinescu becamethe first woman resident at 97 Or-chard to vote—a heartening land-mark during the centenary of the19th Amendment.

But at a time when so much isuncertain, the personal accounts themuseum tells remind us that, whenthey uprooted themselves to makenew lives in a new land, immigrantsand migrants faced more uncer-tainty than we do today. Their sto-ries are the source of the museum’sstrength and its endurance—and ofour determination to safeguard themuseum’s future.

So we’ve pivoted to online andinteractive programming as much tostay in the public eye as to dis-charge our mission. This includes

digging into our archives to offertimely web-based exhibits such as“Beyond Statistics: Living in a Pan-demic” and a reboot of our popular“Tenement Women: Agents ofChange”; developing new live vir-tual programming that includesbook talks, family programs and vis-its like “Secrets From the PrivyVault: Insights on a Tenement RearYard”; and creating educator initia-tives like online curriculum (whichnow reaches a national audience!),digital field trips, and English as asecond-language programs.

In addition, we’re testingwhether offering these web-basedprograms to alumni clubs, family re-unions, affinity groups and otherprivate organizations can generateearned revenue.

We are about to restart the out-door walking tours that had served6% of our pre-Covid visitorship. Andnext spring we plan to launch awalking tour, under developmentfor the past year, exploring the his-tory of Black institutions and com-munities in lower Manhattan fromthe 17th century through the pres-ent, concluding with the importantstory of the African Burial GroundNational Monument.

The museum is a historical re-minder that ordinary people areworthy of celebration, and that’s animportant message to preserve. Sofor now we’re focused squarely ongetting through this time of tur-moil, and drawing inspiration to doso from the immigrants and mi-grants who inhabited our buildingsand our neighborhood. Jacob andSarah Burinescu—with their hard-ships, losses, and hope for the fu-ture—are just one such story, andone with a happy ending. Their de-scendants held a family reunion atthe museum in 2015.

Mr. Vogel is president of theTenement Museum.

Ours is an unlikely mu-seum. We exhibit tene-ments: small, crowdedhomes on New York’sLower East Side thathoused generations of

impoverished immigrants and mi-grants who arrived in the U.S.from more than 20 nations be-tween the mid-19th century andthe late 20th century.

Nothing about our flagship 1863structure at 97 Orchard St. is archi-tecturally noteworthy; none of themore than 7,000 residents whomade their lives in this buildingrose to power, wealth, or glory intheir new land; none of the furnish-ings through which we tell theirstories would be displayed in a tra-ditional museum. That the Tene-ment Museum exists speaks to itspowerful vision thatthe everyday lives ofordinary people—im-migrants who fol-lowed their dreams tothis country andhelped build it—areworthy of attention.

When the coronavi-rus forced us to closeon March 14, we lostmore than 75% of ournearly $11 million an-nual operating budgetbecause earned in-come—museum ad-missions and shopsales—is our primarysource of revenue. Weare unlikely to see thereturn of the 278,000 annual visi-tors we welcomed in 2019 anytimesoon. In addition, we have a meagerendowment of less than $3 million.

This is, of course, not the firsttime that a global pandemic has vis-ited hardship on the site, and thechallenges we face due to Covid-19reminded me of the Burinescu fam-ily who lived at 97 Orchard from1916 to 1927. As the flu pandemic of1918 swept through New York, oneof the many lives lost was that of

Jacob Burinescu, an immigrant andthe family’s primary breadwinner,who left behind five children andhis pregnant wife, Sarah.

Jacob was not the only one in hisfamily to contract the deadly virus.His 3-year-old daughter, Pearl, wasalso stricken, but recovered. Againstthe odds, Sarah overcame the loss

of her husband and earned a livingas a sewing-machine operator in thegarment industry, single-handedlyproviding for her six children.

This spirit of perseverance is asintegral to the museum as thebricks and mortar from which itwas built, and like the determinedgenerations who once lived here, wefaced our new challenges, knowingfull well that it meant putting inhard work and making difficult de-cisions. We immediately cut recur-

ring expenses by over 60%, tempo-rarily furloughing all part-time andsome full-time staff (while continu-ing to provide fully employer-paidhealth insurance for covered em-ployees through the end of August)and laying off a handful of othercolleagues. Senior managementwent on a week-on, week-off sched-

ule, taking a 50% paycut. Then in late July,when it became clearthe pandemic wasn’tloosening its grip andthat public healthguidelines would pre-vent the museumfrom welcoming visi-tors inside our his-toric tenements at103 and 97 OrchardSt. for the foreseeablefuture, we made thetough decision to layoff the furloughedfront-facing part-timehourly staff.

The museum’sApril gala, which we

had expected to net $700,000, hadto be turned into a virtual event.But it nonetheless succeeded in net-ting $1.1 million. This followed anonline fundraising appeal thatstarted in late March and still con-tinues; additional support arrived inApril after the New York Times rana story that presented the museumas a case study in the plight ofsmall cultural institutions duringthe pandemic. This reassured usthat we could shift our business

BY MORRIS J. VOGEL

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A12 | Wednesday, August 26, 2020 * * THEWALL STREET JOURNAL.

WeatherShown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.

City Hi Lo W Hi Lo W City Hi Lo W Hi Lo WToday Tomorrow Today Tomorrow

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REMOTELOCATIONS | By Val MeliusAcross1 “Fancy that!”4 Emulate Romeoand Juliet

9 Smoothie option14 Ancient symbol

of royalty15 Less experienced16 Multipurpose

utensil17 Corp. execs18 Lizard with a

poisonous bite20 Methuselah’s

great-great-great-grandfather

22 Parking permit,perhaps

23 Irish singer withfour Grammys

24 Pale greenflutterer

26 “Given that...”28 Tom Collins base29 Grandmother of

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justice33 Saharan rest

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38 Portrait onChinese renminbibills

39 Getawaymemento

42 FilmmakerLupino

43 Works in themailroom

44 Comes to astandstill

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or less57 Puma part59 Rio makeup60 Rural area, and

what can befound in thispuzzle’s circles

63 Extended storyline

64 Like somerevealing attire

65 Fitbit feature66 Spreadable

square67 Flooded field

TheWSJ Daily Crossword | Edited by Mike Shenk

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Previous Puzzle’s Solution

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Solve this puzzle online and discuss it atWSJ.com/Puzzles.

J E D I S P C A A M A S SA L A S A L E X T A M I LI S T H A T A L L A R O M AL E E S U N S E T S T R I P

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69 Chicagocommutingoptions

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2 College sportsbroadcaster

3 Maker ofEcoTank printers

4 Work unit5 Applied, as a coatof varnish

6 Little screecher7 Sherbet choice8 “AtWit’s End”writer Bombeck

9 Yahoo rival10 Religious

recesses11 Aberrant12 Western author

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pods19 Antipasto bits21 Original host of

“America’sFunniest HomeVideos”

25 Like “literally,” alltoo often

27 Bowler, for one29 Cause of some

cast clashes

31 Target ofSideshow Bob’splots

32 Asgardians, e.g.33 Mayberry boy34 Antonio

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35 Like Chucky in“Bride of Chucky”

36 Sage, e.g.37 Fitting40 “Mr.” in a Styx

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47 Good deeds helpto erase one

49 Sporting tats50 “Thin Ice” star

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52 Open inastonishment

53 “The LastSupper,” for one

54 Diplomaticagreements

55 Half a fl. oz.56 “Joke’s on you!”58 Creative slumps61 Squall62 Cal. spans

acting unfairly.The new race claims are particu-

larly incendiary because they arecoming at a moment of nationalreckoning over racial injustice inwhich the league has sought to es-tablish itself as an ally to Blackplayers who protest inequality.

Neuropsychologists have longwrestled with how to assess some-body’s cognitive capacity before aninjury if they haven’t previously en-countered them. Many researchershave identified African-Americansperforming less well than whiteAmericans on cognitive tests,though the reasons for this arewidely debated.

One proposal in response hasbeen to adjust scores to account forrace with the goal of reducing inac-curate diagnoses of cognitive im-pairment, or false positives.

Skeptics of that kind of adjust-ment have raised concerns about itspotential application to the treat-ment of different races, as well asmissed diagnoses of conditions, orfalse negatives. Some researchers,such as Philip Gasquoine, a clinicalneuropsychologist and a professorof the University of Texas RioGrande Valley, have suggested usinga single national standard and thenusing a specific test score, such as ascore for vocabulary, which is rela-tively resistant to brain injury, toestimate a specific individual’s pre-existing skill level.

Henry, the complaint says, wastested in 2017 by an approved phy-sician. His scores indicated his exec-utive functioning, or self-manage-ment, was impaired, and hismemory and language were moreseverely impaired, to the point that

he met the criteria for benefits. Hehad played in the league for eightyears and retired in 2000 at the ageof 33, after a career in which he hadmultiple concussions.

His claim for settlement benefitswas denied, and he took a secondtest in 2019. This time, a health-care provider wrote he didn’t meetthe criteria and that the results dif-fered from his 2017 evaluation be-cause “different normative compari-son groups were used at theprevious evaluation, which also mayaccount for some discrepancies inthe standard scores and meetingimpairment criteria.” Henry’s law-yers say that “different normativecomparison groups” meant that ra-cial weighting was being deployed.

Davenport, the complaint says,was tested in 2019 by a physicianwho used a standard that didn’t ad-just based on Davenport’s race, andinitially was considered to havequalified for benefits based onsome impairment in his executivefunctioning and greater impairmentin language. He had at least 10 con-cussions, played in the league forseven years until 2008, and retiredat the age of 29, the suit says.

He received a notice saying hewould receive compensation, butthe NFL appealed his claim, arguingin part that “based on the NFL Par-ties’ independent recalculation ofMr. Davenport’s” scores, and “ap-plying the industry standard Heatonnorms, Mr. Davenport did not dem-onstrate the requisite cognitive im-pairment in any domain.”

“Heaton norms” is generally un-derstood to refer to using differenttables for different races to inter-pret the results of neuropsychologi-cal tests, in addition to factoring inthe demographics of age and educa-tion. The litigation, which was filedin the same court where the con-cussion settlement is now overseen,includes both a motion to preventthe use of race adjustment in as-sessments of former players and acomplaint of discrimination thatalso seeks damages for former play-ers, punitive damages from theleague and legal fees.

In an interview, Henry, who isnow 51 years old, said that he no-ticed that something was wrongwhen his speech became slurred, hesuffered daily headaches, he strug-gled to remember things and histemper became hard to manage.

Henry said he felt betrayed tothink that Black players had beendiscriminated against in the settle-ment, which he had concluded “wasto make all the fans out there feellike we’re taking care of the play-ers...and we are taking care of someof them, but not all of them.”

Davenport, who is 41 years old,said he started to notice he was for-getting things about seven yearsago. “They preached to us about notdisrespecting the shield,” said Dav-enport. “We come to find out thatthey can care less about us….Itmakes you look at that shield differ-ently.”

Agroup of Black formerNFL players has filed afederal lawsuit allegingthat the National Foot-ball League’s much-con-

tested concussion settlement withplayers blocked some Black claim-ants from securing payouts by us-ing an evaluation process that as-sumed they had lower cognitivefunctioning when healthy thanwhite players.

The explosive claim against theNFL is being made by Kevin Henryof the Pittsburgh Steelers and NajehDavenport, who played for theGreen Bay Packers, Steelers and In-dianapolis Colts. They are seekingto establish a class action on behalfof all Black former players.

“The lawsuit filed today is en-tirely misguided,” NFL spokesmanBrian McCarthy said in a statement,which added that the agreementhas paid out more than $700 mil-lion in benefits to retirees and theirfamilies and was approved by fed-eral courts. The statement said theagreement “always contemplatedthe use of recognized statisticaltechniques to account for demo-graphic differences such as age, ed-ucation and race.”

“The point of such adjustments—in contrast to the Complaint’sclaims—is to seek to ensure that in-dividuals are treated fairly andcompared against comparablegroups,” McCarthy said. “But theSettlement Agreement does not re-quire the use of any particular ad-justments, and instead leaves theiruse to the sound discretion of theindependent clinicians administer-ing the tests in any particular case.”

Christopher Seeger, the co-leadcounsel who helped cut the settle-ment deal and who now representsthe class of players eligible for it,said in a statement that “while wehave not seen any evidence of racialbias in the settlement program, wewill further investigate the issueand respond to this motion accord-ingly.”

The approach taken in the evalu-ation process is not unique to theNFL, and has a number of neurop-sychology defend-ers. But in the con-text of thesettlement, the sig-nificant number ofBlack players in theNFL, and the al-ready volatile poli-tics of the upcomingseason, it is poten-tially inflammatory.

The players say the NFL has beenpaying head-injury claims under thesettlement, which took effect in2017, using a formula that “explic-itly and deliberately discriminateson the basis of race.” When Blackformer players are evaluated for aqualifying diagnosis of neurocogni-tive impairment, they are “automat-ically assumed (through a statistical

BY LOUISE RADNOFSKYAND ANDREW BEATON

Lawsuit Alleges Bias in Concussion PayoutsBlack former players say that the agreementwith theNFL uses an evaluation process that discriminates on the basis of race

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manipulation called ‘race-norming’)to have started with worse cogni-tive functioning than White formerplayers,” according to the complaintfiled Tuesday in the U.S. DistrictCourt for the Eastern District ofPennsylvania.

“As a result, if a Black formerplayer and a White former playerreceive the exact same raw scoreson a battery of tests designed tomeasure their current cognitivefunctioning, the Black player is pre-sumed to have suffered less impair-ment, and he is therefore less likelyto qualify for compensation.”

The complaint says that bothHenry and Davenport received indi-cations during testing that their re-sults were subject to adjustment us-

ing models thatweighted results fordifferent races, aswell as differencesin age and educa-tion.

The settlementover head injuries,which is uncappedbut potentially val-ued around $1 bil-

lion, has been the subject of bitterfighting between the league andformer players. At one point theleague asked a federal judge to ap-point a special investigator to probewhat it described as a widespreadfraud involving lawyers and doctorsthat resulted in false claims. Law-yers for former players have ac-cused settlement administrators of

The racial discrimination claimagainst the NFL is being made byformer players Najeh Davenport,above, and Kevin Henry, right, No. 76.

The settlement overhead injuries hasbeen the subject ofbitter fighting.

SPORTS

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From BudTo BlossomThe Origins of YouBy Jay Belsky, Avshalom Caspi,Terrie E. Moffitt and Richie Poulton(Harvard, 410 pages, $35)

BOOKSHELF | By John Donvan

B eginning on April 1, 1972, and over the next full year,slightly more than 1,100 babies were born at a singlehospital in Dunedin, New Zealand, a city comparable in

size to New Haven, Conn. Today, deep into middle age, thesesame individuals have lived varied lives, and, in many cases,landed far from Dunedin. A sizable number, 166, were livingin Australia as of 2019, while 26 were in the U.K., 10 in theU.S., 4 in Canada and another 20 or so scattered acrossAfrica, continental Europe, the Middle East and South America.

That such information exists on a set of people connectedonly by the circumstances of their birth suggests someonehas been keeping track of them all their lives. Someonehas.“The Origins of You: How Childhood Shapes Later Life”is a book-length discourse on “how we become who we endup being” that relies heavily on cooperation from that co-hort of New Zealanders enrolled as infants in the Dunedin

Multidisciplinary Health andDevelopment Study.

A remarkably high percent-age of the original “studymembers” continued showingup at two- to three-year inter-vals to be prodded and probed,measured and scanned, testedand scored. The most recentassessment concluded in 2019,with a 94% participation rate.As the members passed throughadolescence and became adults,seemingly every aspect of theirlives continued to be recorded:pregnancies conceived, crimes

committed, dreams fulfilled. Sowere accounts of their moods, incomes, dental health, DNAand faith in God—and that only scratches the surface ofwhat they shared with researchers.

More than 800 academic papers have resulted over thelast four decades, and now this book, co-authored by fourpsychologists specializing in human development. Three ofthe four, Avshalom Caspi, Terrie Moffitt and Richie Poulton,have played leadership roles in the project. The fourth, JayBelsky of the University of California Davis, also brings in hiswork on a 15-year longitudinal study in the U.S., as well as aseparate British study focused on twins.

Mr. Belsky, who conceived of this book and did the actualwriting, is one of psychology’s superstar researchers. He iscontroversial for his work in the U.S., which found thatlonger hours spent in day care during the first 4.5 years oflife predicts higher levels of aggression and disobedience inchildren, and then, during adolescence, risky and impulsivebehavior. Unwelcome in many quarters, that finding never-theless relied on the unique advantages of the longitudinalmodel for studying development, which the New Zealandproject epitomizes. As the authors argue persuasively, thelongitudinal approach has distinct benefits compared with“retrospective research,” in which “the potential causes oflater social, emotional, and cognitive functioning, or even ofphysical health, are not measured when they occur.”

By contrast, researchers engaged in longitudinal workare right there with their subjects when key “experiences,exposures, and early-life functioning” are happening, takingmeasurements and filling notebooks. Researchers can’tknow what information will turn out to be important andare thus, perhaps, less influenced by confirmation bias.

This book’s authors, having plumbed their data in depth,deliver a flood of insights around the book’s central question:To what degree do our childhood personalities and behaviorspredict our adult selves? They discovered, for example, thatthose who exhibited more self-control as young children weremore likely than those at the other end of the spectrum toachieve financial success as adults, and also less likely to getin trouble with the law. That children with more limited self-control showed earlier signs of aging as adults. That persis-tent marijuana use across decades predicts a diminishment inIQ scores in adulthood. And that 15-year-olds using marijuanafaced a higher risk of later “schizophrenia-related outcomes”than those who waited another two years to start. In manycases, the authors can only guess at what exact mechanismsdrive these connections, leaving tantalizing pointers forfurther theorizing and research.

But the guessing itself gets interesting at times, as whenMr. Belsky analyzes the finding that girls in the Dunedingroup reached puberty at younger ages in homes where thefather was absent—a circumstance he labels an “adversecondition.” Knowing that evolutionary biologists view “thepurpose of life is to pass on genes to the next generation andfuture descendants,” Mr. Belsky theorizes that these girls,owing to adversity, “were rushing to maturity—for repro-ductive reasons.” That is a debatable take, but invitescomment and investigation by anyone else who might havesomething to say about it: geneticists, endocrinologists, gyne-cologists, social workers and actual evolutionary biologists,among others. This head-turning quality is one of the book’svirtues. It presents lots to interest many kinds of researchers.

Mr. Belsky, however, says he set out to hook a lay audience,“to share the insight, even excitement, that comes frominvestigating how humans develop.” On that score, the bookmisses. It never tells its most relatable story—that of thepeople studied in Dunedin, as people. They are barely met asindividuals, either at home or in the exam room. Only a handfulare given names, and then only passingly, for the purpose ofnoting some finding they embody. The book never describesthe full life course or environment of any single subject, andnone is ever heard from on one of the most interestingquestions: how or why they trusted these researchers andremained committed to a project they were enlisted into asinfants, when volunteering was out of the question.

No doubt, the ironclad anonymity promised to the studymembers was a barrier to that sort of narrative. But theresulting book reads like a reference work. Even Mr. Belsky,while repeatedly promising an “adventure,” acknowledgesthat the book’s parts don’t require reading in order, and thatthere is “little intellectual cost to jumping around fromchapter to chapter.” That the researchers experienced anintellectual adventure is entirely believable. But as “TheOrigins of You” lays things out, it seems you had to be there.

Mr. Donvan is the co-author, with Caren Zucker, of “In aDifferent Key: The Story of Autism.”

Examining the data to determine thedegree to which our childhood personalitiesand behaviors predict our adult selves.

It’s Time to Open New York’s Offices

N ew York has gone fromthe epicenter of thepandemic to the model

for a responsible reopening intwo short months. The parksseem full, the streets havemore life, but it’s an illusion.The reality is: New York’s of-fices remain empty.

We can’t recover until peo-ple actually return to NewYork. That won’t happen untilthe people who work in our of-fices come back. New York, likeall cities, is an economic eco-system that requires the com-mon commitment of everyoneto thrive. Office workers sup-port retail, restaurants, cabdrivers, street vendors andcountless others. The tightlywoven fabric of our urbaneconomy is in danger of fray-ing beyond repair. The Part-nership for New York City esti-mates that more than a thirdof small neighborhood busi-nesses might close perma-nently. The New York Fed hasreported on the disproportion-

ate effect the pandemic is hav-ing on black-owned businesses.The damage is compoundingand the situation will onlygrow worse unless we changecourse.

Business leaders face a starkchoice: We can allow the econ-omy to continue to decay or wecan revive New York by bring-ing employees back to our of-fices. We decided to reopen our

offices when New York movedto Phase 2 on June 22. Ofcourse, the health and safety ofour employees and their fami-lies was paramount, and re-mains so. We wear masks inthe office. It isn’t optional.Wearing a mask isn’t merely amatter of individual physicalhealth; it is essential to oureconomic well-being. The alter-native is another shutdown.

We can’t afford that.Staying vigilant is also es-

sential. We must ensure thatNew York’s infection rate re-mains among the country’slowest. Offices need to havemeasures in place to encouragesocial distancing and adherenceto strict health protocols.

While none of this is easyfor anyone, the value of re-turning to work in the office isundeniable. The New York areais the economic engine of thenation, representing almost 9%of U.S. gross domestic product.As New York goes, so goes thecountry.

The entire essence of thiscity we all love is at stake. Thisisn’t about writing a love let-ter—anyone who lives, worksor visits New York knows whatit offers. As John Updike said,“people living anywhere elsehave to be, in some sense, kid-ding.” The city has an energythat can’t be found anywhereelse. The greatest cultural insti-tutions in the world are here.

That’s not New York brag-gadocio, it is simply a fact.

But all of our cultural andfinancial strength is driven bythe people who live, work andvisit New York. The local andnational economies that thriveon this intangible energy arefacing an existential threat. Ifwe want New York to recap-ture its momentum, then busi-ness leaders need to lead.

Let’s not forget that duringthe worst of the pandemic,thousands of essential workerswent to work every single day.We all owe a debt of gratitudeto the police, firefighters,emergency medical techni-cians, doctors, nurses, transitworkers, building staff, essen-tial construction workers andso many other heroes whowere there for us.

Now it’s our turn. When itcomes to reviving the econ-omy, we are all essential work-ers. Responsibly and smartlybringing New York back to lifeis our obligation. Let’s get backto the office.

Mr. Blau is CEO of RelatedCompanies.

By Jeff T. Blau

The city can’t recoveruntil the people whowork here come back.

OPINION

When Don-ald Trumpe n t e r e dpresidentialp o l i t i c s ,many in theconservativecommentar-iat naturallywere con-cerned withtheir own

personal brands. They hadworn their Republican affilia-tions on their sleeves foryears. They hoped their audi-ences perceived them as theparty’s intellectual vanguard.They feared being tainted byMr. Trump’s character or en-gulfed in any failure of his ad-ministration.

Their concern was under-standable but many becamehopelessly stuck in their self-protective rut. Where theycould have done better iswhen the Russia farce un-folded. They would have seenthey were not meting out adefeat to Vladimir Putin, butserving his interests. As Har-vard’s Berkman Klein Centerfor Internet & Society pointedout in a careful 2018 study,“overstating the impact of[Russian propaganda and ma-nipulation in the election] ac-tually helps consolidate theirsuccess.”

All the more so as we cameto understand our own intelli-gence community’s role in the2016 election, as much blun-dering as it was possibly cor-rupt. The FBI may well havecaused Mrs. Clinton’s defeat.It certainly helped promotethe unfounded slur that Mr.

Russia and the Never TrumpersTrump was a Russian agent.

Even more when the pressshowed itself to be completelydysfunctional. A paid foreignagent peddles implausible, un-sourced and unsubstantiatedallegations about a U.S. presi-dential candidate. The job ofthe press is to find out what’sgoing on, not to enlist in thepaid agent’s cause.

Most of all, the NeverTrump pundits had a duty toput away childish preoccupa-tion with themselves and real-ize that every circumstancecontains the possibility of bet-ter and worse outcomes. Mr.Trump is not a principled pol-itician in whatever limitedsense the word applies inWashington. He is hardly aRepublican. He is not ideologi-cal. The potential for new co-alitions to get interestingthings done was obvious withhis arrival, but it’s hard not tosuspect the Russia hoax wasexactly and deeply what manyof Mr. Trump’s fans said—adefense by a reckless elite ofits own status unrelated toany policy or philosophicalgoal. And playing a supportingrole were lousy judgment anda colossal failure by manypundits to do the job of pun-dits and appreciate what’s in-teresting about the times theyare living in.

And it was interesting.When Mr. Trump came downthe escalator, I was surprisedby the effectiveness of hispresentation and urged col-leagues by email to tune in.Two months later, in responseto a variety of online signsand portents, I had no trouble

believing Mr. Putin’s trollswere getting behind theTrump boomlet. Why wouldn’tthey? First of all, the InternetResearch Agency in St. Peters-burg is a moneymaking opera-tion. Mr. Trump was a clickmagnet. Without instruction,its trolls likely would alsohave seen in his rise the kindof outlandish, apparently dis-reputable democratic phenom-enon Mr. Putin would alwayslike to hype.

I was not shocked and stillam not. Since czarist times,the Russian government hasplayed such games, and washardly going to adopt a self-denying ordinance now thatthe internet was making themcostless and effortless.

Mr. Trump entered the racewith the idea of making him-self more famous but now atruly democratic phenomenonwas in danger of runningaway with the country. Hisvoters selected for him a rolethat he couldn’t have definedfor himself. This is interestingtoo—and reducing it all to aRussian plot was dishonest byDemocrats and evidence onlythat many journalists aren’tup to their jobs.

And yet Russia, which weheard about incessantly forthree years, went all but un-

mentioned at last week’s Dem-ocratic convention. AdamSchiff, the public face forthree years of the Democraticcritique of Mr. Trump’s allegedRussia ties, a daily presenceon cable TV, was unseen at theconvention. He did not speak.Hillary Clinton spoke, includ-ing about her loss in 2016.Down the memory hole, how-ever, went the Russian con-spiracy that for years she andher acolytes had promoted tosuggest Mr. Trump was an ille-gitimate president.

It’s impossible to knowwhat course a mercurial andunformed Trump presidencywould have taken otherwise,but when I think of those whocould not get past their histri-onic disdain for the man tospeak against the collusion hitjob, I think of the tongue-lash-ing Gregory Peck gave HughMarlowe in “Twelve O’ClockHigh” after he “ran out” onhis responsibility under an in-adequate and failing wingcommander. “As far as I’mconcerned, you’re . . . a traitorto yourself.”

By the way, this is not acriticism of the Republicanworthies, some of whom de-serve your respect and someof whom are notorious atten-tion seekers, who last week is-sued a pledge to vote againstMr. Trump. If there is a righttime for expressing yourselfon the character of the com-mander in chief, it’s an elec-tion. At the same time, theydidn’t need to be his admirersor supporters to know thatRussia collusion was a lie anddamaging to the country.

In the collusionracket, toomanypundits were ‘traitorsto themselves.’

BUSINESSWORLDBy Holman W.Jenkins, Jr.

Some Repub-licans arelooking to1988 as amodel fort u r n i n garound a sink-ing candidacyand surgingto victory.George H.W.Bush, who

trailed Michael Dukakis by asmuch as 17 points after theDemocratic convention, endedup beating the Massachusettsgovernor by more than 7points in November.

The parallel is less thanperfect. Mr. Bush was not anincumbent president with arecord to defend, and Mr. Du-kakis was not well-known tothe electorate. The Bush cam-paign defined Mr. Dukakis be-fore he could define himself.By contrast, Mr. Trump has asubstantial and controversialrecord, and former Vice Presi-dent Biden is a familiar figure.Then-Vice President Bush wasliked and respected acrossparty lines; Mr. Trump’s char-acter and conduct has raisedconcerns among even some ofhis supporters.

Mr. Biden’s campaign isgaining momentum. A CBS/YouGov survey conductedright after the Democraticconvention suggests that itstrengthened Mr. Biden’shand. Before the convention,some 49% of Biden voters saidthey were voting for him tooppose Donald Trump. Thatfigure has fallen to 42%.Meanwhile, some 38% saidthey were supporting Mr. Bi-

Trump’s Unlikely Path to Victoryden because they liked him,up from 29% before the con-vention.

As President Trump pre-pares to address the Republi-can convention on Thursday,he trails the Democratic presi-dential nominee by about 9points. No incumbent in thepast half-century has been sofar behind at the start of theconventions.

Still, a Trump victory is farfrom impossible. Although theDemocratic convention wassuccessful, it did open upsome political vulnerabilities.The convention did not focuson Mr. Biden’s policy agenda.A plurality of Americans toldCBS/YouGov that they thoughtthe recent focus on discrimi-nation against minorities hadgone too far, an impressionthe convention did nothing todispel. There was little out-reach to white working-classvoters who are reconsideringtheir support for Mr. Trump.

The president hasn’t donemuch to expand the narrowbase that gave him only 46%of the popular vote in 2016,but this is not necessarily aformula for defeat. As an anal-ysis by Brookings Institutiondemographer William Freyshows, more than 60% of the2016 non-voters in the “BlueWall” states of Michigan, Wis-consin and Pennsylvania werewhites without college de-grees. Compared with 2004,when George W. Bush won re-election, turnout rates amongthese voters, fell by 7 percent-age points in Wisconsin, 5.7points in Michigan, and 2.7points in Pennsylvania. Re-

storing their turnout to 2004levels could allow PresidentTrump to repeat his 2016 Mid-western success, even if Dem-ocrats do better in the sub-urbs and large cities. He couldeke an Electoral College ma-jority even if he loses Florida,where he now trails Mr. Biden.

Mr. Trump has otherstrengths. The sharp economicdownturn has reduced but noteliminated the advantage heholds over his challenger on

the management of the econ-omy. While his support amongAfrican-Americans has not in-creased, his tough immigra-tion policies and unyieldingsocial conservatism may haveimproved his standing in someparts of a diverse Hispaniccommunity.

The president’s second-term agenda as announced atthe Republican conventionmay also help. ReducingAmerica’s dependence on Chi-nese manufacturing will ap-peal to voters across partylines, as will requiring newimmigrants to support them-selves financially. On balance,defending the police will playbetter politically than calls todefund them.

The Democratic Party’snewfound unity is a mixedblessing. The Biden campaign

was compelled to accept com-promises with forces well tothe former vice president’sleft, exposing him to chargesthat his agenda is unafford-able, even if he raises taxes bytrillions of dollars, which mayitself be a political liability.

The same is true for Mr. Bi-den’s decades of public ser-vice. Most people think thathe has the experience to bepresident. But Mr. Biden hasvoted for policies that turnedout poorly, such as the Iraqwar, and he has changed hismind on issues such as theHyde amendment that forbidspublic funding of abortion. Al-though he served as chairmanof the Senate Foreign Rela-tions Committee, his recordon important foreign policy is-sues is hardly impregnable.

This said, President Trumpfaces an uphill battle to winre-election. His job approvalrating sits well below theshare of the vote he will needto prevail in the electoral col-lege. He is behind Mr. Biden innearly every swing state, andthe president will have tospend time and resources de-fending states—Ohio, Iowa,Georgia and Texas, amongothers—that he won handilyin 2016. More than 6 in 10Americans disapprove of hishandling of the Covid-19 pan-demic, which may turn out tobe the pivotal election issue.

On the eve of the 2016 elec-tion, analyst Nate Silver wasridiculed for giving Mr. Trumpa 3 in 10 chance of winning.As of today, he puts the oddsof a Trump victory at 26%.That seems about right.

He could still scrapetogether an ElectoralCollege majority inthe Midwest.

POLITICS& IDEASBy WilliamA. Galston

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A14 | Wednesday, August 26, 2020 THEWALL STREET JOURNAL.

Wolfowitz and the End of the First Gulf WarI fought with the 1st Infantry Divi-

sion—“The Big Red One”—in the GulfWar. It was the perfect war: deploy inJanuary, home by May. Massiveamounts of troops with a mercilessbombing campaign, plus PresidentGeorge H.W. Bush got other countriesto pay for it.

Leave it to Paul Wolfowitz to try todenigrate the mission for not goingfurther (“The Gulf War Ended TooSoon,” op-ed, Aug. 13). Poppy Bush, tohis eternal credit, knew when to de-clare victory and get out.

KEN HALTOMDover, Del.

Mr. Wolfowitz is correct that theGulf War ended too soon. Another 24to 48 hours of combat would have al-lowed coalition forces to inflictgreater damage on the wounded butstill effective Republican Guard divi-sions that were, in Gen. NormanSchwarzkopf’s estimate, the main mil-itary object of the campaign.

Mr. Wolfowitz errs, however, in hisunstated but clearly implicit assump-tion that regime change in Iraq, whichhe worked ardently to make a policygoal early in the George W. Bush ad-ministration, was in America’s inter-est. It was not. Its inevitable result,with which we are still living today, isgreatly enhanced Iranian power in theMiddle East.

HAROLD R. WINTONMadison, Ala.

Mr. Wolfowitz’s article would havebeen much stronger if he had drawnfrom his own experience in the Sec-ond Gulf War and the “slam dunk”certainty projected by CIA DirectorGeorge Tenet that Saddam Husseinhad weapons of mass destruction andwould use them. That certainty led towhat many argue was the greatest

strategic blunder for America sincethe Civil War.

In 1990 and 1991, the U.S. didn’tknow how weak the Iraqi army was orhow overwhelming our modern weap-ons would prove in combat. Nor didwe know that Hussein’s regime restedon the loyalty of the RepublicanGuard. If we had targeted those divi-sions, Hussein could have been fatallyweakened. But we didn’t know. In war,you go into battle with the intelli-gence you have, not the intelligenceyou would like to have or need. As welearned tragically in 2003, that gapcan be fatal.

HARLAN ULLMANAtlantic Council

Washington

Mr. Wolfowitz writes, “I still be-lieve Bush was right not to risk Amer-ican lives pursuing the retreating en-emy” for fear of losing more lives. Idisagree, and I wonder how his 1991casualty projections would compare tothe actual loss of life—American andIraqi—in the intervening 29 years ofconflict. Bottom line: If you’re not in awar to win decisively, don’t start it.

DAVE SMITHKansas City, Mo.

Paul Wolfowitz claims the lesson tobe learned from Desert Storm, inwhich I fought, is that “simply aban-doning ‘endless wars’” is a “mistakenbelief that you won’t be forced back towar again.” If the historical record isclear on anything, it’s that the 2003Iraq war, 12 years after Desert Storm,was not “forced” on us; we chose tofight. We also chose to stay, even af-ter recognizing our mistakes, andchoose to remain there to this day.

DANIEL DAVISDefense Priorities

Washington

LETTERS TO THE EDITOR

“Homework isn’t in my comfort zone.”

THEWALL STREET JOURNAL

U.S. Is Isolated on Iran for the Right ReasonRegarding “U.S. Risks Isolation

Over Iran Nuclear Move” (WorldNews, Aug. 20): I argue that theU.S. already is isolated because theTrump administration has beentrying to right a wrong in theObama administration’s weakly ne-gotiated Joint Comprehensive Planof Action.

The JCPOA didn’t stop Iran fromgaining nuclear weapons. It merelyslowed Iran’s acquisition of nuclearcapability, while allowing Iran torebuild militarily and intimidate itsregional neighbors. And that cashpayout did wonders for the rulingayatollahs and Iran’s military appa-ratus.

While I appreciate all diplomatic

efforts, it is a false premise to be-lieve the U.N. Security Council willsupport any U.S. efforts at extend-ing the arms embargo against Iran.Realist thought proves there is toomuch money (and some influence)to be gained by Russia and China toexpect either country (and I wouldcaution some of our European alliesas well) to support further sanc-tions against Iran. This is a case inwhich the U.S. should recognize thelong-term threat for what it is andstay strong with our position to notsupport Iran’s growing regional ag-gression and ultimate access to nu-clear weapons.

MARK S. CHANDLERMyrtle Beach, S.C.

Pepper ...And Salt

Even at 16, We Know Enough to be ActivistsRebecca Sugar claims that “Activ-

ism is for Adults” (op-ed, Aug. 20).Though I am 16 years old, I strive tobe an informed citizen and form myown opinions. It is true that my per-spectives model those of my parents,but I am not merely a vessel for theirpolitical ideologies. Contrary to“[forming] opinions without rigorousresearch or deliberation” as Ms. Sugarargues, my stance on environmentalissues was molded by my high-schoolbiology and chemistry classes, whichopened my eyes to crises such asocean acidification and the loss of bio-diversity, and while I have never en-

dured an abortion, I became knowl-edgeable about the subject bycombing through reputable academicpapers on the databases JSTOR andProQuest. I, and a sizable contingentof my generation, have grown dis-heartened by shortsighted, partisanlawmakers absorbed in their own in-terests. We may not have college de-grees, but neither do 64% of voters.Why can we not advocate for positivechange, as students and activists, be-fore it is too late?

EMILIA NEYERCarlsbad, Calif.

I wholeheartedly agree that youngpeople should not be pushed into ac-tivism. Perhaps teachers can insteadhelp students understand that thereare more important ways to improvesociety than simply “protesting.” De-veloping solid math, science and com-munication skills can equip young peo-ple to do their part to make the worlda better place simply by working hardin school so that they can credibly as-pire to become future change makers.

BILL COLTONHouston

I want to thank Ms. Sugar for herarticle on allowing children to be,well, children and not pawns of abu-sive adults.

BOB WATERSLaguna Niguel, Calif.

Trump Succeeds in MiddleEast Where Others Failed

Regarding your editorial “Trump’sMideast Breakthrough” (Aug. 14): Itmight seem remarkable that the inex-perienced Jared Kushner could suc-ceed where so many experienced dip-lomats have failed in forging the thirdbilateral normalization accord be-tween Israel and an Arab state. Yet Mr.Kushner’s inexperience probablyserved him well.

It is considered common wisdomthat the key to Middle East peacemak-ing is for the U.S. to profess its neu-trality while pressuring Israel to offerunilateral concessions to appease thePalestinians. Yet this ignores the his-torical lesson that Presidents Bill Clin-ton and George W. Bush had far moresuccess with their unapologeticallypro-Israel approaches (including theIsraeli-Jordanian accord) than Presi-dent Obama did while deliberately cre-ating distance between the U.S. and itsclose ally.

By giving Israel strong support anddiplomatic leverage, Mr. Kushner em-powered Israel and the U.A.E. toachieve a landmark peace accord andundercut the ability of the Palestiniansto scuttle it. Going forward, this for-mula will be the key to expanding re-gional peace.

STEPHEN A. SILVERSan Francisco

Letters intended for publicationshould be emailed to wsj.ltrs@wsj.com.Please include your city, state andtelephone number. All letters are sub-ject to editing, and unpublished letterscannot be acknowledged.

Trump’s Unforced Drug Error

O ne goal of the Republican conventionthis week is to make voters nervousabout the Democratic Party’s new “so-

cialism.” The pity is that the GOP is damagingits own case against a government takeover ofhealth care with President Trump’s enthusiasmfor price controls on drug prices.

Monday night’s convention featured a youngwoman named Natalie Harp who credited Mr.Trump with her ability to access a treatmentfor bone cancer. She touted the Administra-tion’s “right-to-try” law that affirms that des-perately ill patients can petition companies fordrugs that haven’t cleared the Food and DrugAdministration.

Ms. Harp said in a 2019 post on her LinkedInaccount that she found an oncologist willing totry “an FDA-approved immunotherapy drug foran unapproved use.” Such “off-label” treatmentwould be different from “right to try,” thoughmany on the left dislike both. We side with anypatient looking to prolong life with the bestthat human ingenuity can offer.

But incremental measures cannot replace athriving and dynamic drug industry like the oneworking to crush Covid-19. Joe Biden should beripe for attack on this point for his plan to allow“an independent review board” to assess thevalue of certain new speciality drugs and rec-ommend a price based on the average price inother countries.

But GOP convention speakers lack the credi-bility to attack the Biden plan because Mr.Trump is pushing his own international pricemodel that would drive investment out of drugresearch and result in fewer cures.

On Monday in Charlotte the President lin-

gered on congratulating himself for trying topeg drug prices in America to prices paidabroad, where single-payer systems dictatecosts. He bemoaned the industry calling hima socialist. “Some of the socialistic countriesget the lowest price” on drugs, he riffed, “sothe only thing I have with socialism is Iwanted to get their price. Okay. That’s the onlything.” Vote Trump to stop socialism—exclu-sions may apply.

What’s a couple lost drugs? Consider thatbreakthroughs tend to be the result of tens oreven hundreds of failures. One recent drug in-dustry report noted that, since 1998, 12 drugshave been approved to treat malignant mela-noma; 158 have failed. For pancreatic cancerit’s seven approvals to 131 duds, and three ap-provals in brain cancer compared with 122dead ends.

President Trump is complicating whatshould be a strong case against a “public op-tion” or slow-motion single-payer health care.His international pricing project is too late toreduce prices before the election, and he’d besmart to dump it. But the populist appeal is ir-resistible to a politician worried about his sup-port from seniors.

The broader question is whether the GOPcan sell Americans on a health-care agenda be-yond frightening everyone about single payer.Aside from welcome support for telemedicineduring the pandemic, the ostensible party ofhealth-care innovation and choice has had littleon offer about, say, making insurancemore por-table or affordable. Drug price controls arewhat a party resorts to when it stops thinkingabout health-care policy.

REVIEW & OUTLOOK

OPINION

Remember the Trump Economy?

J oe Biden is running on his record in theObama Administration of staging a turn-around after an economic crisis, and last

week we reminded readersthere’s less to that record thanthe spin. Conversely, there’smore to President Trump’seconomic achievements in hisfirst three years than his de-tractors admit, and this de-bate is crucial to howwell the economy recov-ers after Covid-19.

Mr. Biden and the economic left claim Mr.Trump inherited a long expansion, and nothingmuch changed. But recall that Mr. Trump wasable to win in 2016 in part by running againstthe “secular stagnation” that liberals said wasinevitable. The Obama-Biden recovery was theslowest in decades, and by the second half of2015 it was losing steam and came close to a re-cession in 2016.

i i iMr. Trump promised to spur growth again,

and his win immediately revived animal spirits.TheNFIB Small Business Optimism Index, whichhad languished below 100 for all but onemonthof President Obama’s tenure, jumped 10 pointsto nearly 106 in December 2016. The OECD’sBusiness Confidence Index showed a similar flipfrom pessimism throughmost of 2015 and 2016into growing optimism. The University ofMichi-gan’s consumer confidence survey quickly ex-ceeded its Obama-era high.

In its first two years,Mr. Trump pursued twomajor policy shifts. Instead of raising taxes asObama-Biden did, he cut them. The 2017 TaxCuts and Jobs Act passed by a GOP Congress re-stored global competitiveness to the U.S. corpo-rate tax code, years after even European govern-ments cut their marginal rates. Rationalizingtaxation of overseas profits encouraged compa-nies to repatriate foreign earnings to fund in-vestment, increase wages, or return to share-holders for other uses.

Tax reform also en-couraged business in-vestment by allowingimmediate 100% ex-pensing of capitalspending. The result ofthese measures was acapex surge, with jobcreation and productiv-ity gains in its wake.

The other track wasderegulation. The Ad-ministration eased re-strictions on new en-ergy pipelines, openednew areas to explora-tion, and rationalizedemissions rules in theenergy industry. Thisspurred a boom in gasand oil production. America is now a net ex-porter of petroleum products, allowingWash-ington new freedom to advance American inter-ests in the Middle East and elsewhere.

The Trump Administration also freed banksof the more pointless elements of post-2008regulation, such as investigations into racialdiscrimination in auto lending based solely onborrowers’ last names. Andwouldn’t you know,the financial system still looks set to survive theCovid-19 shutdown. Republicans killed another16 Obama-era rules through the CongressionalReview Act.

These policies deliveredwhat they promised,which was a burst of growth. From the end of2017 through September 2018 the economygrew by more than 3%.

Work also increased. The unemploymentrate fell to 3.5% by September 2019. Many lib-eral economists had assumed the 4.7% unem-ployment of November 2016 was a floor. More

impressive, this rate declined even as the num-ber of people working increased. Labor partici-pation among the prime working-age popula-

tion increased to 83.1% as ofJanuary this year, a rate notseen since 2008. Participationamong working-age men ex-ceeded 89% in early 2018 forthe first time since 2010.

Wage growth, adjusted forinflation, accelerated after years of stagnation.The improvement was especially pronouncedamong low-skilled and minority workers leftbehind by the Obama economy. Median weeklyfull-time earnings for blacks increased 19% inMr. Trump’s first three years, to $806. That fol-lowed a period of 11% growth during Mr.Obama’s seven post-recession years in office.(See the nearby chart.)

The Obama-Biden policy mix of easy mone-tary policy, higher taxes and hyperregulationskewed economic gains toward highly educatedworkers in industries such as tech and financeat the expense of other workers; toward assetowners at the expense of labor income; and to-ward larger companies at the expense ofsmaller. These inequities began to unwind un-der the Trump Administration.

Mr. Trump’s main policy mistake has beentrade, which added costs by disrupting supplychains, raising tariffs and adding uncertainty.Tariffs on industrial inputs such as steel boggeddownwhat could have been a biggermanufactur-ing boom. Hemade Nafta marginally worse butdidn’t blow it up. Economists differ on the costsof this trade friction, but a Federal Reserve studyput it at about 1% off annual GDP.

Mr. Trump deserves credit for challengingChinese trade abuses and intellectual-propertytheft. But he has been less effective by refusingto build trade alliances, not least his withdrawalfrom the Trans-Pacific Partnership trade dealthat excludes China. His immigration restriction-ism has also hurt an economy that needs more

workers to grow.i i i

It’s easy to forgetthis record after thehell millions of Ameri-cans have suffered inrecent months, andDemocrats hope youdo. Never before has agovernment suddenlyshut down an entireeconomy, and Mr.Trump shares theblame. At least he soonreversed course andurged a reopening,while Mr. Biden stillsays he might lock thecountry down again.

Amid the Covidnightmare, Mr. Trump has also gone alongwithSpeaker Nancy Pelosi’s demands for Keynesianincome supports for individuals to survive theshutdown. But income transfers are no morethan a palliative, and the deficits and debt willhang over the economy for decades.

The issue for the election is which candidateand party can best lead America to a sustainedpost-Covid expansion. Bothwill rely toomuch oneasy monetary policy. But Mr. Biden would re-turn to the Obama-Biden policymix, with a Ber-nie Sanders lurch left: Much higher taxes, muchmore regulation, trillions inmore spendingwithperhaps a little less protectionism.

Mr. Trump is no free-marketeer, but he’ll tryto make his tax cuts permanent, block furtherregulation, andwouldn’t nationalize health careor the energy industry. He prefers faster growthto raise wages instead of income transfers orwelfare. If voters look past the ravages ofCovid-19, Mr. Trump has the better case.

His pre-Covid-19 recordgives him a clear edgeover Obama-Biden.

Medianweekly earnings of full-timeworkersby race and ethnicity, quarterly averages,not seasonally adjusted

Source: U.S. Bureau of Labor Statistics'05 '10 '15 '202000

200

400

600

800

1000

1200

1400

Asian

WhiteBlack orAfricanAmerican

Hispanic orLatino

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THEWALL STREET JOURNAL. Wednesday, August 26, 2020 | A15

OPINION

Trump’s Pitch to African-Americans Needs Some Fine TuningThe RepublicanParty’s pitch to blackvoters on nationaltelevision this weekis encouraging, whichis not the same thingas saying that it willbe effective.

In 2016, millionsof working-classAmericans who hadsupported Barack

Obama chose Donald Trump over Hil-lary Clinton, but not many blackswere among them. Unlike suburbanwomen or Hispanics, blacks are notswing voters. They tend to vote Dem-ocratic or stay home. It’s often saidthat this allows the party to takethem for granted, which is true. Butit’s even worse than that. It meansthat Democrats focus their energieson keeping black people angry andparanoid, not on improving blacklives. Democratic politicians typicallydon’t run on what they’ve done forblacks. They run on how much worsethings will be if their Republican op-ponent wins.

The strategy has been extremelyeffective for Democrats over the past

half-century, but it has left the blackcommunities they represent withhigh unemployment, violent crime,homelessness, failing schools, andpolitical leaders who are seldom heldaccountable for any of it. Congres-sional Black Caucus members areregularly elected with huge percent-ages of the vote. According to theWashington Post, in 2018 there were17 House members who ran unop-posed and nearly half (eight) weremembers of the Congressional BlackCaucus.

I heard a black mother fromBrooklyn on the radio the other daycomplaining about the increase ingun violence in her neighborhood.There were 45 people shot last week-end in New York City, and shewanted to know why more police of-ficers weren’t patrolling the streets.Her concern is common in low-in-come black communities. The mediakeep telling us that the antipoliceprotesters represent the view ofmost blacks, but the polls show thata majority of black people want alarger police presence. They under-stand the bigger problem is crime,not rogue cops.

By why should this woman’s com-plaint concern New York Mayor Billde Blasio? When he was elected in2013, he won 96% of the black vote,which was a larger share than DavidDinkins managed in 1989, when hebecame the city’s first black mayor.

This might explain why Mr. de Blasiois more interested in disbanding an-ticrime police units, or paintingBlack Lives Matter murals on FifthAvenue outside Trump Tower, thanhe is in addressing the concerns ofblack moms in Brooklyn.

Some in the Trump camp are con-vinced that the president has moreminority support than the polling re-veals. They also like to point out thatin 2016 he outperformed both MittRomney in 2012 and John McCain in2008. That’s true but less impressive

when you consider that Mr. Romneyand Mr. McCain ran against Mr.Obama. With those two exceptions,Mr. Trump underperformed everyRepublican presidential nomineesince Gerald Ford in 1976. What’s re-markable is how little black supportMr. Trump received and still won.

If he wants to improve on his per-formance among blacks four yearsago, it’s not impossible but he’llhave to pick his spots. Exit pollsshow that he did better among blackmen than black women, for instance.We also know that, historically,black immigrants are less wedded tothe Democrats, as are younger blackvoters as opposed to the olderblacks who played such a key role inJoe Biden winning the Democraticnomination.

What we’ve witnessed this weekduring the Republican National Con-vention is certainly an improvementover Mr. Trump’s 2016 version ofblack outreach: “What the hell doyou have to lose?” Still, much of itamounts to using Democratic tacticsto win minority votes, appealing toblacks as blacks rather than asAmericans who share the same con-

cerns—job opportunities, goodschools, safe neighborhoods—asother groups. Those minority voterswho are open to overt appeals basedon race, gender, sexual orientationand so forth are probably lost to theGOP because the Democrats aremuch better at identity politics.

To that end, Kim Klacik’s conven-tion promise to be more responsiveto the working-class needs of blackswas probably more effective thanHerschel Walker’s reassurances thatMr. Trump isn’t a racist. Ms. Klacik,a long-shot candidate for a Marylandcongressional seat, highlighted thelengthy and disastrous record of lib-eral governance in Baltimore and of-fered a new approach.

By contrast, people who think Mr.Trump is a white supremacist aren’tvoting for him, no matter what a for-mer football star says. The presi-dent’s challenge isn’t to convinceblack voters that he’s a good personbecause he has black friends. It’s toconvince them that he’s the best can-didate to lead the country back tothe record-low rates of unemploy-ment and poverty among minoritiesthat we enjoyed before the pandemic.

He can do better with blackvoters than he did in 2016,but it’s a tall order—and heneeds to pick his spots.

UPWARDMOBILITYBy Jason L.Riley

I f the 2000 election provoked aconstitutional crisis, the 2020one is flirting with disaster.Debate over voting by mailhas focused mostly on the po-

tential for fraud and logistical diffi-culties. But there are also legal prob-lems with it, which carry the seedsof chaos before Inauguration Dayand continuing instability after.

Under federal law, the presiden-tial election must take place on Nov.3, and the electors chosen on thatday must vote on Dec. 14 to selectthe new president and vice presi-dent. These dates can’t be changedwithout an act of Congress, and the20th Amendment sets InaugurationDay on Jan. 20.

Article II of the Constitution givesCongress the power to “determinethe time of choosing the electors,and the day on which they shall givetheir votes; which day shall be thesame throughout the United States.”Congress has done so by enactinglaws mandating that “the electors ofPresident and Vice President shall beappointed, in each State, on theTuesday next after the first Mondayin November,” and that the ElectoralCollege must meet and vote on “the

first Monday after the sec-ond Wednesday in Decem-ber.” As the Supreme Courtheld in Foster v. Love (1997),taken together the relevantconstitutional and statutoryprovisions mandate “holdingall elections for Congressand the Presidency on a sin-gle day throughout theUnion.”

It follows that althoughstate statutes permit the useof certain mail-in ballotssent on or before ElectionDay, no ballot cast after Nov.3 is constitutionally valid.That implies that countingunpostmarked mailed ballotsthat arrive after ElectionDay would be unconstitu-tional, as there would be noway to tell if they were castin time. In addition, the win-ner of each state’s electoralvotes must be determined byDec. 14, or those votes can-not be cast.

These requirements cre-ate a six-week window dur-ing which the electors mustbe chosen and certified,leaving little time for errorsor challenges to the results.The delays inevitable inwidespread voting by mailwould make it difficult orimpossible for some statesto meet the Dec. 14 deadline,even without challenges tothe results—which are cer-tain this year if the election is close.

The deadline is even tighterthanks to another federal statute,which requires that any controversy

over the electors a state has ap-pointed must be resolved, under pre-existing state law, at least six daysbefore the Electoral College meets. If

by the State legislature; and if theyconflict therewith, the latter, so faras the conflict extends, ceases to beoperative.”

Proponents of universal mail-in-voting argue that reliance on tradi-tional in-person voting will disen-franchise many Americans becauseof the Covid-19 pandemic. Even ifthat’s true, the established constitu-tional and statutory requirementsmust be met. Drawing out the tabu-lation of large numbers of ballots re-ceived after Election Day wouldmake this nearly impossible.

At best, the result would be elec-tors chosen by state legislatures. Atworst, states would be disfranchisedin the Electoral College—or send ri-val slates of electors to vote on Dec.14, leading to a bitter dispute inCongress over which votes to recog-nize. Any victor who emerged fromsuch chaos would serve under acloud of illegitimacy, promising fourmore years of political instability.

One of America’s greatest consti-tutional imperatives is the smoothand timely transition of power fromone duly elected president to thenext. That is now in doubt not be-cause of the absurd notion thatPresident Trump will refuse to leaveoffice on Jan. 20 if the voters rejecthim on Nov. 3, but because the pushfor mail-in voting may overload thesystem, making an orderly electionimpossible.

Messrs. Rivkin and Casey practiceappellate and constitutional law inWashington. They served in theWhite House Counsel’s Office andJustice Department under PresidentsReagan and George H.W. Bush.

Mail-In Voting Could Deliver ChaosBy David B. Rivkin Jr.And Lee A. Casey

Delays will play havoc withfederal Electoral Collegedeadlines. Entire statescould be disenfranchised.

a dispute isn’t resolved bythe Dec. 8 “safe harbor,” thestate legislature has untilDec. 14 to determine howthe electors are to be se-lected or forfeit its electoralvotes. If a state meets theDec. 8 deadline, the result isconclusive and Congressmust accept it.

The U.S. Supreme Courtstopped the biased Floridarecount on Dec. 12, 2000—that year’s safe-harbor dead-line. Time had run out toremedy the equal-protectionand due-process violationsin the recounts that theFlorida Supreme Court hadordered. The state court hadearlier concluded that theFlorida Legislature intendedits electors to “participate[e]fully in the federal electoralprocess.” Thus, the highcourt concluded, the safeharbor had to be met.

We can assume no statewould want its electoralvotes to go uncast. As a re-sult, there is only a veryshort window for mail-in-ballots to be received andcounted. State actions andlitigation—which are alreadybeing pursued with gusto—establishing an overlong pe-riod for counting such bal-lots will endanger a state’selectoral votes, impeding theConstitution and federal

election statutes. And, as the Su-preme Court said in Ex parte Siebold(1880), Congress’s election regula-tions “are paramount to those made

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How the U.S. Can Finally Cut Off Tehran’s Financial Oxygen

T he Islamic Republic of Iran isentering the late rounds of anincreasingly desperate fight to

stave off economic collapse amidPresident Trump’s maximum pres-sure campaign. To land a 12th-roundeconomic knockout, it’s time for Mr.Trump to throw one more punch:Blacklist the entire Iranian financialindustry.

While the U.S. Treasury has im-posed sanctions on the Central Bankof Iran and many other Iranian fi-nancial institutions—and forcedtheir disconnection from the Swiftfinancial messaging network—atleast 14 Iranian banks remain openfor business with foreign customers.These banks are Tehran’s financiallifeline.

They are also capitalized by thecentral bank, which was designatedby Treasury in 2019 for its role as achief financial sponsor of terrorismin the world. The American Financial

Crimes Enforcement Network de-clared Iran’s entire financial industrya primary jurisdiction for moneylaundering. Even the Financial Ac-tion Task Force—an internationalwatchdog—unanimously urged insti-tutions to protect the global finan-cial system from Iran’s financial in-dustry and its terror-financing risk.If these determinations have anymeaning, all Iranian banks need tobe banned from global finance.

Iran’s leaders are burning throughtheir available cash reserves to copewith the compounded economicstress of U.S. sanctions, the novelcoronavirus and the crash of globaloil prices. For the first time since1998, Tehran is running a current-ac-count deficit, which is forecast for2020 to be minus-4.1% of gross do-mestic product. Its foreign exchangereserves have dropped by almost40% to roughly $70 billion, much ofwhich is inaccessible due to Ameri-can sanctions locking funds in for-eign-held escrow accounts. The mar-ket has responded to this liquidity

crisis by driving the rial-dollar ex-change rate from 38,400 when Mr.Trump took office to 234,500 as ofAug. 25.

But despite its overwhelming lossof oil revenue and a 40% drop in pet-rochemical and other non-oil exports,Iran has managed to stay afloat—barely. Tehran has the financial oxy-gen it needs to survive because ofthe Trump administration’s decisionto leave the last 14 or so Iranianbanks connected to Swift availablefor sanctions-free transactions withChina, the United Arab Emirates,Turkey, India and Germany. Thesebanks act as fronts for the centralbank, which is otherwise cut off fromthe global financial system.

Fortunately, the White House canclose this loophole in U.S. sanctionslaw. In January, Mr. Trump issued anexecutive order authorizing the Sec-retary of State and Secretary of theTreasury to impose sanctions on anypart of Iran’s economy—at any timeand for any reason.

If the president instructs Secre-

tary of State Mike Pompeo and Trea-sury Secretary Steven Mnuchin toadd Iran’s financial sector to the list,his administration will automaticallyextend the power of American sanc-tions to all Iranian banks and compelSwift to disconnect them immedi-ately. Mr. Trump can then instruct

Treasury to update its sanctions listso that international firms know thatall Iranian-affiliated banks are black-listed. These moves will freeze mostof the regime’s hard currency held inforeign banks and shut down most ofIran’s exports and imports, save forhumanitarian trade.

Why hasn’t this already hap-pened? Administration officials

likely feared that designating Iran’sentire financial industry at the out-set of the pandemic would bolsterthe regime’s propaganda blamingU.S. sanctions for hampering its cor-onavirus response. But this argu-ment, always weak, certainly no lon-ger holds given the Trumpadministration’s proven willingnessto facilitate humanitarian tradethrough a special Swiss financialchannel. That channel doesn’t need14 Iranian banks to work; it onlyneeds one. Designating Iran’s finan-cial industry and blacklisting theother 13 banks, with a waiver for theone bank devoted solely to humani-tarian trade, would squeeze the re-gime while allowing food and medi-cine sales to continue.

This would be a major blow to aregime struggling to stay on its feet,and the president has nothing to lose.If anything, it would play to Mr.Trump’s advantage in 2020, showcas-ing another high-profile decision tocut off terror-financing banks—amove former Vice President Joe Bidenwould find difficult to criticize.

Best case: Iran agrees to negoti-ate on America’s terms either be-fore or shortly after a Trump re-election. Worst case: Mr. Trumpfurther constrains the regime’s abil-ity to fund malign activities andleaves behind a legacy of the mostpowerful pressure campaign in his-tory against the world’s leadingstate sponsor of terrorism.

The Islamic Republic’s theocracyis in an economic spiral. Its onlyhope is to exploit sanctions loop-holes while praying that Mr. Bidenwins the presidential election andlifts U.S. sanctions. Now is the timefor President Trump to do every-thing he can to put the mullahs flaton their backs.

Mr. Dubowitz is chief executive ofthe Foundation for Defense of De-mocracies, where Mr. Goldberg, aformer National Security Council of-ficial, is a senior adviser.

By Mark DubowitzAnd Richard Goldberg

Blacklist the 14 Iranianbanks that are stillallowed to do businesswith foreign customers.

From the Aug. 22 edition of theScience and Environmental PolicyProject’s weekly newsletter:

To protect the energy systemwhich provides electric power formost of the state, the California In-dependent System Operator(CAISO) was forced to create roll-ing blackouts during unusually hotdays this past week. Immediatelythe chief executive of the state,Governor Gavin Newsom beganblaming others for these neededactions, sending a letter to CAISOand the Public Utility Commis-sion . . .

For years, CAISO has been warn-ing anyone who will listen of thedangers of relying too heavily onunreliable renewables, particularly

solar power, which requires rapidincreases in reliable power in thelate afternoon of sunny days whenthe sun goes down. These poweroutages are a result of legislativeand executive errors from failure torecognize the serious damage thatrelying on untrustworthy powerwill do . . .

Blackouts in California have pro-vided a stark example of howgreen ideology has so blindedsome government officials thatthey ignore stark warnings thattheir policies are leading to eco-nomic disasters. There is no magictechnology or pixie dust that canmake unreliable solar and wind re-liable. Government officials whoclaim the problems have beensolved are irresponsible.

Notable& Quotable: Lights Out

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A16 | Wednesday, August 26, 2020 THEWALL STREET JOURNAL.

Voting is the most powerful expression of democracy.A vote is a voice heard.

We’re building the largest voter information effortin our country’s history, starting with a newVoting Information Center.

There, everyone can see how to register to vote, getinformation on how to request a mail-in ballot, trackregistration deadlines, and find voting updates byverified local election authorities.

Our goal is to help register 4 million voters so thatmore people vote in the upcoming electionthan ever before.

Learn more at fb.com/votinginfocenter

Every vote is avoice heard

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© 2020 Dow Jones & Company. All Rights Reserved. * * * * * THEWALL STREET JOURNAL. Wednesday, August 26, 2020 | B1

Although the removal fromthe Dow is largely symbolic—much less money tracks the 30-stock index than follows theS&P 500—Exxon’s departurehas historical significance. Thecompany is the longest-tenuredmember of the benchmark, hav-ing joined in 1928 as StandardOil of New Jersey.

It is also a reminder ofExxon’s fall from the top eche-lon of American industry. As

PleaseturntopageB11

to an S&P Dow Jones Indicesanalysis.

In the broader S&P 500, thegroup isn’t faring much better:Its weighting has shrunk to lessthan 2.5%, leaving energy asthe least influential of the 11represented industries. That isa dramatic fall from the end of2011, when energy stocks ac-counted for 12% of the market,according to Howard Silver-blatt, senior index analyst atS&P Dow Jones Indices.

The Dow Jones IndustrialAverage’s coming farewell toExxon Mobil Corp. is the latestsign of the waning influence ofAmerica’s struggling energysector.

When trading begins nextweek, the blue-chip benchmarkwill include only one energystock: Chevron Corp., whichwill represent just 2.1% of theprice-weighted index, according

Some mortgage lenders areasking customers taking out amortgage to confirm they don’tintend to seek forbearance, amove meant to keep losses lowduring a pandemic that has putmillions of Americans on shakyfinancial footing.

The unusual requirementcomes in the form of a new doc-ument included in many bor-rowers’ closing paperwork.While the language varies, theforms generally tell borrowersthat they won’t be allowed toskip payments until their loansare backed by the government,according to forms reviewed byThe Wall Street Journal. Theforms, known among lenders as“Covid-19 borrower certifica-tions,” often ask home buyers toconfirm that they don’t expectchanges to their income. Somewarn of potential penalties ifany of the certifications arelater proven to be false.

The $2 trillion coronavirusstimulus package Congresspassed in the pandemic’s earlydays allows struggling home-owners to request up to 12months of forbearance on feder-ally backed home loans, mean-ing they can temporarily pausetheir payments and make themup later. But it can take days,weeks or sometimes even

BY KAREN LANGLEY

Exxon’s Removal From the DowHighlights Decline of Oil Sector

TECHNOLOGY: SALESFORCE POSTS RECORD QUARTERLY SALES AND RAISES ITS OUTLOOK B3

S&P 3443.62 À 0.36% S&PFIN À 0.27% S&P IT À 0.52% DJTRANS g 0.19% WSJ$ IDX g 0.28% LIBOR3M 0.251 NIKKEI (midday) 23257.17 g 0.17% Seemore atWSJ.com/Markets

BUSINESS&FINANCEAnt IPO Filing Reveals Big ProfitPreparation for listingof financial-tech firm inHong Kong, Shanghaishows size of business

Sources: Dealogic (IPO valuations); FactSet (financial companies); QuestMobile (users)

$200B

$443BVisa

$348BMastercard

$306BJPMorgan

$237BPayPal

$69BSquare

AlibabaGroup(2014)

$168B

AgriculturalBank of China

(2010)

$130B

ICBC(2006)

$129B

Bankof China(2006)

$93B

Largest valuations basedon IPO pricing

Market capitalizationof select financial companies

Ant’s targetvaluation

If Ant Group earns a $200 billionmarket capitalization inits IPO, it would be themost valuable company to go publicon a global stock exchange and rival theworld’smost valuablepayments-technology and financial-services businesses.

0

200

400

600million

20202015 2016 2017 2018 2019

Facebook(2012)

$81B

Alipaymonthly active users

Note: Data cover stockexchanges in New York,London and Hong Kongand exclude over-allotment options.

DANIELACK

ERFO

RTH

EWALL

STRE

ETJO

URN

AL

BUSINESSDemand for cansis booming, fuelinga rise in output to

prevent shortages. B3

McDonald’s Corp. said itsinvestigation into former CEOSteve Easterbrook’s conduct isexamining whether he coveredup improprieties by other em-ployees alongside allegationsof potential misconduct withinthe human-resources depart-ment.

McDonald’s filed suitagainst the former CEO fol-lowing a tip that board chair-man Rick Hernandez receivedlast month about an allegedsexual relationship betweenMr. Easterbrook and an em-ployee. That tip raised con-cerns about the HR depart-ment and possibleimproprieties by other em-ployees, McDonald’s execu-tives said. The company de-clined to provide details onallegations that it said in-volved the HR department.

Some former managers toldThe Wall Street Journal theyfelt HR leaders under Mr.Easterbrook ignored com-plaints about the conduct ofco-workers and executives.Some of those people saidthey feared retaliation for re-porting the conduct of co-workers and executives to HR.

“The board will follow thefacts wherever they may lead,”McDonald’s said.

Mr. Easterbrook and hislawyer didn’t respond to re-quests for comment.

The fast-food giant’s han-PleaseturntopageB2

BY HEATHER HADDONAND SUZANNE VRANICA

McDonald’sProbesClaims ofCover-Ups

Best Buy Co.’s online salessurged in the latest quarter asconsumers bought laptops, ap-pliances and other items thathelp them work, learn and cookfrom home, but executives saidproduct shortages crimped thegains.

Consumers reported short-ages or delays trying to ordereverything from Google’sChromebooks to Maytag freez-ers. A search Tuesday on BestBuy’s website showed manychest freezers are sold out orunavailable in Northeast stores.

“The stronger-than-antici-pated demand as we openedour stores for shopping re-sulted in more constrainedproduct availability than weexpected,” Chief ExecutiveCorie Barry said on a confer-ence call to discuss results.

Best Buy shares closed 4%lower Tuesday. The shares haddoubled from their March lowsand were trading near all-timehighs heading into the earningsrelease.

PleaseturntopageB2

BY DAVE SEBASTIAN

Best BuySales Surge,But SupplyGaps Hurt

Heard on the Street: Futureof retailer is still brick........ B12

INSIDE

vicinity of PayPal Holdings Inc.and Mastercard Inc., which re-cently had market capitaliza-tions of $237 billion and $348billion respectively.

Ant’s origins date to 2004,when Alipay was created to fa-cilitate payment transactionson e-commerce sites operated

by Alibaba Group Holding Ltd.Alipay expanded into a pay-ments provider for a range ofonline, in-store and other retailand business transactions.

A predecessor to Ant wasspun off from Alibaba in 2011,and the company becameknown as Ant Financial Ser-

vices Group in 2014. It changedits name earlier this year toAnt Group. Alibaba, whose NewYork IPO raised $25 billion in2014, owns a third of Ant, whileMr. Ma controls 50.5% of Ant’svoting rights, the filing said.

Alipay had 711 millionmonthly active users as of

June, and more than one billionannual active users, accordingto Ant’s filing.

Ant said its revenue grewroughly 40% in the first half aswell as in 2019, when it col-lected 120.6 billion yuan.

About 43% of its revenuePleaseturntopageB2

HONG KONG—Ant GroupCo., the Chinese financial-tech-nology giant controlled by bil-lionaire Jack Ma, revealed howhighly profitable its businesshas been as it gears up forwhat is likely to be a record-breaking initial public offering.

The owner of the popularpayments and lifestyle app Ali-pay on Tuesday filed listingdocuments for IPOs on stockexchanges in Shanghai andHong Kong, publicly disclosingfor the first time detailed fi-nancial data showing the sizeand scale of its business.

Ant said it made 21.2 billionyuan ($3.06 billion) in netprofit for the six months toJune 2020, on revenue of 72.5billion yuan ($10.48 billion).That implied a net profit mar-gin of around 30%, fairly highfor a relatively young companythat is growing rapidly.

The Hangzhou company isaiming to go public as soon asthis fall, and is targeting a mar-ket valuation above $200 bil-lion, The Wall Street Journalpreviously reported. Ant said inone of its filings that the newshares it plans to sell wouldcomprise at least 10% of thecompany’s share capital, imply-ing that it could raise morethan $20 billion.

If achieved, it would propelAnt into the ranks of China’smost valuable listed companiesand the world’s top financial-technology companies, in the

BY STELLA YIFAN XIEAND JING YANG

months for a newly made loanto get government backing.

Lenders can still unload loansthat are already in forbearance.Government-backed mortgagecompanies Fannie Mae andFreddie Mac said this springthey would begin to buy loans inforbearance, but at a discount ofeither 5% or 7% of the loan’svalue, depending on whether theborrower is a first-time homebuyer. The Federal Housing Ad-ministration said it would insureloans in forbearance but couldcharge the lender a 20% fee ifthe loan goes into foreclosure.

Together, Fannie Mae, Fred-die Mac and the government-owned mortgage company, Gin-nie Mae, back more than 70% ofoutstanding U.S. mortgages, ac-cording to the Urban Institute, anonpartisan policy researchgroup in Washington, D.C.

Lenders are struggling to fig-ure out which borrowers will beable to pay back their loans. Thecurrent recession has made itparticularly hard to determinewho is creditworthy: Millions ofAmericans are behind on theirdebts, but their missed pay-ments aren’t reflected in theircredit scores or uniformly re-corded on their credit reportsbecause of protections in thestimulus law.

Many lenders have respondedPleaseturntopageB5

BY ORLA MCCAFFREY

Mortgage Lenders AskHome Buyers to PledgeKeeping Up Payments

works to make up for produc-tion lost this spring during anearly two-month factoryshutdown, a company spokes-man said Tuesday.

The United Auto Workersunion, which represents 3,800hourly employees at theWentzville, Mo., factory, haspushed back against the move,arguing that it violates thecompany’s labor contract re-quiring assembly-line jobs befilled only by union members.A UAW spokesman said theunion’s local chapter has filed

a grievance with GM.GM said it believes its ac-

tions are necessary and appro-priate given the challenges ofoperating during a pandemic.

As many companies at-tempt to resume operationsacross the country, the spreadof the coronavirus is continu-ing to cause disruptions, lead-ing to bumpy reopenings ef-forts in many industries. Insome cases, businesses havebrought workers back only tosend them home again afterinfections surged anew.

Earlier this summer, as carcompanies worked to restoreU.S. vehicle production, somefactories wrestled with higher-than-expected absences asworkers took time off to dealwith sick relatives and childcare challenges or stayedhome worried about contract-ing the virus.

Despite this, the U.S. autoindustry has largely managedto stay open this summer withfew major disruptions. For themost part, executives say theirplants are operating at or near

pre-pandemic levels, eventhough many have had to leanheavily on temporary workersto manage staffing shortfalls.

GM’s Missouri plant, whichmakes some higher-marginpickup trucks and vans, haswrestled with staffing short-ages since it reopened in May.

Both GM and union officialshave said that worker absencesare higher than normal be-cause of the pandemic’s impacton surrounding communities.Local union leaders at the

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General Motors Co. is tak-ing the unusual step of tap-ping salaried workers to keepthe lines running at its pickup-truck factory near St. Louis asthe company continues tostruggle with staffing theplant amid pandemic-relatedabsences.

The Detroit auto maker hasasked white-collar employeesto voluntarily fill in on jobsthat are normally staffed byunionized workers, while it

BY BEN FOLDY

GM’s White-Collar Pinch Hitters Irk Union

Truck Stops Still Attract the Traffic

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showed the company’s abilityto withstand economic shocks.

“The Covid impact didn’tslow them much as expected;instead it provided a boost” toother online transactions andoffset disruption in some areas,said Duncan Clark, chairman ofBDA China, a business consult-ing firm, and author of a bookabout Jack Ma and Alibaba.

Ant’s filing Tuesday flaggedregulation in China as a poten-tial risk factor. It said that in2019, the People’s Bank ofChina issued a draft regulationon financial-holding companies.

credit balance and its wealthmanagement platform facili-tated 4.1 trillion yuan of invest-ments as of June 30. Most ofthe loans have been funded bybanks that Ant partners with.

During the first half of 2020,Ant said the pandemic and re-sulting lockdowns hurt con-sumption across China, particu-larly in stores and other offlinevenues, and negatively affectedgrowth in transaction volumeand the performance of itslending operations. Still, someanalysts said big jumps in Ant’sfirst-half revenue and profit

INDEX TO BUSINESSESThese indexes cite notable references to most parent companies and businesspeoplein today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A

Alaska Air...................A5Alibaba........................B1Allstate .....................B12Alphabet....................B12Amazon.com........B3,B11American Airlines.......A1American Well............B4Amgen.......................B11Anheuser Busch InBev.....................................B3Ant Group ...................B1Apple.......B1,B3,B11,B12

B

Ball ..............................B3Berkshire Hathaway............................. B6,B12Best Buy..............B1,B12BlackRock.............B2,B11Boston Beer................B3

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Cabot Oil & Gas........B11Chevron.......................B1China InternationalCapital.......................B2

China Securities..........B2Citigroup......................B2Coca-Cola.....................B3Crown..........................B3

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Delta Air Lines...........A1EOG Resources .........B11Epic Games.................B1Exxon Mobil.........B1,B11

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Facebook .....................A7Fidelity Investments..B2Fitbit..........................B12Foley TrasimeneAcquisition................A2

Forum Merger III........A2

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General Atlantic..........B2General Motors...........B1

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Harmony Biosciences.A2Hewlett PackardEnterprise.................B3

Honeywell International...................................B11

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Inhibrx.........................A2Invesco......................B11

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JetBlue Airways.........A5JFrog............................B3J.M. Smucker............B11JPMorgan Chase..B2,B11

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Key Mortgage Services.....................................B5

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Livongo Health............B4LoanPeople..................B5Love's Travel Stops &Country Stores.........B6

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Mastercard..................B1MDLive........................B4Microsoft .............B3,B11Molson Coors Beverage.....................................B3Morgan Stanley..........B2

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News Corp.................B11Nissan Motor..............B3Northern GenesisAcquisition................A2

Palantir Technologies.B3PayPal..........................B1Pet Supplies Plus .......B6Pfizer.........................B11Pilot.............................B6Progressive ...............B12Prologis .....................B12

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Quest Diagnostics......B5

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Raytheon Technologies...................................B11Retail EcommerceVentures ...................B2

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Salesforce............B3,B11Schlumberger............B11Segro.........................B12Silgan ..........................B3Snowflake...................B3Southwest Airlines....A5Spirit Airlines.............A5Star Peak EnergyTransition..................A2

Sumo Logic .................B3

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Talkspace.....................B4Teladoc Health............B4TravelCenters ofAmerica.....................B6

T. Rowe Price Group...B2

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United Airlines ...........A1Unity Software...........B3

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Warburg Pincus..........B2

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Zoom VideoCommunications.....B12

INDEX TO PEOPLE

BUSINESS & FINANCE

The retailer’s curbside services and online sales helped offset losses at stores during the pandemic.

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was viewed by The Wall StreetJournal.

In response to questionsabout Mr. Fairhurst’s conductand leadership of the HR de-partment, McDonald’s nowsays it fired him with cause af-ter Mr. Easterbrook’s dismissalbecause of conduct inconsis-tent with company policiesand values. McDonald’s said atthe time that Mr. Fairhursthad left the company.

McDonald’s said the CEO’sdismissal and HR chief’s de-parture weren’t connected. Mr.Fairhurst, who has started aworkforce-consulting firm inChicago, didn’t respond to re-

be reported if it happenedagain, the people familiar withthe incident said.

Some former managers andemployees described feelingleft out of advancement op-portunities in departments, in-cluding HR, because theyweren’t part of an after-hourssocial circle among HR lead-ers.

Some employees concernedabout favoritism in the HR de-partment alerted the com-pany’s legal department, ac-cording to a former managerand a letter that a former em-ployee sent to the departmentlast month, a copy of which

dling of workplace problems isin the spotlight, as McDonald’shas taken Mr. Easterbrook tocourt, alleging he lied aboutthree sexual relationships withemployees and demanding herelinquish tens of millions ofdollars in severance.McDonald’s fired him withoutcause in November after heacknowledged a consensual re-lationship with an employeethat violated company stan-dards.

Mr. Easterbrook said in alegal filing this month that thecompany had informationabout his relationships withother employees when it nego-tiated his severance.McDonald’s said it stands byits complaint. At the time ofhis firing in November, Mr.Easterbrook said his consen-sual relationship with an em-ployee was a mistake.

Before his dismissal, Mr.Easterbrook was lauded forhelping to turn around the

ContinuedfrompageB1

private-equity firms GeneralAtlantic and Warburg Pincus;the Canada Pension Plan; andmutual-fund managers T. RowePrice Group Inc., BlackRockInc. and Fidelity Investments.Some of these investors havesignificantly marked up thevalue of Ant shares they hold.

Ant’s coming listing will pro-vide a big boost to China’s na-scent STAR Market, which wasestablished a year ago to drawlistings from homegrown tech-nology companies. Inside thecompany, the listing plan hasbeen called “Project Star,” theJournal previously reported.

The company intends to use30% of its IPO proceeds to ex-pand its user base and ondigital services, 40% on innova-tion, research and develop-ment, and the rest on cross-border payment and generalcorporate use, its filings said.Ant had 16,660 employees atthe end of June.

Citigroup Inc., JPMorganChase & Co, Morgan Stanleyand China InternationalCapital Corp. were listed asjoint sponsors of Ant’s HongKong IPO. CICC and ChinaSecurities Co. are the jointsponsors of the Shanghaishare sale.

It might become subject to thatif the central bank moves for-ward with new rules.

The company has long con-tended that it is a technologycompany rather than a finan-cial-services firm, a view thatwas behind its recent namechange.

Ant also noted how geopo-litical tensions between theU.S. and China have led to aworsening relationship be-tween the two countries, re-sulting in “intense potentialconflicts between the twocountries in trade, technology,finance and other areas.” Itsaid this has raised the pros-pect of increased regulatorychallenges or restrictions onChinese technology compa-nies, including itself and Ali-baba in a range of areas.

Two years ago, Ant wasvalued at $150 billion in a $14billion fundraising round thatdrew large checks from bothdomestic and global investors.

The company’s filings Tues-day listed numerous domesticand foreign institutions asshareholders, including China’snational pension fund andother state-owned institutions;Singapore and Malaysia’s sov-ereign-wealth funds; units of

eral other employees have leftthe HR department since Mr.Easterbrook’s firing, formermanagers said. One of the re-cent HR departures, MelanieSteinbach, had been promotedto senior vice president andchief people officer forMcDonald’s U.S. last month.McDonald’s said last week that

Ms. Steinbach had left thecompany. Ms. Steinbachcouldn’t be reached for com-ment.

“I know this team has gonethrough a ton of change,” Ms.Capozzi said in an onlinemeeting last week with someemployees, a recording ofwhich was viewed by the Jour-nal. “I certainly wish thatwasn’t the case, particularlywith all the other challengeswe are dealing with.”

She encouraged employeesto raise concerns about ques-tionable behavior.

—Jim Obermancontributed to this article.

quests for comment.New CEO Chris Kempczin-

ski, who replaced Mr. Easter-brook in November, pledged atthe time to improveMcDonald’s work environment.Mr. Kempczinski said lastmonth that he would renewthe company’s values and con-demned his predecessor’s al-leged conduct.

McDonald’s hired a newglobal chief people officer,Heidi Capozzi, in April fromBoeing. She is reviewing HRprocesses and policies put inplace under Messrs. Fairhurstand Easterbrook, company ex-ecutives said, and plans to addnew HR positions and proce-dures such as evaluations forsenior executives with subor-dinates’ feedback. Companyexecutives said she is review-ing the ways concerns areraised and investigated.

The company said it hashired consultants who plan tostart interviewing McDonald’semployees next month abouttheir experiences at the com-pany.

“Our board and CEO arecommitted to leading with in-tegrity,” McDonald’s said in astatement. “We will continueto make changes, where neces-sary, to support all parts ofour organization.”

Three executives and sev-

company. After taking over in2015, he overhauled menusand pushed franchisees to up-date restaurants. Sales andprofits grew, and McDonald’sstock nearly doubled duringhis tenure. The changes in-cluded cost cuts through hun-dreds of buyouts that led tothe departure of some long-tenured compliance and HRexecutives, former executivessaid.

David Fairhurst, whom Mr.Easterbrook appointed globalchief people officer months af-ter becoming CEO, streamlinedmany HR functions, includinga change to performance re-views that allowed for lessemployee feedback about con-cerns, former managers said.

Mr. Fairhurst socializedwith employees outside the of-fice, and his conduct during adepartment holiday party in2018 drew a complaint froman employee who said somestaffers drank heavily and theHR chief and one of his subor-dinates made inappropriatephysical contact, people famil-iar with the incident said.

McDonald’s legal counselconducted an investigationthat year, those people said.An executive told employeeswho attended the gatheringthat such excessive drinkingwas inappropriate and should

Like some big-box retailers,Best Buy used curbside ser-vices and e-commerce ordersto offset lost business fromtemporary store closures amidthe pandemic. Total revenuerose 3.9% from a year earlier.

Online sales for the quarterended Aug. 1 more than tripledin the U.S. to a record $4.85billion on a comparable basis,representing 53% of the re-gion’s sales. In the same quar-ter last year, online sales were16% of Best Buy’s U.S. business.

Best Buy stores were openonly by appointment for thefirst six weeks of the quarter.Initially, there was strong de-

ContinuedfrompageB1

mand for computers and tab-lets as millions of people andstudents stayed home.

Consumers also bought en-tertainment products such asgame consoles, though theirlimited availability temperedsales, finance chief Matt Bilu-nas said. Declines in mobilephones and digital-imagingproducts also offset salesgrowth, he added.

As stores opened morebroadly for shopping, Ms.Barry said the company soldmore large appliances, home-theater items and other prod-ucts that customers can assessthemselves in the store.

Ms. Barry said sales of digi-tal-health, fitness and outdoorproducts rose. “While still rel-atively small categories from arevenue standpoint, they areextremely relevant in today’senvironment,” she said.

To address the higher de-mand, Best Buy said it had re-called about two-thirds of theemployees it had furloughed

during the spring. The com-pany in mid-April furloughedabout 51,000 of its 125,000full- and part-time workers.

Overall, the retailer said to-tal second-quarter sales roseto $9.91 billion, compared with$9.54 billion in the year-earlierperiod. Analysts polled byFactSet were looking for $9.73billion. Domestic comparablesales rose 5% as lost storesales offset much of the onlinegains.

Executives said sales in thefirst three weeks of Augustwere running 20% above lastyear but they cautioned theyexpect the growth rate to slowover the rest of the quarter,which includes back-to-schoolshopping season.

Best Buy reported net in-come of $432 million, com-pared with $238 million in theyear-earlier period. After ad-justments, earnings were $1.71a share. Analysts were lookingfor adjusted earnings of $1.04a share.

A

Allott, Anthony...........B3

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Barry, Corie..........B1,B12

Bilunas, Matt..............B2

Brito, Carlos................B3

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Clark, Duncan..............B2

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Donahue, Timothy......B3

Ghosn, Carlos..............B3

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Hanna, Matt..............B11

Hattersley, Gavin........B3

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Kelly, Greg...................B3

Kogler, Bernadette .....B5

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Lopez, Taino................B2

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Maher, Bryan ..............B6

Ma, Jack......................B1

Mehr, Alex...................B2

Moon Meier, Delia......B6

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Norton, Casey...........B11

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Pertchik, Jonathan .....B6

Pitre, Kathleen............B3

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Silverblatt, Howard....B1

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Zaremski, Michael....B12

plant have also criticized thecompany’s response to work-ers testing positive for the vi-rus and in June asked GM toclose the plant temporarily,which the company declinedto do.

The Detroit Free Press re-ported GM’s use of salariedworkers at the Missouri factoryand the UAW’s objections to themove.

In July, GM said it was cut-ting a third shift at the plantbecause it had too many assem-bly-line workers taking timeoff. It later reversed that deci-sion, pledging to restore staff-ing levels by hiring temporaryworkers and transferring em-ployees from other plants.Some of those workers are ex-pected to relocate from a GMplant in Spring Hill, Tenn.,where the company, facingweaker demand for the modelsit builds there, is laying off ashift of workers.

The white-collar employeesworking at the pickup-truckplant are intended to be thereonly temporarily to help GMmeet stronger-than-expecteddemand for the models itbuilds there, the GM spokes-man said. The company hasunionized workers it expects totransfer to the Missouri plantfrom other factories, as well astemporary workers lined up tofill vacancies, but it needs timeto train those people, thespokesman said.

At this point, the companydoesn’t know how long it willneed the salaried workers to fillin, the spokesman said, addingthat the situation was a specialcase. Like other car companies,GM continues to run low oncertain models, particularly thehigh-priced pickup trucks thatdrive the bulk of its profits.

ContinuedfrompageB1

GM StaffPinch Hits,Irks UAW

last year came from what thecompany called digital paymentand merchant services. Ant saidAlipay handled 118 trillion yuan($17.071 trillion) of transactionsin mainland China in the yearto June, and internationaltransactions totaling 622 billionyuan. Alipay charges merchantsfees based on a percentage oftheir transaction volume, andmore than 80 million busi-nesses use its mobile app.

The bulk of Ant’s other reve-nue came from what it calls itsdigital finance technology plat-form, which collects technol-ogy-service fees from numerousbanks, asset managers and in-surance companies that use Ali-pay to make loans, sell mutualfunds, insurance and offerother products to customers.

Ant said its consumer andsmall-business lending plat-forms had a 2.1 trillion yuan

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Ant’s ProfitRevealed inIPO Filing

After taking over in 2015, Mr. Easterbrook overhauled menus andpushed franchisees to update restaurants.

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Some employeeswere concernedabout favoritism inthe department.

A newsstand vendor sits near QR codes for Alipay, left, and WeChat.

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worth, but that Nissan had noobligation to pay him more.

Japanese prosecutors arguethat Nissan should have re-ported the full amount, includ-ing what the spreadsheets calledpostponed remuneration, in an-nual reports filed to regulators.By failing to do so, they allege,Nissan hid a total of ¥9.2 billion($87 million) in Mr. Ghosn’scompensation over eight yearsof company filings. The com-pany itself as well as Messrs.Ghosn and Kelly have been crim-inally charged.

Of the three defendants, onlyMr. Kelly will be in the court-room arguing his innocence. Atthe time of his arrest, he heldthe title of representative di-rector at Nissan, which inJapan means a top corporateofficer with the authority to en-ter into contracts on behalf ofthe company. He faces up to 10years in prison if convicted.

Japan has no extraditiontreaty with Lebanon and noway of getting back Mr. Ghosn,the former Nissan chief. Nissanplans to plead guilty, said peo-ple at the company familiar

with its plans. A Nissan spokes-woman declined to comment.

Ghosn helpers facing prisontime also include Michael andPeter Taylor, a father-and-sonteam who aided his escapefrom Japan in December. Theywere arrested in Massachusettsin May and are fighting extradi-tion to Japan, saying what theydid wasn’t a crime.

Japanese securities law re-quires companies to disclosedeferred compensation in theyear that it “becomes certain.”The Kelly defense’s bottom lineis simple: Nothing was certain.

Mr. Kelly has said he wasaware Mr. Ghosn took a pay cutin 2010, when Japan began re-quiring the disclosure of indi-vidual executive salaries aboveabout $1 million, to avoid apublic backlash. Mr. Kellydoesn’t dispute that he dis-cussed how the Nissan bossmight legally get additionalcompensation after retirement.

But Mr. Kelly’s defense willargue that he never saw thespreadsheets in Mr. Ohnuma’sfiles, said his lawyer, Yoichi Ki-tamura.

to research firm Nielsen.Ball plans to open two new

plants in the U.S. next year,while Boston Beer aims todouble its canning capacityover the next 12 months. Over-all, the Can Manufacturers In-stitute, a trade body, says U.S.manufacturers expect to havenew capacity to produce 12billion more cans by the endof next year.

“We definitely do not viewall of this as one-off,” said An-thony Allott, CEO of SilganHoldings Inc.—the U.S.’s larg-est maker of metal food cans—after the company reported a15% jump in second-quartervolumes at its metal-containerarm last month.

Mr. Allott said on an inves-tor call that Silgan was now“spending more on marketingthe value of the can,” which hesaid has long been the cheap-est and most sustainable wayto sell some foods.

“What our European foodcustomers believe is thatthere’s a more permanent re-turn to eating food cans athome because of the pan-demic,” said Crown’s Mr. Do-nahue. “I think we’re going tosee more of that in NorthAmerica as well.”

Sam Adams owner BostonBeer Co. also says it has beenlargely shielded by building upinventory for Truly Hard Selt-zer and Twisted Tea, althoughthose stockpiles are now run-ning low.

Some companies are bet-ting higher demand is here tostay, for canned drinks butalso canned food. Previouslyfalling out of favor, cannedfood sales soared 23.5% in thesix months to June, according

it was initially able to meetsurging North American de-mand by importing cans fromLatin America, where demandslumped after Covid-19 hit.But now demand is risingthere too, and while Crown isaccelerating investments intwo U.S. can lines, it expects ashortfall.

“From now until the end ofthe year, and in almost everymarket where we produce,cans will be in short supply,”Crown CEO Timothy Donahuetold investors last month. “Wedo not have the ability tomake up months of demand ina shorter time period,” headded.

Outside the U.S., demandhas varied. Sales of canneddrinks in Southern Europehave dropped because of fewertourists but jumped in Ger-many and the U.K., driven bypurchases of beer in super-markets.

Not all companies arestruggling with shortages.Budweiser brewer AnheuserBusch InBev SA said it antici-pated the can shortage afterCovid-19 hit. “We have beenpreparing for a can uptick forquite some time,” Chief Execu-tive Carlos Brito said.

BY SAABIRA CHAUDHURI

U.S. retail sales of aluminumdrinks cans; growth by volumefroma year earlier

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Business-software providerSalesforce.com Inc. posted re-cord quarterly sales and raisedits full-year guidance, showcas-ing the sustained appetite forcloud-computing services dur-ing the coronavirus pandemic.

Enterprises have been ac-celerating their shift to digitalprocesses during the healthcrisis, fueling investor enthusi-asm for companies that enablethe transition. Several start-ups are trying to capture thismomentum and are makingplans to tap public markets.

San Francisco-based Sales-force on Tuesday said salesgrew 29% to $5.15 billion inthe most recent quarter, beat-ing Wall Street’s expectationof $4.87 billion in revenue, ac-cording to analysts surveyedby FactSet. Salesforce said itgenerated a $2.85 per-shareprofit, in part based on ac-counting adjustments.

Starting next week, Sales-force’s stock will be one of the30 making up the Dow JonesIndustrial Average. The stockis being added in part to helpoffset the effects of AppleInc.’s planned four-to-onestock split that would havegiven the information-technol-ogy sector a smaller represen-tation in blue chip index.

Cloud computing was al-ready one of the hottest areasin tech before the pandemic,and that momentum has largelyremained as businesses haveshifted to remote work and aspeople stuck at home live moreof their daily lives online.

The pandemic hasn’t beenentirely a financial boon forcloud-services providers, withsome customers having to cutspending or struggling tomake payments as they dealwith the wider economic ef-fects of Covid-19.

Salesforce, however, liftedits full-year outlook on Tues-day after cutting expectationsin the previous quarter whenit said it had to provide pay-ment relief to some customers.The company said it expectssales in the current financialyear that runs through the endof January to increase tobetween $20.7 billion and$20.8 billion.

BY AARON TILLEY

SalesforceRaisesOutlookFor Year

TOKYO—The trial to settlewhether Carlos Ghosn illegallyhid millions of dollars in com-pensation starts in Tokyo nextmonth—but Mr. Ghosn won’t bethere to defend himself. In-stead, the man in the dock willbe an American executive ac-cused of helping him.

The trial’s opening day, Sept.15, is also the 64th birthday ofGreg Kelly, who long worked byMr. Ghosn’s side at Nissan Mo-tor Co. Mr. Kelly is stuck livingin a small Tokyo apartmentawaiting trial, while Mr. Ghosn,having escaped to Lebanon, en-joys his freedom.

It is nearly two years sinceMr. Kelly was arrested after ar-riving in Japan from his home inTennessee for what he thoughtwas a Nissan meeting, and it islikely to take at least an addi-tional year until a verdict.

Mr. Kelly said that, given hisage, he wants to finish the pro-cess as quickly as possible. “Ijust want to get to my family,”he said in an interview. He hasdeclared his innocence and ac-cused prosecutors of draggingout the case.

The sides have agreed on aschedule that calls for a trial ofnearly 10 months, the first threemonths to be taken up with tes-timony by a single person, anexecutive in Nissan’s secretariatnamed Toshiaki Ohnuma.

An internal Nissan investiga-tion found spreadsheets main-tained by Mr. Ohnuma and up-dated over several years thatoutlined Mr. Ghosn’s “fixed re-muneration” for each year, ac-cording to people familiar withthe investigation. The spread-sheets divided that amount intotwo categories, “paid remunera-tion” and “postponed remunera-tion.”Mr. Ghosn has said that hekept records of his hypothetical

BY SEAN MCLAIN

Secret Files on Ghosn Pay toBe Aired at Associate’s Trial

Greg Kelly faces a trial starting Sept. 15 in the Nissan case.

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ume in March, according to re-search firm IRI, and have con-tinued to grow strongly since.

Cans’ share of the U.S. beerand hard-seltzer market rosefrom 60% to 67% in the firstquarter, according to the Na-tional Beer Wholesalers Asso-ciation, and remained elevatedat 65% in the second quartereven as some bars and restau-rants reopened.

“Demand is just kind ofcrazy,” said Kathleen Pitre,chief commercial and sustain-ability officer at Ball Corp.,the world’s largest maker ofaluminum drink cans. Demandhas risen sharply not only forstandard 12-ounce cans butalso tall, sleek cans used fordrinks like hard seltzer, shesaid in an interview.

Ball plans to begin runningtwo new production lines inthe coming weeks in FortWorth, Texas, and Rome, Ga.,both of which have capacity tomake a billion cans a year. De-spite this, the company esti-mates it will still import twobillion cans this year to meetdemand in North America,from places like Europe, Indiaand Brazil.

Crown Holdings Inc., an-other big U.S. can maker, said

Demand for cans is boom-ing during the coronaviruspandemic, propelling can mak-ers to boost manufacturing ca-pacity to prevent shortagesand capitalize on a trend theybet will stick.

As bars and restaurantsclosed across the U.S., con-sumers rushed to buy largepacks of drinks—typically soldin cans—in supermarkets, sayexecutives. Sales of cannedfood also jumped.

That is accelerating a con-tinuing shift in favor of alumi-num drinking cans, whichwere already taking sharefrom glass and plastic bottles.Manufacturers attribute theirgrowing popularity to cans be-ing lighter and more robustthan glass, and having higherrecycling rates than glass andplastic. The growing popular-ity of hard seltzers, usuallypackaged in cans, has been an-other factor.

Miller Lite owner MolsonCoors Beverage Co. lastmonth said it had lost marketshare in the U.S., partly be-cause it had to suspend pro-duction of some canned beers.It said it was struggling tofind enough tall cans for CoorsLight and expects shortages of12-ounce cans to persist in thethird quarter.

“Every company that makesanything in the 12-ounce canhas been challenged to somedegree by the global canshortage,”’ said Chief Execu-tive Gavin Hattersley on an in-vestor call. He flagged demandin the U.S. as being especiallystrong after restaurants andbars closed. “Demand for kegsin the U.S. went to zero andconversely demand for canswent through the roof.”

Coca-Cola Co. said prod-ucts like Minute Maid ZeroSugar Lemonade, Cherry CokeZero and Pibb Extra may bedifficult to find in cans be-cause of tight supplies. Aspokeswoman said the com-pany had added capacity but“demand is so high it’s stilloutpacing supply at times.”

U.S. retail sales of alumi-num drink cans, which makeup nearly all cans for drinks,rocketed nearly 24% by vol-

BUSINESS NEWS

Clamor for Cans Tightens SupplyManufacturers boostcapacity as pandemicspurs pantry stocking;hard seltzer factors in

Consumers are shifting from glass and plastic. Aluminum cans stacked at the Fort Point Beer brewery in San Francisco in April.

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B4 | Wednesday, August 26, 2020 THEWALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

paved the way for wider tele-medicine adoption, includingexpanded access for Medicarerecipients. The Trump admin-istration has said Medicarewould cover telemedicine vis-its during the crisis at thesame rate as in-person visits.

The host of temporary reg-ulatory changes broadened thestable of online platforms doc-tors could use by loosening afederal health-privacy law.

Amwell, which offers ser-vices spanning urgent care,chronic condition managementand breast-feeding support,could have fetched $3 billionto $4 billion from a sale, theperson said.

The company, founded in2006, facilitated 2.2 millionvisits on its platform in thequarter ended June 30, ac-cording to a regulatory filing.

It conducted as many as40,000 visits a day in April inthe early weeks of the pan-demic, compared with about2,900 a day during the samemonth a year earlier.

An Amwell spokeswomandeclined to comment.

Teladoc Health Inc., whichis publicly traded, earlier thismonth agreed to an $18.5 bil-lion deal to buy remote

chronic care-management ser-vice Livongo Health Inc. Tela-doc reported it facilitated 2.76million visits in the secondquarter, up from 908,000 ayear earlier.

“The pandemic acceleratedthe collision course for thetwo organizations,” Jason Gor-evic, Teladoc’s chief executive,said in an interview after thatdeal was announced.

The pandemic, he said, spedup the adoption of telehealthand the role it plays in thehealth-care system by three

years.Neither Teladoc nor Amwell

has achieved profitability, andit is unclear how long all ofthe regulatory changes cur-rently in place will last,though the Trump administra-tion has made some of thempermanent.

MDLive, a competitor toAmwell and Teladoc, is plan-ning an initial public offeringearly next year, said CharlesJones, its chief executive. Thecompany said earlier thismonth that it has completedabout a million visits this year.

The company is currentlyworking with a syndicate offive banks and is consideringso-called crossover invest-ments from financial institu-tions that invest in private andpublic markets, Mr. Jones said.

Meanwhile, Talkspace, atext-based mental-health ap-plication, has had preliminarytalks with some larger tele-health companies about a po-tential sale, people familiarwith the matter said.

“We have been approachedmultiple times in the pastabout a sale, but we have notpursued it,” said Oren Frank,its co-founder and chief execu-tive.

The pandemic has put theonce-niche category of tele-medicine in the spotlight andis driving a flurry of deal ac-tivity involving virtual health-care providers.

Telehealth company Ameri-can Well Corp. in recentmonths explored a sale in lieuof going public, according to aperson familiar with the mat-ter. The company, known asAmwell, is one of several re-mote-care companies seekingways to capitalize on a surgein usage during the pandemicand on Monday filed a regis-tration statement for an initialpublic offering.

At the same time, MDLiveInc., a rival telehealth com-pany, is preparing for an IPOearly next year, and Talk-space, the text-based therapycompany, is seen by some as atarget for companies inter-ested in expanding their be-havioral health platforms.

Patients have embraced vir-tual care as a way to stay intouch with doctors for urgentcare or chronic care manage-ment without risking exposureto the coronavirus by visitingmedical offices.

Telemedicine visits are typ-ically conducted between adoctor and patient using vid-eoconferencing or a phone calland are used to address minorailments like colds as well asmanagement of chronic condi-tions like diabetes.

Some 28% of consumerssurveyed in April were usingvirtual medical visits in theearly months of the year, upfrom 15% in 2019, according toDeloitte Consulting LLP.

Telehealth was slow to takeoff before the pandemic be-cause insurers typically paiddoctors less per visit than forin-person appointments, a dis-incentive to usage.

Federal regulatory changes

BY SARAH KROUSE

Virtual Care Draws DealsAs remote medicalvisits soar in crisis,providers exploresales, acquisitions

Amwell is considering a sale or stock listing. Dr. Mia Finkelston, a medical director for the group.

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on Samsung devices.Apple has said that the un-

approved modification to“Fortnite” violated its guide-lines. At Monday’s hearing,Richard Doren, a Los Angeles-based partner at law firm Gib-son Dunn & Crutcher LLP, de-scribed Epic as willfullybreaching a contract and thusresponsible for its customers’plight. Mr. Doren also defendedApple’s role in protecting us-ers’ privacy and security aswell as collecting fees to sup-port those efforts.

Closely held Epic has saidthat losing its Apple developercredentials would harm its rep-utation and trust with custom-ers in ways that are unquantifi-able and irreparable.

The next hearing in the caseis scheduled for Sept. 28. In itscomplaint, Epic asked the courtto stop Apple from engaging inanticompetitive conduct withits App Store practices and takesteps to restore competition.

Epic sued Apple and Alpha-bet Inc.’s Google on Aug. 13 infederal court after the compa-nies pulled “Fortnite” fromtheir respective app market-places. “It was the only way totry and break the chokeholdthat Apple has on its paymentsystem, and it’s a prohibitionon any kind of competition,”said Epic attorney KatherineForrest, a former New Yorkfederal judge and Justice De-partment antitrust lawyer nowwith Cravath, Swaine & MooreLLP, during Monday’s hearing.

The legal battle could havewide implications in the globalmarket for mobile apps, whichlast year reached $120 billionin consumer spending, accord-ing to App Annie Inc.

Companies including Micro-soft Corp., Facebook Inc. andSpotify Technology SA havecriticized Apple and Google forthe power they wield in theirapp stores. Microsoft, themaker of the Xbox gaming sys-tem on Sunday issued a state-ment supporting Epic’s petitionas an Unreal Engine user.

A California federal judgegranted the maker of “Fort-nite” a partial reprieve in itsbattle against Apple Inc., say-ing Epic Games Inc. can main-tain access to the tech giant’ssoftware-development toolsbut that its blockbuster video-game, for now, would remainout of the App Store.

U.S. District Judge YvonneGonzalez Rogers issued the de-cision late Monday after a vir-tual court hearing in which at-torneys for Epic and Appledefended their companies’ po-sitions. “Apple has chosen toact severely, and by doing so,has impacted non-parties, anda third-party developer ecosys-tem,” Judge Gonzalez Rogerswrote in her ruling.

A spokesman for Epic de-clined to comment on the rul-ing Tuesday.

“We thank the court for rec-ognizing that Epic’s problem isentirely self-inflicted and is intheir power to resolve,” Applesaid in a statement. “We lookforward to making our case tothe court in September.”

Apple planned to revokeEpic’s access to tools needed todistribute and update softwareacross its devices on Friday un-less Epic removed the mobile-payment system it introducedin “Fortnite,” which skirted Ap-ple’s 30% commission on in-app purchases.

Though “Fortnite” is free toplay on videogame consoles,computers and mobile devices,Epic sells virtual perks and ac-cess to special game modes.The shooter-survival game hasmore than 350 million playersworld-wide, according to Epic.

The judge’s ruling means that“Fortnite” players using aniPhone or iPad won’t be able todownload the game’s next sea-son when it launches Thursday.Android device users who previ-ously obtained the app throughGoogle Play would have todownload it from Epic’s websiteor the Android app marketplace

BY SARAH E. NEEDLEMAN

‘Fortnite’ Maker WinsRound in Legal FightTo Use Apple’s Tools

©2020Dow Jones & Co., Inc. All rights reserved. 6DJ7909

ONLINE SERIES:THE FUTUREOF HEALTH

Beth BlauerExecutive Director andCo-Founder of theCentersfor Civic Impact, Johns Hopkins University

Dr. Laurie SantosProfessor of PsychologyandHeadof SillimanCollege,Yale University

+more speakers to beannounced soon

Register Now:wsj.com/rsvp

Meet us onlineSeptember 3 at 12:30 PM ET

Whatwill Covid-19’s lasting impact be on ourhealth and health-care system? Join us forawide-ranging conversation about how thevirus has changed our treatment expectations,and how our approach tomental healthmustevolve to address the complex emotionstriggered by the pandemic.

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BUSINESS NEWS

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A B CABB ABB 25.92 -0.13AcadiaPharm ACAD 38.37 0.37ADT ADT 11.26 -0.11AECOM ACM 38.58 -0.17AES AES 17.89 -0.18Aflac AFL 37.10 -0.28AGNC Invt AGNC 14.17 -0.08ANGI HomesvcsANGI 14.18 -0.47Ansys ANSS 326.49 1.24ASETech ASX 4.18 0.04ASML ASML 380.83 2.84AT&T T 29.90 -0.13Azek AZEK 38.76 -1.12AbbottLabs ABT 102.47 1.08AbbVie ABBV 94.06 -0.45Abiomed ABMD 311.12 6.17Accenture ACN 238.21 0.46ActivisionBliz ATVI 83.62 0.52

s Adobe ADBE 484.43 8.13AdvanceAuto AAP 156.06 -1.08AdvMicroDevicesAMD 86.35 3.27AgilentTechs A 98.34 0.74AgnicoEagle AEM 78.62 -0.04AirProducts APD 289.42 1.77AkamaiTech AKAM 111.00 0.13Albemarle ALB 91.09 -0.89Albertsons ACI 14.59 0.02Alcon ALC 59.31 0.48AlexandriaRlEstARE 170.74 -0.47AlexionPharm ALXN 103.34 0.91

s Alibaba BABA 286.00 9.98AlignTech ALGN 296.68 1.60Alleghany Y 548.47 2.10Allegion ALLE 102.08 -0.82AlliantEnergy LNT 54.25 -0.40Allstate ALL 93.77 -1.23AllyFinancial ALLY 22.51 -0.40AlnylamPharmALNY 134.09 2.34

s Alphabet A GOOGL 1605.85 20.70Alphabet C GOOG 1608.22 20.02Alteryx AYX 109.03 -0.93AlticeUSA ATUS 26.50 -0.15Altria MO 43.52 -0.52AlumofChina ACH 6.65 -0.01Amazon.com AMZN 3346.49 39.03Ambev ABEV 2.32 -0.01Amcor AMCR 10.87 ...Amdocs DOX 60.28 -0.07Amedisys AMED 240.40 2.04Amerco UHAL 353.39 -1.72Ameren AEE 79.60 -1.65AmericaMovil AMX 12.55 -0.09AmericaMovil A AMOV 12.51 0.03AmerAirlines AAL 13.14 -0.30AEP AEP 79.77 -1.01AmerExpress AXP 99.05 -0.28AmericanFin AFG 67.51 0.15AmHomes4RentAMH 28.25 -0.26AIG AIG 29.52 -0.03AmerTowerREITAMT 246.41 0.97AmerWaterWorksAWK 143.53 -0.35AmericoldRealty COLD 38.68 0.46Ameriprise AMP 156.99 -0.73AmerisourceBrgnABC 98.28 0.71Ametek AME 100.92 0.12Amgen AMGN 248.22 12.65Amphenol APH 108.91 0.16AnalogDevicesADI 119.90 2.67Anaplan PLAN 47.82 0.31AngloGoldAshAU 28.38 0.12AB InBev BUD 58.09 0.75AnnalyCap NLY 7.46 -0.02Anthem ANTM 276.47 -2.69Aon AON 192.37 2.20ApolloGlbMgmtAPO 45.69 0.13Apple AAPL 499.30 -4.13ApplMaterials AMAT 64.05 0.31Aptargroup ATR 118.13 -0.98Aptiv APTV 85.36 -0.14Aramark ARMK 25.08 -0.57ArcelorMittal MT 11.81 0.02

ArchCapital ACGL 31.47 -0.48ArcherDaniels ADM 44.30 -0.15AresMgmt ARES 39.27 -0.15arGEN-X ARGX 235.66 2.89AristaNetworksANET 219.43 0.60ArrowElec ARW 76.67 -0.51AscendisPharma ASND 140.02 1.66AspenTech AZPN 126.17 0.80Assurant AIZ 122.85 -0.83AstraZeneca AZN 57.01 0.25Athene ATH 37.38 0.28Atlassian TEAM 172.59 3.66AtmosEnergy ATO 100.44 -1.47

s Autodesk ADSK 252.24 0.44Autohome ATHM 87.21 -1.81Autoliv ALV 72.61 1.74ADP ADP 141.06 0.40AutoZone AZO 1201.66 -8.27Avalara AVLR 122.84 2.15Avalonbay AVB 155.52 -0.26Avangrid AGR 49.48 -0.42Avantor AVTR 21.84 0.42AveryDennisonAVY 115.91 0.53BCE BCE 43.80 0.17BHP Group BHP 54.72 -0.57BHP Group BBL 45.20 -0.44

s BJ'sWholesale BJ 46.89 -0.22BP BP 21.62 -0.29B2Gold BTG 6.23 -0.01Baidu BIDU 125.70 2.82BakerHughes BKR 15.65 -0.26Ball BLL 77.47 0.22BancoBilbaoViz BBVA 2.93 0.05BancoBradesco BBDO 3.48 -0.07BancodeChile BCH 17.36 -0.12BancSanBrasil BSBR 5.27 0.04BcoSantChile BSAC 16.04 0.04BancoSantander SAN 2.23 0.01BanColombia CIB 27.89 0.58BankofAmerica BAC 26.00 0.31BankofMontreal BMO 61.65 3.41BankNY Mellon BK 36.67 0.27BkNovaScotia BNS 42.60 ...Barclays BCS 5.70 -0.04BarrickGold GOLD 28.75 -0.22BauschHealth BHC 16.95 ...BaxterIntl BAX 84.60 0.75BectonDicknsn BDX 255.79 0.84BeiGene BGNE 250.84 13.45Berkley WRB 61.60 -0.01BerkHathwy B BRK.B 213.35 0.74BerkHathwy A BRK.A 3199701170.01BerryGlobal BERY 52.20 -0.11BestBuy BBY 112.64 -4.73BeyondMeat BYND 124.51 ...Bilibili BILI 47.00 0.88Bill.com BILL 96.77 3.16Bio-Techne TECH 250.92 0.59Bio-RadLab A BIO 511.98 0.81Biogen BIIB 279.03 2.47BioMarinPharm BMRN 74.40 1.40BioNTech BNTX 70.49 -0.36

s BlackKnight BKI 82.24 0.70BlackRock BLK 591.15 -0.30Blackstone BX 53.03 -0.27Boeing BA 174.73 -3.54BookingHldgs BKNG 1853.80 19.36

s BoozAllen BAH 86.42 -0.96BorgWarner BWA 41.00 -0.38BostonBeer SAM 875.68 -16.19BostonProps BXP 88.41 1.28BostonSci BSX 39.64 0.70BrightHorizons BFAM 131.46 2.11BristolMyers BMY 62.71 0.30BritishAmTob BTI 34.21 -0.57

s Broadcom AVGO 336.14 2.14BroadridgeFinl BR 138.27 -0.10BrookfieldMgt BAM 33.68 -0.43BrookfieldInfr BIP 45.10 -0.76BrookfieldPropREIT BPYU 11.87 -0.08

s BrookfieldRenew BEPC 53.55 0.28Brown&Brown BRO 46.01 0.29Brown-Forman A BF.A 66.02 -0.21Brown-Forman B BF.B 72.48 -0.35Bruker BRKR 42.19 0.19

Bunge BG 46.94 0.11BurlingtonStrs BURL 194.56 0.35CACI Intl CACI 233.82 -1.59CBRE Group CBRE 47.39 0.38CDW CDW 112.15 -0.14CF Industries CF 33.43 -0.14CGI GIB 68.74 -0.60CH Robinson CHRW 96.55 -0.43CME Group CME 174.92 -0.29CMS Energy CMS 60.21 -0.63CNA Fin CNA 32.76 0.15CNH Indl CNHI 7.73 -0.10CNOOC CEO 118.71 2.86CRH CRH 38.56 -1.03CRISPR Therap CRSP 88.92 2.33CSX CSX 75.83 0.72CVS Health CVS 63.47 -0.40CableOne CABO 1829.49 -12.25CabotOil COG 19.29 -0.22CadenceDesign CDNS 111.26 -0.02CaesarsEnt CZR 43.86 -0.86CamdenProperty CPT 89.14 0.98CampbellSoup CPB 53.03 0.34CIBC CM 75.48 0.55CanNtlRlwy CNI 106.17 0.23CanNaturalRes CNQ 20.33 0.16CanPacRlwy CP 298.30 0.17Canon CAJ 17.65 0.35CanopyGrowth CGC 16.78 0.35CapitalOne COF 66.91 -0.45CardinalHealth CAH 50.56 0.76Carlisle CSL 128.35 -0.23Carlyle CG 26.38 -0.24

s CarMax KMX 107.04 -1.76Carnival CCL 15.89 -0.25Carnival CUK 13.28 -0.02

s CarrierGlobal CARR 30.47 0.09Carvana CVNA 202.93 2.04CaseysGenStores CASY 177.67 -2.14Catalent CTLT 88.35 -0.11Caterpillar CAT 141.15 -0.53Celanese CE 102.17 -0.89CenovusEnergy CVE 4.95 0.06Centene CNC 60.79 0.51CenterPointEner CNP 20.01 -0.21CentraisElBras EBR 6.85 0.23CenturyLink CTL 11.21 -0.21CeridianHCM CDAY 75.02 0.79Cerner CERN 71.81 -0.55CharlesRiverLabs CRL 217.06 1.65

s CharterComms CHTR 609.75 -2.78CheckPoint CHKP 127.84 -1.84Chegg CHGG 75.48 2.02Chemed CHE 511.36 6.01CheniereEnergy LNG 52.64 -0.66CheniereEnerPtrs CQP 37.64 -0.51Chevron CVX 86.13 -1.07Chewy CHWY 56.66 -0.40ChinaEastrnAir CEA 20.32 0.83ChinaLifeIns LFC 12.38 0.15ChinaMobile CHL 37.72 -0.17ChinaPetrol SNP 45.89 -0.04ChinaSoAirlines ZNH 25.98 1.15ChinaTelecom CHA 34.85 0.14ChinaUnicom CHU 7.96 -0.14

s Chipotle CMG 1269.65 27.90Chubb CB 125.91 1.49ChunghwaTel CHT 37.14 0.11Church&Dwight CHD 96.10 -0.53ChurchillDowns CHDN 170.01 -2.53Ciena CIEN 57.09 -2.51Cigna CI 177.41 -0.27CincinnatiFin CINF 79.35 -0.17

s Cintas CTAS 324.73 -0.63CiscoSystems CSCO 41.96 -0.22Citigroup C 51.65 0.59CitizensFin CFG 25.54 0.31CitrixSystems CTXS 142.91 0.11Clarivate CCC 28.48 -0.31Clorox CLX 219.17 -3.96Cloudflare NET 39.03 0.94Coca-Cola KO 47.91 -0.06Coca-Cola Euro CCEP 41.75 0.71Coca-Cola FemsaKOF 43.87 0.23Cognex CGNX 67.60 0.53

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Tuesday August 25, 2020

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Moneymarket and savings account Six-monthCDVioBank $100 0.91 SallieMaeBank $2,500 0.75(888) 999-9170 (877) 346-2756TABBank $0 0.90 StateBank of India California $1,000 0.65(800) 355-3063 (877) 707-1995VirtualBank $100 0.90 NBKCBank $1,000 0.65(877) 998-2265 (913) 341-1144

One-monthCD One-year CDLoneStar Bank $1,000 0.20 ConnexusCredit Union $5,000 1.01(713) 358-9400 (800) 845-5025StateBank of India California $1,000 0.15 Ally Bank $0 0.90(877) 707-1995 (877) 247-2559WashingtonSavingsBank $500 0.10 CFGCommunityBank $500 0.90(978) 458-7999 (888) 205-8388

Two-monthCD Two-year CDLoneStar Bank $1,000 0.20 ConnexusCredit Union $5,000 1.11(713) 358-9400 (800) 845-5025StateBank of India California $1,000 0.15 BankDirect $10,000 1.00(877) 707-1995 (877) 839-2737VirtualBank $10,000 0.15 First InternetBank of Indiana $1,000 0.96(877) 998-2265 (888) 873-3424

Three-monthCD Five-year CDBrioDirect $500 0.50 ConnexusCredit Union $5,000 1.56(877) 369-2746 (800) 845-5025Ally Bank $0 0.35 First InternetBank of Indiana $1,000 1.16(877) 247-2559 (888) 873-3424NBKCBank $1,000 0.35 TABBank $1,000 1.10(913) 341-1144 (800) 355-3063

Highyield jumbos -Minimum is $100,000

Moneymarket and savings account Six-monthCDConnexusCredit Union 1.15 SallieMaeBank 0.75(800) 845-5025 (877) 346-2756CFGCommunityBank 1.00 LiveOakBank 0.65(888) 205-8388 (866) 518-0286VirtualBank 0.90 MerrickBank 0.65(877) 998-2265 (866) 638-6851

One-monthCD One-year CDLoneStar Bank 0.20 ConnexusCredit Union 1.01(713) 358-9400 (800) 845-5025StateBank of India California 0.15 Ally Bank 0.90(877) 707-1995 (877) 247-2559VirtualBank 0.10 CFGCommunityBank 0.90(877) 998-2265 (888) 205-8388

Two-monthCD Two-year CDLoneStar Bank 0.20 ConnexusCredit Union 1.11(713) 358-9400 (800) 845-5025StateBank of India California 0.15 BankDirect 1.00(877) 707-1995 (877) 839-2737VirtualBank 0.15 First InternetBank of Indiana 0.96(877) 998-2265 (888) 873-3424

Three-monthCD Five-year CDBrioDirect 0.50 ConnexusCredit Union 1.56(877) 369-2746 (800) 845-5025Ally Bank 0.35 First InternetBank of Indiana 1.16(877) 247-2559 (888) 873-3424Goldwater Bank 0.35 TABBank 1.10(480) 281-8200 (800) 355-3063

Notes: Accounts are federally insured up to $250,000per person. Yields are based onmethod ofcompounding and rate stated for the lowest required opening deposit to earn interest. CDfigures are for fixed rates only.MMA:Allows six (6) third-party transfers permonth, three (3) ofwhichmay be checks. Rates are subject to change.

Source: Bankrate.com, a publication of Bankrate, Inc., PalmBeachGardens, FL 33410Internet:www.bankrate.com

Net YTDFund NAV Chg %Ret

American Century InvUltra 70.30 +0.67 34.8American Funds Cl AAmcpA p 36.10 +0.25 9.4AMutlA p 42.43 +0.06 -1.4BalA p 29.32 +0.03 4.2BondA p 14.12 -0.02 9.3CapIBA p 59.75 -0.02 -3.9CapWGrA 53.17 +0.19 2.7EupacA p 58.86 +0.20 5.7FdInvA p 62.49 +0.31 2.8GwthA p 61.20 +0.54 19.7HI TrA p 9.67 +0.02 -0.2ICAA p 40.92 +0.17 4.7IncoA p 22.43 -0.01 -1.8N PerA p 54.40 +0.40 15.1NEcoA p 52.19 +0.42 14.2NwWrldA 75.60 +0.47 7.2SmCpA p 65.93 +0.24 12.1TxExA p 13.51 -0.02 2.9WshA p 46.65 +0.07 -2.1Baird FundsAggBdInst 11.87 -0.04 7.6CorBdInst 12.19 -0.05 7.3BlackRock FundsHiYBlk 7.50 ... ...HiYldBd Inst 7.50 ... 0.1BlackRock Funds AGlblAlloc p 20.23 ... 8.5BlackRock Funds InstStratIncOpptyIns 10.08 ... 2.8Bridge Builder TrustCoreBond 11.00 -0.02 7.4CorePlusBond 10.69 -0.02 7.1Intl Eq 11.94 +0.05 -0.4LargeCapGrowth 19.24 +0.15 21.5LargeCapValue 12.82 +0.01 -5.5ClearBridgeLargeCapGrowthI 66.21 +0.55 21.2Columbia Class IDivIncom I 23.89 +0.03 -1.1Dimensional Fds5GlbFxdInc 10.87 ... 1.3EmgMktVa 25.20 +0.11 -11.7

EmMktCorEq 20.74 +0.14 -3.8IntlCoreEq 12.76 +0.03 -6.6IntSmCo 17.47 +0.03 -7.3IntSmVa 16.52 +0.04 -14.4LgCo 26.47 +0.10 7.9TAUSCoreEq2 20.20 +0.02 1.1US CoreEq1 26.34 +0.04 2.6US CoreEq2 23.71 +0.03 1.0US Small 31.72 -0.01 -8.9US SmCpVal 28.22 -0.03 -17.6USLgVa 32.68 -0.05 -14.3Dodge & CoxBalanced 94.95 -0.03 -4.2Income 14.79 -0.02 7.1Intl Stk 37.77 +0.17 -13.4Stock 171.83 +0.11 -9.1DoubleLine FundsCoreFxdIncmI NA ... NATotRetBdI NA ... NAEdgewood Growth InstitutiEdgewoodGrInst 48.94 +0.38 27.1Fidelity500IdxInstPrem 119.69 +0.43 7.9Contrafund K6 17.82 +0.20 23.2ExtMktIdxInstPre 67.04 +0.18 5.1IntlIdxInstPrem 41.09 +0.07 -4.4MidCpInxInstPrem 23.25 +0.01 -1.0SAIUSLgCpIndxFd 18.64 +0.07 7.8SeriesOverseas 11.30 +0.03 4.8SmCpIdxInstPrem 19.95 +0.03 -4.9TMktIdxInstPrem 97.04 +0.33 7.4USBdIdxInstPrem 12.59 -0.02 7.2Fidelity Advisor INwInsghtI 37.75 +0.42 15.4Fidelity FreedomFF2020 16.47 +0.04 4.7FF2025 14.62 +0.04 4.7FF2030 18.09 +0.05 4.4Freedom2020 K 16.45 +0.03 4.7Freedom2025 K 14.59 +0.03 4.6Freedom2030 K 18.07 +0.05 4.5Freedom2035 K 15.20 +0.05 3.9Freedom2040 K 10.65 +0.05 3.8Fidelity InvestBalanc 27.01 +0.08 10.8

Net YTDFund NAV Chg %Ret

BluCh 150.50 +1.40 39.7Contra 16.94 +0.20 24.4ContraK 16.97 +0.20 24.4CpInc r 10.04 +0.02 0.8DivIntl 43.41 +0.16 7.2GroCo 31.25 +0.32 46.3GrowCoK 31.32 +0.33 46.4InvGrBd 12.28 -0.02 8.0LowP r 46.83 -0.02 -6.4Magin 12.31 +0.08 20.7OTC 16.93 +0.16 32.4Puritn 25.49 +0.12 12.8SrsEmrgMkt 21.57 +0.21 4.6SrsGlobal 12.84 +0.05 -2.5SrsGroCoRetail 26.26 +0.27 47.9SrsIntlGrw 18.80 +0.09 7.3SrsIntlVal 8.96 ... -9.5TotalBond 11.52 -0.02 7.4Fidelity SAITotalBd 11.01 -0.01 6.8Fidelity SelectsSoftwr r 25.02 +0.25 30.1First Eagle FundsGlbA 57.51 +0.04 -0.8FPA FundsFPACres 31.83 +0.09 -3.0Franklin A1CA TF A1 p 7.76 -0.01 3.4IncomeA1 p 2.13 ... -5.9FrankTemp/Frank AdvIncomeAdv 2.11 ... -5.8FrankTemp/Franklin AGrowth A p 131.54 +0.73 17.2RisDv A p 73.16 +0.30 5.7FrankTemp/Franklin CIncome C t 2.16 -0.01 -6.1FrankTemp/Temp AdvGlBondAdv p 9.81 -0.03 -5.1Guggenheim Funds TruTotRtnBdFdClInst 29.77 -0.04 11.6Harbor FundsCapApInst 104.63 +1.12 38.1Harding LoevnerIntlEq 24.82 +0.03 4.3

Net YTDFund NAV Chg %Ret

Tuesday August 25, 2020

CognizantTech CTSH 66.94 -0.68s ColgatePalm CL 78.59 -0.54Comcast A CMCSA 43.41 -0.39CommerceBcshrs CBSH 59.92 -0.15SABESP SBS 9.32 0.21

s ConagraBrands CAG 38.74 0.48ConchoRscs CXO 51.55 1.44ConocoPhillips COP 38.85 -0.02ConEd ED 73.01 -1.31ConstBrands A STZ 180.18 -1.31ContinentalRscs CLR 17.98 0.39Cooper COO 305.03 3.12Copart CPRT 101.88 1.05

s Corning GLW 32.89 -0.48Corteva CTVA 28.65 0.11CoStar CSGP 854.17 1.21Costco COST 344.71 0.58CoupaSoftware COUP 301.63 4.25Credicorp BAP 130.00 1.25CreditAcceptance CACC 470.00 -6.67CreditSuisse CS 11.10 -0.05Cree CREE 62.71 0.78CrowdStrike CRWD 113.57 2.32CrownCastle CCI 160.69 -0.32CrownHoldings CCK 75.31 -0.12CubeSmart CUBE 31.40 0.10Cummins CMI 210.06 -1.06CureVac CVAC 63.25 0.60CyrusOne CONE 80.25 0.15

D E FDISH NetworkDISH 34.20 -0.38DTE Energy DTE 117.00 -0.97DadaNexus DADA 26.21 -3.74Danaher DHR 207.57 2.01Darden DRI 82.61 -0.27Datadog DDOG 83.77 -0.57DaVita DVA 87.71 0.14DeckersOutdoorDECK 209.74 0.46

s Deere DE 205.60 0.20DellTechC DELL 60.64 -0.92DeltaAir DAL 30.10 0.30DentsplySirona XRAY 43.69 0.24DeutscheBankDB 9.64 0.05DexCom DXCM 430.07 7.28Diageo DEO 137.22 -0.98DiamondbkEner FANG 41.06 1.01DigitalRealty DLR 154.75 1.90DiscoverFinSvcsDFS 52.22 -0.17DiscoveryA DISCA 22.86 0.05DiscoveryC DISCK 20.68 ...Disney DIS 129.79 -0.90DocuSign DOCU 205.09 0.60DolbyLab DLB 70.17 -0.19DollarGeneral DG 198.66 0.34DollarTree DLTR 102.64 0.35DominionEner D 78.50 -0.60Domino's DPZ 419.36 0.37Donaldson DCI 50.75 -0.10Dover DOV 111.23 0.20Dow DOW 45.59 -0.53DrReddy'sLab RDY 59.89 -0.21DraftKings DKNG 39.06 3.25Dropbox DBX 20.14 -0.07DukeEnergy DUK 80.85 -0.62DukeRealty DRE 38.54 0.22Dun&BradstreetDNB 25.44 -0.28Dunkin' DNKN 74.66 1.53DuPont DD 56.20 -0.69Dynatrace DT 40.12 0.61ENI E 19.12 -0.15EOG Rscs EOG 44.38 0.05

s EPAM Systems EPAM 319.30 5.87E*TRADE ETFC 53.97 -0.34EastmanChem EMN 73.46 0.12Eaton ETN 102.82 -0.06eBay EBAY 58.05 -0.73Ecolab ECL 195.99 -1.53Ecopetrol EC 11.60 0.07EdisonInt EIX 52.00 -0.34EdwardsLife EW 80.35 1.64ElancoAnimal ELAN 28.86 1.44Elastic ESTC 104.33 0.98ElbitSystems ESLT 135.05 -1.70ElectronicArts EA 142.21 -0.12EmergentBiosol EBS 123.59 -1.96EmersonElec EMR 69.78 0.13Enbridge ENB 32.68 -0.12EncompassHealth EHC 61.70 -0.04EnelAmericas ENIA 7.28 0.05EnergyTransfer ET 6.57 -0.04EnphaseEnergy ENPH 75.93 2.57Entegris ENTG 69.88 0.58Entergy ETR 97.82 -0.82EnterpriseProd EPD 17.85 -0.23Equifax EFX 160.18 0.80Equinix EQIX 779.71 7.24Equinor EQNR 16.33 -0.14Equitable EQH 21.45 -0.08EquityLife ELS 65.59 -0.61EquityResdntl EQR 56.56 0.65ErieIndemnity A ERIE 211.58 2.49EssentialUtil WTRG 43.28 -0.32EssexProp ESS 216.03 0.89EsteeLauder EL 215.43 2.86Etsy ETSY 125.48 -3.26EverestRe RE 218.84 0.21Evergy EVRG 51.21 0.47EversourceEner ES 84.93 -0.95ExactSciences EXAS 78.28 -1.93Exelixis EXEL 21.94 0.30

NetStock SymClose Chg

Exelon EXC 37.13 -0.56Expedia EXPE 96.42 0.96ExpeditorsIntl EXPD 87.44 0.30ExtraSpaceSt EXR 106.06 -0.18ExxonMobil XOM 40.88 -1.34F5Networks FFIV 133.75 -2.44FMC FMC 108.59 -0.17

s Facebook FB 280.82 9.43FactSet FDS 356.00 -1.37FairIsaac FICO 423.42 2.76Farfetch FTCH 27.89 -1.27Fastenal FAST 47.89 0.01Fastly FSLY 90.38 6.17FederalRealty FRT 81.76 -0.17

s FedEx FDX 214.31 -3.09Ferrari RACE 197.31 1.88FiatChrysler FCAU 11.22 -0.09FidNatlFin FNF 33.10 -0.33FidNatlInfo FIS 145.37 3.70FifthThirdBncp FITB 20.71 0.2158.com WUBA 55.74 0.04FirstAmerFin FAF 52.16 -0.34FirstRepBank FRC 115.67 0.58FirstSolar FSLR 77.37 0.85FirstEnergy FE 27.94 -0.37Fiserv FISV 98.24 2.02FiveBelow FIVE 112.34 -1.10Five9 FIVN 123.78 0.65FleetCorTech FLT 242.35 2.26

s Floor&Decor FND 72.62 -0.24FomentoEconMex FMX 59.05 0.08FordMotor F 6.94 -0.04Fortinet FTNT 133.28 0.22Fortis FTS 40.23 -0.02Fortive FTV 70.55 -1.45FortBrandsHome FBHS 85.52 0.10FoxA FOXA 26.90 -0.08FoxB FOX 26.96 -0.09Franco-Nevada FNV 147.32 0.82FranklinRscs BEN 21.46 -0.11FreeportMcM FCX 14.46 -0.10FreseniusMed FMS 43.47 0.44

G H IGCI LibertyA GLIBA 81.25 0.26GDS Holdings GDS 80.46 1.41GFLEnvironmentalGFL 18.70 -0.30GSXTechedu GSX 87.95 0.45Galapagos GLPG 131.76 -3.07Gallagher AJG 104.27 0.25Gaming&LeisureGLPI 36.85 -0.39Garmin GRMN 103.64 ...Gartner IT 132.06 0.41Generac GNRC 186.37 -1.76GeneralDynamicsGD 151.47 -1.83GeneralElec GE 6.59 -0.04GeneralMills GIS 63.90 -0.23GeneralMotorsGM 29.69 -0.62Genmab GMAB 36.62 -0.73Genpact G 42.12 0.22Gentex GNTX 27.32 0.08GenuineParts GPC 94.50 -0.49GileadSciencesGILD 66.05 -0.03GSK GSK 40.14 -0.10GlobalPaymentsGPN 173.89 1.57Globant GLOB 175.75 2.07GlobeLife GL 84.31 -0.18GoDaddy GDDY 83.02 0.73GoldFields GFI 12.35 -0.16GoldmanSachsGS 206.00 -1.34

s Graco GGG 58.40 0.24Grainger GWW 354.68 5.52Grifols GRFS 16.76 0.07Grubhub GRUB 74.77 -0.06GuardantHealthGH 94.59 1.64Guidewire GWRE 110.32 1.02HCA HealthcareHCA 134.11 -0.27HDFC Bank HDB 50.09 0.38HD Supply HDS 40.94 0.06HP HPQ 18.44 -0.21HSBC HSBC 22.06 -0.19HUYA HUYA 27.11 0.67Halliburton HAL 16.15 -0.14HartfordFinl HIG 41.52 0.17Hasbro HAS 79.38 -0.56HealthpeakProp PEAK 27.72 -0.22Heico HEI 110.34 -0.32Heico A HEI.A 89.91 -0.27HenrySchein HSIC 65.49 -0.17Herbalife HLF 50.07 0.27Hershey HSY 148.67 -0.17Hess HES 48.32 0.49HewlettPackardHPE 9.33 -0.29Hill-Rom HRC 93.95 -0.57Hilton HLT 88.44 0.04Hologic HOLX 66.11 0.78HomeDepot HD 286.13 -0.62HondaMotor HMC 25.47 0.30Honeywell HON 164.53 5.16HorizonTherap HZNP 73.72 0.43HormelFoods HRL 51.54 -1.10DR Horton DHI 75.48 -0.69HostHotels HST 11.30 0.21HowmetAerospace HWM 17.44 ...HuanengPowerHNP 18.33 -0.50Huazhu HTHT 42.17 0.55Hubbell HUBB 145.86 -0.10HubSpot HUBS 286.06 1.54Humana HUM 405.84 -0.24JBHunt JBHT 140.94 -0.69HuntingtonBcshs HBAN 9.58 0.03

NetStock SymClose Chg

HuntingIngallsHII 158.94 -3.24IAA IAA 50.62 0.06ICICI Bank IBN 10.68 0.30IdexxLab IDXX 383.93 3.31IHS Markit INFO 80.65 -1.26ING Groep ING 8.21 0.18IPG Photonics IPGP 152.58 0.84IQVIA IQV 156.94 0.70IcahnEnterprises IEP 49.90 -0.55Icon ICLR 185.32 0.10IDEX IEX 179.70 -0.89IllinoisToolWks ITW 197.38 0.11Illumina ILMN 350.95 2.08Immunomedics IMMU 41.59 0.90ImperialOil IMO 17.10 0.08Incyte INCY 95.31 1.27Infosys INFY 12.81 0.02IngersollRand IR 35.24 -0.20Inphi IPHI 116.37 1.30Insulet PODD 217.76 7.80Intel INTC 49.43 0.29InteractiveBrkrs IBKR 51.80 -0.14ICE ICE 104.44 -1.37InterContinentl IHG 58.36 2.29IBM IBM 124.64 -1.04IntlFlavors IFF 122.88 -0.01IntlPaper IP 36.21 -1.06Interpublic IPG 18.13 -0.20

s Intuit INTU 336.42 3.30IntuitiveSurgical ISRG 699.50 3.76InvitatHomes INVH 28.94 -0.17IonisPharma IONS 52.90 0.77iQIYI IQ 19.63 0.17iRhythmTechs IRTC 215.02 0.61IronMountain IRM 30.38 0.04ItauUnibanco ITUB 4.36 0.01

J K Ls JD.com JD 78.97 2.79Joyy YY 94.30 4.45JPMorganChase JPM 100.50 0.44JackHenry JKHY 166.38 1.65JacobsEngg J 88.48 -0.89JamesHardie JHX 22.91 -0.16JazzPharma JAZZ 123.53 0.12J&J JNJ 152.06 -0.09JohnsonControls JCI 41.20 0.21JuniperNetworks JNPR 23.84 ...KB Fin KB 31.89 0.61

s KE Holdings BEKE 51.20 5.14KKR KKR 34.72 -0.07KLA KLAC 210.28 1.92KSCitySouthernKSU 183.98 0.39Kellogg K 69.49 -0.09KeurigDrPepperKDP 29.30 0.14KeyCorp KEY 12.51 0.12KeysightTechs KEYS 97.58 1.29KilroyRealty KRC 58.78 0.63KimberlyClark KMB 156.05 -1.37KinderMorganKMI 13.96 -0.28KingsoftCloud KC 34.08 0.67KinrossGold KGC 8.55 0.05KirklandLakeGoldKL 51.70 -0.56Knight-Swift KNX 46.00 -0.22KoninklijkePhil PHG 51.21 0.49KoreaElcPwr KEP 8.78 0.39KraftHeinz KHC 35.37 0.28Kroger KR 36.08 0.02L Brands LB 30.62 0.99LHC Group LHCG 203.46 -0.63Line LN 51.01 -0.17LKQ LKQ 31.74 0.09LPL Financial LPLA 81.67 0.33L3HarrisTech LHX 181.02 -1.51LabCpAm LH 179.57 0.50LamResearch LRCX 352.50 1.48LamarAdv LAMR 68.73 -0.27LambWeston LW 62.93 -0.73LasVegasSands LVS 49.96 0.15Lear LEA 115.25 -0.67Leidos LDOS 90.62 -0.19Lennar B LEN.B 62.08 -0.57Lennar A LEN 77.98 -0.77

s LennoxIntl LII 284.00 1.42LiAuto LI 18.23 1.14LibertyBroadbandA LBRDA 138.73 0.64LibertyBroadbandC LBRDK 141.16 0.34LibertyGlobal C LBTYK 22.16 0.51LibertyGlobal A LBTYA 22.76 0.49LibertyFormOne C FWONK 40.17 0.62LibertyFormOne A FWONA 37.58 0.63LibertyBraves A BATRA 20.55 0.53LibertyBraves C BATRK 20.48 0.51LibertySirius A LSXMA 36.32 0.56LibertySirius C LSXMK 36.12 0.51EliLilly LLY 149.68 0.16LincolnNational LNC 36.45 -0.29

s Linde LIN 250.08 1.17LithiaMotors LAD 266.74 4.24LiveNationEnt LYV 53.68 -0.41LivongoHealth LVGO 134.15 0.79LloydsBanking LYG 1.43 -0.02LockheedMartin LMT 394.84 -0.20Loews L 36.48 -0.13LogitechIntl LOGI 73.89 -0.26

s Lowe's LOW 165.92 0.29s lululemon LULU 378.50 2.19Lumentum LITE 84.00 -0.50Lyft LYFT 29.01 0.03

NetStock SymClose Chg

Biggest 1,000 Stocks | WSJ.com/stocks

How to Read the Stock TablesThe following explanations apply to NYSE, NYSEArca, NYSE American and Nasdaq Stock Marketlisted securities. Prices are composite quotationsthat include primary market trades as well astrades reported by Nasdaq BX (formerly Boston),Chicago Stock Exchange, Cboe, NYSE National andNasdaq ISE.The list comprises the 1,000 largest companiesbased on market capitalization.Underlined quotations are those stocks withlarge changes in volume compared with theissue’s average trading volume.Boldfaced quotations highlight those issueswhose price changed by 5% or more if theirprevious closing price was $2 or higher.

Footnotes:s-New 52-week high.t-New 52-week low.dd-Indicates loss in the most recent fourquarters.FD-First day of trading.h-Does not meet continued listingstandardslf-Late filingq-Temporary exemption from Nasdaqrequirements.t-NYSE bankruptcyv-Trading halted on primary market.vj-In bankruptcy or receivership or beingreorganized under the Bankruptcy Code,or securities assumed by such companies.

Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. andchanges in the closing prices from 4 p.m. the previous day.

Continued on Page B7

after you close.” Key’s form asksborrowers to certify they ha-ven’t applied for forbearancefrom any mortgage paymentsand have no plans to ask for it.

Adrian Leal was surprisedwhen one of the mortgage lend-ers he was considering askedhim to sign such an agreementin the late spring. The form,from LoanPeople LLC, askedhim to confirm that he had noplans to request a forbearance.

At first, Mr. Leal thought itmeant his home loan wouldnever be eligible for forbear-ance. He now believes the lettermeant he wouldn’t be eligiblefor forbearance until a govern-ment agency agreed to buy orinsure his mortgage.

He is still employed as a soft-ware engineer but said he wouldturn to forbearance if he lost hisjob. “I’ve never bought a homebefore, so I needed to be care-ful,” Mr. Leal said.

The share of mortgages inforbearance, 7.2%, declined for10 straight weeks, according to

The resulting credit pullbackwill limit purchase and refi-nance opportunities for up to255,000 consumers, the UrbanInstitute said.

Verifying that mortgage ap-plicants have a job, a typical partof the lending process, has be-come a major concern for lend-ers during a time of high unem-ployment.

Dustin Adair said his creditunion called his office to makesure he still worked there sixtimes between his loan’s ap-proval and the closing on hisAustin, Texas-area home thismonth. Mr. Adair, a legal assis-tant, understands the rigorousvetting. He was furloughed forabout two months in earlyspring when the lawyers at hisoffice began working fromhome, delaying his quest formortgage preapproval.

“Every day I go into work, Ithink, ‘Well, what’s going to hap-pen if we go back into quaran-tine for another threemonths?’ ” Mr. Adair said.

by tightening credit. Credit-cardissuers are closing accounts andlowering credit limits. The Mort-gage Bankers Association’sMortgage Credit Availability In-dex, designed to gauge access toa variety of mortgage products,shows consumer access to homeloans fell about 17% betweenMarch and July.

For mortgage lenders, theforbearance penalty is an addedconcern. “The hit more thanwipes out your margin—oversomething you have no controlover,” said Esther Phillips, seniorvice president of sales at KeyMortgage Services Inc. “Youcan’t control what customers do

ContinuedfrompageB1

MortgageFirms AskPay Pledges

the Mortgage Bankers Associa-tion, but is still far above pre-pandemic levels. The Urban In-stitute has estimated that 3,750loans will be subject to the for-bearance penalty.

But lenders are doing every-thing they can to avoid it, in-cluding tightening credit, withwide-ranging effects. Many

raised minimum credit scoresand lowered maximum debt-to-income ratios.

Bernadette Kogler, chief exec-utive of RiskSpan, a mortgageanalytics firm, said lenders aregoing to pull back on credit and“make fewer loans that might gointo forbearance.”

Consumer access tohome loans fellabout 17% betweenMarch and July.

Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.

e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and sapply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotesx and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incompleteprice, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund nottracked. NS-Fund didn’t exist at start of period.

Invesco Funds YDevMktY 46.12 +0.26 1.1JPMorgan I ClassCoreBond NA ... NAEqInc NA ... NAJPMorgan R ClassCoreBond NA ... NACorePlusBd NA ... NALord Abbett AShtDurIncmA p 4.17 ... 1.0Lord Abbett FShtDurIncm 4.17 ... 1.1Metropolitan WestTotRetBd 11.64 -0.02 7.6TotRetBdI 11.64 -0.02 7.8TRBdPlan 10.95 -0.02 7.8MFS Funds Class IGrowth I 157.03 +1.56 23.5ValueI 41.30 +0.12 -6.6MFS Funds InstlIntlEq 27.68 +0.03 -0.6Northern FundsStkIdx 39.56 +0.14 7.8Nuveen Cl IHYMunBd 16.94 -0.02 -2.6Old Westbury FdsLrgCpStr 15.68 +0.11 4.0Parnassus FdsParnEqFd 51.36 +0.16 9.7PGIM Funds Cl ZTotalReturnBond NA ... NAPIMCO Fds InstlAllAsset NA ... NAHiYld 8.82 +0.01 0.7InvGrdCrBd NA ... NATotRt 10.95 -0.01 7.7PIMCO Funds AIncomeFd NA ... NAPIMCO Funds I2Income NA ... NAPIMCO Funds InstlIncomeFd NA ... NAPrice FundsBlChip 157.70 +1.99 26.8DivGro 54.70 +0.12 3.3EqInc 27.58 -0.08 -12.8EqIndex 91.67 +0.33 7.8Growth 91.04 +1.00 24.1HelSci 90.80 +0.90 11.5LgCapGow I 55.44 +0.63 25.9MidCap 100.99 +0.30 5.9NHoriz 78.11 +0.51 31.6R2020 23.11 +0.05 4.6R2025 18.65 +0.04 4.9R2030 27.19 +0.08 5.0R2035 19.99 +0.07 5.0R2040 28.44 +0.11 5.1PRIMECAP Odyssey Fds

Net YTDFund NAV Chg %Ret

AggGrowth r NA ... NASchwab Funds1000 Inv r 77.02 +0.26 8.3S&P Sel 53.31 +0.19 7.9TSM Sel r 60.11 +0.21 7.4TIAA/CREF FundsBdIdxInst 11.71 -0.02 7.0EqIdxInst 25.09 +0.08 7.5VANGUARD ADMIRAL500Adml 318.59 +1.14 7.9BalAdml 41.87 +0.06 8.1CAITAdml 12.32 -0.01 3.5CapOpAdml r 165.21 +1.17 4.7DivAppIdxAdm 35.06 +0.03 4.6EMAdmr 37.22 +0.25 1.3EqIncAdml 72.50 -0.09 -7.3ExplrAdml 103.52 +0.39 6.5ExtndAdml 99.97 +0.26 5.1GNMAAdml 10.75 ... 3.3GrwthAdml 119.65 +0.86 28.1HlthCareAdml r 92.82 +0.39 8.8HYCorAdml r 5.84 +0.01 1.3InfProAd 28.18 ... 8.9IntlGrAdml 135.60 +0.96 31.9ITBondAdml 12.67 -0.01 8.9ITIGradeAdml 10.64 -0.01 8.4LTGradeAdml 12.08 -0.07 13.4MidCpAdml 221.05 +0.25 1.1MuHYAdml 11.78 -0.01 2.5MuIntAdml 14.76 -0.01 3.7MuLTAdml 12.15 -0.01 4.1MuLtdAdml 11.24 ... 2.6MuShtAdml 15.95 ... 1.6PrmcpAdml r 148.49 +1.25 3.0RealEstatAdml 115.64 +0.25 -10.6SmCapAdml 75.90 +0.11 -3.8SmGthAdml 76.21 +0.37 9.3STBondAdml 10.89 ... 4.3STIGradeAdml 10.99 ... 4.1TotBdAdml 11.66 -0.02 7.1TotIntBdIdxAdm 23.16 -0.05 3.0TotIntlAdmIdx r 28.87 +0.10 -2.6TotStAdml 84.89 +0.30 7.5TxMCapAdml 178.91 +0.64 8.8TxMIn r 13.49 +0.03 -3.7USGroAdml 155.01 +1.44 39.1ValAdml 41.79 -0.04 -9.1WdsrllAdml 63.84 +0.25 -0.4WellsIAdml 67.55 -0.13 3.7WelltnAdml 76.62 +0.08 3.7WndsrAdml 64.40 ... -10.0VANGUARD FDSDivdGro 31.03 +0.10 2.5INSTTRF2020 25.29 +0.02 4.9INSTTRF2025 25.93 +0.03 4.9INSTTRF2030 26.29 +0.05 4.7INSTTRF2035 26.62 +0.06 4.4

Net YTDFund NAV Chg %Ret

INSTTRF2040 26.95 +0.07 4.1INSTTRF2045 27.20 +0.08 3.9INSTTRF2050 27.25 +0.08 3.9INSTTRF2055 27.36 +0.08 4.0LifeCon 21.97 ... 5.4LifeGro 37.42 +0.09 4.4LifeMod 30.05 +0.04 5.0PrmcpCor 27.36 +0.14 -2.0STAR 29.68 +0.08 9.3TgtRe2015 15.94 +0.01 5.0TgtRe2020 34.11 +0.03 4.9TgtRe2025 20.80 +0.03 4.8TgtRe2030 38.14 +0.07 4.6TgtRe2035 23.51 +0.05 4.4TgtRe2040 40.76 +0.11 4.2TgtRe2045 25.69 +0.08 4.0TgtRe2050 41.36 +0.12 4.0TgtRet2055 44.90 +0.13 4.0TgtRetInc 14.67 ... 5.2TotIntBdIxInv 11.58 -0.03 2.9USGro 59.81 +0.56 39.0WellsI 27.88 -0.06 3.6Welltn 44.37 +0.05 3.7WndsrII 35.98 +0.14 -0.4VANGUARD INDEX FDSIdxIntl 17.26 +0.06 -2.6SmValAdml 49.90 -0.08 -14.5TotBd2 11.58 -0.02 6.8TotIntlInstIdx r 115.46 +0.41 -2.6TotItlInstPlId r 115.48 +0.41 -2.6TotSt 84.86 +0.30 7.5VANGUARD INSTL FDSBalInst 41.88 +0.06 8.1DevMktsIndInst 13.51 +0.03 -3.7DevMktsInxInst 21.12 +0.05 -3.6ExtndInst 99.96 +0.26 5.1GrwthInst 119.66 +0.86 28.1InPrSeIn 11.48 ... 9.0InstIdx 307.92 +1.11 7.9InstPlus 307.94 +1.11 7.9InstTStPlus 72.63 +0.26 7.5MidCpInst 48.83 +0.05 1.1MidCpIstPl 240.84 +0.29 1.1SmCapInst 75.90 +0.12 -3.8STIGradeInst 10.99 ... 4.1STIPSIxins 25.56 +0.02 3.5TotBdInst 11.66 -0.02 7.2TotBdInst2 11.58 -0.02 6.8TotBdInstPl 11.66 -0.02 7.2TotIntBdIdxInst 34.76 -0.08 3.0TotStInst 84.91 +0.30 7.6ValueInst 41.79 -0.04 -9.1WCM Focus FundsWCMFocIntlGrwIns 21.76 +0.12 15.1Western AssetCoreBondI NA ... NACorePlusBdI NA ... NACorePlusBdIS NA ... NA

Net YTDFund NAV Chg %Ret

Data provided byMutual Funds

In Memoriam Formore information:wsj.com/inmemoriam

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IN MEMORIAMFormore information visit: wsj.com/InMemoriam

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EVERY WEDNESDAYANDSATURDAY

P2JW239000-0-B00500-1--------XA

B6 | Wednesday, August 26, 2020 THEWALL STREET JOURNAL.

Food sales at the Iowa 80 Truckstop, a franchisee of TravelCenters, rebounded from earlier in the pandemic thanks to an increase in summer driving.

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THE PROPERTY REPORT

New York’s venerable pri-vate social clubs have a prob-lem with aging members anddeclining dues. Now, by tryingto modernize traditions andrenovate passé interiors, theyhope to court an unlikely sav-ior: millennials.

The proprietors of the FriarsClub, which occupies a 1908mansion in Midtown Manhat-tan, are doing the most to ex-cise stuffiness. The owners, anonprofit organization, areoverseeing a multimillion-dol-lar gut renovation to its prop-erty to appeal more to menand women in their 30s.

The club will reopen nextyear with casual dining, flexi-ble workspace and a screeningroom. Its Billy Crystal barroom,which once served Borscht Cir-cuit stand-ups hard spirits, willoperate in the morning as alaptop-friendly hangout with “aclassically trained barista”pouring Friars Coffee.

“The décor will be more col-orful and energized,” said Su-san Cronin, the club’s trea-surer. “Long gone is the wall-to-wall carpeting, burgundychairs and 1970s millwork.”

The Friars Club isn’t alonein transforming Old World set-tings into more modern spaceslike Soho House, Norwood Cluband NeueHouse. These mem-bers-only establishments havedegrees of exclusivity andquirky rules—some have essen-tially prohibited suits andties—but are aimed squarely atyounger generations.

Their membership feeshelped steer them through thepandemic, and hotelier AndréBalazs is looking at convertingat least one of his propertiesinto a private residential club.

In New York, the NationalArts Club on Gramercy Park isexpanding a downstairs galleryinto a work lounge and speak-easy, hosting artist Instagramtakeovers and offering freeone-year fellowships to leadersof small-to-midsize arts organi-zations.

The Harmonie Club in mid-town lifted a ban on laptopsand transformed a diningspace into “the Hub,” a flexibleworkspace for young entrepre-neurs. The club dropped itsjacket-and-tie requirement forbrunch. “When you have alandmark club built by Stan-ford White, you can’t change alot,” said Francine Leinhart, amember of the Harmonie Club.“But you can update use andfurnishings.”

That didn’t sit well withlong-timers. “The older mem-bers were horrified,” Ms. Lein-hart said. “They all said ‘This isnot the club we joined,’ andregistered complaints” whenthey saw young members with-out jackets and ties wearingdenim in the clubhouse.

Updating the Friars Clubruns the same risk.

“There were a lot of olderpeople for whom the club wasa second home,” said ArthurAidala, an attorney and vicepresident of the Friars Club.“It’s very hard to ask people intheir 80s to worry about thefuture. They want their com-fort zone. They want theirsteam room, their soup atlunch and their Chivas Regal at5 o’clock. We are trying to berespectful of that while offer-ing something for millennials.”

But while coffee bars and astrong Wi-Fi signal make clubsuser-friendly for junior mem-bers, millennials who havejoined historic clubs said theirprimary appeal is still nostal-gia. “The moment I walkedthrough the doors and saw thedark wood and the marble, Iknew I wanted to be a part ofthe Friars,” said Mark Jigar-jian, a 33-year-old stand-up co-median and a member.

BY CHRISTOPHER CAMERON

Old ClubsCourt aYoungerCrowd

The club’s ‘Abbot,’ the latecomedy icon Jerry Lewis

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mental shutdown, et cetera,which could happen for a mul-titude of reasons,” said JoshGoldstein, director of real es-tate and store development atPet Supplies Plus, referring to“act of God” clauses that allowtenants to terminate leases orreduce rents in extraordinarycircumstances.

While the pet industry wasdeemed essential and is lessaffected by store closures, fu-ture shutdowns could includesuch businesses, brokers said.

Pet Supplies Plus is gettinglanguage related to delays onstore openings included innew leases. Some stores ha-ven’t been able to open ontime because they were af-

fected by limitations on train-ing new staff and building in-spectors working from home,Mr. Goldstein said. The com-pany, based in Livonia, Mich.,has more than 500 storesacross 34 states and is open-ing nearly 40 stores this year.

In downtown Detroit, Bed-rock, a development companyfounded by billionaire Dan Gil-bert, offered to waive baserents in return for 7% of grosssales for eligible tenants in itsportfolio of 125 restaurants andretailers. It allowed the use ofsecurity deposits for other pur-poses, including for reopeningstores. Only one blow-dry salonand an apparel retailer closedpermanently during the pastfew months, Bedrock said.

One issue that many land-lords wouldn’t budge on is toinclude pandemics as a forcemajeure event. Having suchlanguage in a lease hurts own-ers’ ability to get financing forthe property. Instead, theyhave offered sweeteners in-cluding bigger allowances fornew and existing tenants toimprove their spaces.

Retail landlords are includ-ing pandemic language in newleases, a previously rare fea-ture as tenants seek protectionafter the first shutdowns inMarch complicated their nego-tiations for rent relief.

Because many insurance pol-icies didn’t cover pandemic-re-lated losses, landlords offeredvarious concessions to attractand retain tenants, including al-lowing them to defer part oftheir rent if another shutdownis ordered. Both sides getbreathing room: Tenants areable to lower expenses whilelandlords are still able to col-lect some money for overheadand their mortgage.

“You have to provide thetenant an easy decision. If youmake it complicated, you’re notgoing to get this done,” saidPhilippe Lanier, principal atEastBanc, a property developer,owner and manager of morethan 45 open-air retail proper-ties in Washington, D.C.’sGeorgetown neighborhood.

Mr. Lanier has offered to cutthe minimum base rent to 50%if the District of Columbia pro-hibits tenants from operatingtheir business again because ofthe coronavirus, and for thetenant to repay the differencein six equal monthly install-ments on the first day after re-opening. He is open to leasesstructured on a percentage ofthe retailer’s sales—“percent-age rents”—which would limittenants’ expenses if their salesdecline. He said he had signedamended leases with around 30retail tenants, with an addi-tional 15 in the works.

Real-estate brokers saidlandlords have to contend witha glut of stores and social-dis-tancing measures that forcedmany retailers to shrink thenumber of stores. The trendputs more bargaining power inhands of tenants such as res-taurants, apparel retailers,grocery stores and discountstores that are expanding.

“We have begun to clarifyand strengthen some of ourforce majeure language tomore clearly define govern-

BY ESTHER FUNG

Landlords OfferPandemic Clauses

during the pandemic.Truck stops, which cater

primarily to 18-wheelers onlong hauls, are emerging asone of the brighter spots forcommercial real estate duringthe pandemic.

The industry started withmom-and-pop operators butconsolidated over the pasthalf-century as scale becameincreasingly important for cut-ting deals with the country’slargest truck fleets. It is nowdominated by three companiesincluding TravelCenters, inWestlake, Ohio.

The largest of the three isPilot Co., with more than 750truck stops. Warren Buffett’sBerkshire Hathaway Inc. pur-chased a 38.6% stake in thecompany in 2017 for $2.76 bil-lion and is planning to increasethat stake to 80% in 2023. Thesecond largest, Love’s TravelStops & Country Stores, ofOklahoma City, remains family-

owned and operated.TravelCenters Chief Execu-

tive Jonathan Pertchik took thetop job late last year. He wastested almost immediately.When the pandemic hit, he ac-celerated a turnaround strategyof cutting costs and rethinkingparts of the company.

TravelCenters’ truck stopsshut down most of its 169 full-service restaurants during theearly stages of the pandemicbecause they weren’t consid-ered essential. That meant fur-loughing 4,000 workers, but ithelped boost the company’s netincome by 78% and earningsbefore interest, taxes, deprecia-tion and amortization by 24%.

About half of the full-ser-vice restaurants have re-opened, but Mr. Pertchik saidhe is planning big changes tothat business, including possi-bly bringing in outside compa-nies to run it. “Covid helpedteach us that we were really

poor as owners of full-servicerestaurants,” he said.

The pandemic hasn’t alwaysbeen easy for truck-stop oper-ators. Delia Moon Meier,whose family owns the Iowa80 Truckstop, one of the coun-try’s largest truck stops inWalcott, Iowa, said in theearly weeks of the pandemic,food sales dropped by 95%. “Itwas quite eerie to livethrough,” Ms. Meier said.

But thanks to an increase insummer driving, food saleshave rebounded and now aredown 35% from a year ago,said Ms. Meier. “Lots of peo-ple are taking driving trips,”she said.

Iowa 80 is a franchisee ofTravelCenters, so it can take ad-vantage of the company’s dealswith the major trucking fleets.

Mr. Pertchik was hired torun TravelCenters after yearsof anemic stock performance.The company wasn’t able to

rein in operating expensesthat were growing annually at7%, according to Bryan Maher,analyst and managing directorof B. Riley FBR Inc.

“Guess what? Truck-fuelvolumes are not growing at7%,” he said. “It did not seemlike prior management hadcontrol over their site-leveloperating expenses, which arenearly $1 billion a year.”

TravelCenters stock fellsharply in late June and earlyJuly as investors reacted tothe company’s sale of $75 mil-lion in new shares to fundsuch things as capital expendi-tures and growth plans.

Mr. Pertchik overhauledTravelCenters’ purchasing pro-cedures. Rather than buyingfuel in 30 million-gallon incre-ments, the company’s newhead of fuel purchasing is nowlooking to put in an order for750 million gallons, achievinga bulk discount, he said.

Thousands of restaurantsand hotels along U.S. inter-state highways closed duringthe pandemic, but most truckstops remained open to fuelthe 18-wheelers that keep sup-ply lines moving.

That has been good newsfor TravelCenters of AmericaInc., the largest publiclytraded truck-stop owner. Itsshares are up more than 50%since reporting quarterly re-sults on Aug. 5, which showeda nearly 80% increase in netincome from a year ear-lier. Other truck-stop ownersbenefited from rising e-com-merce and delivery demand

BY PETER GRANT

Truck Stops Move Into Fast LaneRising e-commerce,delivery demand andsummer driving helpbuoy a niche industry

Tenants are able tolower costs whilelandlords are able tocollect somemoney.

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P2JW239000-0-B00600-10FF7F3178D

THEWALL STREET JOURNAL. Wednesday, August 26, 2020 | B7

Salesforce.com CRM 218.35 3.6ScottsMiracleGro SMG 176.08 1.2Sea SE 155.00 2.5ServiceNow NOW 458.88 2.2Shift4Paymts FOUR 53.44 4.7ShockwaveMed SWAV 60.46 ...SiTime SITM 71.65 5.7SouthernNts77 SOJC 27.39 0.5StreamlineHlth STRM 1.75 3.3SunRun RUN 51.87 -0.4support.com SPRT 2.40 7.9SwitchbackEnerWt SBE.WS 1.37 -1.6TexasInstruments TXN 142.22 0.5TortoiseAcqn SHLL.U 54.91 0.5TortoiseAcqnWt SHLL.WS 17.99 2.7TortoiseAcqn SHLL 42.85 -2.8Trimble TRMB 52.62 0.7TurningPtTherap TPTX 79.94 9.5USCellularNts2069 UZD 26.29 0.5VivintSolar VSLR 28.42 -0.2VivoPowerIntl VVPR 5.63 25.2Watsco WSO 245.89 0.4WellsFargoPfdT WFCpT 26.30 ...Yandex YNDX 67.11 2.6

LowsATIF ATIF 1.01 -8.9AcordaTherap ACOR 0.50 -6.8AmOutdoorBrands AOUT 14.57 -8.4AshfordHosp AHT 2.86 -6.7BP Prudhoe BPT 2.31 -4.5Capstar CPSR.U 10.00 -0.2ChinaXiangFood PLIN 1.01 0.9ColonnadeAcqn CLA.U 9.85 0.1FastAcqn FST.U 9.91 -0.1FourSeasonsEduc FEDU 0.90 -1.8FusionAcqnA FUSE 9.70 -0.4GoHealth GOCO 14.26 -7.8HighPeakEner HPK 6.75 10.3ITTechPkg ITP 0.41 -2.6KymeraTherap KYMR 26.91 9.9LongviewAcqn LGVW.U 9.96 0.1MetenEdtechX METX 8.00 5.9NanoVibronix NAOV 0.67 -19.5OdonateTherap ODT 17.18 -4.5PanhandleOil&Gas PHX 2.01 2.5PolyPid PYPD 12.60 -5.0PortlandGenElec POR 36.00 -8.4RaveRestaurant RAVE 0.49 -5.4RecroPharma REPH 2.55 -2.9RothCHAcqnI ROCH 9.78 -0.6SeanergyMaritime SHIP 0.46 -0.6Synalloy SYNL 6.32 -0.5Teligent TLGT 1.06 2.73D Systems DDD 5.19 -1.1Tricida TCDA 9.54 5.4UrbanTea MYT 0.19 -29.4Uxin UXIN 1.11 -2.5

iClickInteract ICLK 10.13 -1.2Immersion IMMR 9.99 1.1Immunovant IMVT 37.00 3.5InariMedical NARI 73.50 0.8InnovativeIndProp IIPR 123.41 1.8Intuit INTU 337.37 1.0JD.com JD 79.82 3.7KE Holdings BEKE 52.63 11.2KerosTherap KROS 65.50 28.9KeyCorpPfdG KEYpK 28.61 1.3KuraOncology KURA 23.70 6.8LandstarSystem LSTR 134.78 -0.6LanternPharma LTRN 18.00 22.3LennoxIntl LII 284.29 0.5Limbach LMB 6.17 -3.7LincolnEduc LINC 8.99 6.8Linde LIN 251.38 0.5LiveOakBcshs LOB 21.03 5.1Lowe's LOW 167.43 0.2lululemon LULU 380.59 0.6Manning&Napier MN 4.65 0.2Mastercard MA 348.46 1.2Materialise MTLS 36.40 15.0McCormick MKC 204.26 ...MetLifePfdF METpF 26.85 0.5MiratiTherap MRTX 150.99 -0.2MonsterBev MNST 84.56 0.3NIO NIO 17.87 19.2NanoXImaging NNOX 30.50 8.2NationalBeverage FIZZ 75.00 1.6NetEase NTES 515.51 4.3Netstreit NTST 18.54 1.5NextEraEnDebN NEEpN 28.78 0.9Nike NKE 112.28 -0.3NomadFoods NOMD 25.14 -0.2OmegaFlex OFLX 139.95 -0.6OpenLending LPRO 21.57 4.4OrisunAcqnRt ORSNR 0.87 8.0PLDT PHI 30.58 4.0PPD PPD 33.48 1.1PSBusParksPfdZ PSBpZ 26.78 0.1PacBiosciCA PACB 6.73 -3.2Palomar PLMR 110.84 -1.1Pegasystems PEGA 125.00 1.8PrincipiaBio PRNB 101.89 1.1Procter&Gamble PG 139.15 0.4Progressive PGR 93.03 0.8ProtagonistTherap PTGX 22.51 3.9PublicStoragePfM PSApM 26.39 1.0PulteGroup PHM 48.00 -0.9Qualcomm QCOM 117.10 ...QuantaServices PWR 51.45 0.5RedBallAcqn RBAC.U 10.35 -0.4ReneSola SOL 2.43 3.6RevanceTherap RVNC 28.77 1.1SAP SAP 165.84 1.0SC Health SCPE.U 10.66 2.5SailPointTechs SAIL 39.51 1.9

HighsAT&T 5%PfdA TpA 26.99 0.3AcutusMedical AFIB 31.43 8.8Adobe ADBE 484.65 1.7Alibaba BABA 289.12 3.6Alphabet A GOOGL1608.88 1.3Ameresco AMRC 34.86 9.7AmerEqInvLifePfB AELpB 25.62 0.3ArgoGoupPfdA ARGOpA 25.87 0.3Autodesk ADSK 254.35 0.2B&G Foods BGS 31.15 2.0BJ'sWholesale BJ 47.19 -0.5BRP Group BRP 25.73 0.6BigLots BIG 54.41 1.2BigCommerce BIGC 104.89 36.9BlackKnight BKI 82.33 0.9Bonso BNSO 3.28 4.1BoozAllen BAH 87.88 -1.1BrighthousePfdB BHFAO 27.05 0.6BrilliantAcqnRt BRLIR 0.20 -5.3

52-Wk %Stock Sym Hi/Lo Chg

BIGGEST 1,000 STOCKS WSJ.com/stocks

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

Tuesday, August 25, 2020

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSEAmerican and Nasdaq Stock Market stocks that hit a new 52-week intraday high or lowin the latest session. % CHG-Daily percentage change from the previous trading session.

New Highs and Lows | WSJ.com/newhighs

Continued From Page B5Net

Stock Sym Close Chg

LyondellBasell LYB 68.75 -0.84

M NM&T Bank MTB 105.95 0.12MGM ResortsMGM 22.09 -0.18MKS Instrum MKSI 122.28 0.93MPLX MPLX 18.61 0.03MSCI MSCI 365.53 1.54MagellanMid MMP 39.00 -0.48MagnaIntl MGA 50.63 -0.56ManhattanAssocMANH 96.12 1.22ManulifeFin MFC 15.10 -0.02MarathonPetrolMPC 36.45 -0.36Markel MKL 1095.77 6.70MarketAxess MKTX 484.49 -4.99Marriott MAR 98.77 0.88Marsh&McLenMMC 112.99 0.37MartinMariettaMLM 211.30 -0.74MarvellTech MRVL 35.21 0.49Masco MAS 59.34 0.27Masimo MASI 218.82 4.49

s Mastercard MA 347.66 4.02MaximIntProductsMXIM 70.82 1.72McCormickVtg MKC.V202.51 -0.05

s McCormick MKC 202.78 -0.06McDonalds MCD 212.65 0.03McKesson MCK 152.00 2.34MedicalProp MPW 18.84 0.04Medtronic MDT 102.59 2.46MelcoResorts MLCO 19.53 0.22MercadoLibre MELI 1224.00 11.91Merck MRK 85.68 0.26MetLife MET 38.66 0.04MettlerToledo MTD 967.82 19.88MicrochipTechMCHP 109.00 1.58MicronTech MU 45.10 1.34Microsoft MSFT 216.47 2.78MidAmApt MAA 116.19 0.50

s MiratiTherap MRTX 148.59 -0.24MitsubishiUFJ MUFG 4.15 0.07MizuhoFin MFG 2.75 0.05MobileTeleSysMBT 9.51 0.02Moderna MRNA 66.25 1.37MohawkInds MHK 93.32 -0.19MolinaHealthcareMOH 182.26 0.67MolsonCoorsA TAP.A 55.00 8.00MolsonCoorsB TAP 37.62 -0.40

NetStock Sym Close Chg

MomentaPharmMNTA 52.21 0.06Mondelez MDLZ 57.89 -0.09MongoDB MDB 216.33 5.34MonolithicPowerMPWR 271.57 3.46

s MonsterBev MNST 83.97 0.28Moody's MCO 285.38 1.16MorganStanleyMS 52.05 -0.32Morningstar MORN 158.92 2.20Mosaic MOS 18.34 -0.16MotorolaSol MSI 154.78 0.81Mylan MYL 16.03 -0.30NICE NICE 221.92 4.33

s NIO NIO 17.84 2.87NRG Energy NRG 34.56 -0.14NVR NVR 4224.28 -85.81NXP Semi NXPI 127.31 3.53Nasdaq NDAQ 130.10 -1.48NationalGrid NGG 57.34 -0.84NatlRetailPropNNN 35.92 -0.24Natura&Co NTCO 18.04 0.02NatWest NWG 2.97 -0.01nCino NCNO 89.23 4.43NetApp NTAP 41.77 -0.53

s NetEase NTES 514.16 21.27Netflix NFLX 490.58 1.77Neurocrine NBIX 112.51 1.02NewOrientalEduc EDU 138.07 1.52NYTimes A NYT 43.00 -0.50NewellBrands NWL 16.15 -0.28Newmont NEM 64.86 -0.34NewsCorp B NWS 14.96 0.11NewsCorp A NWSA 14.99 0.12NextEraEnergyNEE 281.31 -1.32

s Nike NKE 111.51 -0.32Nikola NKLA 39.18 0.49NiSource NI 22.74 -0.29Nokia NOK 5.04 0.01NomuraHoldingsNMR 5.13 -0.02Nordson NDSN 188.66 0.42NorfolkSouthernNSC 213.62 1.40NorthernTrustNTRS 84.00 -0.26NorthropGrumNOC 343.00 -1.42NortonLifeLockNLOK 23.49 0.03Novartis NVS 86.45 0.07Novavax NVAX 113.11 -6.15NovoNordisk NVO 66.46 0.50Novocure NVCR 80.02 0.91NuanceComms NUAN 29.24 -0.02Nucor NUE 45.57 -0.45

NetStock Sym Close Chg

Nutrien NTR 38.03 -1.03NVIDIA NVDA 510.00 1.19

O P QOGE Energy OGE 32.17 -0.33ONEOK OKE 27.26 ...OReillyAuto ORLY 465.94 2.03OakStreetHealthOSH 44.56 -0.41OccidentalPetrolOXY 13.51 -0.11Okta OKTA 209.53 4.41OldDomFreightODFL 197.67 -1.16Ollie'sBargain OLLI 109.20 3.86OmegaHealthcareOHI 31.15 0.36Omnicom OMC 53.80 -0.69ON Semi ON 21.59 0.20OneConnectFinTech OCFT 23.07 1.46OpenText OTEX 44.34 0.10Oracle ORCL 56.09 0.08Orange ORAN 11.77 ...Orix IX 61.79 0.01OtisWorldwideOTIS 64.29 0.49OwensCorningOC 68.92 ...PG&E PCG 9.11 -0.02

s PLDT PHI 29.77 1.15PNC Fin PNC 110.77 0.97POSCO PKX 41.79 0.05

s PPD PPD 33.36 0.36PPG Ind PPG 119.82 -1.26PPL PPL 27.92 -0.45PRA HealthSci PRAH 100.49 -1.07PTC PTC 88.14 1.04Paccar PCAR 86.41 -0.49PackagingCpAm PKG 99.19 -0.53PagSeguroDig PAGS 44.75 0.93PaloAltoNtwks PANW260.99 -6.08PanAmerSilver PAAS 33.29 0.21ParkerHannifin PH 209.53 -0.24Paychex PAYX 75.85 0.33PaycomSoftware PAYC 287.27 2.84Paylocity PCTY 138.99 3.22PayPal PYPL 201.67 2.79

s Pegasystems PEGA 124.28 2.15Peloton PTON 66.45 -0.42PembinaPipeline PBA 25.88 -0.23PennNational PENN 56.18 0.44Pentair PNR 46.06 -0.39Penumbra PEN 231.56 0.91PepsiCo PEP 137.30 -0.34

NetStock Sym Close Chg

PerkinElmer PKI 116.22 1.00Perrigo PRGO 52.45 0.11PetroChina PTR 35.34 0.39PetroleoBrasil PBR 8.49 0.04PetroleoBrasilA PBR.A 8.29 0.07Pfizer PFE 38.41 -0.43PhilipMorris PM 79.62 -0.01Phillips66 PSX 61.63 -2.02Pinduoduo PDD 87.24 4.08PinnacleWest PNW 74.47 -0.68Pinterest PINS 34.07 1.17PioneerNatRscs PXD 106.92 2.17PlainsAllAmPipe PAA 6.99 -0.18PlainsGP PAGP 7.23 -0.19Polaris PII 103.65 -0.01Pool POOL 335.40 0.68PostHoldings POST 86.79 0.26PrincipalFin PFG 44.31 -0.31

s Procter&Gamble PG 139.06 0.55s Progressive PGR 92.77 0.77Prologis PLD 101.98 -0.02Proofpoint PFPT 113.26 1.48PrudentialFin PRU 69.10 0.01Prudential PUK 31.85 -0.14PublicServiceEnt PEG 53.60 -0.30PublicStorage PSA 206.76 0.20

s PulteGroup PHM 47.18 -0.44Qiagen QGEN 51.78 0.16Qorvo QRVO 131.97 0.03

s Qualcomm QCOM 115.95 0.04s QuantaServices PWR 51.14 0.24QuestDiag DGX 118.33 0.73Quidel QDEL 232.90 4.69

R SRELX RELX 22.83 -0.20RH RH 319.06 -4.28RPM RPM 85.75 -0.39RaymondJamesRJF 76.95 0.47RaytheonTechRTX 60.95 -0.93RealPage RP 62.32 0.96RealtyIncome O 62.57 0.13RegencyCtrs REG 40.95 -0.10RegenPharm REGN 610.50 15.73RegionsFin RF 11.68 0.14ReinsGrp RGA 93.85 -1.18RelianceSteel RS 104.85 -0.94RenaissanceReRNR 179.47 1.85

NetStock Sym Close Chg

Repligen RGEN 147.98 1.99RepublicSvcs RSG 91.50 0.42ResMed RMD 179.09 2.67RestaurantBrandsQSR 54.28 -0.17RexfordIndlRealty REXR 47.61 0.21ReynoldsCnsmr REYN 32.71 -0.71RingCentral RNG 284.03 -1.05RioTinto RIO 61.04 -0.78RitchieBros RBA 60.94 -1.23RobertHalf RHI 54.75 -1.44RocketCos. RKT 28.61 -0.50Rockwell ROK 230.84 0.05RogersComm BRCI 42.34 -0.06Roku ROKU 147.77 -0.81Rollins ROL 54.73 -0.56RoperTech ROP 431.27 -0.90RossStores ROST 91.25 1.94RoyalBkCanadaRY 75.99 1.10RoyalCaribbeanRCL 64.07 -0.36RoyalDutchA RDS.A 30.06 -0.47RoyalDutchB RDS.B 28.49 -0.42RoyalGold RGLD 135.27 -0.92RoyaltyPharma RPRX 41.78 -0.95Ryanair RYAAY 83.89 0.97

s SAP SAP 165.58 1.69S&P Global SPGI 358.50 -0.83SBA Comm SBAC 304.47 2.95SEI Investments SEIC 52.84 -0.20SK Telecom SKM 23.11 0.65SS&C Tech SSNC 63.75 0.86StoreCapital STOR 26.66 -0.31SVB Fin SIVB 254.51 5.15

s Salesforce.com CRM 216.05 7.59Sanofi SNY 51.73 0.21SareptaTherap SRPT144.94 3.74Schlumberger SLB 19.26 -0.29SchwabC SCHW 35.55 0.43

s ScottsMiracleGro SMG 174.89 2.10s Sea SE 154.13 3.72Seagate STX 45.44 -0.17SealedAir SEE 40.94 -0.55SeattleGenetics SGEN 154.89 0.03SempraEnergy SRE 125.51 -1.86SensataTechs ST 41.28 -0.01ServiceCorp SCI 46.06 -0.11

s ServiceNow NOW 457.93 9.83ShawComm B SJR 19.02 -0.07SherwinWilliams SHW 670.29 -1.12ShinhanFin SHG 26.52 0.59

NetStock Sym Close Chg

Shopify SHOP 1037.19 37.87Sibanye-Stillwater SBSW 11.67 0.01SimonProperty SPG 68.65 0.15SiriusXM SIRI 5.86 0.01Skyworks SWKS 142.53 0.28SlackTech WORK 28.57 0.28SmithAO AOS 49.50 -0.21Smith&Nephew SNN 40.42 0.63Smucker SJM 120.75 7.76Snap SNAP 21.12 0.25SnapOn SNA 147.83 -1.43SOQUIMICH SQM 32.26 -0.35SolarEdgeTech SEDG 213.16 2.32SolarWinds SWI 20.55 0.07Sony SNE 79.37 -0.40Southern SO 52.41 -0.45SoCopper SCCO 46.28 -0.33SouthwestAir LUV 37.06 0.15Splunk SPLK 203.62 1.39Spotify SPOT 268.69 -0.44Square SQ 155.00 3.21StanleyBlackDck SWK 159.71 -0.66Starbucks SBUX 82.72 4.04StateStreet STT 69.07 0.13SteelDynamics STLD 29.84 -0.46Stericycle SRCL 63.21 -0.72Steris STE 154.59 1.47STMicroelec STM 30.19 0.50StoneCo STNE 50.78 0.79Stryker SYK 189.57 0.87SumitomoMits SMFG 5.86 0.10SunComms SUI 148.32 0.54SunLifeFinancial SLF 42.46 -0.36SuncorEnergy SU 16.62 0.04

s SunRun RUN 50.79 -0.21Suzano SUZ 9.24 -0.05SynchronyFin SYF 24.90 -0.35SyneosHealth SYNH 60.34 0.64Synnex SNX 128.32 1.24Synopsys SNPS 216.17 2.40Sysco SYY 58.20 -1.31

T U VTAL Education TAL 76.62 2.06TC Energy TRP 48.55 -0.63TD Ameritrade AMTD 38.48 0.47TE Connectivity TEL 94.91 0.23Telus TU 18.58 0.10

NetStock Sym Close Chg

TIM Part TSU 13.29 0.10TJX TJX 53.16 -0.25T-MobileUS TMUS 115.41 0.15TRowePrice TROW 135.75 -0.18TaiwanSemi TSM 80.04 1.14TakeTwoSoftware TTWO 173.02 0.47TakedaPharm TAK 18.88 -0.31TandemDiabetes TNDM 108.81 1.51Target TGT 152.85 -0.39TeckRscsB TECK 11.16 -0.30TeladocHealth TDOC 212.01 1.38TeledyneTech TDY 318.60 2.28Teleflex TFX 377.48 6.63Ericsson ERIC 11.69 0.13TelefonicaBrasVIV 8.95 0.06Telefonica TEF 4.15 -0.06TelekmIndonesia TLK 20.46 0.3110xGenomics TXG 108.42 2.59Tenaris TS 11.88 -0.06TencentMusic TME 15.67 0.42Teradyne TER 90.31 1.22Tesla TSLA 2023.34 9.14TevaPharm TEVA 9.54 -0.09

s TexasInstruments TXN 141.66 0.64Textron TXT 38.66 -0.63ThermoFisherSci TMO 422.29 2.53ThomsonReuters TRI 76.37 -0.98ThorIndustries THO 99.98 -5.523M MMM 163.10 -0.43Tiffany TIF 121.99 -5.04Toro TTC 74.90 -0.44TorontoDomBk TD 48.97 0.57Total TOT 39.43 -0.24ToyotaMotor TM 134.79 0.03TractorSupply TSCO 153.27 -0.25TradeDesk TTD 469.90 3.24Tradeweb TW 54.66 -1.49TraneTech TT 118.46 -0.46TransDigm TDG 486.05 -2.45TransUnion TRU 85.15 -0.09Travelers TRV 115.62 0.72Trex TREX 147.21 -3.70

s Trimble TRMB 52.57 0.38Trip.com TCOM 28.75 0.17TruistFinl TFC 38.82 0.17Twilio TWLO 249.51 4.04Twitter TWTR 40.55 0.06TylerTech TYL 342.23 2.21

NetStock Sym Close Chg

TysonFoods TSN 63.54 -0.01UBS Group UBS 12.23 -0.04UDR UDR 34.62 0.09UGI UGI 33.77 -0.52Uber UBER 31.19 0.15Ubiquiti UI 188.26 0.15UltaBeauty ULTA 219.78 -2.72Unilever UN 58.62 -0.15Unilever UL 60.18 -0.10UnionPacific UNP 194.90 2.34UnitedAirlines UAL 35.22 -1.10UnitedMicro UMC 3.73 -0.06UPS B UPS 159.04 -1.31UnitedRentalsURI 176.82 -0.15US Bancorp USB 36.61 -0.14UnitedHealth UNH 312.22 3.38UnivDisplay OLED 181.26 0.50UniversalHealthBUHS 109.70 -1.38VEREIT VER 6.84 -0.08VF VFC 64.44 -1.54VICI Prop VICI 22.90 -0.09VailResorts MTN 223.34 -2.35Vale VALE 11.22 -0.08ValeroEnergy VLO 54.25 -0.74VarianMed VAR 172.59 -0.15Vedanta VEDL 6.94 0.04VeevaSystems VEEV 260.18 0.54Ventas VTR 41.47 -0.82VeriSign VRSN 205.70 -1.60VeriskAnalytics VRSK 185.97 0.86Verizon VZ 59.42 -0.15VertxPharm VRTX 272.35 4.92ViacomCBS B VIAC 27.57 -0.07ViacomCBS A VIACA 30.65 -0.01Vipshop VIPS 17.03 -0.17Visa V 208.10 1.69Vistra VST 19.14 -0.16VMware VMW 140.69 -1.56Vodafone VOD 15.19 -0.20VornadoRealtyVNO 37.12 0.15VoyaFinancial VOYA 52.15 0.03Vroom VRM 65.36 -0.36VulcanMatls VMC 124.51 -0.16

W X Y ZWEC Energy WEC 92.28 0.04WEX WEX 158.65 -1.53W.P.Carey WPC 71.35 -0.24

NetStock Sym Close Chg

WPP WPP 40.88 0.21Wabtec WAB 65.64 -0.27WalgreensBootsWBA 39.50 -0.24Walmart WMT 130.63 -0.70WarnerMusic WMG 29.47 -0.64WasteConnectionsWCN 101.62 1.49WasteMgt WM 113.19 0.68Waters WAT 216.14 1.12

s Watsco WSO 244.22 0.87Wayfair W 338.06 0.06Weibo WB 35.88 1.09WellsFargo WFC 24.61 0.12Welltower WELL 57.59 0.17WestPharmSvcsWST 274.60 4.93WesternDigitalWDC 34.31 -0.23WesternUnionWU 23.90 -0.02WestlakeChemWLK 60.32 0.54WestpacBankingWBK 12.84 0.43WestRock WRK 30.59 -0.69WeyerhaeuserWY 29.15 -0.06WheatonPrecMetWPM 51.37 0.21Whirlpool WHR 180.53 -0.85Williams WMB 21.39 -0.29Williams-SonomaWSM 95.36 -3.90WillisTowers WLTW 197.26 2.66Wipro WIT 4.23 -0.04Wix.com WIX 292.79 13.55Workday WDAY 194.03 2.43WynnResorts WYNN 86.21 -0.58XP XP 47.17 1.03XPO Logistics XPO 85.00 -1.02XcelEnergy XEL 68.97 -1.44Xilinx XLNX 103.39 0.92Xylem XYL 80.94 -0.46

s Yandex YNDX 66.97 1.71YumBrands YUM 96.48 0.39YumChina YUMC 55.07 0.48ZTO Express ZTO 32.65 0.61ZaiLab ZLAB 81.94 1.66ZebraTech ZBRA 277.86 2.47Zendesk ZEN 87.55 1.08Zillow C Z 82.83 -0.77Zillow A ZG 82.63 -0.73ZimmerBiomet ZBH 137.60 0.79Zoetis ZTS 158.58 1.82ZoomVideo ZM 290.44 8.16ZoomInfoTech ZI 36.80 -0.24Zscaler ZS 135.63 -0.11Zynga ZNGA 9.18 -0.04

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

MoneyRates August 25, 2020

Key annual interest rates paid to borrowor lendmoney inU.S. and internationalmarkets. Rates beloware aguide to general levels but don’t always represent actual transactions.

InflationJuly index ChgFrom (%)

level June '20 July '19

U.S. consumer price indexAll items 259.101 0.51 1.0Core 267.703 0.53 1.6

International rates

Week 52-WeekLatest ago High Low

Prime ratesU.S. 3.25 3.25 5.25 3.25Canada 2.45 2.45 3.95 2.45Japan 1.475 1.475 1.475 1.475

PolicyRatesEuro zone 0.00 0.00 0.00 0.00Switzerland 0.00 0.00 0.50 0.00Britain 0.10 0.10 0.75 0.10Australia 0.25 0.25 1.00 0.25

Overnight repurchaseU.S. 0.10 0.10 3.40 -0.07

U.S. government rates

Discount0.25 0.25 2.75 0.25

Federal fundsEffective rate 0.0900 0.1000 2.3600 0.0600

Week —52-WEEK—Latest ago High Low

High 0.1000 0.1100 3.0000 0.1000Low 0.0500 0.0500 2.0500 0.0100Bid 0.0800 0.0800 2.1200 0.0100Offer 0.1100 0.1000 2.5000 0.0500

Treasury bill auction4weeks 0.080 0.085 2.060 0.00013weeks 0.100 0.105 1.950 0.00026weeks 0.120 0.120 1.870 0.080

Secondarymarket

FannieMae30-yearmortgage yields

30days 1.863 1.833 3.388 1.75160days 1.918 1.885 3.403 1.804

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 4.00 2.00

Notes ondata:U.S. prime rate is the base rate on corporate loans posted by at least 70%of the 10 largestU.S. banks,and is effectiveMarch 16, 2020. Other prime rates aren’t directly comparable; lending practices varywidely by location; Discount rate is effectiveMarch 16, 2020.SecuredOvernight FinancingRate isas ofAugust 24, 2020. DTCCGCFRepo Index is Depository Trust&Clearing Corp.'sweightedaverage for overnight trades in applicable CUSIPs. Value traded is in billions ofU.S. dollars.Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET.Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

Commercial paper (AA financial)90days 0.13 0.13 2.53 0.04

LiborOnemonth 0.17025 0.15800 2.11588 0.14925Threemonth 0.25100 0.25300 2.16413 0.23375Sixmonth 0.30813 0.31525 2.08525 0.28913One year 0.44000 0.44713 2.07413 0.43913

Euro LiborOnemonth -0.544 -0.552 -0.360 -0.621Threemonth -0.517 -0.513 -0.142 -0.539Sixmonth -0.465 -0.470 -0.052 -0.491One year -0.366 -0.352 0.008 -0.441

SecuredOvernight FinancingRate0.08 0.10 5.25 0.01

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.107 27.200 6.007 0.002MBS 0.129 88.550 6.699 0.011

Week —52-WEEK—Latest ago High Low

52-Wk %Stock Sym Hi/Lo Chg

Evogene EVGN 1.89 18.6Facebook FB 283.09 3.5FarPointAcqnA FPAC 12.31 12.7FedEx FDX 219.58 -1.4FifthThirdPfdK FITBO 26.47 1.1FirstCitizensPfdA FCNCP 26.51 0.6FirstHorizonPfdC FHNpC 26.42 0.1Floor&Decor FND 73.37 -0.3FlotekIndustries FTK 2.65 11.2Fluidigm FLDM 9.50 4.0FoleyTrasimII BFT.U 10.08 0.1FreedomHolding FRHC 23.18 1.7GRAVITY GRVY 93.00 1.9G Willi-Food WILC 20.95 6.3GeorgiaPwrNt77 GPJA 27.92 0.2Goldfield GV 4.54 2.5GoresIV Wt GHIVW 2.35 29.4GoresMetrop GMHIU 13.00 -0.2Graco GGG 58.50 0.4GrafIndustrial GRAF.U 34.24 10.1HannonArmstrong HASI 42.57 1.2HighPeakEnerWt HPKEW 2.50 75.0

52-Wk %Stock Sym Hi/Lo Chg

Broadcom AVGO 337.09 0.6BrookfieldInfr BIPC 53.41 -3.1BrookfieldRenew BEPC 54.69 0.5BrookfieldRenew BEP 47.65 -1.1CC NeubergerI Wt PCPL.WS 1.96 2.7CanadianSolar CSIQ 27.78 2.4CarMax KMX 109.31 -1.6CarrierGlobal CARR 30.81 0.3CharterComms CHTR 620.19 -0.5Chipotle CMG 1273.58 2.2Cintas CTAS 327.76 -0.2ColgatePalm CL 79.31 -0.7CollectorsUniv CLCT 48.60 5.0CollierCreek CCH 15.20 7.9ConagraBrands CAG 38.79 1.3Corning GLW 33.56 -1.4CryoPort CYRX 41.49 9.8DaqoNewEnergy DQ 134.00 7.0Deere DE 209.40 0.1EPAM Systems EPAM 320.09 1.98iEntsAcqnWt JFKKW 1.09 1.1EntergyBds63 EAE 26.25 0.7

DividendChangesAmount Payable /

Company Symbol Yld% New/Old Frq RecordAmount Payable /

Company Symbol Yld% New/Old Frq Record

IncreasedLowe's Cos LOW 1.4 .60 /.55 Q Nov04 /Oct21

InitialKKR6%Pfd. Series C KKRpC 5.7 1.0083 Dec15 /Dec01

ForeignConsolidatedWater CWCO 2.8 .085 Q Oct30 /Oct01Medtronic MDT 2.3 .58 Q Oct16 /Sep25Willis TowersWatson WLTW 1.4 .68 Q Oct15 /Sep30

SpecialAmerco UHAL ... .50 Sep21 /Sep07KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split andratio; SO: spin-off.

Dividend announcementsfromAugust 25.

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P2JW239000-0-B00700-1--------EW

B8 | Wednesday, August 26, 2020 THEWALL STREET JOURNAL.

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interestCopper-High (CMX)-25,000 lbs.; $ per lb.Aug 2.9195 2.9305 2.9170 2.9310 0.0085 347Dec 2.9435 2.9595 2.9325 2.9535 0.0080 114,626Gold (CMX)-100 troy oz.; $ per troy oz.Aug 1927.50 1928.50 1912.00 1911.80 –15.90 138Oct 1927.80 1935.80 1912.00 1915.60 –15.90 71,987Dec 1935.90 1944.10 1919.10 1923.10 –16.10 402,721Feb'21 1944.50 1951.90 1927.30 1931.10 –16.40 34,901April 1952.30 1957.20 1933.80 1936.60 –16.90 18,282June 1961.70 1961.70 1940.10 1941.30 –17.00 8,146Palladium (NYM) - 50 troy oz.; $ per troy oz.Aug ... ... ... 2169.30 6.70 1Sept 2172.10 2201.60 2133.40 2171.90 6.40 2,436Dec 2196.10 2224.50 2155.00 2193.80 6.40 7,005March'21 ... ... ... 2192.10 6.20 52June ... ... ... 2186.30 6.00 7Platinum (NYM)-50 troy oz.; $ per troy oz.Aug ... ... ... 930.60 9.80 15Oct 925.20 942.70 923.50 934.00 9.50 50,996Silver (CMX)-5,000 troy oz.; $ per troy oz.Aug 26.785 26.785 26.360 26.254 –0.334 14Dec 26.810 27.015 26.290 26.426 –0.342 126,617CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.Oct 42.36 43.57 42.31 43.35 0.73 370,481Nov 42.71 43.84 42.63 43.65 0.72 207,657Dec 43.06 44.16 42.99 43.94 0.67 263,689March'21 44.02 44.96 44.02 44.75 0.58 125,433June 44.67 45.53 44.61 45.32 0.49 182,494Dec 45.28 46.14 45.28 45.91 0.40 191,602NYHarborULSD (NYM)-42,000gal.; $ per gal.Sept 1.2477 1.2758 1.2465 1.2601 .0125 29,790Oct 1.2645 1.2896 1.2616 1.2746 .0106 93,383Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.Sept 1.3701 1.4395 1.3631 1.3959 .0288 39,481Oct 1.2612 1.2941 1.2545 1.2685 .0087 127,426Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.Sept 2.514 2.552 2.451 2.489 –.024 23,834Oct 2.616 2.649 2.568 2.596 –.020 235,867Nov 2.875 2.895 2.840 2.853 –.022 193,996Dec 3.158 3.168 3.127 3.142 –.014 101,829Jan'21 3.262 3.270 3.231 3.253 –.005 130,616March 3.071 3.078 3.047 3.071 .004 85,488

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.Sept 335.00 341.50 334.75 340.75 9.00 157,264

FuturesContracts Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

Dec 348.75 355.00 348.00 354.50 9.50 783,514Oats (CBT)-5,000bu.; cents per bu.Sept 276.50 277.00 269.25 272.25 –1.50 260Dec 269.00 272.25 267.75 271.50 3.75 4,429Soybeans (CBT)-5,000bu.; cents per bu.Sept 905.00 914.75 905.00 913.75 14.00 27,469Nov 911.50 920.75 911.00 920.25 14.50 376,724SoybeanMeal (CBT)-100 tons; $ per ton.Sept 292.00 293.60 290.10 291.60 2.50 32,740Dec 300.00 302.00 298.30 300.00 3.00 170,863SoybeanOil (CBT)-60,000 lbs.; cents per lb.Sept 31.66 32.13 31.51 31.98 .32 27,140Dec 31.93 32.40 31.77 32.28 .33 178,521RoughRice (CBT)-2,000 cwt.; $ per cwt.Sept 12.11 12.16 11.98 12.02 –.24 1,448Nov 12.26 12.26 12.04 12.07 –.22 8,300Wheat (CBT)-5,000bu.; cents per bu.Sept 521.25 533.75 520.75 527.25 6.50 27,739Dec 530.00 542.00 528.00 535.50 7.75 202,225Wheat (KC)-5,000bu.; cents per bu.Sept 435.25 451.75 435.25 444.25 9.00 27,482Dec 446.50 462.75 446.50 455.50 9.25 153,228Cattle-Feeder (CME)-50,000 lbs.; cents per lb.Aug 141.900 142.500 141.575 142.250 .250 2,181Oct 142.300 143.675 141.800 143.075 .250 17,325Cattle-Live (CME)-40,000 lbs.; cents per lb.Aug 105.575 106.125 105.100 105.500 –.075 2,311Oct 107.925 108.950 107.725 108.775 .850 123,652Hogs-Lean (CME)-40,000 lbs.; cents per lb.Oct 55.475 56.175 55.175 55.950 1.350 99,477Dec 56.000 56.700 55.650 56.675 1.075 53,951Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.Sept 796.30 829.30 791.30 829.30 19.00 1,775Nov 715.90 740.00 714.70 736.80 3.10 1,873Milk (CME)-200,000 lbs., cents per lb.Aug 19.62 19.64 19.59 19.59 –.02 5,710Sept 16.32 16.55 15.96 16.55 .75 4,248Cocoa (ICE-US)-10metric tons; $ per ton.Sept 2,537 2,537 2,537 2,537 28 918Dec 2,486 2,514 2,479 2,487 28 101,243Coffee (ICE-US)-37,500 lbs.; cents per lb.Sept 120.50 123.80 120.00 123.20 2.95 788Dec 120.15 124.95 119.30 122.95 2.80 118,255Sugar-World (ICE-US)-112,000 lbs.; cents per lb.Oct 12.71 12.87 12.60 12.76 .05 367,184March'21 13.32 13.47 13.24 13.38 .05 257,631Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.Nov 27.60 27.60 27.60 27.55 .01 2,347Jan'21 27.16 27.25 s 27.16 27.20 .20 1,940Cotton (ICE-US)-50,000 lbs.; cents per lb.

Oct 65.20 65.79 65.16 64.98 –.18 118Dec 65.82 66.45 65.35 65.58 –.24 114,351Orange Juice (ICE-US)-15,000 lbs.; cents per lb.Sept 117.90 118.00 115.50 116.30 –1.05 2,136Nov 120.00 120.00 118.05 118.70 –.95 5,572

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%Sept 221-110 221-150 218-180 220-010 –1-25.0 893,823Dec 224-280 225-000 221-300 223-160 –1-27.0 286,784TreasuryBonds (CBT)-$100,000; pts 32nds of 100%Sept 179-070 179-090 177-190 178-170 –29.0 940,546Dec 177-190 177-200 175-310 176-280 –29.0 289,312TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Sept 139-150 139-155 139-005 139-100 –6.5 2,834,546Dec 139-115 139-115 138-280 139-055 –7.0 692,5615Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Sept 125-250 125-252 125-197 125-240 –1.2 2,791,811Dec 125-297 125-297 125-235 125-282 –1.5 748,8512Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%Sept 110-126 110-127 110-116 110-127 .1 1,729,749Dec 110-137 110-139 110-127 110-138 … 386,10530DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.Aug 99.9050 99.9075 99.9050 99.9050 –.0025 189,259Oct 99.9300 99.9350 99.9250 99.9300 –.0050 243,66210Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%Sept 100-200 100-305 100-090 100-175 –13.5 75,617Eurodollar (CME)-$1,000,000; pts of 100%Sept 99.7750 99.7775 99.7650 99.7725 –.0025 1,435,819Dec 99.7250 99.7300 99.7200 99.7250 … 1,028,291March'21 99.8000 99.8000 99.7850 99.7950 –.0050 966,092June 99.8100 99.8100 99.7900 99.8050 –.0050 912,803

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥Sept .9436 .9448 .9385 .9405 –.0034 145,963Dec .9449 .9457 .9395 .9415 –.0035 690CanadianDollar (CME)-CAD 100,000; $ per CADSept .7565 .7595 .7554 .7585 .0028 122,581Dec .7558 .7596 .7555 .7586 .0028 5,664BritishPound (CME)-£62,500; $ per£

Sept 1.3065 1.3173 1.3060 1.3148 .0088 168,939Dec 1.3074 1.3177 1.3066 1.3154 .0088 3,824Swiss Franc (CME)-CHF 125,000; $ per CHFSept 1.0973 1.1026 1.0964 1.1021 .0042 52,475Dec 1.1020 1.1053 1.0993 1.1050 .0043 230AustralianDollar (CME)-AUD 100,000; $ perAUDSept .7164 .7199 .7150 .7196 .0034 125,936Dec .7166 .7199 .7153 .7197 .0033 1,087MexicanPeso (CME)-MXN500,000; $ perMXNSept .04534 .04559 .04528 .04543 .00012 131,720Dec .04488 .04511 .04481 .04494 .00012 2,529Euro (CME)-€125,000; $ per €Sept 1.1794 1.1849 1.1789 1.1838 .0040 683,136Dec 1.1819 1.1871 1.1812 1.1860 .0040 11,563

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexSept 28244 28480 28042 28193 –46 88,097Dec 28108 28346 27918 28068 –36 618S&P500 Index (CME)-$250 x indexSept 3420.40 3447.90 s 3427.30 3442.90 15.40 29,866Dec … … … 3432.40 15.40 2Mini S&P500 (CME)-$50 x indexSept 3427.00 3448.75 s 3421.75 3443.00 15.50 2,643,854Dec 3417.00 3437.75 s 3411.25 3432.50 15.50 78,963Mini S&PMidcap400 (CME)-$100 x indexSept 1936.00 1952.90 1918.60 1934.40 –2.30 58,684Dec 1899.10 1942.90 1918.20 1930.80 –2.30 9MiniNasdaq 100 (CME)-$20 x indexSept 11636.00 11742.25 s 11574.75 11726.25 90.00 226,944Dec 11625.00 11725.00 s 11560.00 11710.25 90.50 2,740Mini Russell 2000 (CME)-$50 x indexSept 1567.50 1583.90 1553.40 1569.60 3.10 508,837Dec 1565.40 1580.60 1551.00 1566.30 3.30 981Mini Russell 1000 (CME)-$50 x indexSept 1902.50 1909.20 s 1899.00 1908.70 7.00 8,461U.S. Dollar Index (ICE-US)-$1,000 x indexSept 93.27 93.35 92.96 93.02 –.27 27,457Dec 93.38 93.40 92.99 93.05 –.27 1,681

Source: FactSet

CashPrices Tuesday, August 25, 2020These prices reflect buying and selling of a variety of actual or “physical” commodities in themarketplace—separate from the futures price on an exchange,which reflectswhat the commoditymight beworth in futuremonths.

Tuesday

Energy

Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.500Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600

Metals

Gold, per troy ozEngelhard industrial 1929.00Handy&Harmanbase 1911.15Handy&Harman fabricated 2121.38LBMAGold PriceAM *1947.55LBMAGold Price PM *1943.95Krugerrand,wholesale-e 1993.78Maple Leaf-e 2012.96AmericanEagle-e 2012.96Mexican peso-e 2319.45Austria crown-e 1882.14Austria phil-e 2012.96Silver, troy oz.Engelhard industrial 26.6000Handy&Harmanbase 26.3930Handy&Harman fabricated 32.9910LBMAspot price *£20.4900(U.S.$ equivalent) *26.8850Coins,wholesale $1,000 face-a 21942OthermetalsLBMAPlatinumPrice PM *930.0Platinum,Engelhard industrial 933.0Palladium,Engelhard industrial 2173.0

Tuesday

Aluminum, LME, $ permetric ton *1735.5Copper,Comex spot 2.9310IronOre, 62%FeCFRChina-s 121.5ShreddedScrap, USMidwest-s,m 235Steel, HRCUSA, FOBMidwestMill-s 476

Fibers andTextilesBurlap,10-oz,40-inchNYyd-n,w 0.6200Cotton,1 1/16 std lw-mdMphs-u 0.6048Cotlook 'A' Index-t *70.10Hides,hvy native steers piece fob-u n.a.Wool,64s,staple,Terr del-u,w n.a.

Grains andFeeds

Barley,top-qualityMnpls-u n.a.Bran,wheatmiddlings, KC-u 83Corn,No. 2 yellow,Cent IL-bp,u 3.2850Corn gluten feed,Midwest-u,w 100.7Corn glutenmeal,Midwest-u,w 407.1Cottonseedmeal-u,w n.a.Hominy feed,Cent IL-u,w 95Meat-bonemeal,50%proMnpls-u,w 183Oats,No.2milling,Mnpls-u 3.0150Rice, LongGrainMilled, No. 2AR-u,w 30.25Sorghum,(Milo)No.2Gulf-u 9.4554SoybeanMeal,Cent IL,rail,ton48%-u 290.60Soybeans,No.1 yllw IL-bp,u 9.0550Wheat,Spring14%-proMnpls-u 6.4150Wheat,No.2 soft red,St.Louis-u 5.4725

Tuesday

Wheat -Hard - KC (USDA) $ per bu-u 4.6425Wheat,No.1softwhite,Portld,OR-u n.a.

FoodBeef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 189.75select 1-3,600-900 lbs.-u 173.45Broilers, National compwtd. avg.-u,w 0.6673Butter,AAChicago 1.5200Cheddar cheese,bbl,Chicago 140.50Cheddar cheese,blk,Chicago 183.00Milk,Nonfat dry,Chicago lb. 101.25Coffee,Brazilian,Comp 1.1220Coffee,Colombian, NY 1.6789Eggs,largewhite,Chicago-u 0.7850Flour,hardwinter KC 14.05Hams,17-20 lbs,Mid-US fob-u 0.50Hogs,Iowa-So.Minnesota-u 59.84Pork bellies,12-14 lbMidUS-u n.a.Pork loins,13-19 lbMidUS-u 0.9359Steers,Tex.-Okla. Choice-u 105.00Steers,feeder,Okla. City-u,w 152.88

Fats andOilsCorn oil,crudewet/drymill wtd. avg.-u,w 45.0000Grease,choicewhite,Chicago-h 0.2800Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u 0.3241Tallow,bleach;Chicago-h 0.3150Tallow,edible,Chicago-u n.a.

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;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 8/24

Source: Dow JonesMarket Data

| wsj.com/market-data/commodities

iShMSCIACWI ACWI 81.80 0.39 3.2iShMSCI EAFE EFA 65.31 0.06 –5.9iShMSCIEmgMarkets EEM 45.22 1.01 0.8iShNasdaqBiotech IBB 133.05 1.53 10.4iShNatlMuniBd MUB 116.24 –0.15 2.0iShPfd&Incm PFF 36.69 ... –2.4iShRussell1000Gwth IWF 221.23 0.76 25.8iShRussell1000 IWB 191.57 0.35 7.4iShRussell1000Val IWD 121.48 –0.07 –11.0iShRussell2000 IWM 156.40 0.11 –5.6iShRussellMid-Cap IWR 58.38 –0.03 –2.1iShRussellMCValue IWS 83.21 –0.16 –12.2iShS&P500Growth IVW 237.47 0.58 22.6iShS&P500Value IVE 115.76 –0.10 –11.0iShShortCpBd IGSB 55.00 –0.02 2.6iShShortTreaBd SHV 110.71 –0.01 0.2iShSilver SLV 24.76 0.65 48.4iShTIPSBondETF TIP 126.26 –0.03 8.3iSh1-3YTreasuryBd SHY 86.51 0.01 2.2iSh7-10YTreasuryBd IEF 121.66 –0.24 10.4iSh20+YTreasuryBd TLT 164.66 –0.77 21.5iShRussellMCGrowth IWP 172.57 0.49 13.1iShUSTreasuryBdETF GOVT 27.97 –0.21 7.8JPMUltShtIncm JPST 50.84 –0.01 0.8PIMCOEnhShMaturity MINT 101.89 –0.01 0.3SPDRBlmBarcHYBd JNK 105.88 0.17 –3.3SPDRBloomBar1-3MTB BIL 91.53 –0.01 0.1SPDRGold GLD 181.22 0.12 26.8SchwabIntEquity SCHF 32.11 0.19 –4.5SchwabUSBrdMkt SCHB 81.90 0.31 6.5SchwabUSDiv SCHD 57.22 –0.52 –1.2SchwabUSLC SCHX 82.74 0.30 7.7SchwabUSLCGrw SCHG 116.88 0.61 25.8

Closing Chg YTDETF Symbol Price (%) (%)

CommSvsSPDR XLC 62.07 0.94 15.7CnsmrDiscSelSector XLY 148.89 0.33 18.7CnsStapleSelSector XLP 64.71 –0.22 2.7EnSelectSectorSPDR XLE 36.50 –1.40 –39.2FinSelSectorSPDR XLF 24.96 0.28 –18.9FTDJ Internet FDN 189.56 0.88 36.3HealthCareSelSect XLV 107.05 0.68 5.1IndSelSectorSPDR XLI 77.73 –0.13 –4.6InvscQQQI QQQ 285.86 0.79 34.5InvscS&P500EW RSP 111.04 ... –4.0iSh3-7YTreasuryBd IEI 133.48 –0.07 6.1iShCoreDivGrowth DGRO 40.92 ... –2.7iShCoreMSCIEAFE IEFA 61.58 –0.02 –5.6iShCoreMSCIEM IEMG 54.08 1.07 0.6iShCoreMSCITotInt IXUS 59.69 0.42 –3.6iShCoreS&P500 IVV 345.49 0.33 6.9iShCoreS&PMC IJH 193.38 –0.17 –6.0iShCoreS&PSC IJR 74.88 –0.08 –10.7iShS&PTotlUSStkMkt ITOT 77.40 0.26 6.5iShCoreUSAggBd AGG 118.38 –0.21 5.3iShSelectDividend DVY 85.09 –0.61 –19.5iShEdgeMSCIMinEAFE EFAV 69.39 –0.07 –6.9iShEdgeMSCIMinUSA USMV 64.49 0.19 –1.7iShEdgeMSCIUSAMom MTUM 148.18 0.66 18.0iShEdgeMSCIUSAQual QUAL 106.10 0.34 5.0iShGoldTr IAU 18.42 0.11 27.0iShiBoxx$InvGrCpBd LQD 135.62 –0.43 6.0iShiBoxx$HYCpBd HYG 85.22 0.11 –3.1iShIntermCorpBd IGIB 60.97 –0.25 5.2iShJPMUSDEmgBd EMB 113.33 –0.49 –1.1iShMBSETF MBB 110.54 –0.04 2.3

Closing Chg YTDETF Symbol Price (%) (%)

Tuesday August 25, 2020SchwabUSSC SCHA 71.35 ... –5.7SchwabUSTIPs SCHP 61.57 –0.06 8.7SPDRDJIATr DIA 282.62 –0.20 –0.9SPDRS&PMdCpTr MDY 353.12 –0.19 –5.9SPDRS&P500 SPY 344.12 0.35 6.9SPDRS&PDiv SDY 96.70 –0.39 –10.1TechSelectSector XLK 119.56 0.50 30.4UtilitiesSelSector XLU 59.37 –0.95 –8.1VanEckGoldMiner GDX 40.58 –0.17 38.6VangdInfoTech VGT 317.65 0.48 29.7VangdSCVal VBR 116.18 –0.18 –15.2VangdSCGrwth VBK 216.61 0.45 9.0VangdDivApp VIG 129.19 0.07 3.6VangdFTSEDevMk VEA 41.99 0.21 –4.7VangdFTSEEM VWO 44.82 0.92 0.8VangdFTSEEurope VGK 54.65 0.09 –6.7VangdFTSEAWxUS VEU 51.97 0.33 –3.3VangdGrowth VUG 232.47 0.73 27.6VangdHlthCr VHT 205.06 0.69 6.9VangdHiDiv VYM 83.73 –0.18 –10.6VangdIntermBd BIV 93.54 –0.20 7.2VangdIntrCorpBd VCIT 96.09 –0.27 5.2VangdLC VV 159.97 0.36 8.2VangdMC VO 178.41 0.10 0.1VangdMBS VMBS 54.34 –0.02 2.2VangdRealEst VNQ 81.61 0.26 –12.0VangdS&P500ETF VOO 316.20 0.35 6.9VangdSTBond BSV 83.06 –0.06 3.0VangdSTCpBd VCSH 82.96 –0.02 2.4VangdSC VB 158.36 0.13 –4.4VangdTotalBd BND 88.50 –0.19 5.5VangdTotIntlBd BNDX 57.87 –0.34 2.3VangdTotIntlStk VXUS 53.80 0.37 –3.4VangdTotalStk VTI 174.45 0.33 6.6VangdTotlWrld VT 82.90 0.35 2.4VangdValue VTV 107.12 –0.13 –10.6

Closing Chg YTDETF Symbol Price (%) (%)

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session

BUSINESS OPPORTUNITIES

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COMMODITIES wsj.com/market-data/commodities

NY

P2JW239000-0-B00800-1--------NS

THEWALL STREET JOURNAL. Wednesday, August 26, 2020 | B9

TrackingBondBenchmarksReturn on investment and spreads over Treasurys and/or yields paid to investors comparedwith 52-weekhighs and lows for different types of bonds

CorporateDebtPricemoves by a company's debt in the creditmarkets sometimesmirror and sometimes anticipate,moves inthat same company’s share price.Investment-grade spreads that tightened themost…

Spread*, in basis points Stock PerformanceIssuer Symbol Coupon (%) Maturity Current One-day change Lastweek Close ($) % chg

DeltaAir Lines DAL 7.000 May1, ’25 460 –17 461 30.10 1.01BankofNovaScotia BNS 2.450 Sept. 19, ’22 6 –12 n.a. 42.60 ...JetblueAirways JBLU 7.750 Nov. 15, ’28 687 –10 656 11.37 –0.52MotivaEnterprises MTVD 6.850 Jan. 15, ’40 361 –8 374 ... ...BancoSantander SANTAN 4.250 April 11, ’27 135 –8 144 ... ...SantanderUK SANUK 2.875 June 18, ’24 46 –8 n.a. ... ...Credit Suisse … 3.625 Sept. 9, ’24 42 –7 49 … …Enel Finance International ENELIM 3.625 May25, ’27 110 –7 n.a. ... ...

…Andspreads thatwidened themostTotal Capital International TOTAL 3.750 April 10, ’24 35 8 n.a. ... ...BPCE BPCEGP 4.000 Sept. 12, ’23 72 7 n.a. ... ...Citigroup C 3.500 May15, ’23 68 7 n.a. 51.65 1.16JohnDeereCapital … 0.700 July 5, ’23 23 7 22 … …NewYork LifeGlobal Funding NYLIFE 2.900 Jan. 17, ’24 28 7 35 ... ...AtheneGlobal Funding … 2.500 Jan. 14, ’25 143 6 151 … …BankofAmerica BAC 4.125 Jan. 22, ’24 38 6 45 26.00 1.21Pacific Gas andElectric … 3.450 July 1, ’25 215 6 196 … …

High-yield issueswith thebiggest price increases…BondPrice as%of face value Stock Performance

Issuer Symbol Coupon (%) Maturity Current One-day change Lastweek Close ($) % chg

LBrands LB 6.875 Nov. 1, ’35 102.750 1.25 98.750 30.62 3.34Navient NAVI 5.625 Aug. 1, ’33 87.750 1.25 n.a. 8.83 –0.11UnitedAirlinesHoldings UAL 5.000 Feb. 1, ’24 88.200 1.13 87.000 35.22 –3.03Bombardier BBDBCN 6.125 Jan. 15, ’23 81.250 1.00 79.750 ... ...AmericanAirlines AAL 11.750 July 15, ’25 95.730 0.98 94.000 13.14 –2.23Netflix NFLX 5.875 Nov. 15, ’28 123.700 0.95 121.759 490.58 0.36DishDBS … 5.875 Nov. 15, ’24 105.500 0.80 104.500 … …Embarq … 7.995 June 1, ’36 120.578 0.78 119.438 … …

…Andwith thebiggest price decreasesAmericanAirlines AAL 4.950 Jan. 15, ’23 80.250 –1.02 80.250 13.14 –2.23TevaPharmaceutical FinanceNetherlands … 2.800 July 21, ’23 96.180 –0.97 96.000 … …Netflix NFLX 5.375 Nov. 15, ’29 120.394 –0.67 119.563 490.58 0.36Royal CaribbeanCruises RCL 5.250 Nov. 15, ’22 89.500 –0.53 90.000 64.07 –0.56ZFNorthAmerica Capital ZFFNGR 4.750 April 29, ’25 106.000 –0.50 106.458 ... ...Xerox … 3.800 May15, ’24 101.500 –0.48 n.a. ... ...Sprint Capital … 8.750 March 15, ’32 150.500 –0.45 149.000 ... ...

*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-runTreasury; 100basis points=one percentage pt.; change in spread shown is for Z-spread.Note: Data are for themost active issue of bondswithmaturities of two years ormore

Sources:MarketAxess CorporateBondTicker; DowJonesMarketData

Global GovernmentBonds:MappingYieldsYields and spreads over or underU.S. Treasurys on benchmark two-year and 10-year government bonds inselected other countries; arrows indicatewhether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis pointsCoupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago

0.125 U.S. 2 0.162 s l 0.153 0.145 1.5270.625 10 0.682 s l 0.658 0.591 1.538

5.750 Australia 2 0.258 t l 0.275 0.272 0.760 9.6 12.2 -76.72.500 10 0.897 s l 0.867 0.878 0.985 21.5 20.8 -55.2

0.000 France 2 -0.582 s l -0.596 -0.608 -0.803 -74.4 -75.0 -233.00.000 10 -0.127 s l -0.194 -0.140 -0.371 -80.9 -85.3 -190.9

0.000 Germany 2 -0.651 s l -0.673 -0.654 -0.888 -81.2 -82.7 -241.50.000 10 -0.430 s l -0.488 -0.446 -0.672 -111.2 -114.6 -220.9

1.000 Italy 2 -0.073 s l -0.124 -0.073 0.007 -23.4 -27.7 -152.00.950 10 1.033 s l 0.946 1.009 1.313 35.1 28.8 -22.5

0.100 Japan 2 -0.110 s l -0.114 -0.135 -0.295 -27.1 -26.7 -182.20.100 10 0.034 s l 0.025 0.017 -0.235 -64.8 -63.3 -177.3

0.400 Spain 2 -0.443 s l -0.458 -0.393 -0.565 -60.4 -61.1 -209.21.250 10 0.392 s l 0.320 0.359 0.144 -29.0 -33.9 -139.3

0.500 U.K. 2 -0.014 s l -0.035 -0.083 0.451 -17.6 -18.8 -107.64.750 10 0.265 s l 0.214 0.146 0.482 -41.7 -44.5 -105.6

Source: Tullett Prebon

Totalreturn YTD total Yield (%)close return (%) Index Latest Low High

BroadMarketBloombergBarclays

2279.71 7.0 U.S. Aggregate 1.150 1.020 2.460U.S. Corporate IndexesBloombergBarclays

3372.44 7.2 U.S. Corporate 1.950 1.820 4.5803059.26 5.6 Intermediate 1.330 1.230 4.4004998.86 9.7 Long term 2.970 2.730 4.930693.29 7.6 Double-A-rated 1.450 1.300 3.360888.40 6.2 Triple-B-rated 2.330 2.210 5.350

HighYieldBonds ICEBofA

468.80 0.4 HighYield Constrained 5.436 5.151 11.400403.20 -7.9 Triple-C-rated 12.326 10.735 19.0713171.39 -0.7 HighYield 100 4.268 4.268 10.740423.25 0.4 Global HighYield Constrained 5.480 4.893 11.310321.88 -2.1 EuropeHighYield Constrained 3.968 2.464 8.183

U.SAgencyBloombergBarclays

1862.82 5.2 U.SAgency 0.540 0.480 2.0401622.43 3.8 10-20 years 0.420 0.350 1.9504286.35 12.3 20-plus years 1.480 1.170 2.4802888.18 5.6 Yankee 1.490 1.430 3.500

Total

return YTD total Yield (%)

close return (%) Index Latest Low High

Mortgage-BackedBloombergBarclays

2225.35 3.6 Mortgage-Backed 1.200 0.930 2.6902167.34 3.2 GinnieMae (GNMA) 0.630 0.290 2.6601315.32 3.8 Fanniemae (FNMA) 1.410 1.110 2.6902018.76 3.7 FreddieMac (FHLMC) 1.390 1.080 2.710589.08 4.1 MuniMaster 0.955 0.838 3.441416.98 4.5 7-12 year 0.917 0.771 3.447

Totalreturn YTD total Yield (%)close return (%) Index Latest Low High

902.43 2.3 EmergingMarkets ** 4.673 4.523 7.480474.34 4.7 12-22 year 1.383 1.224 3.690456.95 3.7 22-plus year 2.158 1.765 4.123

Global Government J.P.Morgan†

612.58 5.1 Global Government 0.580 0.390 1.060865.44 7.7 Canada 0.760 0.590 1.740410.26 2.5 EMU§ 0.303 0.109 0.794779.46 2.7 France 0.070 -0.160 0.430545.41 1.8 Germany -0.310 -0.740 -0.050294.93 -1.1 Japan 0.290 -0.070 0.320607.99 2.0 Netherlands -0.210 -0.540 0.0801076.85 7.2 U.K. 0.660 0.390 1.180902.43 2.3 EmergingMarkets ** 4.673 4.523 7.480

*Constrained indexes limit individual issuer concentrations to 2%; theHighYield 100 are the 100 largest bonds † In local currency §Euro-zone bonds

** EMBIGlobal Index Sources: ICEDataServices; BloombergBarclays; J.P.Morgan

BONDS wsj.com/market-data/bonds

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BANKRUPTCIES

P2JW239000-0-B00900-1--------XA

B10 | Wednesday, August 26, 2020 THEWALL STREET JOURNAL.

ConsumerRates andReturns to Investor

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com

U.S. consumer ratesA consumer rate against itsbenchmark over the past year

0.00

0.50

1.00

1.50

2.00%

2019S O N D J

2020F M A M J J A

t

Money marketaccount yields

t

Federal-fundstarget rate

Selected ratesMoneyMarket/SavingsAccts

Bankrate.comavg†: 0.24%SallieMaeBank 0.90%Salt LakeCity, UT 877-346-2756

TABBank 0.90%Ogden, UT 800-355-3063

VirtualBank 0.90%Miami, FL 877-998-2265

CFGCommunityBank 0.94%Baltimore,MD 888-205-8388

BankDirect 1.00%Richardson, TX 877-839-2737

Yield/Rate (%) 52-WeekRange (%) 3-yr chgInterest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)

Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00Prime rate* 3.25 3.25 3.25 l 5.25 -1.00Libor, 3-month 0.25 0.25 0.23 l 2.16 -1.07Moneymarket, annual yield 0.24 0.24 0.24 l 0.78 -0.05Five-year CD, annual yield 0.67 0.67 0.67 l 1.75 -0.8030-yearmortgage, fixed† 3.04 3.18 3.03 l 4.22 -0.8015-yearmortgage, fixed† 2.59 2.71 2.58 l 3.57 -0.47Jumbomortgages, $510,400-plus† 3.06 3.23 3.06 l 4.71 -1.27Five-year adjmortgage (ARM)† 3.20 3.28 3.06 l 4.78 -0.10New-car loan, 48-month 4.26 4.27 4.17 l 4.65 1.39Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largestbanks.† Excludes closing costs.

Sources: FactSet; Dow JonesMarket Data; Bankrate.com

BenchmarkYieldsandRatesTreasury yield curveYield to maturity of current bills,notes and bonds

0.00

0.50

1.00

1.50

2.00

2.50%

1

month(s)3 6 1

years2 3 5 7 10 20 30

maturity

tTradeweb ICE Tuesday Close

tOne year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–8

–4

0

4

8%

2019 2020

Euro

s

Yens

WSJ Dollar indexs

Sources: Tradeweb ICEU.S. Treasury Close; Tullett Prebon; DowJonesMarketData

International Stock IndexesLatest YTD

Region/Country Index Close Net chg % chg % chg

World TheGlobalDow 3079.57 4.91 0.16 –5.3DJGlobal Index 440.92 1.22 0.28 1.6DJGlobal exU.S. 252.65 0.50 0.20 –4.2

Americas DJAmericas 799.94 2.57 0.32 5.1Brazil SaoPauloBovespa 102117.64 –180.31 –0.18 –11.7Canada S&P/TSXComp 16617.48 –9.16 –0.06 –2.6Mexico S&P/BMV IPC 38249.90 220.28 0.58 –12.2Chile Santiago IPSA 2685.90 –44.55 –1.63 –19.5

EMEA StoxxEurope600 369.75 –1.10 –0.30 –11.1Eurozone EuroStoxx 365.21 –0.09 –0.02 –9.6Belgium Bel-20 3369.52 0.53 0.02 –14.8Denmark OMXCopenhagen20 1326.35 3.00 0.23 16.8France CAC40 5008.27 0.38 0.01 –16.2Germany DAX 13061.62 –4.92 –0.04 –1.4Israel TelAviv 1413.63 3.18 0.23 –16.0Italy FTSEMIB 20030.05 –83.31 –0.41 –14.8Netherlands AEX 559.81 –1.18 –0.21 –7.4Russia RTS Index 1267.16 –14.36 –1.12 –18.2SouthAfrica FTSE/JSEAll-Share 56114.23 –511.18 –0.90 –1.7Spain IBEX35 7108.40 –0.70 –0.01 –25.6Sweden OMXStockholm 702.87 –0.88 –0.13 3.2Switzerland SwissMarket 10231.25 –77.14 –0.75 –3.6Turkey BIST 100 1092.16 –16.27 –1.47 –4.6U.K. FTSE 100 6037.01 –67.72 –1.11 –20.0U.K. FTSE250 17577.89 –107.18 –0.61 –19.7

Asia-PacificAustralia S&P/ASX200 6161.40 31.83 0.52 –7.8China Shanghai Composite 3373.58 –12.06 –0.36 10.6HongKong HangSeng 25486.22 –65.36 –0.26 –9.6India S&PBSESensex 38843.88 44.79 0.12 –5.8Japan Nikkei StockAvg 23296.77 311.26 1.35 –1.5Singapore Straits Times 2559.03 20.42 0.80 –20.6SouthKorea Kospi 2366.73 36.90 1.58 7.7Taiwan TAIEX 12758.25 111.12 0.88 6.3Thailand SET 1315.99 –1.12 –0.09 –16.7Sources: FactSet; DowJonesMarketData

MajorU.S. Stock-Market IndexesLatest 52-Week % chg

High Low Close Net chg % chg High Low %chg YTD 3-yr. ann.

DowJones

Industrial Average 28400.74 28094.57 28248.44 -60.02 -0.21 29551.42 18591.93 9.6 -1.0 9.0TransportationAvg 11203.06 11073.41 11127.01 -21.60 -0.19 11304.97 6703.63 14.3 2.1 6.8UtilityAverage 819.61 807.66 810.80 -6.91 -0.85 960.89 610.89 -3.8 -7.8 2.8Total StockMarket 35081.68 34881.85 35078.17 120.43 0.34 35078.17 22462.76 19.4 6.2 11.6Barron's 400 737.75 730.96 735.81 0.70 0.10 746.64 455.11 15.2 0.5 5.1

NasdaqStockMarketNasdaqComposite 11468.26 11343.04 11466.47 86.75 0.76 11466.47 6860.67 46.5 27.8 22.3Nasdaq 100 11723.95 11580.89 11721.81 95.64 0.82 11721.81 6994.29 54.9 34.2 26.3

S&P500 Index 3444.21 3425.84 3443.62 12.34 0.36 3443.62 2237.40 20.0 6.6 12.1MidCap400 1947.10 1921.37 1935.73 -2.42 -0.12 2106.12 1218.55 5.6 -6.2 4.2SmallCap600 914.57 902.40 910.35 0.62 0.07 1041.03 595.67 1.7 -10.9 3.2

Other IndexesRussell 2000 1574.24 1556.78 1571.21 2.74 0.17 1705.22 991.16 7.9 -5.8 4.5NYSEComposite 13029.90 12943.15 13001.99 29.11 0.22 14183.20 8777.38 4.2 -6.5 3.3Value Line 481.93 476.10 479.59 -0.09 -0.02 562.05 305.71 -2.2 -13.1 -2.0NYSEArcaBiotech 5402.84 5310.05 5387.07 52.73 0.99 6142.96 3855.67 24.0 6.3 11.5NYSEArcaPharma 675.54 670.51 672.25 0.44 0.07 672.50 494.36 16.5 2.8 8.9KBWBank 78.43 76.59 77.35 0.44 0.57 114.12 56.19 -13.6 -31.8 -6.4PHLX§Gold/Silver 146.28 142.47 145.96 -0.42 -0.29 161.14 70.12 44.5 36.5 19.4PHLX§Oil Service 37.81 36.46 36.76 -0.57 -1.53 80.99 21.47 -38.4 -53.0 -33.0PHLX§Semiconductor 2243.44 2221.96 2243.06 23.69 1.07 2243.06 1286.84 54.3 21.3 27.6CboeVolatility 23.43 21.53 22.03 -0.34 -1.52 82.69 11.54 8.5 59.9 25.0

§NasdaqPHLX Sources: FactSet; DowJonesMarketData

LateTradingMost-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer.andNasdaq issues from4p.m. to6:30p.m.ETas reportedbyelectronictradingservices, securitiesdealers and regional exchanges.Minimumsharepriceof$2andminimumafter-hoursvolumeof50,000shares.

Most-active issues in late tradingVolume AfterHours

Company Symbol (000) Last Net chg % chg High Low

NIOADR NIO 6,384.6 18.35 0.51 2.86 18.50 17.69iShares iBoxx $HYCpBd HYG 5,280.6 85.22 ... unch. 85.31 85.07SPDRS&P500 SPY 4,154.3 344.50 0.38 0.11 344.57 343.54Intel INTC 3,583.2 49.39 -0.04 -0.08 49.50 49.33

Salesforce.com CRM 3,523.1 247.00 30.95 14.33 247.80 215.14GSXTecheduADR GSX 3,253.7 87.40 -0.55 -0.63 88.77 87.40VipshopHoldingsADR VIPS 3,219.6 17.10 0.07 0.41 17.10 17.03BankofAmerica BAC 2,522.7 25.97 -0.03 -0.12 26.09 25.92

Percentage gainers…Salesforce.com CRM 3,523.1 247.00 30.95 14.33 247.80 215.14UrbanOutfitters URBN 462.2 23.30 2.50 12.02 24.00 20.71Oceaneering Intl OII 227.0 5.72 0.36 6.72 6.30 5.36Intuit INTU 80.4 356.99 20.57 6.11 359.00 336.32Hewlett PackardEnt HPE 2,329.7 9.86 0.53 5.68 10.11 9.31

...And losersPureStorageClA PSTG 627.1 15.13 -1.62 -9.67 17.15 14.64SuperMicro Computer SMCI 117.4 25.75 -0.90 -3.38 26.65 25.00Autodesk ADSK 149.9 245.45 -6.79 -2.69 260.00 242.06GreenPlains GPRE 137.6 15.17 -0.41 -2.63 15.58 15.17Novavax NVAX 67.9 110.23 -2.88 -2.55 113.50 110.03

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume* 713,294,748 19,789,350Adv. volume* 345,258,810 10,250,408Decl. volume* 356,206,084 9,335,378Issues traded 3,079 276Advances 1,460 136Declines 1,521 131Unchanged 98 9Newhighs 80 1New lows 11 1ClosingArms† 0.95 0.75Block trades* 4,746 168

Nasdaq NYSEArca

Total volume*3,445,633,803 197,388,510Adv. volume*2,321,201,931 126,938,907Decl. volume*1,077,291,416 69,347,740Issues traded 3,453 1,407Advances 1,993 827Declines 1,344 549Unchanged 116 31Newhighs 115 155New lows 19 17ClosingArms† 0.69 0.91Block trades* 19,513 1,101

* PrimarymarketNYSE, NYSEAmerican NYSEArca only.†(TRIN)A comparison of the number of advancing and decliningissueswith the volumeof shares rising and falling. AnArmsof less than 1 indicates buying demand; above 1indicates selling pressure.

PercentageGainers... Percentage Losers

Volume %chg from Latest Session 52-WeekCompany Symbol (000) 65-day avg Close % chg High Low

NIOADR NIO 293,587 141.6 17.84 19.17 17.87 1.19ViveveMedical VIVE 267,151 24287.1 0.71 33.96 11.90 0.53iBio IBIO 93,288 214.7 2.30 4.07 7.45 0.05Gevo GEVO 91,862 265.3 1.48 6.47 3.60 0.46AmericanAirlinesGroup AAL 78,697 -18.4 13.14 -2.23 31.67 8.25

General Electric GE 69,148 -22.7 6.59 -0.60 13.26 5.48SigmaLabs SGLB 67,045 17803.9 2.87 15.26 11.70 1.97Bank ofAmerica BAC 56,954 -19.1 26.00 1.21 35.72 17.95Finl Select Sector SPDR XLF 54,944 -20.7 24.96 0.28 31.38 17.49NorthernDynastyMinerals NAK 53,652 366.9 0.61 -31.92 2.49 0.35* Volumes of 100,000 shares ormore are rounded to the nearest thousand

Volume %chg from Latest Session 52-WeekCompany Symbol (000) 65-day avg Close % chg High Low

Phoenix TreeHoldingsADR DNK 859 10167 8.15 28.35 13.90 5.28OrchardTherapeuticsADR ORTX 16,666 3113 6.12 10.67 17.48 4.44AmericanOutdoor Brands AOUT 1,442 2544 17.78 -8.35 30.01 14.57GoresMetropoulos Cl A GMHI 6,060 1642 11.39 -0.09 11.90 9.45Renaissance Intl IPOETF IPOS 138 1604 33.23 -0.21 35.93 19.14

InvscDWAUtilitiesMom PUI 211 1177 30.57 -0.87 37.71 23.25ProShares Sh 7-10Yr Tr TBX 98 1049 23.75 0.15 28.00 23.01Children's Place PLCE 10,799 1010 18.92 -18.85 95.53 9.25Global XS&P500Catholic CATH 300 917 42.47 0.72 42.51 27.00VicShUSAAMSCI EMValue UEVM 70 915 41.17 0.95 45.65 28.63* Common stocks priced at $2 a share ormorewith an average volumeover 65 trading days of at least5,000 shares =Has traded fewer than 65 days

Nasdaq Composite Index11466.47 s 86.75, or 0.76%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *†P/E estimate *†Dividend yield *†All-time high:

36.75 23.55

32.61 21.12

0.77 1.05

11466.47, 08/25/20

8000

8550

9100

9650

10200

10750

11300

May June July Aug.

65-day moving average

EQUITIES

CREDIT MARKETS

CorporateBorrowingRates andYieldsYield (%) 52-Week Total Return (%)

Bond total return index Close Last Week ago High Low 52-wk 3-yr

U.S. Treasury, Barclays 2481.330 0.500 0.490 1.910 0.400 7.38 5.29

U.S. Treasury Long, Barclays4905.890 1.290 1.290 2.370 0.980 15.07 11.52

Aggregate, Barclays 2279.710 1.150 1.140 2.460 1.020 6.80 5.21

Fixed-RateMBS, Barclays 2225.350 1.200 1.180 2.690 0.930 4.65 3.67

HighYield 100, ICEBofA 3171.387 4.268 4.575 10.740 4.268 2.415 3.883

MuniMaster, ICEBofA 589.076 0.955 0.920 3.441 0.838 4.127 4.079

EMBIGlobal, J.P.Morgan 902.430 4.673 4.685 7.480 4.523 4.454 4.083

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

FTS International FTSI 4.36 1.21 38.41 71.60 1.01 -91.3BigCommerceHoldings BIGC 104.09 28.04 36.87 104.89 63.77 ...JiayinGroupADR JFIN 3.60 0.90 33.33 30.00 1.60 -68.5Keros Therapeutics KROS 62.21 13.96 28.93 65.50 19.10 ...Phoenix TreeHoldingsADR DNK 8.15 1.80 28.35 13.90 5.28 ...

MediWound MDWD 3.91 0.82 26.54 4.44 1.44 29.0VivoPower International VVPR 4.12 0.83 25.23 5.63 0.59 236.4Gogo Inc. GOGO 4.54 0.83 22.37 7.23 1.33 16.7Lantern Pharma LTRN 17.50 3.19 22.29 18.00 10.40 ...SunPowerWi SPWRV 10.91 1.91 21.22 12.00 7.28 ...

Cutera CUTR 18.54 3.11 20.16 39.15 9.07 -39.2OneStopSystems OSS 2.80 0.46 19.66 3.25 0.59 37.3AXT AXTI 5.92 0.97 19.60 5.99 1.85 79.9NIOADR NIO 17.84 2.87 19.17 17.87 1.19 513.1MICT MICT 4.24 0.65 18.11 8.45 0.38 552.3

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

AnixaBiosciences ANIX 1.88 -0.46 -19.66 4.44 1.33 -53.8SonnetBioTherapeutics SONN 3.16 -0.74 -18.97 54.60 2.40 -76.6Children's Place PLCE 18.92 -4.40 -18.85 95.53 9.25 -76.7YRCWorldwide YRCW 4.26 -0.84 -16.39 5.65 1.29 113.0Velocity Financial VEL 5.40 -0.85 -13.60 14.90 2.24 ...

360FinanceADR QFIN 12.20 -1.89 -13.41 18.06 6.37 24.0Liminal BioSciences LMNL 11.80 -1.79 -13.17 31.45 5.25 26.5DadaNexusADR DADA 26.21 -3.74 -12.49 34.94 14.60 ...NN NNBR 4.83 -0.66 -11.95 10.15 1.35 -21.5Flexsteel Industries FLXS 15.85 -2.14 -11.90 21.31 7.81 17.6

Kirkland's KIRK 9.07 -1.11 -10.90 13.58 0.56 566.9CampingWorld Cl A CWH 29.04 -3.46 -10.65 42.49 3.40 287.2iMedia BrandsCl A IMBI 7.56 -0.82 -9.79 8.86 1.35 68.6Sphere 3D ANY 2.70 -0.28 -9.40 5.55 0.33 99.8MediacoHolding MDIA 3.83 -0.39 -9.24 17.00 1.10 ...

VolumeMovers Ranked by change from65-day average*

Track the MarketsCompare the performance of selectedglobal stock indexes, bond ETFs,currencies and commodities atwsj.com/graphics/track-the-markets

CommoditiesPricing trends on some rawmaterials, or commodities

Tuesday 52-Week YTDClose Net chg %Chg High Low %Chg % chg

DJCommodity 629.53 5.36 0.86 647.86 433.70 6.10 -1.99TR/CCCRB Index 152.64 1.38 0.91 187.39 106.29 -10.05 -17.84Crude oil,$per barrel 43.35 0.73 1.71 63.27 -37.63 -21.08 -29.00Natural gas,$/MMBtu 2.489 -0.024 -0.96 2.862 1.482 13.03 13.70Gold,$per troy oz. 1911.80 -15.90 -0.82 2051.50 1452.10 24.06 25.82

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Tues YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0136 73.7450 23.1Brazil real .1815 5.5087 37.0Canada dollar .7592 1.3172 1.4Chile peso .001270 787.10 6.5Colombiapeso .000259 3867.90 17.9EcuadorUSdollar 1 1 unchMexico peso .0457 21.9006 15.7Uruguay peso .02329 42.9450 15.6Asia-PacificAustralian dollar .7195 1.3899 –2.5China yuan .1447 6.9125 –0.7HongKong dollar .1290 7.7505 –0.5India rupee .01347 74.223 4.0Indonesia rupiah .0000683 14645 5.5Japan yen .009400 106.39 –2.1Kazakhstan tenge .002385 419.24 9.8Macau pataca .1252 7.9850 –0.4Malaysia ringgit .2399 4.1685 1.9NewZealand dollar .6548 1.5272 2.8Pakistan rupee .00593 168.500 8.7Philippines peso .0206 48.543 –4.3Singapore dollar .7310 1.3680 1.6SouthKoreawon .0008421 1187.48 2.8Sri Lanka rupee .0053732 186.11 2.6Taiwan dollar .03404 29.373 –1.8Thailand baht .03180 31.450 5.7

US$vs,Tues YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004316 23171 –0.01EuropeCzechRep. koruna .04522 22.113 –2.5Denmark krone .1590 6.2894 –5.6Euro area euro 1.1836 .8449 –5.2Hungary forint .003354 298.18 1.0Iceland krona .007265 137.64 13.6Norway krone .1116 8.9566 2.0Poland zloty .2689 3.7190 –2.0Russia ruble .01330 75.213 21.2Sweden krona .1143 8.7525 –6.6Switzerland franc 1.1016 .9078 –6.2Turkey lira .1352 7.3938 24.3Ukraine hryvnia .0364 27.4500 15.9UK pound 1.3151 .7604 0.8Middle East/AfricaBahrain dinar 2.6525 .3770 –0.01Egypt pound .0629 15.9005 –0.9Israel shekel .2941 3.4005 –1.5Kuwait dinar 3.2695 .3059 0.9Oman sul rial 2.5972 .3850 0.01Qatar rial .2746 3.642 –0.05SaudiArabia riyal .2666 3.7504 –0.02SouthAfrica rand .0594 16.8481 20.4

Close Net Chg %Chg YTD%Chg

WSJDollar Index 88.39 –0.25–0.28 –1.31

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average28248.44 t60.02, or 0.21%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratioP/E estimate *Dividend yieldAll-time high

28.22 18.5125.34 16.982.28 2.35

29551.42, 02/12/20

20000

21500

23000

24500

26000

27500

29000

May June July Aug.

Current divisor 0.14579812049809

Bars measure the point change from session's open

tt

Session high

Session low

Session open

Close Open

CloseDOWN UP

65-day moving average

S&P 500 Index3443.62 s12.34, or 0.36%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *P/E estimate *Dividend yield *All-time high

35.35 22.49

26.17 17.62

1.79 1.95

3443.62, 08/25/20

2650

2800

2950

3100

3250

3400

3550

May June July Aug.

65-day moving average

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

P2JW239000-0-B01000-1--------XA

THEWALL STREET JOURNAL. * * * * * Wednesday, August 26, 2020 | B11

MARKETS

“The big driver has justbeen the magnitude and thespeed of the monetary re-sponse and the fiscal re-sponse,” said Holly MacDonald,chief investment officer atBessemer Trust. “That’s beenreally the fuel behind the re-bound in the markets.”

Among individual stocks,shares in J.M. Smucker rose$7.76, or 6.9%, to $120.75 after

Investors have credited thestock market’s swift climbfrom its March lows in part tolarge amounts of fiscal andmonetary stimulus.

On Thursday, they willwatch for clues about futuremonetary policy when FederalReserve Chairman JeromePowell speaks at the KansasCity Fed’s annual Jackson HoleEconomic Policy Symposium.

the food manufacturer re-ported a surge in sales in itsmost recent fiscal quarter.

The three companies thatwill be exiting the Dow JonesIndustrial Average, part of amakeover prompted by Apple’sdecision to split its stock, alllost ground.

Raytheon Technologiesdropped 93 cents, or 1.5%, to$60.95. Pfizer declined 43cents, or 1.1%, to $38.41. ExxonMobil slid $1.34, or 3.2%, to$40.88.

Investors rewarded their re-placements in the blue-chipgauge.

Amgen gained $12.65, or5.4%, to $248.22. Honeywell In-ternational rose $5.16, or 3.2%,to $164.53. Salesforce.comadded $7.59, or 3.6%, to $216.05.

Overseas stock marketswere down slightly. The re-gional Stoxx Europe 600dropped 0.3%. In Asia, Japan’sNikkei 225 had fallen about0.2% at midday Wednesday.Hong Kong’s Hang Seng wasdown by less than 0.1%.

In another sign of investoroptimism, yields on 10-yearTreasury notes ticked up to0.680%, from 0.645% Monday.Yields rise as bond prices fall.

Trade Representative RobertLighthizer, Treasury SecretarySteven Mnuchin and ChineseVice Premier Liu He for a for-mal review of the deal.

Trade tensions between theU.S. and China buffeted mar-kets last year. As relationssoured over the Covid-19 pan-demic and the national-secu-rity law imposed by China onHong Kong, investors worriedthat new frictions to trade andcommerce would hurt theglobal economy.

“Of course it’s positivewhen you have that kind ofnewsflow—it’s reassuring,”said Nadège Dufossé, head ofcross-asset strategy at assetmanager Candriam. “It’s not inthe U.S. and China’s interest tohave a new trade war.”

Still, Ms. Dufossé said shewouldn’t make investmentsbased on Monday’s review ofthe deal.

“It’s positive in the shortterm, but it can change veryrapidly,” she said, adding thatPresident Trump might seekto campaign for re-election bybeing tough on China.

“On the technology front, Ithink frictions are here tostay,” she added.

BY JOE WALLACEAND KAREN LANGLEY

S&P Edges Higher to Record Close

9:30 a.m. 3 p.m.noon

-4

-3

-2

-1

0

1%

Nasdaq Composite

S&P 500

DowJonesIndustrial Average

PfizerRaytheonTechnologies

ExxonMobil

Share-price and index performance, Tuesday

Source: FactSet

The S&P 500 and NasdaqComposite notched recordsagain on Tuesday, as investorscheered trade talks among U.S.and Chinese officials followingweeks of escalating tensionsbetween the world’s two larg-

est economies.U.S. stocks

have advanced inrecent days,

boosted by investors’ opti-mism about a potential treat-ment for coronavirus. Lastweek, the S&P 500 notched itsfirst closing record since Feb-ruary and has climbed fromthere.

The S&P 500 added 12.34points, or 0.4%, to 3443.62 onTuesday, while the NasdaqComposite rose 86.75 points,or 0.8%, to 11466.47. The DowJones Industrial Averageslipped 60.02 points, or 0.2%,to 28248.44.

Investors welcomed newsthat senior U.S. and Chineseofficials were committed tocarrying out the phase-onetrade accord signed in Janu-ary. A videoconference lateMonday brought together U.S.

TUESDAY’SMARKETS

long-term fundamentals thatsupport our strategy,” spokes-man Casey Norton said in anemail. “Our portfolio is thestrongest it has been in morethan two decades, and our focusremains on creating shareholdervalue by responsibly meetingthe world’s energy needs.”

S&P Dow Jones Indices,which manages the 30-stockbenchmark, said Monday thatthe changes to index wereprompted by Apple’s planned4-to-1 stock split. Along withExxon, Pfizer Inc. and Ray-theon Technologies Corp. aredeparting the index, whileSalesforce.com Inc., Honey-well International Inc. andAmgen Inc. are joining it.

Apple’s stock split wouldhave given the information-techsector a smaller representationin the index, and the changeswill help mitigate Apple’s deci-sion. The moves “help diversifythe index by removing overlapbetween companies of similarscope and adding new types ofbusinesses that better reflectthe American economy,” S&PDow Jones Indices said.

Component stocks of theDow are selected by the indexcommittee, a group that in-cludes editors of The WallStreet Journal, which is pub-lished by Dow Jones & Co., apart of News Corp.

Exxon shares are off 41% thisyear, while Chevron is down29%. The pain is even moreacute among some of the oil-field services companies andshale drillers. Schlumbergerhas dropped 52%, and EOG Re-sources Inc. has fallen 47%.Only one company in the S&P500’s energy sector, Cabot Oil& Gas Corp., is up for the year.

Exxon last month posted aquarterly loss for the secondstraight quarter for the firsttime in more than 20 years.The company has slashed itscapital-spending plans to bettermanage its expenses during thepandemic. Oil companies havemoved to bolster their financesrecently, cutting tens of billionsof dollars from their budgetsand laying off thousands.

Oil companies were strug-gling to attract investors evenbefore the pandemic amid con-cerns over climate-change reg-ulations and increasing compe-tition from renewable energy.Exxon has sought to retain in-vestors by paying a hefty divi-dend, but some analysts havequestioned whether the com-pany will be able to maintainthe payout if energy demanddoesn’t improve.

The company played downthe significance of its removalfrom the Dow. “This action doesnot affect our business nor the

Guggenheim Investments’ ETFbusiness in 2018.

BlackRock closed eightfunds so far this year but alsolaunched 26 new products, in-cluding seven funds focused onsocially responsible investing.

Since their 1992 introduc-tion, ETFs have evolved fromfunds that offer exposure to allthe stocks in the S&P 500 intomore complex strategies thatfocus on themes or bundlestocks, bonds and other assets.There are about 2,000 ex-change-traded products listedin the U.S., and the industryhas grown to $4 trillion.

Asset managers have alsobeen contending with a historiclevel of volatility caused by thepandemic. It has wreaked havocon some exchange-tradednotes, particularly those thatuse leverage to amplify themoves of indexes they follow.The S&P 500 slid more than30% from its February peak toits March low, only to reboundmore than 50% since then.

The blowback was evenworse for some exchange-

traded products linked to com-modity prices. Oil prices col-lapsed in April, briefly pushingthe contract for the followingmonth’s delivery below $0.

ETNs don’t look or trademuch differently than mutualfunds or exchange-traded

funds. However, unlike ETFs,ETNs are debt instruments anddon’t own the assets they track.The products can be shut downif their value falls below a cer-tain level. Of the 188 closures,30% were ETNs, according toFactSet.

Asset managers have closedmore exchange-traded prod-ucts than they have launchedthis year, a sign of how marketgyrations have accelerated anindustry shakeout.

So far this year, 188 ex-change-traded products, in-cluding funds and notes, havebeen shut down, the most onrecord, according to FactSet.The closures occurred at bigand small asset managersalike, including BlackRockInc., which manages the popu-lar suite of iShares ETFs; JP-Morgan Chase & Co.; InvescoLtd.; ProShares and Direxion.

Meanwhile, launches havebeen sparse, with just 161 newofferings coming to market,the lowest number since 2013.

Two factors appear to bedriving the shakeout: an over-saturated industry and the un-precedented volatility that hasrocked markets this year.

“Some of the larger firmslike [BlackRock’s] iShares andInvesco have a broad suite ofproducts. And it’s common forthem to prune their lineupbased on where the moneyhasn’t gone into,” said ToddRosenbluth, head of ETF andmutual-fund research at CFRA.“Some leveraged and inverseexchange-traded productshave also been volatile.”

Asset managers, includingInvesco and BlackRock, havebeen trimming their exchange-traded product lineups in re-cent years, dumping fundsthat fail to attract enough as-sets to support themselves.That threshold is typically atleast $50 million.

Invesco, for example, closedmore than three dozen ETFsearlier this year as part of astreamlining following thepurchases of Oppenheim-erFunds in May 2019 and

BY MICHAEL WURSTHORN

Volatility Drives ETF Shakeout

Number of exchange-traded products launched and closed

Source: FactSet*Through Aug. 19.

300

–200

–100

0

100

200

1995 2000 ’05 ’10 ’15 ’20*

Closures188

Launches2020*161

Market gyrations have wreaked havoc on exchange-traded products, especially those tied to oil prices.

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recently as 2013, Exxon was thelargest U.S. company with amarket value above $415 bil-lion. It has since shrunk to lessthan $180 billion and has beeneclipsed by the technology gi-ants such as Apple Inc., Ama-zon.com Inc. and MicrosoftCorp. that now drive the Amer-ican economy.

“Exxon, that used to be a be-hemoth in the U.S. markets,and now it’s dropped out of theDow,” said Matt Hanna, portfo-lio manager at Summit GlobalInvestments. “That just goes toshow how quick things canchange and how far energy hasfallen as a sector.”

Usually, market contrarianssay a sector that is so beatendown should be ripe for bar-gains. But many investors re-main skeptical of an energy re-bound, pointing to mutedexpectations for global growthand spotty earnings.

Energy is by far the worst-performing S&P 500 sector this

ContinuedfrompageB1

Dow ShiftsAway FromEnergy

to really grow when you havelow economic growth, mutedcommodity prices and we’re go-ing to be transitioning awayfrom that main line of businessinto something else,” said Mr.Hanna, who said his firm holdsno energy stocks in its large-cap portfolio. “With the expec-tation that we’re moving awayfrom oil, that makes a companylike Exxon or the energy com-plex overall just not as interest-ing to a lot of investors.”

just above $40 a barrel.Subdued expectations for

economic growth and increasedinterest in renewable energyhave all contributed to the sec-tor’s decline.

Energy stocks are unpopularamong fund managers. The netshare of respondents to Au-gust’s BofA Global Fund Man-ager Survey who were under-weight energy was the most ofany sector.

“It’s very difficult for Exxon

year, down 40% while the indexas a whole has gained 6.6%. Theunderperformance is nothingnew: Energy was also the weak-est performer in 2018 and 2019.

The fortunes of energystocks are closely tied to oilprices, which plunged this yearwhen the coronavirus pandemicsapped demand for fossil fuelsas producers were alreadystruggling to manage a glut.U.S. crude has dropped nearly30% in 2020 and is hovering

DowJones Industrial Average

S&P500 energysectorweighting

Sectorweightings

Source: S&P Dow Jones Indices Note: Data as of Monday

S&P 50014

0

2

4

6

8

10

12

%

1990 2000 ’10 ’20 0% 5 10 15 20 25

Technology

Consumerdiscretionary

Health care

Industrials

Financials

Consumer staples

Communicationservices

Energy

Materials

Utilities

Real estate

Treasury yields rose Tuesdayafter progress on trade talksbetween the U.S. and Chinaboosted hopes for the pan-demic-battered U.S. economy.

The yield on the benchmark10-year Treasury note closed

at 0.680%, accord-ing to Tradeweb,up from 0.645% onMonday. The yield

on the 30-year bond also rose,settling at 1.386%, from 1.349%the previous day.

The climb began after Chinaand the U.S. said they werecommitted to executing aphase-one trade deal betweenthe two countries. A summaryof a meeting between traderepresentatives included dis-cussion of “significant in-creases” in U.S. product pur-chases by China.

Other data released Tuesdaypainted a mixed picture of theeconomic recovery, showingthat home-price growth wasunchanged in June from theprior month and that consumerconfidence fell for the secondstraight month in August.

The yield on the 10-yearTreasury has traded within anarrow range in recent weeks,with investors confident thatthe Federal Reserve will con-tinue to support the econ-omy—and fixed-income as-sets—by holding short-terminterest rates near zero andbuying Treasurys. The nexttest for that view comesThursday, when some inves-tors expect Fed Chairman Je-

rome Powell to signal shifts tothe central bank’s approach tomanaging inflation.

“Every time he makes anappearance, or goes to BurgerKing, people expect him to talkabout inflation,” said Jim Vo-gel, interest-rates strategist atFHN Financial. “The rate di-rection they are taking ispretty clear, but the timing isunknown.”

Signs the pandemic may beslowing in the U.S. alsoboosted yields Tuesday. Newcases fell recently to theirlowest level in more than twomonths, and data from trialsof the Oxford coronavirus vac-cine could be ready to behanded over to regulators thisyear, a scientist working onthe vaccine said Tuesday.

Bond yields tend to risewhen investors feel betterabout the economy, sincequicker growth can lead to in-flation, which erodes the pur-chasing power of bonds’ fixedpayments and can put pres-sure on the Fed to raise inter-est rates.

BY ORLA MCCAFFREY

TreasuryYields RiseOn TradeProgress

CREDITMARKETS

Signs the pandemicmay be slowing inthe U.S. alsoboosted yields.

Palantir Technologies Inc.has a message for investorsawaiting the tech company’slong-anticipated stock listing: Ithas soured on Silicon Valley.

The money-losing, data-fo-cused software company, whichwas once one of the world’smost valuable startups,launched a broadside againstthe tech sector as it unveiledpaperwork Tuesday to take it-self public through a direct list-ing slated for later this year—one that could come as soon asnext month.

Chief Executive Alex Karp,who co-founded the companyalong with the billionaire inves-tor Peter Thiel and others,spent much of an introductoryletter lambasting the businessmodels of other software com-panies and criticizing the techgiants of Silicon Valley for be-ing out of touch with Americanprinciples and societal needs.

“Our society has effectivelyoutsourced the building of soft-ware that makes our world pos-sible to a small group of engi-neers in an isolated corner ofthe country,” Mr. Karp wrote.“The engineering elite of Sili-con Valley may know morethan most about building soft-ware. But they do not knowmore about how society shouldbe organized or what justice re-quires.”

The letter was part of an ap-parent attempt by Palantir to setitself apart from other softwarefirms, and to highlight its workfor governments in the U.S. andits allies on security issues.

BY ELIOT BROWN

PalantirSlams TechSector inListing Bid

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B12 | Wednesday, August 26, 2020 THEWALL STREET JOURNAL.

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

Warehouse Sector Heats UpIt will take time for industrial landlord Segro to grow into stock premium

Segro's dividend yield Price-to-unadjusted book value

Source: FactSet

7

0

1

2

3

4

5

6

%

’202011 ’15

3.0

0

0.5

1.0

1.5

2.0

2.5

times

’202011 ’15

Segro

Prologis

Fitbit Can’t RacePast Google’s Shadow

Company unveils new smartwatchesand fitness tracker as buyout remains up in the air

It is probably good for Fitbit totake nothing for granted at thispoint.

The maker of wearable fitnessdevices announced its latest prod-ucts Tuesday morning. Includedwas a new smartwatch called theSense, plus updates to the com-pany’s Versa and Inspire lines. Thedevices are due for release nextmonth. It was Fitbit’s largest prod-uct announcement since striking adeal to be acquired by Alphabet’sGoogle in November.

Fitbit didn’t mention that dealin a virtual event to showcase thenew devices. But it remains a bigelephant in the room. Google hasmade much larger forays intohardware—including its $12.5 bil-lion purchase of Motorola Mobilityin 2011 and the $3.2 billion pickupof Nest Labs in 2014. But the $2.1billion buyout of Fitbit might actu-ally cause the most strain, as itcomes during a time of intensescrutiny of tech giants. The Euro-pean Union announced earlier thismonth it was launching an in-depth inquiry into the Fitbit acqui-sition over privacy concerns. Bothcompanies say Fitbit’s health-re-lated data won’t be used inGoogle’s advertising business.

Fitbit has long maintained that

it expects the deal to close thisyear. But the company allowed inits second-quarter report earlierthis month that “the time framemay extend beyond that,” giventhe EU review and potential delaysin the regulatory process due tothe pandemic. Investors seem wor-ried: Fitbit’s shares have been av-eraging a 13% discount to Google’s$7.35 offer price over the pastmonth, compared with an average6% discount in the first month af-ter the deal was announced.

Hence, it is more imperativethan ever for Fitbit to stay com-petitive. With a starting price of$329, the Sense represents thecompany’s most premium smart-watch to date—in a field domi-nated by the generally more ex-pensive Apple Watch. And Fitbitneeds the help; revenue for thefirst six months of this year fell23% from the same period ayear earlier.

Ironically competition from Ap-ple, and Fitbit’s declining revenue,could actually help Google makethe case that buying Fitbit isn’tgoing to bring it dominance of anew industry. The risk is the inter-net titan deciding the relativelysmall deal isn’t worth the trouble.

—Dan Gallagher

Best Buy’s gravity-defying abil-ity to retain sales with only curb-side pickup and delivery optionsled some analysts to think thetechnology-focused retailer couldbe leaving behind its bricks-and-mortar-heavy past. Not so fast.

The company grew sales by al-most 4% from a year earlier in thequarter ended Aug. 3, exceedinganalyst estimates, which werebased on the preannounced figureof 2.5% sales growth and omittedthe final two weeks of the quarter.Earnings per share came in at$1.65, well above analysts’ consen-sus forecast of $1.07.

Reopening stores had a dra-matic impact: Total sales grewroughly 16% year over year in thelast seven weeks of the quarter af-ter Best Buy swung doors open toshoppers. In the first six weeks ofthe quarter, Best Buy had madestores available for only curbsidepickup and by-appointment visits.For the first three weeks of Au-gust, sales were up 20%.

Products across most categoriessold well—particularly computing,appliances and tablets, as morepeople continued to work, cookand learn from home. Some of itsnewer categories such as home fit-ness and outdoor equipment—likehand-held GPS devices—performedwell. As Best Buy started reopen-ing stores, heftier categories suchas large appliances and home-the-ater components sold better, high-lighting the importance of in-per-son shopping for such products.

That doesn’t mean e-commerceslowed down. Domestic online rev-enue grew 242% from a year ear-lier, reaching over half of all reve-nue—the highest it has ever beenin a single quarter. Online salesdidn’t falter much after stores re-opened, staying 180% higher thanyear-earlier levels in the last sevenweeks of the quarter and 175%higher in the first three weeks ofAugust. E-commerce sales didn’tcome without costs, though: Grossprofit declined partly due tohigher parcel expenses.

Since bricks-and-mortar anddigital have proven to be crucialfor Best Buy, the company is look-ing at changing the way it usesstores. Chief Executive Corie Barrysaid starting next month, the com-pany will pilot a “ship from storehub” model ahead of the holidayseason. That will let some stores—picked based on size and proximityto carrier partners—ship out sig-nificantly higher volumes forsame- and next-day delivery.

Despite stronger-than-expectedresults, Best Buy shares fell 4%Tuesday. This may have been dueto cautious commentary on thecurrent quarter: Best Buy said itisn’t likely to maintain the 20%pace of revenue growth it is re-cording now because of uncer-tainty around a future stimuluspackage and the potential for pro-longed unemployment. Plus, mar-gins will likely weaken as reopenedstores will require normal staffinglevels and more advertising.

Such concerns seem overdone.Product launches coming later thisyear, including a new iPhone andnext-generation gaming consoles,should help keep sales elevatedthrough the holiday season. If anyretailer has proven itself worthy ofthe benefit of the doubt this year,it is Best Buy. —Jinjoo Lee

Change in quarterly revenuecomparedwith prior year

Source: FactSetNote: 2Q '21 ended Aug. 3, 2020

6

–8

–6

–4

–2

0

2

4

%

2QFY2019

1Q’20

1Q’21

Personal insurers have beenbenefiting from fewer claims, butnothing lasts forever.

Auto property-damage and in-jury frequency, as insurers put it,dropped by a quarter or more froma year earlier in the first half of2020 at Allstate, Berkshire Hath-away’s Geico and Progressive, ac-cording to company filings. Notonly were people driving fewermiles and thus having fewer caraccidents, but staying at home alsoled to a reduction of frequency inhomeowner claims such as break-ins, Allstate recently told analysts.

The economic benefit of this re-duced frequency has been substan-tial. At Progressive, for example, theratio of personal-line losses to pre-miums earned fell from above 70%in January and February to as lowas 42% in April. Progressive sharesare up by 28% this year, comparedwith a 19% decline in the overallS&P 500 financials index.

This phenomenon isn’t over yet,but there is evidence it is waning.Allstate earlier this month said fre-quency trends were normalizing insome states as of June. That trackswith reports from transportation

fore negative pressures on rates en-tirely abate, whether due to com-petitive pressure or consumers’budget tightening. So it is possiblefrequency upticks might catch up torate declines at some point. CreditSuisse analyst Michael Zaremskicalls the rate dynamic the “elephantin the room” that may suppress val-uations on personal insurers untilthey lap the start of the pandemicnext spring, when it will becomeclear if loss ratios have normalized.

Beyond frequency, there are alsoquestions about growth if peopledo fewer things—like rent a newapartment for the school year—that generate new policies. Notably,Lemonade, the newly listed digitalinsurer centered around youngerconsumers, warned of a possibleseasonal impact in the second halfof 2020. Normally the latter part ofa year is “really driven by the mov-ing dynamic of people in the U.S.,and that’s just uncertain this year,”Lemonade told analysts.

If the rate environment alsogets much softer, personal insur-ance stocks may no longer provideinvestors with the same degree ofprotection. —Telis Demos

Personal Insurers Need to Avoid a Price Wardata provider Inrix, which showthat U.S. vehicle miles traveled re-turned to average levels seen inJanuary and February by late June.Still, they have hovered theresince, when you might normallyexpect a big jump for summer. InJuly, Progressive’s personal-lineloss to premiums ratio was 64.9%.

Investors might be cheered bythe fact that many, though not all,

insurers have scaled back premiumgivebacks instituted earlier thisyear. Industry rates for private-passenger auto insurance droppedby more than 2% month-to-monthin both May and June, according toWells Fargo tracking of regulatoryrate filings. That slowed to just a0.1% decline as of mid-August.

But it may still be some time be-

It may still be some timebefore negativepressures on ratesentirely abate.

Tech fever has spread to theonce-staid warehousing industry.It is hard to see how Europeanreal-estate investment trust Segrocan live up to the hype.

The company owns industrialproperties across Europe, with askew toward its home on the out-skirts of London. Traditionally,this has been a difficult businessduring downturns—in 2010 morethan a 10th of Segro’s space layempty—but this year is different.As spending shifted online, compa-nies threw money at logistics. Se-gro’s half-year results earlier thismonth showed steady progress.

The problem is that steadyprogress hardly seems adequatewhen investor expectations arepitched so high. Segro shares nowchange hands for £9.64($12.60)—26% more than its mid-year adjusted book value. London-listed real-estate investment trusts,of which Segro is the largest bymarket value, usually trade at adiscount to book. The rally reducedits dividend yield, once a key partof the investment case, to 2.2%.

Such a high valuation might bejustified if Segro were a fast-grow-

ing tech company, but propertycannot be scaled up like software.New-build projects will take time:If fully let, those developments thecompany expects to start over thecoming 12 months will add about9% to the rent roll. Meanwhile, thenet rental income from Segro’sportfolio in the first half was 2%more than a year earlier.

Warehouses used to be consid-ered the poor cousins of the real-estate family, partly because loca-tion was less important than forshops or offices, making it hard tobuild up a “prime” portfolio ableto command steadily rising rents.E-commerce and home workinghave put both offices and shopsout of favor, and burnished the ap-peal of so-called urban logistics—space near city centers, which isthe core of Segro’s portfolio. But itis easier to create new warehousehubs than new shopping or work-ing destinations, meaning competi-tion will limit rental growth. Pri-vate-equity investors such asBlackstone and Meyer Bergmanare pouring money into the sector.

Moreover, it is possible the cur-rent recession will be harder on

industrial landlords than investorsexpect. While digital businessesare looking to take on warehous-ing or data-center space, bricks-and-mortar retailers are downsiz-ing or defaulting. Exactly howthese structural forces will balanceout for Segro seems more uncer-tain than the share price allows.

To be sure, Segro is somewhatprotected by its focus on urban lo-gistics for London: These proper-ties are valuable and flexible bythe standards of industrial real es-tate. And it isn’t the only industrialreal-estate stock flying high.Shares in U.S. peer Prologischange hands for more than twicebook value. One difference is Prolo-gis has long traded at a premium,whereas Segro has no such form.

Chances are Segro will growinto its share price, but the jour-ney could be longer and the fighttougher than investors expect.Benjamin Graham, the father ofvalue investing, famously arguedthat stock picking was about buy-ing companies for less than intrin-sic value. At its current price, Se-gro seems an example of theopposite. —Stephen Wilmot

Google’s buyout price

Fitbit’s daily share price

Source: FactSet

$8

0

2

4

6

’20Sept. 2019

OVERHEARDWhat’s the deal with remote

work? Jerry Seinfeld has somegrim observations.

In a New York Times opinionpiece on Monday, the comedianslammed proponents of virtualcommunication—and one comedyclub owner in particular—who be-lieve technology can replace theenergy of big-city living. There isa reason big metro areas such asNew York City and Silicon Valleyexist, he wrote: Remote connec-tivity doesn’t work. He addedthat “everyone hates to do this.”

As if on cue that very morn-ing, pandemic darling ZoomVideo Communications said it re-ceived reports of users being un-

able to visit its website or startand join its meetings. The outageslasted for several hours and werewidespread, according to a statusmap on Downdetector, but theywere especially high in major U.S.cities.

Zoom’s stock has be-come an all-time best-seller, more than qua-drupling this year asbusinesses becamereliant on theplatform due toclosures associ-ated withCovid-19. Thecompany hassaid it had over

300 million daily participants log-ging into its meetings in April.

Those user numbersare likely to acceler-ate as students areheading back toschool online. Zoomsaid in May it gave its

service for free to over100,000 K-12 schoolsaround the world.

Remote-workevangelists betterhope their lifelinetechnology doesn’tshrink from a littlecold water, lestthey become apunchline.

The Future of Best BuyIs Still Made of Brick

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