* * * * * WEDNESDAY, SEPTEMBER 9, 2020 ~ VOL. CCLXXVI NO. 59 WSJ.com HHHH $4 .00

DJIA 27500.89 g 632.42 2.2% NASDAQ 10847.69 g 4.1% STOXX600 363.75 g 1.1% 10-YR. TREAS. À 12/32 , yield 0.682% OIL $36.76 g $3.01 GOLD $1,933.00 À $9.10 EURO $1.1775 YEN 106.04

Big technology stocks fellTuesday for the third consecu-tive trading session, sparked bygrowing concerns that some ofthe stocks seen as beneficiariesof the coronavirus pandemichave climbed too far tooquickly.

The losses pulled the Nas-daq Composite Index into cor-rection territory—a drop of atleast 10% from a recent high—just three sessions after set-ting a record-high close onWednesday. That is the fastest-ever such fall.

The index slumped 465.44points, or 4.1%, to 10847.69 andextended its losses over thepast three sessions to 10.03%.

In addition to the tech sec-tor, energy stocks took a beat-ing as oil prices extended theirdrop on concerns demand isslumping amid a still uneveneconomic recovery.

Saudi Arabia signaled an ex-pectation for reduced demandover the weekend by cuttingprices.

Brent crude, the global oilbenchmark, fell 5.3% to $39.78a barrel, dropping below $40for the first time since June.U.S. crude fell 7.6%.

Among the biggest tech de-cliners were shares of AppleInc., Amazon.com Inc., Face-

PleaseturntopageA2

BY DAVID BENOITAND ANNA HIRTENSTEIN

TechStockIndexFalls 4.1%Nasdaq drops intocorrection; oil pricesslump to lowest levelin nearly three months

Fluffy theRobot DogProwls Plant

i i i

Ford deploysfour-legged helperto map facilities

BY SARA CASTELLANOS

Every so often, Ford MotorCo. maps the layouts of itsplants so that staff can rede-sign and repurpose the facili-ties to manufacture differentparts for new cars.

It can be time-consumingand costly, involving engineerswho could be focused on othertasks.

To help make the processfaster and cheaper, Ford re-cently sought the help of afour-legged robot dog made byBoston Dynamics, a subsidiaryof Japanese conglomerateSoftBank Group Corp.

“It’s a huge breakthroughfor us,” said Mark Goderis,

PleaseturntopageA10

Quarterly mortgage originations, by type

Source: Black Knight

$1.0

0

0.2

0.4

0.6

0.8

trillion

’15 ’202010

RefinancePurchase

a credit card. Several compa-nies also are working on at-home rapid tests that peoplecan perform themselves. Notest is currently authorized forcomplete at-home use, in partdue to regulatory requirementsfor ease-of-use and accuracy.

Covid-19 tests that don’t re-quire a lab tend to be less sen-sitive than “gold standard”laboratory-based tests, mean-ing they are likely to missmore cases. But many public-health experts now say that re-peat testing can make up forthe loss of sensitivity, and suchtesting could quickly identifythe most infectious people andhelp bring transmission to heelas workplaces and schools re-sume in-person operations.

Across the U.S. there were267 deaths from the virus re-

PleaseturntopageA6

� Drugmaker CEOs sign vaccinesafety pledge............................. A6

� AstraZeneca pauses trial afteran unexplained illness.......... A6

GM Gets 11% Stake in Nikola,Helping Make Electric Trucks

Apple Inc. swung back hardat Epic Games Inc. in a coun-ter-lawsuit, accusing the soft-ware developer of duplicityand greed in an intensifyinglegal battle over the iPhonemaker’s online software storethat could reshape how themarketplace operates.

At the core of the dispute ishow much control Apple ex-erts in the expansive world ofsmartphone apps that havechanged how modern life op-

erates and ushered in the plat-forms for everything fromhome entertainment and vid-eogames to on-demand foodordering and ride hailing.

Epic sued Apple and Googlein August after the tech giantsyanked the popular “Fortnite”videogame from their appmarketplaces, calling thepower both companies holdover developers as monopolis-tic. Apple and Google removedthe game after Epic introducedan in-app payment system inviolation of their rules that

would cut out both companiesfrom receiving a 30% share ofusers’ spending.

In court records filed onTuesday, Apple defended itsactions and went further, ask-ing a federal judge in Califor-nia to award punitive damagesand restrict Epic from con-tinuing what it describes asunfair business practices.

“Epic’s lawsuit is nothingmore than a basic disagree-ment over money,” Apple saidin its filing on Tuesday. “Al-though Epic portrays itself as

a modern corporate RobinHood, in reality it is a multi-billion-dollar enterprise thatsimply wants to pay nothingfor the tremendous value itderives from the App Store.”

An Epic spokesman declinedto comment beyond what thecompany has said before aboutfighting what it describes as asystem that suppresses com-petition and inflates prices.

While Epic and Apple seekto litigate their dispute, thegame maker on Friday filed a

PleaseturntopageA2

BY TIM HIGGINS

Apple Countersues Over ‘Fortnite’

Mortgages Soar on Low RatesLenders issued $1.1 trillion in home loans between April andJune, as falling rates drove up refinancings. B1

General Motors Co. said itwould help electric-truckstartup Nikola Corp. developand manufacture new models inexchange for an 11% stake in thecompany, a would-be rival inthe market for electric pickups.

Shares of both companiessurged, reflecting investor in-fatuation with electric vehi-cles. Nikola rose 41% to $50.05on Tuesday. GM shares fin-ished up 7.9%, at $32.28.

The deal is the latest tie-upbetween traditional auto mak-ers and upstarts trying to

break into the car business andshowcases GM’s strategy ofproviding its electric-vehicletechnology to others.

Under the arrangement, GMwill provide electric batteriesand fuel cells for Nikola’strucks, including its futureBadger pickup truck, which GMwill manufacture at a still-un-disclosed location. GM will re-ceive $2 billion in stock and aseat on Nikola’s board.

The agreement is part ofGM’s strategy to monetize itselectric-vehicle technology bysupplying battery cells andother components to outside

companies, which will gener-ate revenue and help drivedown costs, GM has said.

“This does validate ourtechnology,” GM Chief Execu-tive Mary Barra said on a con-ference call.

Wall Street has shown in-creasing enthusiasm aboutelectric vehicles and the autoindustry is moving quickly toadd more plug-in models tomeet tougher environmentalregulations globally.

PleaseturntopageA7

BY MIKE COLIAS

Speed Over PrecisionFavored in Covid Tests

Public-health experts are in-creasingly calling for a shift inthinking about Covid-19 testing:It is better to get fast, frequentresults that are reasonably ac-curate than more precise re-sults after dayslong delays.

Diagnostic companies areracing to develop quicker,cheaper Covid-19 diagnostictests, and tests that can bedone at doctors’ offices, nurs-ing homes and other placeswith the assistance of a medi-cal provider are gradually be-coming more widespread.

The U.S. Food and Drug Ad-ministration has authorizedfour such tests that are antigen-based, meaning they search forviral proteins. Test makers havevowed to produce tens of mil-lions of these quick-turnaroundtests in the coming months, in-cluding Abbott Laboratories,which recently unveiled a testthat costs $5 and is the size of

BY BRIANNA ABBOTTAND THOMAS M. BURTON

� Heard on the Street: GMjoins Nikola’s EV party....... B12

S&P SnubHits TeslaTesla shares drop 21% afterit fails to make index.......... B1

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... A13Business News.. B3,5Crossword.............. A14Heard on Street. B12Markets..................... B11Opinion.............. A15-17

Personal Journal A11-12Property Report... B6Sports....................... A14Technology............... B4U.S. News............. A2-7Weather................... A14World News A8,10,18

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

>

What’sNews

� Public-health experts areincreasingly calling for a shiftin thinking about Covid-19testing, saying it is betterto get fast, frequent resultsthat are reasonably accuratethan more precise resultsafter dayslong delays. A1� Nine drugmakers saidtheir CEOs signed a pledgeto not file for regulatory ap-proval or authorization oftheir experimental Covid-19vaccines until the shots areshown to work safely. A6� AstraZeneca said itpaused clinical trials of anexperimental vaccine after aparticipant in a U.K. studyhad an unexplained illness.A6� Senate Republicansproposed a new, smallerpackage of coronavirus aidaimed at unifying the partyand bolstering it politically,as talks with Democrats re-mained at a standstill. A4� The police chief ofRochester, N.Y., and twodeputy chiefs resigned af-ter days of protests andmounting criticism over thedeath of Daniel Prude. A3� Dallas’s police chief sub-mitted her resignation fol-lowing a backlash againsther department’s handlingof protests in that city. A3� Powerful windstorms inCalifornia are creating moredangerous conditions as fire-fighters work to containwild-fires that have already burneda record 2.3 million acres. A3� The Indian and Chinesemilitaries accused eachother of firing warning shotsin what would be the firstuse of guns along their dis-puted border in decades. A8

The Nasdaq fell into cor-rection territory, closing

down 4.1% at 10847.69, as bigtech stocks extended theirswoon to a third consecu-tive session. The S&P 500and the Dow dropped 2.8%and 2.2%, respectively. A1� Tesla was passed over forinclusion in the S&P 500 in-dex, a move that put a halt tothe parabolic run in the elec-tric-car maker’s shares. B1�Apple countersued “Fort-nite” maker Epic Games inan intensifying legal battleover the iPhone maker’sonline software store thatcould reshape how themarketplace operates. A1�GM said it would helpNikola develop andmanufac-ture newmodels in exchangefor an 11% stake in the startup,a would-be rival in the mar-ket for electric pickups. A1� Slack lifted its full-yearoutlook and posted recordsales, but billings fell shortof expectations. The com-pany’s shares dropped al-most 20% after hours. B1� Netflix’s Bela Bajariahas been put in charge ofglobal television and CindyHolland, an architect of thecompany’s original-contentstrategy, is leaving. B1� Oil prices slumped totheir lowest level in morethan twomonths under pres-sure from a stalling recoveryin demand and planned out-put expansions by OPEC. B1� Boeing said it had identi-fied a third quality-controllapse in production of its 787Dreamliner, further slow-ing deliveries and revvingup an FAA investigation. B1

Business&Finance

World-Wide

Face Masks, Temperature Checks Ring In the School Year

FIRST DAY: Children returned to classes Tuesday as schools around the U.S. reopened with new measures to combat thespread of Covid-19. Clockwise from left, 5-year-old Keith Trim gives a hug to his twin brother, Vincent, before school inAugusta, Ga.; kindergartner Emma Campos-Arzakanyan walks to school with her father, Victor Campos, in Rossmoor, Calif.;and Evy Williams checks the temperature of Bralynn Earle before her first day of kindergarten in Brattleboro, Vt. A3

CLOCK

WISEFR

OM

LEFT

:MICHAELHOLA

HAN/A

UGUSTA

CHRONICLE

/AP;JEFF

GRITCH

EN/SCN

G/ZUMA;KRISTO

PHERRADDER/B

RATT

LEBOROREFO

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A2 | Wednesday, September 9, 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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Out for a Paddle as Summer Winds Down

SEEING GREEN: A kayaker carved a path through floating duckweed and aquatic plants on Tuesday at Woods Pond in Lenox, Mass.

BENGARV

ER/THEBE

RKSH

IREEA

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/ASS

OCIAT

EDPR

ESS

Marriott InternationalInc. had a loss of $466 millionin the 2009 third quarter,which was its largest-everquarterly loss. Business & Fi-nance articles on Aug. 11 andAug. 27 and a Page OneWhat’s News summary onAug. 11 incorrectly said Mar-riott posted its largest-everquarterly loss for the 2020second quarter.

Amazon.com Inc. is ex-

panding its office presence,while other companies em-brace lasting remote employ-ment. A Business Watch arti-cle on Saturday incorrectlysaid companies are embracinglasting remote unemployment.

Kingston Food Truck is onZerega Avenue in the Bronx.An Aug. 29 Off Duty articleabout Rasta pasta incorrectlysaid the business is in the KipsBay neighborhood.

An Off Duty article Satur-day about bucket hats incor-rectly identified a hat fromthe brand Corridor as a La-coste hat.

Notice to readersWall Street Journal staff

members are working remotelyduring the pandemic. For theforeseeable future, please sendreader comments only byemail or phone, using the con-tacts below, not via U.S. Mail.

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

wound when the Fed takesaway the punch bowl. Obvi-ously, this is very unlikely tohappen anytime soon,” strate-gist Chris Senyek of Wolfe Re-search wrote Tuesday. “How-ever, this bubble can still beunwound by sustained eco-nomic disappointments!”

Some investors soughtsafety in government bonds,pulling the yield on the bench-mark 10-year Treasury notesdown to 0.682% from 0.720%Friday. Yields falls when bondprices rise.

Also weighing on marketswas an uptick in economic ten-sions between the U.S. andChina.

President Trump said in a

Monday news conference thathe was considering “decou-pling” from China and wasn’tseeking to bring outsourcedjobs back to the U.S.

The president’s commentsare part of a multiyear spatbetween the two largest econ-omies in the world that hascentered on technology, secu-rity and jobs.

“Decoupling is an economicconcept, not a political con-cept,” said Sebastien Galy, amacro strategist at Nordea As-set Management. “These havethe potential to be very signifi-cant moves.”

Foreign Minister Wang Yi ofChina unveiled an initiative onTuesday seeking to set global

WASHINGTON

House Panel ProbesPostmaster General

The House Oversight Commit-tee is launching an investigationinto Postmaster General LouisDeJoy following published allega-tions that he reimbursed employ-ees of the logistics company heran after they made campaigncontributions to Republican politi-cians, a practice barred by federalelection law.

In announcing the probe, com-mittee chairwoman Rep. CarolynB. Maloney (D., N.Y.) called for thePostal Service’s board of gover-nors to immediately suspend Mr.DeJoy over the allegations. Shealso alleged Mr. DeJoy may havelied under oath during recent con-gressional hearings in respondingto questions about reimburse-ments.

A personal spokesman for Mr.DeJoy, Monty Hagler, said in astatement that the postmaster

general was never notified by em-ployees of his former company,New Breed Logistics, that theymight have felt pressured tomake donations, and that Mr. De-Joy believes all campaign fund-raising laws and regulationsshould be followed. The state-ment didn’t address the issue ofreimbursements.

Mr. Hagler didn’t respond to arequest for comment on Tuesdayabout the House Oversight Com-mittee’s investigation.

Mr. DeJoy, a Trump donor andGOP fundraiser, was named tolead the U.S. Postal Service thisspring by the Postal ServiceBoard of Governors, whose mem-bers were appointed by the presi-dent.

He served as the chief execu-tive of New Breed Logistics, aNorth Carolina logistics and sup-ply-chain services provider, forabout three decades before itwas sold in 2014 to XPO Logis-tics.

—Natalie Andrews

NEW YORK

DOJ Seeks to DefendTrump in Personal Suit

The Justice Department is ask-ing to take over President Trump’sdefense in a defamation lawsuitfrom a writer who accused him ofrape, and federal lawyers asked acourt Tuesday to allow a movethat could put the American peo-ple on the hook for any moneyshe might be awarded.

After New York state courtsturned down Trump’s request todelay E. Jean Carroll’s suit, JusticeDepartment lawyers filed courtpapers aiming to shift the caseinto federal court and to substi-tute the U.S. for Trump as thedefendant. That means the gov-ernment, rather than Trump him-self, might have to pay damagesif any are awarded. The filingcomplicates Ms. Carroll’s effortsto get a DNA sample from thepresident as potential evidence.

—Associated Press

CONNECTICUT

Cyberattack DelaysCity’s School Opening

A cyberattack against Con-necticut’s capital city forced offi-cials to postpone the first day ofschool Tuesday, disrupting theday for thousands of families ascity computer experts rushed torestore systems vital for schooloperations.

Hartford Mayor Luke Broninsaid the hacker or hackers indi-cated it was a ransomware at-tack, but only left an email ad-dress to contact and made nospecific ransom demand. Theproblem was discovered Saturdayand numerous systems were af-fected, including one used tocommunicate transportationroutes and live information toschool bus drivers.

The first day of school willnow be on Wednesday, officialssaid.

—Associated Press

PACIFIC NORTHWEST

Wind-BlownWildfiresRage Across Region

High winds kicked up wildfiresacross the Pacific Northwest onTuesday, burning hundreds ofthousands of acres, mostly de-stroying the small town of Mal-den in eastern Washington stateand forcing evacuations in Ore-gon.

Washington Commissioner ofPublic Lands Hilary Franz said onTwitter that about 300,000 acreshad burned.

“We’re still seeing new firestarts in every corner of thestate,” he said.

There were no reports ofdeaths.

The high winds and hot tem-peratures in the Northwest aresimilar to conditions in California,where thousands of firefightersare battling dozens of firesaround the state.

—Associated Press

ing.Still, few investors said they

believe the recent rout signalsthe end of a rally that haspulled the Nasdaq up 20% thisyear and S&P 500 up 3.1%.

Apple dropped $8.14, or6.7%, to $112.82 Tuesday. Thetech giant has fallen 14% andlost some $320 billion inmarket value over the pastthree sessions, even as it an-nounced an event to launch aa new set of products.

Tuesday’s losses extendedbeyond the tech industry—all11 sectors of the S&P 500 de-clined, as did 26 of the 30components in the Dow.

Among the worst-perform-ing stocks in the S&P 500 wereApache Corp., down 11%, or$1.56, to $13.04, and Devon En-ergy Corp., down 8.8%, or 93cents, to $9.62.

Tesla Inc., another one ofthe year’s highfliers, had itsworst day ever, down 21%, or$88.11, to $330.21. S&P DowJones Indices late Fridaypassed over the electric-carmaker for inclusion in the S&P500, which many investors hadbet would give the shares an-other lift. Its shares have fallen34% in September but haveroughly quadrupled in 2020.

As traders returned fromthe holiday weekend that typi-cally signals the end of thesummer vacation season, theysaid the economy and electionwill be in focus, as well as thecontinuing pandemic.

“Typically, bubbles are un-

standards on data security, inresponse to accusations byWashington over what theTrump administration deemsto be national security threatsby Chinese companies such asHuawei Technologies and Ten-cent Holdings.

In Europe, the pan-conti-nental Stoxx Europe 600dropped 1.1% as another roundof Brexit trade negotiations be-tween the U.K. and EuropeanUnion began on Tuesday.

Prime Minister Boris John-son has set an Oct. 15 deadlineto strike a deal, and tensionsare expected to simmer in thefinal weeks ahead of the dead-line.

At midday Wednesday inTokyo, the Nikkei 225 StockAverage was down 1.6%, HongKong’s Hang Seng Index wasdown 1.6% and the ShanghaiComposite was down 2%. U.S.stock futures were flat.

Bucking Tuesday’s down-ward trend, shares of GeneralMotors Co. jumped $2.38, or7.9%, to $32.38 after the automaker formed a strategic part-nership with battery and hy-drogen-powered vehicle makerNikola Corp. to jointly developan electric truck. Nikola sharessurged $14.50, or 41%, to$50.05.

Among other individualstock moves, Boeing Co. fell$9.97, or 5.8%, to $161.08 afterThe Wall Street Journal re-ported federal safety regula-tors are reviewing productionof its 787 Dreamliner.

book Inc. and Zoom VideoCommunications Inc., all ofwhich fell more than 4%.

Despite their recent losses,the stocks are still up morethan 30% for the year, buoyedby the stay-home orders aimedat slowing the virus’s spread.

The S&P 500 fell 95.12points, or 2.8%, to 3331.84, andthe Dow Jones Industrial Aver-age lost 632.42 points, or 2.2%,to 27500.89.

“I think we should start toanticipate a rotation—the mo-mentum behind tech is goingto ease,” said Seema Shah,chief strategist at PrincipalGlobal Investors.

“As we’re seeing easinglockdowns and the prospect ofa vaccine, people are beginningto go back to a more normalway of life and reliance on techis starting to fade from thepeak where it was at theheight of the lockdown,” shesaid.

After six months of rallying,stocks are in the midst of theirworst stretch since March,when the coronavirus pan-demic grabbed hold of theeconomy and drove heavy sell-

ContinuedfromPageOne

Index forTech StocksFalls 4.1%

Sept. 3 Sept. 4 Sept. 8

10500

11000

11500

12000

Correction level

Nasdaq Composite, 3-day performance

Source: FactSet

U.S. NEWS

motion arguing to get “Fort-nite” back in the App Storewhile that fight drags on. Ahearing is scheduled for Sept.28. “All Epic seeks is for thecourt to stop Apple from retali-ating against Epic for daring tochallenge Apple’s misconduct,”Epic said in last week’s filing.

Closely held Epic is just thelatest company to take issuewith Apple’s control of theApp Store, which is part of theCupertino, Calif., company’sevolution to expand beyondselling hardware and to gener-ate revenue from software ser-vices. Apple’s App Store in thefirst seven months of this yeargenerated nearly $39 billion inglobal revenue from in-apppurchases, subscriptions andpremium apps, according toresearcher Sensor Tower. Af-ter its launch in 2008, the AppStore has about one billioncustomers from 175 countries.

Apple is facing antitrustprobes from governments inthe U.S. and Europe while othertech companies from MicrosoftCorp. to Spotify Technology SAhave joined in complainingabout app marketplace prac-tices. In August, Facebook Inc.CEO Mark Zuckerberg said in awebcast with employees thatApple has the ability to blockinnovation and “to charge mo-nopoly rents,” a person familiarwith the matter said. Applehasn’t commented on Mr. Zuck-erberg’s remarks. In responseto regulatory probes Apple hasdenied hurting rivals and saidit wants apps that competewith its services to thrive.

In Tuesday’s filing, Appleworked to paint itself as thevictim to Epic’s plotting, de-scribing all of the help it hadgiven Epic in recent years be-fore the game company alleg-edly laid the groundwork for its“calculated and pre-packagedcampaign” against the tech gi-ant. “Fortnite” has been down-loaded almost 130 million timessince being added to the AppStore in 2018, Apple said. Epichas earned more than $600million from its relationshipwith Apple, court records said.

Epic Chief Executive TimSweeney in late June emailedApple executives, includingCEO Tim Cook, asking for aspecial agreement exemptinghis company from existingcontractual obligations, includ-ing the App Store payments,according to Apple’s filing. Itwas a demand Apple rejected.

On Aug. 3, Epic sent to theApp Store an update of “Fort-nite” that the game companydescribed as a “hotfix” but, infact, Apple claimed was a Tro-jan horse allowing it to bypass

Apple’s review process andpayment system.

At around 2 a.m. on Aug. 3,Mr. Sweeney emailed Appleagain. “Epic will no longer ad-here to Apple’s payment pro-cessing restrictions,” he wrote,according to the filing. Mr.Sweeney declined to commentwhen asked about Apple’s lat-est filing.

A few hours later, Applesaid, Epic activated the exter-nal payment workaround thatcut Apple out of its share ofsales. “Epic sought to enjoy allof the benefits of Apple’s iOSplatform and related serviceswhile its ‘hotfix’ lined Epic’spockets at Apple’s expense,”Apple said in its filing.

That was followed by apublic-relations battle andlawsuit against Apple.

Apple has defended its takeof app purchases as a way tohelp fund the development ofits ecosystem that provides asafe and secure way to down-load third-party software. Itnoted in the new filing thatApple requires every app onits system to undergo a “rigor-ous, human-assisted review.”

It noted that Epic has itsown app marketplace where itcharges a commission as well,though Epic takes only a 12%cut of sales. “There is nothinganticompetitive about charg-ing a commission for others touse one’s service,” Apple saidin the filing.

ContinuedfromPageOne

Apple Sues‘Fortnite’Creator

Epic is the latestcompany to takeissue with Appleover the App Store.

THEWALL STREET JOURNAL. * * * * Wednesday, September 9, 2020 | A3

U.S. NEWS

offs for as long as a decade asit worked to make its electricgrid safer. He said he expectedthem to become smaller overtime.

Mr. Newsom roundly criti-cized PG&E for its handling ofthe shut-offs last year. His of-fice didn’t respond to a requestfor comment following the lat-est blackouts Tuesday.

PG&E has said this year willbe different. It noted that thewindstorm sweeping NorthernCalifornia this week affected 1.5million of its customers, butthat it cut power to only 12% ofthem due to improvements inits weather forecasting abilitiesand other technologies.

“Losing power is disruptivefor everyone and can cause sig-nificant hardship, especially inthis environment,” Aaron John-son, vice president of wildfiresafety and public engagement,said in a press conference Mon-day. “We have been workingvery hard this year to reducethe impact.”

At this time last year, PG&Ewas scrambling to addressthousands of safety hazardsacross its system and trimtrees away from its power linesafter falling behind on thework. This year, it has donemore to stay on track withthose efforts and completedmany of the most critical re-pairs.

PG&E has outfitted itspower lines with more than500 sectionalizing devices,which allow the company tonarrow the scope of its outagesby targeting smaller areas ofthe grid. About 200 were putto use during Monday’s shut-off, the company said.

The company also deployeddiesel backup generators in fiveareas to power critical facilitiesand businesses even while thesurrounding area is dark. Thatreduced the scope of Monday’sshut-offs by roughly 69,000customers, the company said.

The scope of future shut-offswill depend in part on thenumber of higher-voltagetransmission lines included inPG&E’s shut-off strategy.Larger numbers of people losepower when such lines are shutoff because they carry electric-ity in bulk for distribution tohomes and businesses.

Last year, PG&E didn’t shutoff transmission lines carryingmore than 115 kilovolts. Then, a230-kilovolt line started theKincade Fire, which burnedabout 77,800 acres and de-stroyed 374 structures inSonoma County, even as PG&Einitiated a widespread black-out. State investigators con-cluded in July that the fire wassparked by PG&E equipment.

PG&E now plans to shut off230-kilovolt lines when neces-sary.

Power shut-offs like the onethat darkened parts of Califor-nia this week are expected tobe a regular occurrence in thestate for years during wildfireseason as PG&E Corp. upgradesits aging equipment and com-pletes overdue repairs.

California utilities in recentyears have resorted to so-calledpublic safety power shut-offs inwhich they cut off electricity tocertain areas to reduce the riskof their power lines sparkingwildfires when wind speedspick up.

PG&E, which serves 16 mil-lion people throughout North-ern and Central California, cutpower late Monday and earlyTuesday to roughly 172,000customers in 22 countiesstretching from wine countryto the Sierra foothills. The ex-act number of people affectedis uncertain, but it likely tops500,000, given census data onpeople per California house-hold. PG&E said it expects torestore power Wednesday.

The San Francisco-basedutility has been working tolimit the scope of such shut-offs after they resulted in mil-lions losing power last year,drawing the ire of Gov. GavinNewsom and state regulators.The most recent shut-off is lessthan a quarter of the size of

PG&E’s largest one last Octo-ber.

PG&E last year relied heavilyon pre-emptive shut-offs afterits equipment sparked a seriesof deadly wildfires in 2017 and2018 that collectively killedmore than 100 people and de-stroyed roughly 15,700 homes.

The company sought chapter11 bankruptcy protection lastyear, citing billions of dollars infire-related liability costs. Itemerged from bankruptcy thissummer after reaching settle-ment deals with fire victims,insurers and other claimantsfor more than $25 billion.

Last October, it cut power tomore than two million Califor-nians across 34 counties, somefor days at a time, to reducethe risk of starting additionalfires. It is the only U.S. utilityto have ever initiated aweather-related shut-off ofsuch size and duration.

After that event, then PG&EChief Executive Bill Johnsonsaid the company might haveto rely on pre-emptive shut-

BY KATHERINE BLUNT

California FacesYears of OutagesTo Avoid Blazes

extraordinary the challengethat we face again so far thisseason,” Mr. Newsom said in abriefing Tuesday.

PG&E Corp. late Mondaybegan cutting power in partsof Northern California, as partof its plan to help prevent thekind of massive fires its equip-ment has caused in the past.

Officials on Tuesday wereparticularly concerned aboutthe wind’s impact on two in-fernos. The Creek Fire in theSierra National Forest aboveFresno has torn through143,929 acres of forest andsent smoke clouds as high as 9miles since breaking out onFriday. It was 0% contained onTuesday. The El Dorado Fire,which has burned 10,574 acressince Saturday in San Bernar-dino County, east of Los Ange-les, is 16% contained.

Both fires grew during re-cord high temperatures overthe Labor Day weekend that

were well into the triple digitsacross California.

Fire officials expect that inthe next few months, the riskof dangerous blazes is only go-ing to grow.

The El Dorado fire wascaused by a smoke-generatingpyrotechnic device used dur-ing a gender-reveal party, saidofficials of the California De-partment of Forestry and FirePrevention, or Cal Fire. Thefire near Yucaipa has forcedthe evacuation of about 21,000people. While firefighters saidthey made good progress Mon-day in putting defensive linesaround some threatened com-munities, they said the returnof Santa Ana winds on Tues-day would complicate those ef-forts.

Officials haven’t determinedthe cause of the Creek Firenear Fresno in Central Califor-nia. The fire is being fed bymillions of dead trees that

succumbed to an invasion ofbark beetles during a five-yeardrought that ended in 2017.While crews have managed tokeep the flames from consum-ing some mountain communi-ties, such as Shaver Lake, CalFire incident commander NickTruax said there have beenheavy structural losses inother communities, includingthe town of Big Creek.

Ken Pimlott, retired chief ofCal Fire, said that the pine andfir forest being consumed bythe Creek Fire never recoveredfrom the drought and that nu-merous mountain communitiescould be threatened. “Firesdon’t burn in one direction,”Mr. Pimlott said.

More than 300 campers,hikers and other people havebeen evacuated by CaliforniaNational Guard helicopterssince Saturday, including onegroup surrounded by flames ata lake whose rescue was cap-tured in videos that drewworld-wide attention.

While the number of livesand structures lost so far thisyear doesn’t come close to set-ting records in California, thetoll is still large in terms oflost agriculture and recreationresources in California. Manyfarms and ranches have beendestroyed or seriously dam-aged in the San Francisco BayArea, where three fire com-plexes that consumed nearly amillion acres since last monthstill haven’t been completelyput out and could flare upagain with the winds. Most ofthe buildings in California’soldest park, Big Basin StatePark, also burned up, althoughthe redwoods there—knownfor their resistance to fire—areexpected to survive.

Powerful windstorms inCalifornia are creating moredangerous conditions as fire-fighters work to contain wild-fires that have already black-ened a record 2.3 millionacres.

Red-flag warnings for highfire conditions were postedacross the state, as a forecastfor strong winds throughWednesday put pressure on14,000 firefighters battling 25major blazes that have killedat least eight people and de-stroyed more than 3,400structures.

The total number of acresburned by wildfires this yearis already more than in any to-tal year previously recorded,Gov. Gavin Newsom said Tues-day, going back to 1932 whenrecords began. Last year at thesame time, fires had blackenedonly 118,000 acres. “It’s rather

BY JIM CARLTON

As Windstorms Fuel Fires,Record Acreage Is Burned

A home was engulfed in the Creek Fire in Fresno County, Calif., where officials were particularly concerned about the wind’s impact.

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teachers untrained in remotelearning.

U.S. Education SecretaryBetsy DeVos has been pushingfor schools to open for in-per-son learning as an option forfamilies who want or need it.Some parents say they workfull time and can’t help edu-cate their children at home,while others are critical of re-mote learning.

In Pittsburgh PublicSchools, connectivity issueswith one of its internet-ser-vice providers caused slowand unreliable service.

“Everyone was sort of pan-icking because it was themorning, the first day, and itwas not working,” saidspokesman Mark Stuckey.“The first two hours it hadbeen rocky, but after that ourteam had it up and running.”

Some families wanting toreduce possible virus expo-sure started the new schoolyear in what are known aslearning pods, informal clus-ters that allow children tolearn in small groups at homewith classmates without wor-rying about social distancingand masks—and large virusoutbreaks.

Some schools that re-opened last month closed, atleast temporarily, after stu-dents and staffers tested posi-tive for the new coronavirus.

Many students are headingback to school this week, vir-tually and in person, withsome campuses reopening tostudents for the first timesince the Covid-19 pandemichit about six months ago.

For some students ingrades K to 12 who returnedto in-person instruction onTuesday, the first day startedwith a temperature check andnew rules, which requiremasks and social distancing.Some buildings look differentinside, with hallway floorsmarked with arrows for traf-fic flow and signs on walls re-minding students to keepapart and wash hands. Visi-tors are being kept out ofmany schools.

Many districts offered stu-dents the option to learn re-motely or in-person, or a mixof both.

“We are doing much betternow than we were lastspring,” said Curtis Jones Jr.,superintendent of the BibbCounty School District in Ma-con, Ga., that reopened on-line-only Tuesday. The dis-trict had shut down threeweeks early in the spring be-cause of stress in the commu-nity over remote learning, in-cluding connectivity issues,parental pressure to close and

BY TAWNELL D. HOBBS

Schools Reopen WithNew Rules, Hiccups“This has been very challeng-

ing times for the city of Roches-ter,” Ms. Warren said in themeeting. “The chief was notasked to give his resignation be-cause I do believe he is givinghis very best.”

Mr. Singletary, who is Black,said in a statement Tuesday thathis handling of the death of Mr.Prude has beenmischaracterizedand politicized. “As a man of in-tegrity, I will not sit idly by whileoutside entities attempt to de-

stroy my character,” he said.The Rochester Police Locust

Club, the local union represent-ing cops, said Tuesday that thepolice chief’s retirement came asa complete surprise. “What isclear is that the problems ofleadership go directly to theMayor’s office,” the union said.

The circumstances surround-ing Mr. Prude’s death only be-

came public after his family helda news conference last week andreleased officers’ body-camerafootage showing them restrain-ing him. The Monroe County Of-fice of the Medical Examinerruled Mr. Prude’s death a homi-cide. An autopsy report said hedied of asphyxiation “in a settingof physical restraint” and acutePCP intoxication.

The officers used a spit sock,also known as a spit hood, as arestraint device on Mr. Prude.The mesh hood is used to pre-vent someone from biting orspitting. On Thursday, Ms. War-ren said seven officers involvedin the death of Mr. Prude hadbeen suspended, as demonstra-tions beset the city.

New York Attorney GeneralLetitia James said on Saturdaythat she would impanel a grandjury to weigh criminal charges inthe death of Mr. Prude.

Earlier this summer, Mr.Prude’s sister, Tameshay Prude,filed a notice of claim againstthe city and the police officersinvolved. The notice is the firststep in filing a state law claimslawsuit against a governmentagency in New York. ElliotShields, a lawyer for Mr. Prude’sfamily, said in an interviewTuesday that hours before Mr.Singletary announced his retire-ment, Ms. Prude had filed a fed-eral civil rights lawsuit againstthe city, Mr. Singletary andother police officers.

The suit accuses the Roches-

ter Police Department of failingto discipline officers for unlawfulconduct. It also says the depart-ment failed to adequately trainofficers in crisis intervention.“The lawsuit seeks to bringabout systemic reforms in thedepartment,” Mr. Shields said.“They’re deliberately indifferentto officers using excessive force.”

A representative for the cityof Rochester didn’t respond to arequest for comment on the suit.

Dallas, like other cities, sawwidespread demonstrationsagainst police brutality in thewake of Mr. Floyd’s killing. Sev-eral of Dallas’s city council mem-bers said last month at a PublicSafety Committee meeting thatthey had lost trust in the leader-ship of Ms. Hall, the chief. Theycited a lack of transparency re-garding the force police used,which injured some protesterswith less-lethal munitions.

In her resignation letter, Ms.Hall said she is proud of reformsto Dallas policing and has “re-ceived a number of inquiriesabout future career opportuni-ties.” She was hired three yearsago as the city’s first Black fe-male chief.

Ms. Hall initially scheduledher resignation for early Novem-ber. But at the request of DallasCity Manager T.C. Broadnax, Ms.Hall agreed to stay on until theend of the year, according to astatement by Mr. Broadnax.

—Elizabeth Findellcontributed to this article.

The chief of the Rochester,N.Y., police department and twodeputies resigned Tuesday afterdays of protests and mountingcriticism over the death of Dan-iel Prude, a Black man who diedafter officers restrained himand placed a mesh hood overhis head.

Separately, Dallas Police ChiefU. Reneé Hall submitted her res-ignation Tuesday following abacklash against her depart-ment’s handling of protestsagainst police brutality that fol-lowed the May killing of GeorgeFloyd in Minneapolis.

Mr. Prude died in a hospitalseven days after the March 23incident in Rochester, in whichpolice officers took him into cus-tody after responding to reportsof a person acting erratically. Hehad a history of mental illness.

Rochester Mayor LovelyWar-ren said at a news conferenceThursday that Rochester PoliceChief La’Ron Singletary initiallytold her that Mr. Prude died of adrug overdose in police custody.

Ms. Warren said during aZoommeeting with Rochester’scity council on Tuesday that theentire command staff of thecity’s police department saidthey were retiring. She said thatincluded the chief and two dep-uty chiefs. Additional officialsmay be leaving the departmentlater, she said.

BY BEN CHAPMANAND SHAN LI

Rochester, Dallas Police Chiefs Resign

PG&Eequipmentsparked a series ofdeadlywildfires in2017 and 2018.

A scorched truck rested on Highway 168 after the Creek Fire burned through the area on Tuesday.

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La’Ron Singletary resigned aschief of Rochester police.

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A4 | Wednesday, September 9, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THEWALL STREET JOURNAL.

Democrats appear to have afirm grasp on retaining theHouse while the Republican-controlled Senate remains upfor grabs as the campaign hitsthe home stretch, with bothsides expecting the results tobe heavily influenced by howPresident Trump fares withvoters buffeted by the corona-virus pandemic and protestsover policing.

The continued strength ofDemocratic presidential nomi-nee Joe Biden, who leads Mr.Trump in national and severalbattleground state polls, haskept the Senate majority withinreach of the party and rein-forced a favorable outlook forDemocrats defending their ma-jority in the House, which cur-rently has 232 Democrats, 198Republicans and one indepen-dent. Election watchers andstrategists from both partiesare expecting many voters tostay aligned down-ballot withthe party of their presidential

BY TARINI PARTIAND AARON ZITNER

gan finished his annual motor-cycle tour in the state, ending ata brewery in Lansing.

Republicans control the Sen-ate 53-47 but have a largernumber of vulnerable seats todefend.

floor Tuesday.GOP aides said the changes

made it more likely that atleast 51 of the chamber’s 53Senate Republicans would sup-port the bill. While the bill isunlikely to draw the 60 votesneeded to clear procedural hur-dles in the Senate, it is de-signed to give vulnerable Sen-ate Republicans facing tight re-election races in November achance to demonstrate to vot-ers that they support a corona-

virus aid package.Democratic leaders said the

bill had no future and was in-sufficient to meet the coun-try’s health or economic needs.

“This emaciated bill is onlyintended to help vulnerableRepublican senators by givingthem a ‘check the box’ vote tomaintain the appearance thatthey’re not held hostage bytheir extreme right-wing thatdoesn’t want to spend a nickelto help people,” House SpeakerNancy Pelosi (D., Calif.) andSenate Minority Leader Chuck

Schumer (D., N.Y.) said in ajoint statement Tuesday.

The new GOP proposal, of-ten referred to as the “skinny”bill, includes $300 in weeklyfederal unemployment insur-ance through Dec. 27, estab-lishes legal protections forbusinesses and health-care fa-cilities, provides $29 billion inhealth-care funding, $105 bil-lion for schools and permitsthe U.S. Postal Service to notrepay a $10 billion loan set upin a previous aid package.

It also includes a secondround of the popular PaycheckProtection Program for busi-nesses that have demonstrateda revenue loss, as well as $20billion in additional assistancefor farmers, ranchers andother producers.

House Democrats passed a$3.5 trillion bill in May to ex-tend a $600-a-week federalunemployment benefit that ex-pired in late July and to aidstates and localities, but itwent nowhere in the GOP-dominated Senate. Democratshave said they would be will-ing to settle for a $2.2 trillionpackage to address the corona-virus pandemic and its effects.

Senate Republicans nevercoalesced around their earlier$1 trillion proposal and didn’tbring it up for a vote.

—Nick Timiraoscontributed to this article.

WASHINGTON—Senate Re-publicans proposed a new,smaller package of coronavirusaid Tuesday aimed at unifyingthe party and bolstering it po-litically, as talks with Demo-crats remained at a standstilland both parties blame theother for the lack of progressover the summer.

The new bill, which includesjobless aid, liability protectionsfor businesses and school fund-ing among other measures, isexpected to cost around$300 billion, after the $650 bil-lion in new spending is offsetwith $350 billion in savingsfrom unspent funds from ear-lier coronavirus packages. Theproposal is designed to assuagethe spending concerns of someGOP senators by reducing theprice tag from an earlier $1trillion proposed by Republi-cans, while also adding new taxcredits for private-schoolscholarships and homeschool-ing expenses, a longtime prior-ity of conservative groups thatmany Democrats oppose.

“Today we’re releasing atargeted proposal that focuseson several of the most urgentaspects of this crisis, the issueswhere bipartisanship should beespecially possible,” SenateMajority Leader Mitch McCon-nell (R., Ky.) said on the Senate

BY KRISTINA PETERSON

Republicans Roll Out ‘Skinny’Aid Bill as Talks Are Stalled

The bill is unlikelyto draw the 60 votesneeded to clearprocedural hurdles.

KINGSTON, Pa.—Larry Milu-nic worked in manufacturingand steel-related jobs in the in-dustrial Wyoming Valley, and formost of his life was a Democrat.But in 2016, he voted for Presi-dent Trump, and this Novemberhe plans to back him again.

About 130 miles away in awealthy Philadelphia suburb,Matt Fetick, who works in real-estate services and serves asmayor of a small borough, leftthe Republican Party earlier thisyear and will vote for Joe Biden.

Messrs. Milunic and Fetickare part of a national politicalrealignment in which white,working-class voters have mi-grated to the Republican Party,while voters with white-collarjobs have increasingly backedDemocrats. The shift has beenparticularly acute in Pennsylva-nia, where these long-runningchanges filtered into local poli-tics in dramatic fashion last year.

Party control of county com-missions changed hands in 11counties in 2019, some for thefirst time in decades. In fivecounties with large shares ofprofessional workers, votersgave Democrats control, includ-ing in Chester County, whereMr. Fetick lives. Six countieswith large shares of blue-collarworkers shifted Republican, in-cluding Luzerne County, whereMr. Milunic lives.

Now, many of these counties

ate,” said Jessica Taylor, whoanalyzes Senate races for theCook Political Report.

Earlier this month, a cadreof groups aligned with SenateMajority Leader Mitch McCon-nell (R., Ky.) announced $41million of defensive spending,with over $10 million each de-voted to boosting Republicanincumbents in Iowa, Arizonaand North Carolina.

While the outside moneycontinues to flow, there havebeen some stark examples ofDemocratic challengers outrais-ing Republicans. In Arizona, re-tired astronaut Mark Kelly hasoutraised GOP Sen. Martha Mc-Sally by around 50% and hadnearly double the amount ofcash on hand as of the most re-cent quarterly filings. Ms. Mc-Sally has consistently trailedMr. Kelly in polls, while Mr. Bi-den has narrowly led Mr.Trump in the state.

In the House, Democrats aremost focused on defending 30seats they won in 2018 thatPresident Trump also won in2016.

Republicans are defending amost-vulnerable top tier of Sen-ate seats in Arizona, North Caro-lina, Maine, and Colorado, blueor purple states all also seen aspotential Biden wins. The secondtier includes red-leaning Mon-tana, Iowa, and Georgia, and to alesser extent, Kansas. On theDemocratic side, Alabama’s Sen.Doug Jones, who faces formerfootball coach Tommy Tuber-ville, is seen as the most vulner-able incumbent in the country,and the Michigan seat held byMr. Peters is also seen as com-petitive.

With Alabama likely switch-ing back to the GOP column,Democrats would need to winfour new seats to gain Senatecontrol if Mr. Biden is elected,or five seats if Mr. Trump is re-elected.

“The Senate is still verymuch in danger for Republi-cans, but what we have seen inrecent weeks and months is anurgency to save the Senate asthe last firewall against a possi-ble Democrat trifecta in theWhite House, House and Sen-

pick, especially with campaign-ing hindered by Covid-19.

A Wall Street Journal/NBCNews survey in mid-Augustfound 50% of registered votersnationally said they would votefor Mr. Biden, while 41% backedMr. Trump. Other, more recentpolls have shown a slight tight-ening in the race, according topoll aggregators. Mr. Trump lostthe popular vote by 2 percent-age points in 2016 but won theElectoral College.

“There’s less ticket splittingthan there used to be, and thereare fewer instances of oneparty winning a district for theHouse that still votes for theother party” in the presidentialelection, said Kyle Kondik, man-aging editor of Sabato’s CrystalBall of the University of Vir-ginia Center for Politics.

With less than two months togo, lawmakers and candidatesspent the Labor Day weekendcampaigning virtually and inperson. Republican Sen. JoniErnst of Iowa attended a boatparade there. On Friday, Demo-cratic Sen. Gary Peters of Michi-

BY NATALIE ANDREWSAND GABRIEL T. RUBIN

Senate Control Hinges on Trump’s Standing

“You either got the real richand the politically connected, orthe working poor with a lot of$10-, $11- $12-an-hour jobs,”said Mr. Milunic, who is retiredbut looking for part-time work.

Mr. Fetick, 50, grew up inconservative politics—hismother was a canvasser for for-mer President Reagan. He saidhis work allowed him to meetpeople from different back-grounds and diverse ideologies,and that he began to questionthe GOP’s position on issuessuch as immigration and taxcuts, which he believes were

eled from Delaware to neigh-boring Pennsylvania six timessince June.

Interviews in the state foundvoters who said they hadchanged longtime affiliationsbecause their party had aban-doned their economic interests.

Sipping a cup of coffee out-side a doughnut shop in King-ston, Mr. Milunic, 65 years old,said he didn’t think the Demo-cratic Party did anything tomake his life better after yearsof voting for its candidates.Those with means in the area,however, got even richer, he said.

Mr. Biden’s campaign is try-ing to build on Democraticmargins in recent elections inand around Philadelphia and inthe state’s smaller cities, whilepointing to trade wars underthe Trump administration andthe job losses during the pan-demic to make the case thatMr. Trump’s promises to blue-collar workers have gone unful-filled. The campaign has ex-panded Democrats’ outreach toblue-collar workers and, de-spite his campaign beinglargely grounded because of thepandemic, Mr. Biden has trav-

are among the most contestedbattlegrounds in the state, withthe recent political shifts shap-ing the calculations of Messrs.Trump and Biden.

Mr. Trump’s campaign says itwon Pennsylvania in 2016 by“sparking a realignment of blue-collar voters,” who propelled himto a surprise victory by 44,000votes, a margin of less than apercentage point. As he did thatyear, the president is again trav-eling to these blue-collar coun-ties to appeal to workers in man-ufacturing, energy productionand other blue-collar jobs.

skewed toward the wealthy un-der Mr. Trump.

“The party that is claimingto be the party of morals andvalues elected somebody whohas none,” he said.

An analysis by The WallStreet Journal with the Eco-nomic Innovation Group, a bipar-tisan public policy organization,shows how the state’s politicaldivision is cleaving along thelines of worker occupations.

On the eastern side of Penn-sylvania, four big, suburbancounties near Philadelphia haveamong the highest shares ofwhite-collar jobs in the state. In2016, Democratic nominee Hil-lary Clinton carried these coun-ties by a margin of more than188,000 votes—some 65,000more than Barack Obama’smargin four years earlier.

On the western side of thestate, Mrs. Clinton won Pitts-burgh, one of the nation’s lead-ing high-tech centers, and itscounty by 108,000 votes, some17,000 more than Mr. Obama’swinning margin in 2012.

But the Republican-leaningcounties surrounding Pitts-burgh erased the Democraticgains. Mr. Trump won them by150,000 votes, nearly 50,000more than the GOP’s margin in2012. While professional jobsare plentiful in some of thesecounties, all have a highershare of blue-collar jobs thanthe state average.

“The dividing lines have be-come sharper with each passingelection,’’ said Kenan Fikri, whoconducted the EIG analysis, re-ferring to the state’s politicaland economic divisions. “Eventhe extraordinary events of 2020are unlikely to slow Americans’sorting into distinct camps.”

U.S. NEWS

Pennsylvania Voters Move Further ApartBlue- andwhite-collarsupport for TrumpandBiden, respectively,hardens in the key state

Attendees before a Trump rally in Latrobe, Pa., last week. Democrat Joe Biden is trying to build on Democratic strength near Philadelphia.

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Source: Kantar/CMAGNote: As of Sept. 4

WASHINGTON—Three influ-ential GOP senators introducedlegislation that would make so-cial-media platforms more re-sponsible for their online con-tent, an initiative likely to facefierce resistance from SiliconValley.

The legislation takes aim atSection 230 of the 1996 Com-munications Decency Act,which gives online companiesbroad immunity from legal lia-bility for user-generated con-tent on their platforms.

Its main provisions wouldnarrow the scope of the com-panies’ latitude to police con-tent by tightening standardsfor material that can be re-moved or restricted while stillmaintaining the protection.

Companies would still befree to remove content that isconsidered lewd or harassing,for example. But the legislationwould restrict the ability ofcompanies to censor contentthat is considered “otherwiseobjectionable.” Instead, contentcould be removed under thelaw only for more specific find-ings of unsuitability, such asbeing excessively violent.

Republicans including Presi-dent Trump contend that so-cial-media platforms routinelycensor conservative view-points, which the industry hasdisputed. In May, Twitter Inc.said it would apply a fact-checking notice to tweets bythe president involving unsub-stantiated claims about voterfraud. Shortly after, Mr. Trumpissued an executive order inMay proposing limits on Sec-tion 230.

“Social-media companiesare routinely censoring contentthat to many, should be consid-ered valid political speech,”said one of the sponsors, Sen.Lindsey Graham (R., S.C.).

In addition to Sen. Graham,chairman of the Senate Judi-ciary Committee, the bill issponsored by Sen. RogerWicker (R., Miss.), the Com-merce Committee chairman,and Sen. Marsha Blackburn (R.,Tenn.), who is a member ofboth panels.

“Section 230’s ‘otherwiseobjectionable’ clause underpinscrucial content moderation,”said Elizabeth Banker, an offi-cial with the Internet Associa-tion, a trade group, adding thateliminating it would make itharder to police “content likemisinformation, platform ma-nipulation, or bullying.”

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U.S. NEWS

relatively quick but as accurateas possible. But for screeningpurposes in settings such asworkplaces or prisons, a less-sensitive test, such as an anti-gen test, would be good enoughto catch most cases and isolatethose with an infection.

With frequent testing, casesmissed the first time aroundmight be caught a few dayslater. That is more effective forscreening than a highly accu-rate test done once a month oronce a week, which would givethe virus more time to spread,public-health authorities said.

“If you wait a week, it’s toolate,” said David Walt, co-leader of the Mass GeneralBrigham Center for Covid Inno-vation in Boston and co-founder of Sherlock Biosci-ences, a diagnostics companythat is working on point-of-careand at-home Covid-19 testing.

Antigen tests are better atidentifying cases when peoplehave more virus in their sys-tem—meaning they will likelyfind people when they aremost infectious, said MichaelMina, an epidemiologist at theHarvard T.H. Chan School ofPublic Health and an advocateof low-cost, widely availableat-home testing that can bedone on a paper strip.

Governors from 10 stateshave partnered with theRockefeller Foundation to ac-

A high regulatory bar for au-thorization is one reason quick,at-home testing for consumershas yet to hit the market, saidDavid McManus, co-director ofthe Center for Advancing Pointof Care Technologies at UMassMedical School.

At-home test manufacturershave to show the FDA that thepublic can grasp the instruc-tions, take the test and inter-pret results correctly. If themanufacturer wants authoriza-tion for a test that can screenasymptomatic people, it mustmeet an additional set of stan-dards. Some companies inpoint-of-care testing want toalso adapt the technology forat-home use as a next step.

The FDA also has said thatrapid tests should have compa-rable accuracy to PCR diagnos-tic tests—a requirement thatsome public-health specialistsand companies said is overlystringent for surveillance test-ing. An FDA official noted sen-sitivity rates lower than PCRmight be acceptable, dependingon how the test results areused. The agency has allowedfor antigen tests with a sensi-tivity rate of 80% or better, theofficial said. “You can even havelower than 80% sensitivity” if itis a recurring or serial test.

—Sarah Krouseand Anna Wilde Mathewscontributed to this article.

No test is now authorized for total at-home use, and testing without a lab is likely to miss many cases.

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ported Sept. 7, according toJohns Hopkins University data.The seven-day average ofdeaths across the nation fell to802, the lowest level since July20. Texas had more than 40deaths, Johns Hopkins datashowed. California, Florida,Pennsylvania and South Caro-lina each had 20 or more.

Most Covid-19 diagnostictesting in the U.S. is processedin laboratories and uses atechnique called rt-PCR thatsearches for the virus’s geneticmaterial and amplifies it. Thetests are incredibly sensitivebut expensive, and the processoften requires shipping sam-ples from a test site to a lab.

“When we looked ahead, werealized we needed a paradigmshift from the still-needed diag-nostic tests to the screeningtests,” said Jonathan Quick,managing director for pandemicresponse, preparedness andprevention at the RockefellerFoundation, which released areport in July calling for a mas-sive scale-up in quick, cheaptests for Covid-19 screening. “Asa practical matter, that meantmaking much more of a newkind of test,” Dr. Quick said.

In July, demand for Covid-19tests overwhelmed the majorU.S. commercial laboratories,which delayed results for daysor sometimes weeks.

“I think there’s a sense ofdesperation that we need to dosomething else,” Ashish Jha,dean of Brown University’sSchool of Public Health, said ata media briefing in August.

What is needed, some pub-lic-health specialists said, is ashift to cheaper, more routinetesting among people who don’tshow any symptoms to identifythose who can potentiallyspread the virus. That would in-volve making a distinction be-tween Covid-19 testing for pa-tient diagnosis and testing forpublic-health screening.

For one-shot diagnostic test-ing, doctors need tests that are

ContinuedfromPageOne

ExpertsEye FasterTesting

quire millions of antigen tests.The federal government alsohas placed large orders for an-tigen tests to be sent to nurs-ing homes and assisted-livingfacilities, and for allocation toschools and first responders,Adm. Brett Giroir, Trump ad-ministration testing coordina-tor, said last week.

Pennsylvania Gov. TomWolfsaid a Bethlehem-based diag-nostic company, OraSure Tech-nologies Inc., is expanding oper-ations to support

manufacturing of its rapid at-home antigen test. The com-pany aims to have it on themarket by year-end, OraSureChief Executive Stephen Tangsaid. The National Institutes ofHealth said last week it wasawarding additional grants inthe Rapid Acceleration of Diag-nostics (RADx) Initiative, total-ing $129.3 million, to companiesincluding two makers of porta-ble Covid-19 testing devices andone that doesn’t require anyspecialized equipment.

In July, demand fortests overwhelmedthemajorU.S.commercial labs.

Covid-19 vaccines are evalu-ated and may ultimately beapproved,” the pledge states.

The statement joins a grow-ing chorus of public assur-ances by industry executivesthat they aren’t cutting cor-ners in their rapid testing andmanufacturing of the vaccines.

Yet the unusual joint moveamong rivals comes as theywork to address concerns overa rush to mass vaccination.

Last month, the Centers forDisease Control and Preventionnotified states they should beready to launch Covid-19 vacci-nation campaigns by November.

That timeline, just beforethe Nov. 3 presidential election,raised concerns among somescientists that the Trump ad-ministration would rush a vac-cine to bolster PresidentTrump’s re-election prospects.

Mr. Trump said Tuesdaythat a vaccine would be safeand “it will be delivered beforethe end of the year.”

Democratic presidentialnominee Joe Biden’s campaignreiterated its concern that Mr.Trump was rushing to approvea coronavirus vaccine.

Nine drugmakers said theirchief executives signed a pledgepromising to not file for regula-tory approval or authorizationof their experimental Covid-19vaccines until the shots haveshown to work safely throughlate-stage clinical testing.

The Wall Street Journalpreviously reported on thecompanies’ pledge on Friday.

The pledgewas signed by theheads of AstraZeneca PLC,GlaxoSmithKline PLC, Johnson& Johnson,Merck & Co.,Mod-erna Inc.,Novavax Inc., SanofiSA,BioNTech SE andPfizer Inc.

In it, the companies say “thesafety and well-being of vacci-nated individuals” would al-ways be their top priority.They promise to keep followingscientific and ethical standardsin clinical trials testing theCovid-19 shots, and in manufac-turing. They also pledge to en-sure supply across the world.

“We believe this pledge willhelp ensure public confidencein the rigorous scientific andregulatory process by which

BY JARED S. HOPKINSAND PETER LOFTUS

Drugmaker CEOs SignVaccine Safety Pledge

a large study of the vaccine inthe U.K. in the spring.

The company is also testingthe vaccine in studies in Braziland South Africa.

AstraZeneca called thepause a “routine action whichhas to happen whenever thereis a potentially unexplained ill-ness in one of the trials, whileit is investigated, ensuring wemaintain the integrity of thetrials.”

The company said it is com-mitted to the safety of studyparticipants and the higheststandard of conduct in trials.

AstraZeneca has signedsupply contracts with the U.K.and U.S. that could result inthe delivery of initial vaccinedoses in the fall.

The study halt was reportedearlier Tuesday by Stat.

AstraZeneca PLC saidTuesday it paused clinical tri-als of an experimentalCovid-19 vaccine after a par-ticipant in a U.K. study had anunexplained illness.

AstraZeneca, which licensedthe vaccine from developers atthe University of Oxford, saidthe pause would allow an in-dependent committee to re-view safety data.

The pause affects a studythat began last week in theU.S. aiming to enroll 30,000people, with funding from fed-eral agencies. The study istesting whether the vaccinereduces the rate of Covid-19cases compared with unvacci-nated study subjects. Astra-Zeneca and Oxford had started

BY PETER LOFTUS

AstraZeneca Pauses Trial

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U.S. NEWS

overdose tallies were flat ortrending lower.

Federal overdose data hasyet to catch up to the pan-demic months.

Counties in Nevada, Califor-nia, Ohio, Indiana, Minnesotaand Michigan are among thoseshowing increases. Authoritiesin other places, including tra-ditional hot spots for opioiddeaths like parts of Appalachia

and New England, are also re-porting more drug deaths.

The spread of fentanyl, apowerful synthetic opioid, andincreased use of methamphet-amines were contributing tothe worsening overdose prob-lem before the pandemic.Many counties and states saythe pandemic is amplifying thethreat from these drugs.

The Southern NevadaHealth District, which coversClark County, including LasVegas, said fentanyl fueled an8% increase in fatal drug over-doses for the first half of thisyear. Authorities in San Diegoalso said fentanyl is killingmore people there.

In Los Angeles County, thenation’s most populous, over-doses rose 48% to 247 in thefirst month and a half of thepandemic compared with thesame period a year earlier,said Gary Tsai, interim direc-tor of substance abuse preven-tion and control for thecounty’s public-health depart-ment.

“They’re indoors, they’restressed, maybe they lost a jobor a family member,” Mr. Tsai

'05 '10 '151990 '95 2000

0

20,000

40,000

60,000

80,000

Opioid-related Non-opioid

Number of drug deaths peryear

Source: Centers for Disease Control andPrevention

Note: Numbers for 2019 are provisional andinclude projections.

said of the added stress fac-tors some drug users face.

Early figures show that theoverdose tally in Ohio’s Frank-lin County, which includes Co-lumbus, reached 580 by lateAugust, said county coronerAnahi Ortiz. That is near theentire total reported for 2019.

“I don’t think it would havebeen this high a number ifCovid-19 hadn’t hit us,” Dr. Or-tiz said. “We’re seeing a lotmore relapses.”

Suspected overdoses rosealmost 18% after stay-at-homeorders were implementedacross the country in mid-March, compared with theearly 2020 period before thepandemic struck, according todata from the Overdose De-tection Mapping ApplicationProgram, which collects real-time overdose numbers na-tionally.

Opioid users are typicallyadvised against using drugsalone because that boosts therisk they could die withoutsomeone nearby to revivethem with an overdose-rever-sal drug like naloxone.

Shannon Hicks, who headsthe West Virginia harm-reduc-tion group Exchange Union,said she has seen a jump inoverdoses.

“When Covid hit, nobodywas allowed to touch anybody,nobody was allowed to seeanybody,” Ms. Hicks said. “Theworst thing for someone cha-otically using drugs is to beisolated.”

The pandemic has also dis-rupted the supply of illegaldrugs flowing up from theU.S.-Mexico border, possiblybecause restricted border traf-fic makes it harder for traf-fickers to move product incon-spicuously, according to theDrug Enforcement Administra-tion. These supply interrup-tions can heighten risks forusers who seek new dealersand buy unfamiliar products.

“You can’t get the drugyou’re used to getting, so youget your hands on whateveryou can,” said Gavin Bart, whodirects the addiction medicinedivision at Hennepin Health-care, a safety-net hospital inMinneapolis.

FROM PAGE ONE

When Covid-19 struck, theU.S. was already in the grip ofan expanding drug-overdosecrisis. It has only gotten worsesince then.

Counties in states spanningthe country, from Washingtonto Arizona and Florida, are re-porting rising drug fatalitiesthis year, according to datacollected by The Wall StreetJournal. This follows a likelyrecord number of deadly over-doses in the U.S. last year,with more than 72,000 peoplekilled, according to federalprojections.

The pandemic has destabi-lized people trying to maintainsobriety or who are strugglingwith addiction during a timeof increased social isolationand stress, according to treat-ment providers and public-health authorities. In a surveyof U.S. adults released by theCenters for Disease Controland Prevention, 13% of respon-dents in June said they hadstarted or increased substanceuse to deal with stress oremotions related to Covid-19.

The drug deaths are addingto the pandemic’s toll, whichincludes more than 189,000 in-fection-related fatalities, butalso deaths linked to factorssuch as disruptions in healthcare and economic dislocation.

“It’s a pretty stark realityhere,” said David Sternberg,clinical-services manager atthe nonprofit group HIPS inWashington, D.C., which helpskeep drug users safe and findtreatment. “We’ve lost a lot ofclients, a lot of patients.”

Moreover, social-distancinglimitations are complicatingtreatment for people whostruggle with addiction andfor the organizations that pro-vide services to them.

Benjamin Kief died of anopioid overdose on April 7while in his car in West Ches-ter, Pa. After serving time fora parole violation, the 30-year-old left a state prison in lateMarch, when the pandemicwas ramping up. He struggledto get an appointment with arecovery coach, said his

mother, Mary Kief. He alsowanted to start attending Nar-cotics Anonymous meetings,but they weren’t gathering inperson, and online video meet-ings made him anxious, shesaid.

“We had all these plans setup,” Ms. Kief said. But becauseof the pandemic, she said, “hedidn’t have the resources.”

Drug-treatment providerssay the federal governmenthas helped amid the pandemicby loosening restrictions tomake it easier to access addic-tion medication remotely, andare using telemedicine toreach people in need wherepossible. But people in recov-ery also often rely on in-per-son support services likegroup meetings, advocates say.

The Journal, through dataand public-records requests,asked the 50 largest countiesby population for informationon overdoses this year. Amongthe 30 that provided numbers,21 of them showed overdosedeaths trending up from lastyear. Among the other juris-dictions, several had only pre-pandemic data, and some said

BY JON KAMPAND ARIAN CAMPO-FLORES

Pandemic Worsens Nation’s Opioid Crisis

Mary Kief with a photo of her son, Benjamin Kief, who died of an opioid overdose in April.

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The U.S. reported fewerthan 25,000 new coronaviruscases, the lowest daily total innearly 12 weeks, as Labor Dayweekend came to a close.

Many Americans are adjust-ing the routines that tradition-ally mark the back-to-schoolseason and the unofficial endof summer. But the school yearhas already hit some snags.Outbreaks on some collegecampuses have forced somestudents to return to onlinelearning and are straining on-campus quarantine capacity.

California reported morethan 2,000 new cases for Sept.7, according to Johns HopkinsUniversity data. Florida hadmore than 1,800 new cases,and new cases in Illinois,Michigan and North Carolinatopped 1,000.

Arkansas Gov. Asa Hutchin-son said on Twitter that hisstate saw improved case num-bers this weekend. “But thereal report card will be thecoming two weeks,” he wrote.“Thanks to everyone who fol-lowed common sense distanc-ing this Labor Day.”

The seven-day average ofnew cases was more than38,576, but its lowest sinceJune 28, according to a WallStreet Journal analysis ofJohns Hopkins data. Twenty-two states had higher seven-day averages of new casesthan 14-day averages, suggest-ing cases were rising in thoseplaces. In three states, the dif-ference between the two aver-ages was in the single digits.

Since the start of the pan-demic more than 6.3 millioninfections have been reportedacross the U.S. The nation’sdeath toll exceeded 189,000.

The seven-day average ofdeaths across the nation fell to802, the lowest level sinceJuly 20.

BY ALLISON PRANGAND TALAL ANSARI

New CovidCases FallTo LowestIn Months

business models around it.GM’s electric-vehicle strat-

egy takes it in the direction ofbecoming more like an auto-motive supplier—and theygenerally trade at higherprice-to-earnings multiples,analyst Joseph Spak said inan investor note Tuesday.This spring, Honda Motor Co.said it would develop twoelectric vehicles using GM’stechnology. The two also areworking together on fuelcells.

“GM is showing they can bea supplier of key technolo-gies,” Mr. Spak wrote. Thedownside, he said, is that GMis potentially helping to set upa future rival in the highlyprofitable truck market.

Nikola will be responsiblefor Badger sales and market-ing and will retain the NikolaBadger brand. The Badger willbe unveiled in December, andproduction is expected to startin late 2022, Nikola said.

Nikola Executive ChairmanTrevor Milton said that havingGM build its Badger pickupwill save the startup the hugeinvestment of buying or build-ing a factory, for example.

The partnership with Nikolaalso will lead to the first broadcommercial use of GM’s hydro-gen fuel-cell technology, whichhas been in the works for afew decades. Fuel cells mix ox-ygen with hydrogen from anonboard storage tank to createelectrical power.

Advances in battery tech-nology have helped whittledown the high cost of electricvehicles, leading to more of-ferings from car companiesand startups, although they

remain more expensive thangasoline-powered cars.

The GM-Nikola pact is thelatest example of startups andtraditional car companiesleaning on each other for tech-nology and manufacturinghelp.

Ford agreed last year to in-vest $500 million in Michigan-based electric-truck makerRivian Automotive. Ford saidin April it scrapped plans foran electric SUV based on Riv-ian’s technology but still isworking on a future model.

Fisker Inc., a startup led byDanish car designer HenrikFisker, plans to outsource keyparts like batteries and mo-tors, and have others build thecars, competing instead onstyling and brand cachet.

GM’s deal with Nikola alsogives the Detroit auto makerexposure to the long-haultrucking market, an area inwhich it doesn’t now competeand one that Nikola is target-ing with plans to build its owntruck and develop fuel-cell in-frastructure. “That’s a wide-open growth opportunity forus,” Ms. Barra said.

Mr. Milton has said he hashigh hopes for the Badger, aplanned pickup truck poweredby both a lithium-ion batteryand a hydrogen fuel cell thatGM will engineer and manu-facture under the new deal.

“My goal is to take thethrone from the Ford F-150,”Mr. Milton said in June.

The F-150 pickup has beenthe top-selling model in theU.S. for many years.

—Michael Dabaieand Ben Foldy

contributed to this article.

GM has more than a dozenelectric-vehicle models of itsown in the works, includinglarge pickup trucks that oneday could compete withNikola’s Badger. Overall, theDetroit auto maker is spendingabout $20 billion on electricand driverless-vehicle technol-ogy through mid-decade, in-cluding construction of a mas-sive battery-cell factory inOhio, being built with joint-venture partner LG Chem.

GM and other traditionalauto makers have been largelyleft out of the recent invest-ment binge on electrics, de-spite having technology andmanufacturing scale that pure-electric rivals would struggleto match.

GM’s stock price, while hav-ing recovered from this spring,when it closed factories due toCovid-19 concerns, was stilldown 18% over the past yearat Tuesday’s close and tradesjust below its $33 IPO pricefrom a decade ago.

By contrast, Tesla Inc., themarket leader in battery-pow-ered cars, has seen its stockmore than triple this year, al-though the shares sank 21%Tuesday after it failed to gainentry into the S&P 500 index.

Several startups havedrawn private money or hadtheir valuations soar after go-ing public. Among them isNikola, which went public inJune via a reverse merger. In-vestors quickly drove up itsvalue, and Nikola even brieflypassed Ford Motor Co. in mar-ket value. Since then, the stockhas pared most of those gainsand closed Friday up 13.3%from its price at the close ofthe merger.

Rampant investor interestin the electric-vehicle marketis reminiscent of activityaround driverless cars a fewyears ago. That enthusiasmhas cooled over the past twoyears as companies struggle torefine the technology and build

ContinuedfromPageOne

GM BringsKnow-HowTo Nikola

Nikola Executive Chairman Trevor Milton at a December event in Italy.

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A8 | Wednesday, September 9, 2020 * * THEWALL STREET JOURNAL.

BY GORDON LUBOLD

NEW DELHI—The Indian andChinese militaries accused eachother of firing warning shots inwhat would be the first use ofguns along their disputed bor-der in decades.

The gunfire occurred as bothsides prepared to hold their po-sitions through the harsh Hi-malayan winter, which beginsin the next few weeks and usu-ally sends military activity intoa monthslong deep freeze. Sky-high tensions are likely to makethis year different, experts andsecurity officials said.

The “situation is on a knifeedge. It’s not stable,” an Indiansecurity official said.

On Tuesday, India and Chinaaccused each other’s troops offiring warning shots into theair Monday to stop what eachcalled provocative troop move-ments by the other side. Bothsides denied the accusations.

As part of a series of agree-ments to avoid the escalation ofhostilities, both sides haveagreed to refrain from firingweapons, or even pointingthem anywhere except at theground when they encountersoldiers from the other side.Agreements like those, includ-

and the South China Sea.The countries have dis-

agreed about their boundariessince their modern states cameinto existence, India in 1947and the People’s Republic ofChina two years later. The 1962war was dominated by China,but didn’t end with agreementabout where the border lies.

The two powers aren’t eventrying to settle their overarch-ing historical disputes aboutthe border for now. Their focushas been on trying to agree onwhose troops will controlwhich peaks and valleys alongan often fuzzy zone separatingthem that they have deemedthe Line of Actual Control. Theclashes in the past few monthsreflect the high stakes bothsides perceive in terms of influ-ence across a geopolitically im-portant region and nationalpride.

Despite dozens of meetings

between military officers in theregion and diplomats from Bei-jing and New Delhi, the sideshave largely failed to resolveconflicts in their deadly high-altitude showdown so far. Chi-nese troops still occupy strate-gic positions India says violateagreements about how the in-formal border should bemanned. Meanwhile, China ac-cuses India of crossing into ar-eas it says lie under its terri-tory and of buildinginfrastructure, such as roadsand airports, that alter thestrategic balance in the area.

The Indian army says it hasstocked essential winter sup-plies for tens of thousands ofadditional forces. The army hasalso constructed arctic tentsand prefabricated huts withheating facilities for its addi-tional troops and moved avia-tion fuel, kerosene and diesel tohigh-altitude areas, several mil-

itary officials said.While the sides have pulled

back in Galwan, the valleywhere the deadly clash oc-curred, they have also pushedahead with the sorts of activi-ties that raised tensions.

India recently completed alongstanding tunnel project toconnect two valleys, allowingeasier access to zones closer tothe Line of Actual Control. Thatis precisely the sort of infra-structure China says its troopmovements have been a re-sponse to—though Beijing hasbuilt similar infrastructure onits own side.

China has been buildingroads, encampments, helipadsand other defensive positionsacross the disputed Line of Ac-tual Control. In Doklam, a re-mote Himalayan plateauclaimed by China and Bhutan,satellite images show Chineseconstruction in the area.

HONG KONG—Walt DisneyCo.’s $200 million live-actionremake of “Mulan” is takingfire from human-rights activ-ists over the filmmakers’ coop-eration with authorities inChina’s Xinjiang region, whereofficials have been accused ofcommitting rights abusesagainst millions of members ofethnic Muslim minority groups.

The movie’s credits offer“special thanks” to a number ofChinese Communist Party andgovernment agencies, including

Disney Sparks Rights Groups’ Ire Over Xinjiang’s ‘Mulan’ Roleeight in Xinjiang, a mountain-ous frontier abutting CentralAsia that about 12 million Tur-kic-speaking Muslim Uighursregard as their homeland.

Grant Major, the Oscar-win-ning production designer whoworked on the film, said asmall portion of the shootingtook place in Xinjiang. Filmshoots in China require per-mission from local authorities.

Separatist sentiment haslong simmered in Xinjiang,where resistance to Commu-nist Party rule has at timesflared into deadly attacksagainst symbols of Beijing’s

authority and the country’sHan Chinese majority.

In recent years, Chineseleader Xi Jinping has soughtto crush this movement with ahigh-intensity campaign thatsome China policy researchersand rights activists estimatehas put more than a millionUighurs and other Muslimsthrough political-indoctrina-tion programs in mass-deten-tion camps, while subjectingmany more to surveillance andassimilation efforts.

Based on an ancient Chi-nese legend about a womanwho disguises herself as a man

and goes to war in place of heraging father, Disney’s “Mulan”remake features scenes depict-ing a stretch of the ancientSilk Road that ran throughwhat the film describes asnorthwest China.

Human-rights watchdogs,exiled Uighur activists and for-eign academics have criticizedDisney over the film’s connec-tion to Xinjiang, as has U.S.Sen. Josh Hawley (R., Mo.) onTwitter.

“Mulan is a patriot but sheshouldn’t be placed in Xinjiangbecause patriotism has beenforbidden in Xinjiang,” where

Uighurs have been persecutedfor showing love for theirhomeland, said AbduweliAyup, a Norway-based Uighurlinguist and rights activist,who has joined calls for a boy-cott of the film. “In China, pa-triotism is loving the ChineseCommunist Party.”

Making a “Mulan” that ap-peals to China fits into Dis-ney’s larger mission of court-ing Chinese consumers,drawing them to its stores andtheme parks in Shanghai andHong Kong. Disney put monthsof research into “Mulan” andshared the script with Chinese

authorities to ensure it wouldplay in Chinese theaters.

It is scheduled to debutthere on Friday.

Disney representativesdidn’t respond to emails andvoice-mail messages request-ing comment.

Xinjiang’s governmentdidn’t respond to a faxed re-quest for comment.

Chinese officials have re-peatedly denied committingany rights abuses in Xinjiang.They have defended their poli-cies there as effective in stop-ping separatist violence andrestoring peace.

BY CHUN HAN WONGAND R.TWATSON

PALAU—The Republic ofPalau has asked the Pentagonto build ports, bases and air-fields on the island nation, of-ficials said, offering a boost toU.S. military expansion plansin Asia, as Washington aims tocounter China.

The request came during avisit here last week by DefenseSecretary Mark Esper, thefirst-ever trip by a U.S. Penta-gon chief to the tiny republic,which is made up of hundredsof islands in the Philippine Seaand is closely aligned diplo-matically with Taiwan.

Mr. Esper traveled to Palauas part of a U.S. effort to re-align its military footprint inthe region, adhering to the2018 National Defense Strat-egy, which calls for enhancedsteps to meet security chal-lenges posed by China.

Beijing has moved to layclaim to islands in the SouthChina Sea, a major globaltrade route. China also has in-creased jet-fighter flights nearTaiwan, fought a border skir-mish with India and passed anational security law to limitHong Kong’s autonomy.

Contesting Chinese mari-time claims, the U.S. con-ducted a so-called freedom-of-navigation operation Aug. 27,sending the USS Mustin, a U.S.Navy destroyer, into the SouthChina Sea, among a number ofother such operations.

The Mustin also transitedthe Taiwan Strait in August,and B-2 stealth bombers andB-1 heavy bombers conducted acombined exercise with Austra-lia in August, demonstratingtheir capabilities in the region.

Beijing responded with itsown exercises, launching fourmidrange ballistic missilesfrom mainland China into anarea inside the South ChinaSea between Hainan Island andthe Paracel Island chain.

The military demonstra-tions have taken place along-

side tensions between Wash-ington and Beijing over tradeand the coronavirus pandemic.

Chinese officials, who blamethe U.S. for tensions over trade,military deployments and thecoronavirus, didn’t respond toa request to comment.

The U.S. is on the hunt tobuild or reinforce partnershipswith other countries to helpcounter those illegal claims,blunt other expansionism andsend a signal that the U.S. iscommitted to the region.

Palauan President TommyRemengesau Jr. visited theWhite House last year withcounterparts from Micronesiaand the Marshall Islands,adopting a joint statement on

security in a show of unity.Last week, Mr. Remengesau

handed Mr. Esper a letter re-questing that the U.S. enterinto a broader, longer-term re-lationship with the island na-tion, where the U.S. has had asmall presence for decades.The Palauans said they thinkthe republic has been under-used by the U.S. military foryears.

“Palau’s request to the U.S.military remains simple—buildjoint-use facilities, then comeand use them regularly,” ac-cording to a copy of the letterseen by The Wall Street Jour-nal.

The letter indicated that thePalauans were willing to allow

the U.S. to host bases, con-struct port facilities, build air-fields and host more troops.

U.S. officials haven’t saidhow they will respond but havesaid they are eager to build re-lationships with partners in theregion and that Palau’s invita-tion would be well received.“The government of Palau isnot only receptive but is enthu-siastic about the United Statesmilitary broadening and deep-ening its operations, exercisesand training in and aroundPalau,” said Heino Klinck, dep-uty assistant secretary of de-fense for East Asia.

U.S. security policy in Asiacalls for a heavier presence ofAmerican forces, but on a ro-

WORLD NEWS

tational basis, whereby troopsswitch in and out for trainingand exercises. Such an ar-rangement would be in con-trast to the kind of heavypresence that is a hallmark ofU.S. military deployments inJapan and South Korea.

“Our philosophy is, we wantaccess to places instead of per-manent bases,” Mr. Klinck said.

Mr. Esper last week her-alded a runway project inPalau undertaken by U.S.troops. A team of Navy Sea-bees, members of a construc-tion battalion, cleared vegeta-tion and overgrowth throughtropical forest here to extendan airstrip for U.S. militaryand other aircraft to land, ex-panding America’s strategicreach into China’s backyard.

The improvements allowC-130 turboprop transport air-craft to land in Palau, improv-ing U.S. military access to theregion. The first such trans-port touched down thismonth, defense officials said.

“These are minor musclemovements that could lead,eventually, to a major musclemovement,” said Mr. Esper, af-ter a visit here last week. “Soyou get small teams like thisout there doing the ground-work, forging the diplomacy.”

Mr. Esper, who last year be-came President Trump’s thirddefense secretary, has pushedto enact elements of the Na-tional Defense Strategy to re-align the Pentagon’s troops,capabilities and bandwidth to-ward China. But conflicts inthe Middle East and Afghani-stan have complicated his ef-fort to shift focus to Asia.

Some countries that hadbeen wary of challengingChina militarily are opting towork with the U.S., a seniorU.S. military official said, cit-ing participation by othercountries, including Australia,in freedom-of-navigation oper-ations. “They are realizing the[People’s Republic of China] isvery directly working coercionin and around the South ChinaSea and the Indo-Pacific. AndI think they are opening up tohave this ability to be part ofthis group, more visibly thanjust in rhetoric,” the officialsaid.

U.S. Is Offered New Bases in PacificPalau invites militarypresence, marking ashift in American bid toput pressure on China

Sources: U.S. Defense Dept.’s Defense Manpower Data Center; The Heritage Foundation’s 2019 Index of U.S. MilitaryStrength; U.S. Indo-Pacific Command

Note: Squares denote countries/states with full– or part–time U.S. military presence, not locations of bases or installations.

Sources: U.S. Defense Dept.’s Defense Manpower Data Center; The Heritage Foundation’s 2019 Index of U.S. MilitaryStrength; U.S. Indo-Pacific Command

Note: Squares denote countries/states with full– or part–time U.S. military presence, not locations of bases or installations.

Micronesia

Alaska

Guam

Japan

South Korea

CHINA

UNITEDSTATES

Philippines

Singapore

Australia

NorthernMariana Islands

Pacific Ocean

American Samoa

Marshall Islands

East Timor PapuaNewGuinea

Palau

NewZealand

Hawaii

U.S.military activity in the Pacific, by country/state

U.S. presence, rotatingtroops, or other activitywith no current or fixedpersonnel assignment

Permanent or regularpresence; no fixedmilitary base

One ormoremilitary bases

Thailand

Indonesia

Palau has invited the U.S. tobuild ports, bases and airfields.

Two Australian journalistshave been pulled out of Chinafollowing a diplomatic standoffthat saw the pair seek refugeat Australian diplomatic mis-sions while officials negotiatedtheir exit.

Chinese state security offi-cials told Bill Birtles, the Aus-tralian Broadcasting Corp.’sBeijing-based correspondent,and Michael Smith, based inShanghai with the AustralianFinancial Review, that theywere banned from leavingChina.

But they boarded a flight onMonday night following high-level negotiations between thetwo countries, after agreeingto be questioned by China’sMinistry of State Security, thetwo news organizations re-ported. The pair arrived inSydney on Tuesday morning.

The journalists were visitedat their residences by Chinesestate security officials earlyThursday. The ABC reportedthat state security wanted toquestion Mr. Birtles over a “na-tional security case.” Accord-ing to the Australian FinancialReview’s account, the pairwere told they were persons ofinterest in an investigation intoa third Australian journalist,Cheng Lei, a news anchor forstate broadcaster China GlobalTelevision Network, who hasbeen detained in Beijing sincemid-August.

Mr. Birtles had booked aflight for last Thursday, butduring the visit from Chineseauthorities before departure hewas told he couldn’t leave, theABC reported. He contactedAustralian officials, who ar-ranged for him to stay at theembassy compound. Chineseauthorities interviewed him onSunday, the ABC reported.

Mr. Smith stayed at the Aus-tralian consulate in Shanghai.

By Philip Wen inMelbourne and RachelPannett in Sydney

AustraliaSecuresReporters’China Exit

India, China Level ChargesOf Gunfire Along Border

ing where troops could set upcamps, have frayed in recentyears.

Around 40 Chinese soldiersequipped with weapons, spearsand machetes tried to confrontIndian soldiers at a couple ofhigh points in the Himalayas onthe south bank of Pangong

Lake, but they were pushedback, the Indian security offi-cial said. A Chinese governmentspokesman accused the Indiantroops of crossing into Chinese-controlled territory.

The charges of troop maneu-vers at the lake, whichstretches from Ladakh, India, tothe Tibetan Autonomous re-gion, indicate both sides aredissatisfied with the situationafter clashes in June culmi-nated in the deadliest confron-tation between the countriessince the 1962 war.

That clash, in a remote val-

ley, left 20 Indian soldiers deadalong with an undeterminednumber of Chinese casualties,which China has neither con-firmed nor denied.

Indian officials say they willstation tens of thousands moretroops than in past yearsthrough the winter. They aren’truling out confrontations in thesubzero climate, somethingthat would be almost unprece-dented. While India insists itisn’t provoking confrontation,which the Chinese charge, se-nior officials say they won’t ac-cept Chinese troops setting upencampments or installingroadways or weapons installa-tions in areas India considersunder its control.

“We are prepared for theworst,” the Indian security offi-cial said. “It can’t be businessas usual with China until theirforces go back to maintain thestatus quo ante of April 2020.”

The two Asian giants havebeen at loggerheads for monthsafter flare-ups along their2,000-mile disputed border inthe past few months sent rela-tions into a downward spiraland alarmed an internationalcommunity already concernedabout assertive Chinese actionsfrom North Asia to Hong Kong

BY RAJESH ROY

An Indian Army convoy moves through Leh, India, near the country’s 2,000-mile-long border with China.

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The countries havedisagreed abouttheir boundariessince the late 1940s.

THEWALL STREET JOURNAL. Wednesday, September 9, 2020 | A9

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Following guidance from expert regulatory authorities

such as the FDA regarding the development of COVID-19

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WORLD NEWS

kashenko, Ms. Kalesnikava wasone of the principal figuresbehind the recent protests.The Coordination Council, aBelarusian opposition bodyformed in the wake of theelection, said she and twoother activists were kidnappedby unknown people from thecenter of Minsk early Monday.It later confirmed that her twocolleagues are currently inUkraine’s capital, Kyiv.

“We can confirm the factthat earlier Maria Kalesnikavawas not planning to volun-tarily leave Belarus,” the bodysaid.

Opposition leader SvetlanaTikhanovskaya, who fled Be-larus for neighboring Lithua-nia shortly after the election,called for Ms. Kalesnikava’simmediate release.

“You can’t hold people hos-tage,” she said. “By kidnappingpeople in the middle of theday, Lukashenko demonstrateshis weakness and fear.”

The reports of Ms. Kale-snikava’s alleged abductiondrew condemnation from the

kashenko claimed victory in adisputed election in August.

Ukraine’s Deputy InteriorMinister Anton Gerashchenkosaid that Belarusian authori-ties had attempted to forceMs. Kalesnikava out of Belarusto weaken its oppositionmovement, which has orga-nized weeks of mass protestsagainst President Lukashenko.

“It wasn’t a voluntary trip,”Mr. Gerashchenko said in aFacebook post. “Maria Kale-snikava was not able to be re-moved from Belarus becausethis brave woman took actionto prevent her movementacross the border.”

The Belarus State BorderCommittee said Tuesday thatMs. Kalesnikava was detainedwhile attempting to crossovernight into Ukraine withtwo colleagues, who were al-lowed through. The UkrainianState Border Guard Serviceconfirmed that the otherswere in Ukraine, while Ms.Kalesnikava hadn’t entered thecountry.

A vocal critic of Mr. Lu-

Maria Kalesnikava, one ofthe last core opposition lead-ers left in Belarus, was de-tained at the border withUkraine after thwarting an at-tempt to expel her from thecountry, Ukrainian authoritiesand her supporters said, a dayafter she was allegedly ab-ducted amid a crackdown onantigovernment protesters.

Pavel Latushko, an opposi-tion member, said on his In-stagram profile that Ms. Kale-snikava had stymied theattempt to force her to leaveBelarus by tearing up herpassport at the checkpoint.

Several prominent opposi-tion figures have left the for-mer Soviet state, some in fearof arrest, others by force, afterlongtime leader Alexander Lu-

BY GEORGI KANTCHEV

Dissident Foils Bid toExpel Her From BelarusAn opposition leadertore up her passport,preventing her forcedremoval to Ukraine

at Ford’s 2-million-square-footVan Dyke Transmission Plantin Sterling Heights, Mich.,which manufactures front-wheel-drive transmissions.The plant occasionally needsto be redesigned when newproducts need to be made,meaning the company needsan accurate scan of its layout,Mr. Goderis said.

In tests that began in lateJuly, the Fluffy robot sits atopanother rectangular-shapedrobotic device on wheels, nick-named “Scouter” and made byan undisclosed vendor.

Both devices can capturescans of the plant but Fluffy isdeployed only when it needsto climb stairs or access hard-to-reach areas, because itsbattery lasts 90 minutes.

Scouter is autonomous,though Fluffy isn’t. A digitalengineer—now known as thedog handler—walks alongsideFluffy to control where it cango. By mid-October, Ford engi-neers expect that Scouter willbe able to communicate withFluffy.

“They’ll go through andnavigate the facility, and when

Scouter encounters a tightarea, it deploys the ‘hound,’”Mr. Goderis said.

The robot-enabled scansare eventually meant to re-place an existing process inwhich a Ford employee standsin different areas of the manu-facturing plant holding a tri-pod with a laser attached to it,waiting about five minutes forthe laser to capture between60 and 80 scans an hour.Scanning a 2-million-square-

foot plant that way would nor-mally take about three to fourweeks at a cost of $300,000,Mr. Goderis said.

The robotic method couldscan a plant in about half thetime, capturing 120 to 160scans an hour at a fraction ofthe cost.

“It is very mundane, so wewant to take the engineerthat’s collecting that informa-tion and use their time in amore valuable way,” Mr. God-

eris said, such as having em-ployees use computer-aideddesign techniques to reconfig-ure a plant’s layout, he said.

In 2017, SoftBank Groupagreed to acquire Boston Dy-namics from Alphabet Inc.’sGoogle.

Other companies also de-velop robots for industrial use,including Pittsburgh-based Ae-thon Inc., whose robots cancarry up to 1,400 pounds ofequipment, and Salt Lake City-based Sarcos Corp., whose ma-chines can navigate hazardousterrain and help humans liftheavy objects.

The Boston Dynamics robot“isn’t the only game in townand not the only approach, butit’s the most viral and charis-matic approach,” said J.P.Gownder, an analyst at For-rester Research Inc.

The robot became commer-cially available for purchase inJune, after an eight-monthearly-adopter program withselect customers.

Since September of lastyear, Boston Dynamics hassold or leased more than 250Spot robots, said Michael

Perry, vice president of busi-ness development.

The device is being used inareas such as construction andenergy. Spot was also recentlyused at a hospital’s emergencydepartment to help assess pa-tients believed to have less-se-vere cases of Covid-19.

Spot uses laser scannersand image detection to collectdata about building sites togive general contractors infor-mation about the status ofconstruction projects, Mr.Perry said.

In the electric utility indus-try, Spot is used to inspect nu-clear power-generating facili-ties.

Typically, human-led in-spections would require suchfacilities to be shut down foras long as three days, whichcould add up to millions ofdollars in lost revenue, Mr.Perry said. In construction andenergy, the robot is used au-tonomously.

“Spot can go into those en-vironments because we’re notworried about it being electro-cuted,” or being exposed to ra-diation, Mr. Perry said.

WORLDWATCH

Rescue crews searched Tuesday for survivors after a marble mine collapsed in northwest Pakistan, sending giant boulders tumbling ontodozens of workers loading the marble onto trucks. At least 22 bodies were recovered and more miners were feared missing, officials said.

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A four-legged robot built by Boston Dynamics in a Ford plant.

FORD

digital engineering manager atFord.

The robot, nicknamed“Fluffy” by one of Ford’s digi-tal engineers, weighs 70pounds and is equipped withfive cameras that give it 360-degree vision, letting it ob-serve what’s in front of it andavoid obstacles. It can climbstairs and stabilize itself onslippery surfaces and metalgrates using optimization al-gorithms.

It can also access hard-to-reach areas within the plant,as long as they are at least 2feet wide.

The robot dog, officiallycalled “Spot” by Boston Dy-namics, costs $74,500. Fordhas leased it.

The device is being tested

ContinuedfromPageOne

Fluffy theRobot DogOn Prowl

Several members of the Co-ordination Council have beendetained, while Nobel Litera-ture Prize winner SvetlanaAlexievich has been sum-moned for questioning. An-other council member, OlgaKovalkova, was forced to leavefor Poland over the weekend,the opposition body said.

—Valentina Ochirovain Moscow

contributed to this article.

detained for protesting,though nearly all were re-leased. Human-rights re-searchers said they docu-mented more than 500 casesof people being beaten andtortured while detained by se-curity forces or in detentioncenters.

Since then, authorities haveemployed less violent, butmore focused methods, target-ing top opposition members.

European Union and cameamid fears that the Belarusiangovernment was stepping upits efforts to crack down onprotests.

On Sunday, tens of thou-sands of people marched inMinsk, demanding Mr. Lukash-enko resign. Security forcesdetained 633 demonstrators,Belarusian authorities said.

After the Aug. 9 election,more than 7,000 people were

Belarus authorities released a photo said to show Maria Kalesnikava in a car at the Ukraine border.

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tics South Africa illustrated thedevastating effect of lockdownon different sectors of theeconomy: The manufacturingindustry contracted an annual-ized 74.9%; output from the im-portant mining sector plum-meted 73.1%; transport, storageand communications decreased67.9%; and the trade, cateringand accommodation industryshrank 67.6%. The agriculture,forestry and fishing sector wasthe only positive contributor,increasing 15.1% between Apriland June.

The government of Presi-dent Cyril Ramaphosa in Aprilannounced a 500 billion rand($29.84 billion) stimulus pack-age—including a paycheckprotection program and a spe-cial social grant for the needi-est—to help cushion the blowof the lockdown. In July, thecountry received a $4.3 billionemergency loan from the In-ternational Monetary Fund.

The statistics agency hasn’treleased unemployment datafor the second quarter, but itis likely that joblessness hasincreased significantly fromthe first quarter’s 30.1% unem-ployment rate.

One nationally representa-tive survey found that 27% ofworkers lost their income inApril, while 47% of householdsran out of money to buy food.

Sindiswa Mbonambi, abeauty-salon owner in Johan-nesburg, said she had to let goall six of her staff and movedin with friends after the lock-down forced her to close fortwo months.

The single mother said sheremembers going to the storeand not having enough cash tobuy a pack of noodles. “Ididn’t even have 22 rand($1.30),” she said.

JOHANNESBURG—SouthAfrica’s economy shrank by anannualized 51% in the secondquarter, its worst quarterlydecline in at least a century

and one of the steepest con-tractions recorded by any ma-jor economy during the coro-navirus pandemic.

Africa’s most developedeconomy imposed a strictlockdown in late March, clos-ing most businesses and ban-ning the sale of alcohol andcigarettes along with otheritems not considered essential.

The restrictions managed toslow the spread of the corona-virus in South Africa, but in-fections increased after largeparts of the economy were al-lowed to reopen in July. As ofMonday night, the country of60 million had recorded639,362 coronavirus cases—the seventh-highest caseloadglobally—and 15,004 deaths.

Annualized growth figuresextrapolate what would hap-pen over a full year if theeconomy grew or contractedat the same rate as in thequarter being measured. Com-pared with the second quarterlast year, gross domestic prod-uct plummeted 17.6%, the sta-tistics agency said—a slightlybetter performance than the23.8% contraction recorded byits emerging-market peer In-dia, but worse than the 11%decrease seen in Brazil, andTurkey’s 9.5% contraction.

In the same period, U.S. andGerman output declined byaround 10%, while Italy lost12%, and Spain 19%.

Tuesday’s release by Statis-

By Aaisha Dadi Pateland GabrieleSteinhauser

South Africa’sEconomy Shrinks51% in Lockdown

FROM PAGE ONE

LEBANON

U.S. SanctionsTwo Former Officials

The Trump administrationblacklisted two former Lebanesegovernment ministers it saysaided Iran-backed Hezbollah andare part of systemic corruptioncontributing to the country’seconomic and political crises.

The Trump administration saidthe action against Yusuf Finyanus,a former minister of transporta-tion and public works, and AliHassan Khalil, a former financeminister, is an effort to help Leba-non use the political backlashfrom last month’s deadly Beirutport blast to overhaul a govern-ment long plagued by corruption.

The Treasury Departmentdidn’t accuse the two of direct re-sponsibility for the explosion thatkilled 191 people, injured thou-sands and leveled much of down-town Beirut, but said the catas-

trophe justified urgent action.A senior administration offi-

cial said the men likely hadsome level of oversight of theport during their tenures, thoughthe official added that the sanc-tions weren’t based on that fact.“Both of these ministers wouldhave had some involvement inthe development of Lebanesegovernment policies and govern-ment action concerning the Bei-rut port and the activities there,”the official said.

Neither of the former officialsresponded to requests for com-ment. Hezbollah officials didn’t re-spond to a request for comment.

—Ian Talley

MEDITERRANEAN SEA

Ship With MigrantsLocked in Limbo

A commercial tanker hasbeen anchored in the Mediterra-nean Sea with 27 rescued Afri-

cans aboard for more than amonth, caught in a stalemate asports in the region refuse to al-low the Maersk Etienne to dock.

The migrants, including apregnant woman and a child,have remained on board underworsening conditions since theDanish-flagged vessel pulledthem from a small fishing boaton Aug. 4. Malta requested therescue but authorities and thosein nearby Tunisia have deniedthe vessel entry to their ports.

“Unfortunately, we haven’tbeen informed about a solutionfrom the responsible govern-ments,” said Kis Soegaard, aspokeswoman for Maersk Tank-ers, which owns the ship.Maersk Tankers is part of A.P.Moller Holding AS, the parentcompany of shipping giant A.P.Moller-Maersk AS.

The ship has enough foodand water, the crew said, butsupplies will eventually run out.

—Costas Paris

PAKISTAN

Mine Collapse KillsMore Than 20

Rescue crews using heavymachinery recovered 14 morebodies from a collapsed marblemine in northwestern Pakistan,raising the death toll in the inci-dent to 22, officials said.

The cause of the cave-inwasn’t known. Mining accidentsare common in Pakistan, whereregulations are often ignored.

About 35 miners were load-ing marble onto trucks Mondaywhen huge boulders fell onthem at the mine in Mohmanddistrict near the Afghan border.

The first eight bodies werepulled out the same day, while14 more were retrieved Tuesday,according to Khateer Ahmad, incharge of the emergency servicein the northwest. He said moreminers were trapped.

—Associated Press

THEWALL STREET JOURNAL. * * Wednesday, September 9, 2020 | A10A

Mr. de Blasio on Tuesdaypraised Ms. Garcia and saidher concern about the cuts waswarranted. “No one wants tomake cuts like that, but we’vehad to against the backdrop of

an extraordinarily tough bud-get situation,” he said.

Ms. Garcia has led the sani-tation department since 2014and took on additional rolesduring her tenure, including

New York City recordednearly two dozen shootingsover the Labor Day weekend,as the New York Police De-partment dispatched addi-tional officers to counter asurge in violent crime thissummer.

NYPD data showed therewere 22 shootings across thecity from Friday through Mon-day, including an incident inwhich a 6-year-old boy was in-jured when he was struck inthe leg by a bullet in Brooklyn.The city recorded 16 shootingsduring the 2019 Labor Dayweekend, according to theNYPD.

For this year’s holidayweekend, the NYPD dispatchedhundreds of additional officersalong the traditional route ofthe West Indian American DayParade. The parade usuallytakes place in Brooklyn butwas canceled this year becauseof bans on large gatherings toprevent the spread of the newcoronavirus.

The officers were meant todiscourage crowds from form-ing, including for J’Ouvert, arelated celebration that nor-mally takes place before theparade. Both events have seenviolent incidents in previousyears.

During the weekend of Aug.29-30, the city saw 24 shoot-ings, according to the NYPDdata. The weekend before that,police recorded 26 shootings.

At a news conference Tues-day, Mayor Bill de Blasio saidthe slight drop in shootingsover Labor Day weekend fromthe previous two weekendswas a positive sign. He cred-ited the collaborative effortsof police and anti-violence

community groups.“Compared to the concern

folks had, we saw minimal,thank God, minimal violence,but much more importantly,we saw an extraordinary com-munity effort to keep thepeace,” said Mr. de Blasio, aDemocrat.

Violent crime has surged inNew York City over the sum-mer months after the city be-gan easing lockdown restric-tions put in place to stop thespread of the coronavirus.

For the four-week periodthat ended Sunday, the citysaw 222 shootings, a rise of147% from 90 shootings in thesame period last year. The cityrecorded 55 homicides in thatperiod, up 49% from 37 homi-cides in the same period in2019.

NYPD officials said officershave begun to make progressfighting the increase in crime,with more patrols and a rising

number of arrests for guncrimes. Police made 160 gunarrests for the week endedSunday, up 122% from 72 sucharrests in the same period lastyear.

Police officials said the fig-ure represented the most gunarrests the NYPD made in asingle week since 1995, with128 people charged and 87guns recovered over LaborDay weekend alone.

Brooklyn Borough PresidentEric Adams, a former NYPDcaptain, said Tuesday that hebelieved efforts to build con-sensus between law enforce-ment and community groupswas helping to reduce violentcrime. However, he said thecity would need to do muchmore to reduce the violenceand get public safety undercontrol.

“It’s important to recognizeprogress when it occurs,” Mr.Adams said.

BY BEN CHAPMAN

City Saw 22 ShootingsOver Labor Day Weekend

ing and rat mitigation.The city, which faces a $9

billion deficit over the nexttwo years, may soon cut an ad-ditional 1,000 sanitation de-partment employees. The lay-offs could be avoided if thestate Legislature grants Mr. deBlasio’s request to give the citythe power to borrow money.

“If, as is often said, budgetsare a statement of values, myvalues require me to resign inthe face of these cuts, whichwill harm New Yorkers,” Ms.Garcia said in a resignation let-ter to Mr. de Blasio, which TheWall Street Journal reviewed.

She told the mayor and hisstaff that she was resigning onMonday evening. Her last dayas commissioner is Sept. 18.

Her resignation comes on

the same day as that of RaulPerea-Henze, a deputy mayorof Health & Human Serviceswho joined last November. Inhis resignation letter, also re-viewed by The Wall StreetJournal, he said he would fo-cus his energy on his family.

In an interview, Ms. Garcia,50 years old, said she didn’tbelieve Mr. de Blasio andother top officials in the city’sbudget office understood howdangerous the cuts to the san-itation department were.

“I’m concerned for the city,concerned with what they’reasking for from the depart-ment,” she said. Overflowingtrash bins and piles of garbageon the street give the appear-ance of disorder, she said, andwill hurt the city’s recovery.

overseeing the removal of leadpaint from the city’s public-housing developments and run-ning an expansive food-deliveryprogram during the pandemic.

Ms. Garcia said she is con-sidering a run for mayor in2021. She would join a fieldthat includes ComptrollerScott Stringer, who formallyannounced his candidacyTuesday, and Brooklyn Bor-ough President Eric Adams.

Her role as a crisis managerand years in city governmenthave prepared her for the job,she said.

“If you’re mayor you get tochoose which of the things tobe cut,” she said. “Sanitationisn’t something I would havebeen cutting, these really criti-cal basic services.”

New York City SanitationDepartment CommissionerKathryn Garcia announced herresignation on Tuesday, sayingshe was considering a run formayor and could no longerserve in her post because re-cent budget cuts to her agencywould imperil the city’s eco-nomic recovery from the coro-navirus pandemic.

The sanitation departmentlost an estimated $106 millionin the city budget that MayorBill de Blasio and the New YorkCity Council approved at theend of June. The cuts resultedin 400 sanitation workers be-ing laid off and a reduction ofcritical services, including lit-ter-basket collection, compost-

BY KATIE HONAN

Sanitation Department Commissioner Resigns Over Budget Cuts

Kathryn Garcia is considering a run for mayor of New York City.

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In N.J. County, People Line Up for FoodGREATER NEW YORK

Hundreds of strugglingfamilies lined up in cars atBranch Brook Park in Newarkone recent afternoon to pickup boxes of free food.

Essex County, which hostedthe food-distribution event,had about 1,000 boxes of foodto give out. They ran out inunder two hours, said JosephDiVincenzo Jr., the county ex-ecutive of Essex, where morethan 1,800 residents have diedfrom Covid-19, the most of anycounty in New Jersey.

The county has been hold-ing these food-distributionevents weekly since April,when the shock waves fromthe economic shutdown stem-ming from the Covid-19 pan-demic first hit.

“You think it would be get-ting better, right?” Mr. DiVin-cenzo said. “It’s not.”

More than 1.4 million peo-ple in New Jersey have filedunemployment claims duringthe economic crisis that hasnow stretched into its seventhmonth, according to the stateDepartment of Labor andWorkforce Development.About 1.2 million people in thestate can’t afford regular ac-cess to food, a 33% increasefrom before the pandemic, ac-cording to the CommunityFoodBank of New Jersey, the

state’s largest anti-hunger or-ganization.

Demand for food banks andsoup kitchens throughout thestate has surged, and there isno indication that need willsubside soon, said Carlos Rod-riguez, chief executive of theCommunity FoodBank. Thewaves of job losses are alsoushering people into povertywho haven’t faced similarchallenges before, he said.

“You just see faces ofshock—shock on the face of amother, of a family, that theyare in line for food,” Mr. Rod-riguez said. “In many cases,this is the very first timethey’ve had to do somethinglike this.”

The Community FoodBankdistributed 66 million mealsthrough the end of June, up

from an expected 51 millionmeals, Mr. Rodriguez said. Heforecasts his organization willdistribute an additional 80million meals by the end ofJune 2021.

The economic crisis hasalso had a disproportionateeffect on communities of colorand the working poor, whohave fewer resources toweather the downturn, Mr.Rodriguez said.

The unemployment rate forBlack, Hispanic and Asianworkers in New Jersey waswell above 15% for the secondquarter of 2020, while therate for white workers was13%, according to an analysisby the Economic Policy Insti-tute.

The economic crisis is shin-ing a spotlight on existing in-

equities, said Vineeta Kapahi,a policy analyst with New Jer-sey Policy Perspective, a left-leaning think tank.

All regions of New Jerseyhave felt the devastation fromthe economic crisis, but in Es-sex County—home to urbancenters like Newark and EastOrange and suburban townslike Maplewood and Mont-clair—the challenges havebeen especially acute. Morethan 128,000 Essex Countyresidents have filed for unem-ployment since mid-March,second only to Bergen County,which had about 140,000claims.

MEND NJ, a nonprofit thathelps lead a network of foodpantries in Essex County, sawdemand for food rise between10% and 40% at the start of

the pandemic, said Robin Pea-cock, executive director of thegroup. The demand has begunto level off, but food pantriesare preparing for another in-flux in the fall, she said.

“I think everyone is cau-tiously waiting for the nextround, for more people tostart coming out again,” Ms.Peacock said.

Mr. Rodriguez of the Com-munity FoodBank said his or-ganization is preparing for aprolonged economic downturnand is urging federal lawmak-ers and the Trump adminis-tration to provide additionalrelief to help those in need.

“This food is sorely neededuntil the economy is back ontrack,” Mr. Rodriguez said. “Inevery disaster, that takesyears.”

BY JOSEPH DE AVILA

Job losses in area hithard by Covid-19 arepushing many intopoverty for first time

Alexander Zverev Advances to U.S. Open Semis

MOVING UP: The No. 5 seed defeated Borna Coric 1-6, 7-6 (5), 7-6 (1), 6-3 on Tuesday at the U.S.Open in Queens, becoming a Grand Slam semifinalist for the second time in as many majors this year.

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Officers at the scene where a 6-year-old boy was wounded Monday.

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A10B | Wednesday, September 9, 2020 * * THEWALL STREET JOURNAL.

Ms. Wood arrived. A gift-store clerk didn’t know theright size for a ring a cus-tomer had ordered, produc-ing a flurry of calls. Mean-while, I got a text from aCinch customer-service repabout my own order—thecandle I’d ordered from aPark Slope store was out ofstock.

Some stores that partnerwith Cinch do a better jobthan others updating theironline inventory, Ms. Ko-merov says. Shops that don’trespond to Cinch’s efforts tohelp them improve will beremoved from the platform.“It’s a community of busi-nesses. Everyone needs tohelp us create the best expe-rience,” she says.

After Ms. Wood collectedall the merchandise fromshops, she sorted it into or-ders for Cinch customers.Actual delivery to customer’shomes—which is same-dayfor orders placed by 10a.m.—is done by a third-party service, Ms. Komerovsays.

Cinch charges a $5.95 de-livery fee, which is waived

for orders over $59. The av-erage Cinch order includes$55 of merchandise fromtwo to three different Brook-lyn shops, Ms. Komerov says.

R etail partners likeRobby Schnall, co-owner of Cobble Hill

gift shop Woods Grove, sayCinch expands their reach.Mr. Schnall is getting orders

from residents in Williams-burg, Crown Heights andGreenpoint—which helpsmake up for the pandemic-instigated sales decline thissummer.

Anthony Fauci, who ownsCarroll Gardens toy storeRunnin’ Wild with his wife,says he maintains an Ama-zon shop to increase totalsales and get rid of excess

inventory that doesn’t sell inhis store. But Amazon takesa 15% cut of the sale, hesays, and he has to handle allthe packing and shipping. Helikes partnering with Cinchbecause it takes a maximumcut of 9% and handles all thelogistics. He is selling severalorders a day through thestartup, “crazy more than Iexpected,” he says.

Amazon declined to com-ment on Cinch, but it says itoffers fulfillment services toindependent merchants whodon’t want to do their ownpacking and delivery, alongwith digital tools to helpthem maximize their profits.

I’ll for sure keep usingAmazon—no one in Brook-lyn, after all, seems to sellmy favorite orange spiral-bound notebook or brand oftights. But going forward, I’lltry Cinch first.

“It takes a lot of guts totake a stand and help thesmall guy,” says Mr. Schnall,the gift shop owner. “She’screated a site for us to pros-per and grow.”

anne.kadet@wsj.comJA

SONSC

HNEIDER

METRO MONEY | By Anne Kadet

Startup GivesLocal Shops aFighting Chance

I’ve beenwaiting forsomethinglike this. ABrooklynstartup called

Cinch Market is aggregatingthe inventory of local smallbusinesses—from clothingboutiques to wine stores—soresidents can shop severalretailers at once and get asingle, same-day delivery.The company’s clever tag-line: “Shop Brooklyn NotBezo$.”

At last! Like everyone whoisn’t a complete psychopath,I try to shop local. But Idon’t always have time forthe 20-block trek to thenearest bookstore. CinchMarket, which I learnedabout from a flier droppedon a stoop, aims to make iteasy to support nearby mer-chants.

“Every business in thecommunity can integratetheir inventory into theBrooklyn ‘EverythingStore,’ ” says founder MayaKomerov, who launched theplatform in June.

The site appeals to shop-pers like Prospect Heightsresident Lindsay Bressman,who worries about neighbor-hood businesses survivingthe pandemic. While sheshops Amazon.com almostevery day, she tried Cinchrecently to buy school andart supplies for her two kids.“I could see I was supportingfour different local stores,”she says. “It felt like a friendrunning to the store to pickthings up for me.”

A las, Cinch is not an“everything store”quite yet. Last week, I

searched the site for the last20 items I bought on Ama-

zon. Cinch offered five ofthose items, including a bot-tle brush cleaner and a to-bacco-scented candle. But Icouldn’t find basics likeprinter paper and eyeliner.And to my total horror anddismay, it doesn’t yet carrybooks.

It’s hard to compete withAmazon on this front. Ms.Komerov says Cinch cur-rently offers about 20,000items from 31 local stores,including bakeries, homegoods and personal-careshops. Amazon, meanwhile,says it partners with 1.7 mil-lion independent sellers andoffers “hundreds of millionsof products.” Zoiks!

But Cinch is growing.There are 30 additionalBrooklyn retailers preparingto board the platform soon,including a South Slopehardware store and a Bed-ford-Stuyvesant office-supplyshop, says Ms. Komerov, whohas $10 million in venturebacking from New York Cityinvestors. And yes, she’sworking on getting a book-store on board. She is alsolaunching a separate Cinchsite this month for Manhat-tan, which will start with afocus on the Upper WestSide, followed by UnionSquare.

Last week, I shadowed Ka-mille Wood, one of Cinch’sthree drivers, as she madethe rounds of stores onCourt and Henry streets. Iasked Ms. Wood, who livesin Flatbush, what seems tobe the most popular order.

“A lot of liquor!” she said.Collecting orders from

stores is trickier than pick-ing items off a warehouseshelf. A toy store that wassupposed to have four ordersprepared wasn’t open when

Brooklyn shops like Geometry Kids partner with Cinch Market.ANDRE

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PERSONAL JOURNAL.FAMILY & RELATIONSHIPS

doesn’t benefit you. And it doesn’tbenefit the group.There have always been people

who love to hear themselves talkand who dominate meetings. Butonline gatherings seem to have em-powered these blowhards and madethem harder to tolerate. These days,they’re projecting right into our liv-ing rooms. Their faces seem somuch closer and ballooned. There’sno box of doughnuts to sweetenthe experience.Research shows that certain peo-

ple take up more airtime in meet-ings. These include extroverts (sur-prise!), people who are higher-powered and people who belong tothe majority of whoever is in themeeting. Not only are they morelikely to talk and to interrupt others,they’re more likely to receive creditfor their ideas and to be given thebenefit of the doubt.Yes, it’s super annoying. And your

instinct to check out when you feelouttalked, outbragged and outma-neuvered is understandable. It’s ex-hausting to try to carve out spacefor yourself while also anticipatingand managing someone else’s reac-tions. But you need to stop stewing.You can start by giving the big

talkers the benefit of the doubt.There’s a good chance they don’t re-

alize how much they’re talking.Maybe they’re just enjoying them-selves. Many people are feelingmore isolated and lonelier thesedays—this meeting may be their bigsocial event of the week. And be-cause online meetings make itharder to read people’s nonverbalcues, they might mistake other peo-ple’s silence for captivation.Dolly Chugh, a social psychologist

and management professor at NewYork University’s Stern School ofBusiness, says that this lack of ver-bal cues makes it essential for on-line meetings to have a strong facil-itator. If your group doesn’t,consider volunteering for the posi-tion. If it does have one but the per-son doesn’t seem fully in control,ask to privately brainstorm ideas tomake the meeting more inclusive.G

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good at not falling for phishingscams,” Luke said. “I don’t knowhow it happened, but it did. Myfriends laughed at me, but I knowit’s happened to them, too.”

Once he regained access to hisaccount, he made sure to lock itdown. Within two hours, he said,he received about 10 text notifica-tions that someone was trying tolog into his account. Some werein Russian. When he checked thelogin history he could see some ofthe attempts were coming from aRussian IP address. He didn’t re-ceive any more notifications afterthe initial wave.

Aarush Dey made his first-everin-game purchase in April: He

used real dollars to buy gems tospend in “Brawl Stars,” a gamehe’d been playing on his iPad formore than a year. The purchasewas a gift from his parents for his11th birthday. Not long after that,his account was hacked.

His mom, Suchi Ray, had re-ceived purchase notifications fromApple in amounts of 99 cents and$2.99 and didn’t think much of it.One night, around 1 a.m., her phonedinged with a notification of yet an-other charge in the game. But Aar-ush was sleeping, and his iPad wascharging next to Ms. Ray’s bed.

“This was the first time we haddone an in-game purchase andthat was enough to expose him,”

Ms. Ray, of Houston, said. Shewas so worried that she deletedthe app and changed her Apple IDand password. Because her AppleID was linked to her PayPal ac-count, which is linked to herAmerican Express card, shechanged her passwords on thoseaccounts, too. She even changedher Google password.

“We don’t know what is linkedto what anymore,” Ms. Ray said.“The monetary loss was verysmall, but the effort to protectourselves was big.”

The hackers took 300 gemsworth around $20. In July, Ms.Ray allowed Aarush to start play-ing “Brawl Stars” again but de-IL

LUST

RATIONBY

BRIANST

AUFF

ER

HowHackersSteal FromKids’ GamingAccountsOnline videogames have surged

during the pandemic, and so has fraud

cided he would use gift cards forin-game purchases to minimizethe financial exposure.

Small losses are the norm, whichis why gaming fraud is so common:It’s a high-volume business.

But sometimes hackers get a bigprize, like Colby Bruno’s Steam ac-count. It was hacked in August lastyear, and the 17-year-old fromKnoxville, Tenn., is still reeling fromthe experience. He had more than$1,000 of weapons and skins in thegame “Counter-Strike: Global Offen-sive,” accumulated over more thanthree years.

His account was hacked, andthen the hackers spoofed hisfriends and tricked him intotransferring the virtual goods toanother account.

Colby still isn’t sure exactlyhow they pulled off the stunt; hesays he had two-factor authenti-cation enabled.

“I was in the moment and I wasfreaking out about losing my stuff,”he said.

A spokesman for Steam ownerValve Corp. didn’t respond to re-quests for comment. Steam stateson its website that it doesn’t re-plenish goods because duplicatingitems lowers their value. “It isyour responsibility to secure yourSteam account,” the policy states.

After he lost all that inventory,Colby changed all of his accountpasswords to long sequences ofletters, numbers and symbols.“There’s nothing you can do butlearn from your mistakes andhope you’re not a victim of thenext scheme,” he said.

Dear Bonds,

I volunteer for a local neighbor-

hood association and we’ve had

a lot of Zoom meetings since

the pandemic started. Increas-

ingly, there are a few people,

both men and women, who do

most of the talking—bantering

among themselves, cracking in-

side jokes, and endlessly giving

their opinions. One guy, in par-

ticular, seems to hijack every

meeting. He brags, interrupts

people, casually dismisses oth-

ers’ ideas, and gets angry when

someone disagrees with him.

This group’s work is important

to me. But often it is difficult to

break into the discussion and I

find myself sitting there fuming

in silence. What should I do?

—Stewing in N.J.Dear Stewing,You need to speak up! By remainingsilent, you’re ceding the floor. This

HOLDING YOUR OWN IN A ZOOM CALL

Dr. Chugh, whostudies organiza-tional behavior andis the author of“The Person YouMean to Be: HowGood People Fight

Bias,” suggests asking the facilitatorto call on people directly after intro-ducing an idea, instead of openingthe floor.Next, court allies in the group.

Are others silent too? Reach outand ask why. Chances are, they feelthe same as you do. But don’t getcaught up complaining. Your goal isto find a solution and to supporteach other. You can do this by tell-ing your new ally: “I have an idea I’dlike to propose at the next meetingbut I’m worried I’ll get interrupted.Will you please back me up?”Finally, Dr. Chugh suggests you

call the person who talks a lot. Tellhim, or her, that you value theirdedication and ideas. (It alwayshelps to start off with somethingnice.) Then explain that you havesome of your own but are strug-gling to make your way into theconversation. Ask if they would helpby inviting you to speak.Now enough of your silence. Go

forth and conquer Zoom.—Elizabeth Bernstein

Some peopletake upmore airtimein meetings,researchshows.

Here are some ways to protectyourself and your children

from online gaming fraud.

Set up two-factor authentica-tion: 2FA, as it’s known, is an ex-tra layer of securitythat requires an addi-tional piece of informa-tion, beyond a user-name and password, tolog into an account. Inmany cases, it’s a textmessage with a one-time code, sent with each loginattempt. While phone numberscan sometimes be spoofed, thisis still safer than not having two-factor turned on.

Create a strong password: “The pri-mary reason accounts get stolen isthey have weak passwords or use thesame password across different prod-ucts,” said Kevin Gosschalk, of ArkoseLabs. It’s also a good idea, he said, to

change passwords fre-quently. A password man-ager can help.

Never share accountdetails: It’s importantnever to share login infor-mation, even with friends,

because they might be hackersin disguise.

Check the URL: When logginginto a game on a PC or Mac,

it’s always a good idea to checkthe web address to make sure it’sthe right URL. Hackers can set upidentical-looking emails and web-sites to trick you into revealingyour login credentials. Bookmarkyour gaming platform, and don’tclick a link from an email sayingthere’s an account problem.

Set up parental controls: Paren-tal-control settings in gamingconsoles and in Apple’s App Storeor Google Play Store can ensure

parents approveany in-gamepurchasesbefore they aremade.

ParentsCan HelpKids AvoidMistakes

BONDS

After his high schoolswitched to remotelearning last spring,Luke Martin had a lotof extra time on hishands. He filled his idle

hours playing videogames. Thenhe got hacked.

One day in April when he triedlogging into the online gamingplatform Steam, he received amessage saying his credentialswere incorrect.

After Steam’s customer-servicedesk helped him get back into hisaccount, he discovered that $200of games he had purchased hadvanished. Even the $1.10 he hadremaining in his account wasgone. He checked the login his-tory and found that someone hadbeen signing into his accountfrom an IP address in Moldova.

The quarantine-induced surgein gaming last spring, especiallyamong children, has brought withit a surge in fraudsters lookingfor opportunity.

Online gaming traffic rose 30%in the second quarter comparedwith the first, and attempts tohack into players’ accounts andsteal their digital goods rose, too,according to Kevin Gosschalk,chief executive of Arkose Labs, afraud-and-abuse prevention com-pany for gaming merchants andother retailers.

While you might not consider avideogame hack to be as devastat-ing as a bank-account breach, letalone a home burglary, victims dolose personal property and fundsas a result.

Digital currency and items rang-ing from weapons to “skins,” theoutfits worn by players’ avatars,can be worth a lot to hackers whosell them in online marketplaces.

Account logins, often using sto-len passwords, are the most com-mon method of attack, accordingto Arkose.

If you reuse your passwords inmultiple sites and one getsbreached, that password mightend up on a list that hackers buyon the black market. They trythose exposed passwords and as-sociated usernames on othersites, hoping to get lucky.

Out of roughly two billion video-game login attempts in April, Mayand June, 31% were fraudulent—upfrom 11% in the prior year period,the report said. Game giant Nin-tendo reported at least 300,000 ofits world-wide users’ accounts hadbeen hacked since April, and thecompany added additional securitymeasures in response.

The loss of an account and itsinventory can be devastating toserious gamers who spent a lot oftime or money—or both—acquir-ing digital goods and skills.

“It’s like having your favoritetoy stolen,” said Mr. Gosschalk.And for some players, he said, it’slike having their very identitystripped from them.

Mr. Gosschalk estimates thathackers, in aggregate, make hun-dreds of millions of dollars a yearselling stolen digital goods.

Luke was lucky that Steam re-instated his games, and even re-funded his $1.10. The 16-year-oldfrom Mohnton, Pa., said hethought he had set up two-factorauthentication on his account butmight not have done it properly.

“I’m usually very secure with myuser data, and I’ve gotten pretty

FAMILY& TECHJULIEJARGON

A12 | Wednesday, September 9, 2020 THEWALL STREET JOURNAL.

likely will return to service. Thereare just 35 of those.

Airbus announced in Februarythat it will end production of itssuperjumbo A380 in 2021, againafter the last remaining dozen orso airplanes on order are deliv-ered. You might say airlines an-nounced the end of the A380 longago because big orders just nevermaterialized, except at Emirates.“The A380 is not only an outstand-ing engineering and industrialachievement. Passengers all overthe world love to fly on this greataircraft. Hence today’s announce-ment is painful for us,’’ Airbus saidwhen announcing the end of pro-duction. “A380s will still roam theskies for many years to come.”

All but 18 A380s at passengerairlines are grounded, according toCirium. Air France says its A380sare permanently retired. Other air-lines are also unlikely to bringback the behemoth.

The 747 was the true revolution-

ary of the two. The plane was origi-nally conceived as a cargo jet. Ele-vating the cockpit to an upper deckallowed for a nose hatch for easyloading and unloading and the abil-ity to carry full-size pallets almostthe entire length of the plane.

Its debut in 1969 dazzled at atime when jet airplanes were stillrelatively new to the world. Air-lines loved the airplane for its longrange more than its massive cabinspace. Its current version can takeoff weighing close to 1 millionpounds and fly 9,200 miles. In thebeginning, some made the upperdeck a very exclusive lounge witha piano by the bar.

“The 747 was kind of like acruise ship, a throwback to the fly-ing boat,” says Scott Hamilton, avi-ation analyst and managing directorof Leeham Co. “It just brought awhole new standard of luxury.”

The 747 really did fly the worldto globalization. Many people tooktheir first overseas trip on one.

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job out of college. L.A. is the con-vertible capital of the world, be-cause of the weather. I used todrive around L.A. with the Doors’song “L.A. Woman” playing, andthat car made me feel like such apart of the city. I would get thumbsup all over. Sometimes I would re-

turn to where I had parked the carand there would be a note on theseat asking if I wanted to sell it.It is an iconic model. Mercedes

started making SL convertibles inthe mid-1950s [SL stands for superlight] and the company still makesthese two-seat convertibles today.

I ended up moving to Portland,Ore., and San Francisco, and eachtime, I drove the car to my newhome. But by 1996, the car neededwork, and I had a kid coming. Therewas nowhere to put a car seat. Iended up selling it.Eight years ago, when I met my

Cecilia Hirko, 60, a retired kitchendesigner living in Boerne, Texas,on her 1964 Mercedes-Benz 230 SL,as told to A.J. Baime.

I HAVE ALWAYS BEEN a convertiblegirl. When I was in my 20s, I saw apicture of this 1963 Mercedes-Benz230 SL. When it comes to convert-ibles, the lines and the proportion areextra important. The top third of thecar is missing, and that puts a lot ofpressure on the bottom two-thirds.To me this car was perfect. I trackedone down through a classified ad. Idon’t remember what I paid for it,but it was surprisingly affordable.At the time, I was moving to Los

Angeles to work for IBM—my firstJOSH

HUSK

INFO

RTH

EWALL

STRE

ETJO

URN

AL

MY RIDE | A.J. BAIME

AMercedesPerfect forHollywood,Back Roads

Backpackers could get around theworld easily. Families could goway beyond Disney World. Cargocould move more easily andcheaply, too, since the airplane hada really big belly.

In recent years, upper-deck busi-ness-class became the favorite ofmany travelers. One big reason pas-sengers loved the big jets was thespacious feeling even when seatswere squeezed together. Like a hugeSUV today, big cabins don’t feel liketypical airline sardine cans.

Boeing says it delivered 1,556747s, including freighters, over 50years. For many aviation enthusi-asts, its memory will always be ablessing.

Not so for the A380. It hasproven to be a colossal mistake.

“In aircraft heaven, the 747 willbe there. The A380 will not,” saysRichard Aboulafia, vice presidentfor analysis at Teal Group, an aero-space and defense research firm.

The A380 was officiallylaunched in 2000. Its first flightwas 2005, and it entered into air-line service in 2007 with Singa-pore Airlines, with Airbus predict-ing sales of 1,200 jets. Instead,Airbus has delivered just 242.

Theories abound on why France-based Airbus went ahead with amassively expensive project thatseemed so obviously ill-conceived.It coincided with the early years ofthe European Union, and a big in-dustrial project that created workacross multiple European countrieswas seen as a good thing.

In addition, Airbus wanted acomplete product line to competeagainst Boeing, and that meanthaving a jumbo jet. And many be-lieved that airport hubs, particu-larly in Europe, would get increas-

IIT’S TIME TO EULOGIZE thepassing of the 747 and A380, en-gineering marvels that defiedgravity, tantalized travelers withluxurious cabin space and openedintercontinental travel to themasses by making cheap faresplentiful.

The pandemic sped up their de-mise, which seemed inevitable re-gardless. There’s little doubt airtravel will see weaker demand forseveral years, which is a killer forenormous airplanes that requirestrong demand to fill seats. Thelosses will be mourned by manytravelers, and will be particularlyhard on airplane aficionados forwhom these incredible machinesrepresented jet nirvana.

But from the beginning, bothjumbo jets were too big for mostmarkets, and the only way airlinescould fill them was by offering verycheap fares. While travelers profitfrom cheap fares, airlines don’t.

Boeing announced at the end ofJuly that it would discontinue 747production in 2022 when it finishesbuilding the last 15 freighters on or-der. The last passenger version ofthe 747 was delivered in 2017,though two planes built for an air-line but never delivered will becomeAir Force One presidential transport.

Almost all 747s at passengerairlines are grounded, according toCirium, an aviation data and ana-lytics company. Several big airlinesthat fly the older 747-400 saythose planes are done. The newer747-8, flown by three airlines,

THE MIDDLESEATSCOTTMcCARTNEY

Bidding Farewell to the Jumbo Jet

second husband, wewere talking about re-grets in life. I men-tioned selling my oldSL, and I didn’t thinkmuch about it at the

time. Two years ago, he surprised meon my birthday. He said, “Hey, canyou come outside? The landscaperwants to talk to you.” I walked outand there was this trailer with a1964 230 SL on the back.It was quite a moment! I was

surprised that my husband remem-bered that I had talked about myold SL, and that he was able totrack one down and buy it in thesame color as the first 230 I owned.This was a 1964 and not a 1963, butit was even better, as it had powersteering, seat belts, and a morebeautiful interior.Today, I have a 2013 SL and the

technology is marvelous. But thebeauty of the 1964 SL, the styling,the lines and the design of thedashboard—it’s just classic. I drive iton the back roads of Texas hillcountry, and the four-speed shiftssmoothly. Everywhere I go peoplegive me the thumbs up, just likethey did back when I was in L.A.

CeciliaHirko andher 1964Mercedes230 SL.

ingly congested, so a giantairplane that maximized each pre-cious takeoff and landing slot hadto be the future of travel.

Instead, travelers and airlineshad already begun to favor smallerplanes and nonstop flights to des-tinations that avoided connectionsin big hubs.

“The handwriting was on thetombstone and they just keptwhistling past,” says Mr. Aboula-fia. “There was so much regionalpride wrapped up in it.”

The airplane itself had manylimitations despite its size. TheA380, weighing a maximum 1.3million pounds at takeoff, is essen-tially two wide-body cabinsslapped one on top of the other.But it had only one cargo belly,and most of that was for fuel andpassenger baggage. Very littlecargo space made the economicsof the plane more challenging forairlines. Airbus’s twin-engine A350has twice as much cargo capacityas the much larger four-engineA380, according to Mr. Aboulafia.

Boeing was already banking ona fragmented future of air travel—those nonstop flights to secondarycities. Instead of having to connectin London, Paris or Frankfurt, whynot fly nonstop to Nice or Veniceor Zurich on a smaller plane withlong range?

The Boeing 787, which seats about300, and the Airbus A350, whichtypically carries 350 to 400 passen-gers, killed the A380, which typicallyseats 550, and the 747, which usuallyhas more than 415 seats. The Boeing777 also comes close to 747 capacitybut flies more economically, withtwo engines instead of four.

“The undisputedly successfulairplane is the 787. That’s Boeing’sone success right now,” says Mr.Hamilton. Boeing’s 737 productionwas halted with the MAX ground-ing and its 777 production ratewill drop to two aircraft permonth from three starting next

year as that program struggles tolaunch a new version. Boeing ac-knowledged that the airplane mar-ket was smaller in a July letter toemployees. “The commercial mar-ketplace is different, and we mustchange with it,’’ Chief ExecutiveDave Calhoun wrote.

Mr. Hamilton notes while travel-ers will miss the less claustropho-bic feeling in the big cabins of the747 and A380, some aspects won’tbe mourned. “You won’t miss thequeues for the lavatory. You won’tmiss the huge wait at the baggage-return area. You won’t miss thevastly overcrowded gate boardingarea,” Mr. Hamilton says.

But you may miss the prestige.

The 747 really did fly theworld to globalization.Manypeople took theirfirst overseas trip on one.

Days are numbered forthe Boeing 747, seen here,

and the Airbus A380.Below, first class on the747’s first commercial

flight in 1970.

PERSONAL JOURNAL. | FAMILY & RELATIONSHIPSNY

THEWALL STREET JOURNAL. Wednesday, September 9, 2020 | A13

ARTS IN REVIEW

“Dude, you went toastal.”Keef tries to ignore, play down

and finally confront his very baddays but can’t. “Once your eyes areopen you can’t unsee,” says Ayana(Sasheer Zamata), the editor of alocal alternative paper who’s beentrying to recruit a more “woke”Keef. His response is, “Yeah, well itdoesn’t mean I can’t try.” As hetries to get his life back together,the distractions include Adrienne(Rose McIver), an artist with whomKeef is romantically intrigued; hisrecruitment as the hip Black (paid)guest at monied-San Francisco soi-rees; and the verbal antics of Keefand his roommates, which makethe show seem like a beatnik “Sein-feld.” The music is remarkablygood. The cast is even better.

WokeWednesday, Hulu

A lthough its title seems guar-anteed to put teeth on edgeon both ends of the political

spectrum, “Woke” isn’t what itseems. Not exactly. The “woke-ness” extends to otherwise inani-mate objects. Which results in asymbiotic/adversarial relationshipbetween the real and the ani-mated. And the possibility that our

HULU

(2)

hero is totally insane.The story involves the exceed-

ingly likable Keef Knight (based onartist Keith Knight and played byLamorne Morris), whose comicstrip “Toast-n-Butter” is on the eveof syndication. His enthusiasticagents have even orchestrated adeal with a major bakery to useKeef’s cast of characters—a piece

of toast and pat of butter—in itspackaging. But on his way backhome from a successful publicityshoot and last-minute meeting forhis scheduled appearance at“Golden Con,” he’s assaulted bySan Francisco police, who mistakehim for a robbery suspect. Keefwalks away, physically intact. Buthow together he is upstairs be-

comes a big question ofthe show’s eight-partseason.

Using hallucinationsand delusions as meta-phors for a politicalawakening is a provoca-tive idea. So is the no-tion that a full apprecia-tion of the Blackexperience in Americamight make somebodycrazy. But this mightgrow tiresome if“Woke”—created by Mr.Knight and MarshallTodd (“Barbershop”)—weren’t so otherwisecharming. This can becredited in large part toMr. Morris, who playsKeef with equal partsself-awareness and be-musement, but also tothe balance “Woke”strikes between politics

and the pure com-edy of human inter-action. Or collision.

The balance be-tween messageand amusementbecomes evenmore comfortableonce Keef getspast his disastrousshowing at GoldenCon, which is pre-ceded by heavy political lobbyingfrom Keef’s closest constituents—his cartoon characters, his gar-bage cans, the malt liquor on theshelf at the bodega, and even hisbelligerent Sharpie, which goes onstrike. Before a roomful of eagerfollowers, Keef flips out, rantsabout race, condemns all his workas irrelevant, alienates his agentsand then sees his tantrum go vi-ral. His roommate Clovis (T.Murph), a womanizing sneakeraficionado and champion of thegig economy, laughs when a ruefulKeef uses the word “episode” todescribe his meltdown. “You thinkit was an episode?” Clovis says,scoffing. “That was more like aseason finale.” Their other room-mate, Gunther (Blake Anderson)—who is trying to convince himselfhe can market an “energy pow-der” that is mostly cocaine—adds,

TELEVISION REVIEW | JOHN ANDERSON

‘Woke’: Truth in Delusions

T. Murph as Clovis, Blake Anderson as Gunther and Mr. Morris in ‘Woke’

Lamorne Morris as Keef and Sasheer Zamata asAyana in Hulu’s new comedy series

WashingtonIN 1669, LOUIS XIV founded theOpéra de Paris, still the premier op-era and ballet company of France.To celebrate the Opéra’s 350th an-niversary, the Musée d’Orsay andMusée de l’Orangerie in Paris andthe National Gallery of Art in Wash-ington collaborated on “Degas atthe Opéra,” a rich assembly ofpaintings, works on paper and asculpture by the enigmatic artist,all addressing the world of the ven-erable institution’s musicians anddancers, drawn from the museums’extensive holdings and interna-tional public and private collec-tions. Seen in Paris last fall andwinter, the exhibition opened inWashington on March 1 and closedsoon after. Now through Oct. 12,“Degas at the Opéra” can be sa-vored by the masked and sociallydistanced who book free timedpasses, available on the NationalGallery website.

As the accent aigu of “Opéra”signals, the exhibition is not aboutDegas’s devotion to “opera,” al-though he was a subscriber withbackstage privileges, including ac-cess to the Foyer de la Danse,where male patrons made privatearrangements with dancers. Rather,the show explores his lifelong expe-rience of music and dance, as per-formed, rehearsed and taught atthe 19th-century incarnation ofLouis XIV’s creation. Dancers in tar-latan tutus and colored sashes arewell represented, but so are musi-cians, some of them Degas’s friends.Examples of period set and costumedesigns plus videos of modern per-formances provide context.

We begin with Degas’s firstOpéra-themed painting, “Mlle. Fio-cre à propos of the Ballet ‘LaSource’” (c. 1867-68), a conflation offact and fiction that can be read asa metaphor for the entire world ofthe Opéra. Mlle. Fiocre, an admireddancer, sits, in costume, pointeshoes off, between two costumedfigures. A horse drinks from astream at her feet, apparently bothfeatures of the Opéra’s production.Reflections and the painted stageset blur the distinction between ac-tuality and illusion, rendering theintrospective Mlle. Fiocre moremysterious and suggesting the inde-terminacy of the backstage world.

Nearby is Degas’s most explicitimage of a performance, “The BalletFrom ‘Robert le Diable’” (1871-72).We are spectators, confined to thelower half of the canvas, amid theblack coats of audience membersand the orchestra. In the upper half,the silhouetted arches of the setloom above a frieze of loose whiteand pale blue brushstrokes—anevocation of the ecstatic dance ofdamned nuns, risen from the dead,that was the high point of Meyer-beer’s opera. Economically drawnstudies for the dancing nuns turnthe white of the sheet into anequivalent for light.

Next, a gallery devoted to “De-gas’s Musical Circle” offers por-traits of his musician friends, in-cluding a celebrated soprano whomhe is said to have adored, and theOpéra’s principal bassoonist and

cellist. Degas’s father, who hostedweekly musicales in the familyapartment, appears, listening in-tently to a guitar player. Degas’ssister, a fine amateur singer, islikely represented in the stunning“The Song Rehearsal” (c. 1869),with its blocky white furniture andgesticulating, palely clad women,at the perimeter of the canvas, be-low an expanse of peach wall.

Throughout, we note how the ar-tifice of stage lighting provoked De-gas to experiment with color, blurforms, and collapse space, in every-thing from small monotypes re-worked with pastel to the large, in-tensely colored canvases andpastels of tightly pressed clusters ofdancers, made in his last years. Wesee his responses to unconventionalviewpoints in the theater—at steepangles from boxes high above thestage or more intimately, from thewings—and to the challenge of sug-gesting performers in motion.

Degas was knowledgeable aboutballet, as his drawings of dancerswho posed and performed barreexercises in his studio attest, buthis images of classes and rehears-als are largely invented; visitorswere not allowed. Like his stageviews of performers milling aboutbefore the curtain is raised or tak-ing bows, they show transitionalmoments: the casual chaos beforeor after class or rehearsal, wheneveryone tries different steps, ad-justs tights and slippers, or col-lapses from exhaustion. The gen-eral incoherence and thecontingent poses suggest move-ment. A series of elongated hori-zontal paintings of dance classes,done at intervals from about 1879to 1905, creates equivalent tensionby placing large, relaxed dancers,tutus spread, in the foreground,with small dancers in motion, in

the opposite corner. Degaswas such a consummatedraftsman that we be-lieve that what heshows us is truthful,but ultimately nothing

is literal; it’s all asfictive as the per-formances at theOpéra themselves.

We end with theNational Gallery’soriginal wax ver-sion of “LittleDancer Aged Four-teen” (1878-81),with her rattytutu and hairribbon, the onlysculpture Degasexhibited in his

lifetime. A signreminds us of the mu-seum’s dazzling collec-tion of his original waxsculptures of dancers,installed nearby. Don’tmiss them.

Ms. Wilkin is anindependent curator

and critic.

Degas atthe OpéraNational

Gallery of Art,through Oct. 12

ART REVIEW

‘Degas at theOpéra’: Painting enPointe

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Clockwise fromabove: EdgarDegas’s ‘TheSong Rehearsal’(c. 1869); ‘LittleDancer AgedFourteen’(1878-81); and‘Mlle. Fiocre àpropos of theBallet “LaSource”’(c. 1867-68)

A14 | Wednesday, September 9, 2020 THEWALL STREET JOURNAL.

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TokyoJAPAN’S OLYMPICS ministersaid the country was deter-mined to go ahead with theSummer Games next year de-spite some skepticism aboutwhether athletes from aroundthe world can safely partici-pate in Tokyo.

“The athletes are all work-ing towards the event nextyear. By all means necessary, Ithink we have to go aheadwith the Games,” OlympicsMinister Seiko Hashimoto saidat a regular press conferenceTuesday.

International Olympic Com-mittee Vice President JohnCoates, who heads the IOC’scoordination commission forthe Tokyo Olympics, toldFrench news agency AFP onMonday that the Games “willtake place with or withoutCovid.”

As the coronavirus spreadrapidly around the world ear-lier this year, the IOC andJapan pushed the Olympicsback a year from the plannedstart date of July 2020. Japanhas said the Games will eithertake place starting in July2021 or be canceled altogether.

Other than the dates and lo-cations of events, little hasbeen finalized, includingwhether spectators will be al-lowed at the Games. The orga-nizers have said they will aimfor a simplified Olympics, butspecifics have yet to beworked out.

Most tickets have alreadybeen sold and remain valid forthe new dates of the Games.Any reduction in the numberof fans allowed in stadiumswould deal a blow to the fi-nances of an event that is al-ready facing ballooning costsbecause of the delay.

Japan’s confidence that itwill be able to host the Gamesnext year partly reflects itsrelative success so far atavoiding a severe toll of illnessand death from the coronavi-rus by global comparisons.

—River Davisand Chieko Tsuneoka

contributed to this article.

OlympicsOrganizersPress On

BY ALASTAIR GALE

just Jansen this time. They havefive other relievers who haveworked at least 10 innings andhave ERAs under 3.00, and twomore with ERAs below 3.40.

These include: three guys uncer-emoniously acquired in trades(Scott Alexander, Dylan Floro andAdam Kolarek); someone cut looseby the Oakland Athletics in Decem-ber (Blake Treinen); and a rookiewho spent seven years in the mi-nors and not long ago seriouslyconsidered quitting baseball alto-gether (Víctor González).

There’s Caleb Ferguson, whocame into the year with a lifetimeERA over 4.00, and Jake McGee,who was cut by the Colorado Rock-ies in July. And that doesn’t eveninclude rookie Brusdar Graterol,whose average fastball travels 99mph, making him the hardestthrower in baseball this season.

They’ve come together to trans-form the Dodgers into a power-

The Los Angeles Dodgersare the best team inbaseball again. That’snothing new. They haveoverpowered the com-

petition for the past seven years,winning more regular-seasongames than anybody over thatspan by a comfortable margin.

The problem has always beenwhat’s happened next. Despitetheir consistent dominance fromApril through September, theDodgers have been unable to con-quer October, a cruel twist of badluck, unfortunate timing and un-derwhelming play that has over-shadowed their greatness. TheDodgers, one of baseball’s mostprestigious and wealthiest fran-chises, are still seeking their firstchampionship since 1988.

But with less than three weeksremaining in this pandemic-short-ened season, the Dodgers somehowlook better than ever before, to thepoint where anything less than atitle this fall would be a disap-pointment. They came out of theLabor Day weekend with an overallrun differential of 98, when no-body else was even at 55. They ledthe major leagues in runs pergame and ranked second in ERA.At this pace, they would finishwith 115 wins over a full campaign.

What has elevated the 2020 ver-sion of the Dodgers isn’t what onemight expect. It isn’t reigning MVPCody Bellinger, who has struggledmightily following his brilliant2019. It isn’t burgeoning aceWalker Buehler, who has been in-consistent. It isn’t even superstaroutfielder Mookie Betts, though hecertainly seems to have taken toHollywood nicely after signing a$365 million contract extensionearlier this summer.

The actual reason is a lot lessobvious: a collection of mostlyanonymous middle relievers thateven many hard-core baseball fansprobably haven’t heard of.

For all of their success, theDodgers’ bullpen has always laggedbehind the rest of the roster, evenduring their back-to-back WorldSeries appearances in 2017 and2018. There was All-Star closerKenley Jansen—and then a wholebunch of question marks. EvenJansen had become less reliable,posting a career-worse 3.71 ERAin 2019.

That isn’t the case rightnow. The Dodgers’ relief corpsentered Tuesday with a 2.51ERA, better than any otherNational League team by afull run. It has given themthe final piece that has longeluded them. And it isn’t

BY JARED DIAMOND

Can Baseball’s Best Team Prove It?The Dodgers, seeking their first championship since 1988, have finally shored up their flaws

GETTINGBY | By Mike ShenkAcross1 Letters ofurgency

5 It forms partof Germany’seastern border

9 Good thing thatcomes to thosewho wait

12 Pele’s hair, e.g.13 Freight

carriers15 “This mission is

too importantfor me to allowyou to jeopardizeit” speaker in a1968 film

16 Rough sportplayed at aseminary?

18 Mind’smediator

19 Aggravatingbother

20 Apollo event

22 Tunnel digger

23 Plopped down

25 Quattuordoubled

26 Ricky Ricardo orRob Petrie onCBS?

31 Drive off

34 Aspirations

35 Sewing social

36 Garish

37 Put a restrictionon

38 Switch off

39 Bit for a bay

40 Percent sign-ampersandgo-between

42 Rest-of-the-teamstand-in

43 Feline wanderingthe store aisles?

47 Take a trip,maybe

48 As late as, in ads

49 Sleazy paper

52 Radical

56 Nickname forDolores Haze, ina 1955 novel

58 Fragrantneckwear

59 Plumedheadgear that’spart of the dresscode?

61 Tour site of the1960s

62 Favoritehangouts

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.

C H A T C L I C K S K E WN A N O A I D A N H A L EB U N N Y S L O P E E R L EC L O S E T R E F R A I N

A R U B A A R T S YW E N T S O L O O K I EA R I A N O B L E D I DG A N G S T A R E D R O S EE S C I S S U E A J A R

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63 “Quicksilver”authorStephenson

64 Darwinianancestor

65 Editorialoverruling

66 Chip in a pot,perhaps

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17 If that fails

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30 Holler

31 Neatnik’santithesis

32 Coating of frost

33 Past the deadline

38 Return, e.g.

40 Sporty Toyotasof the past

41 Low-riskinvestments

44 Edwin Starrasked “What is itgood for?”

45 Reducedrastically

46 Amorphousmass

49 Up

50 Up

51 Crystal with aGrammy

52 Radius neighbor

53 Spring

54 Bolted or barred,say

55 Muscle firmness

57 Goddess whosetemple waslighted at night

60 Giant Mel

house.“It’s a special group,” Dodgers

bullpen coach Josh Bard said.Receiving outsize contributions

from unexpected places has be-come a hallmark of the Dodgersunder president of baseball opera-tions Andrew Friedman. Even withtheir gigantic payrolls, they havelargely shied away from expensivecommitments to big names, choos-ing instead to spend their moneyon depth at every position. TheirFebruary trade with the BostonRed Sox for Betts served as theirlong-awaited splash for an A-lister.

The strategy has served themwell. With so many options at hisdisposal, manager Dave Robertscan fill out a lineup card everynight with no fear of a platoon dis-advantage and the ability to mixand match defensive positions withversatile threats like Chris Taylorand Enrique Hernández. The start-ing rotation, led by a revitalizedClayton Kershaw, is so deep that

Tony Gonsolin—a right-hander who has given uptwo earned runs in 23innings—spent largechunks of the seasonstuck at the Dodgers’

minor-league com-plex awaiting anopportunity.

“We justhave so muchtalent,” Bue-hler said.

Now, thatstatement in-cludes thebullpen,thanks in partto a couple ofreclamationprojects.

McGee, forinstance, fal-tered when he

signed a three-year, $27 millioncontract with the Rockies beforethe 2018 season. After pitching toa 5.54 ERA over the last two sea-sons, Colorado released him beforeopening day. The Dodgers pounced,believing they could fix him withsome mechanical changes.

They have largely been right.McGee’s fastball velocity, whichhad dropped to around 93 mph lastyear, is back up to 95, with consid-erably more movement. He’sthrowing fastballs 94% of thetime—and he had surrendered arun in only two of his 17 appear-ances through Monday.

Treinen, an All-Star for Oaklandin 2018, struggled last season, put-ting up a 4.91 ERA. That poorshowing led to the A’s declining tooffer him a contract this winter.When the Dodgers signed him for$10 million, Treinen said it was“entertaining” that he had beenwritten off and declared, “I’m nota broken pitcher.” He enteredTuesday with a 2.55 ERA—and itwas 1.04 before an uncharacteristi-cally rough outing Saturday.

Jansen appears to have regainedhis form, too. Once known forthrowing his cut fastball almostexclusively, he has reimagined him-self by adding a sinker and sliderto his repertoire. He says he nowconsiders himself a completepitcher, and the results show it: Heentered Tuesday with a 1.06 ERA.

The question now for the Dodg-ers is whether it will be enough.They will once again enter theplayoffs as favorites to win theWorld Series. To get there, theywill have to contend with base-ball’s expanded postseason format,which means they’ll have to sur-vive an additional round.

This time, however, it shouldn’tbe the bullpen that stands in theirway.

Dodgers closer Kenley Jansen, right, with catcher Will Smith, has added a sinker and slider to his repertoire.

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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Omaha 52 46 r 61 54 rOrlando 91 75 t 89 75 tPhiladelphia 84 68 c 84 68 shPhoenix 92 69 s 95 73 sPittsburgh 88 64 s 83 58 pcPortland, Maine 76 62 pc 80 56 pcPortland, Ore. 92 63 pc 95 56 sSacramento 93 59 pc 91 57 sSt. Louis 85 65 t 82 65 cSalt Lake City 63 43 s 69 51 pcSan Francisco 80 61 pc 76 59 pcSanta Fe 55 38 pc 63 44 rSeattle 89 58 s 92 57 sSioux Falls 52 40 r 64 50 sWash., D.C. 81 74 sh 82 70 t

Amsterdam 70 50 c 66 50 pcAthens 89 75 s 89 73 sBaghdad 114 79 pc 113 81 pcBangkok 93 80 t 93 79 tBeijing 88 64 s 77 64 rBerlin 75 53 pc 65 50 pcBrussels 74 54 c 69 49 pcBuenos Aires 66 53 pc 63 55 sDubai 100 88 pc 105 89 pcDublin 63 45 pc 59 50 pcEdinburgh 62 47 pc 58 52 c

Frankfurt 79 59 pc 75 51 cGeneva 80 57 pc 77 58 cHavana 87 72 t 88 73 tHong Kong 88 79 t 88 81 tIstanbul 83 68 s 83 71 pcJakarta 94 77 t 92 75 pcJerusalem 90 72 s 91 73 sJohannesburg 79 48 pc 79 47 sLondon 74 48 pc 66 47 pcMadrid 84 60 s 88 60 pcManila 91 79 t 91 80 tMelbourne 61 44 pc 70 52 sMexico City 74 58 t 74 57 tMilan 84 61 s 85 66 cMoscow 61 50 pc 62 49 rMumbai 89 80 t 90 79 rParis 81 59 s 78 56 cRio de Janeiro 79 72 s 84 73 pcRiyadh 108 83 pc 108 82 pcRome 86 66 s 85 68 cSan Juan 90 79 sh 89 79 pcSeoul 77 64 r 79 64 pcShanghai 92 78 pc 89 75 pcSingapore 85 78 sh 85 78 tSydney 63 54 r 63 54 rTaipei City 95 79 sh 91 79 tTokyo 91 77 s 87 78 cToronto 69 57 pc 68 50 cVancouver 75 59 s 75 58 sWarsaw 71 61 pc 66 46 shZurich 77 51 s 77 56 c

Today Tomorrow

U.S. Forecasts

International

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The Dodgers lineup nowboasts Cody Bellinger, the2019 National LeagueMVP, and Mookie Betts,the 2018 AmericanLeague MVP.

THEWALL STREET JOURNAL. Wednesday, September 9, 2020 | A15

LadySpartacusRosa LuxemburgBy Dana Mills(Reaktion, 208 pages, $19)

BOOKSHELF | By Norman Lebrecht

F acing an interrogator in the hour before her death,Rosa Luxemburg reached into her handbag for needleand cotton and deftly repaired the hem of her skirt,

which had frayed during her abduction. She fished againinto the bag, extracting a copy of Goethe’s “Faust” to read.She was disarmingly calm, this tiny, disabled woman whowas deemed so dangerous that the German governmentput a price on her head and sent militias to drag her in.

A century later, Rosa Luxemburg is still a householdname, though few remember for what. In recent years,letters and documents have come to light that show hernot as the violent insurrectionist of official histories butas a domesticated pacifist who preferred to pontificate onpaper rather than demonstrate in the streets. She kept acat called Mimi, after the heroine of “La Bohème.” Herlove life was liberated far ahead of her times.

Hailed by Lenin as aCommunist martyr, she wasin fact a fierce critic ofMarxist-Leninism. Fromtoday’s perspective, it is notunreasonable to suggest—asDana Mills does in “RosaLuxemburg,” a compact andadmiring biography—that sheis a potential role model tothe woke generation, an iconto the feminist, environmental,equality and anticolonialistrebellions. Luxemburg is aliveand well and speaking at astreet meeting near you.

Luxemburg came fromZamosc, a Jewish intellectual

hub in Poland, where she spoke Yiddish at home, Russianin school, Polish in the market and German for culture(she later acquired English and French). Lamed by abotched procedure on a faulty hip, she learned to walkwith her hand on another person’s arm, cultivating an easyintimacy. In the late 1880s, at age 16, she saw four friendsexecuted for anti-czarist agitation and fled to Switzerlandon a wagon beneath a bale of hay. Eventually she earned adoctorate in law at Zurich University.

Her first lover, Leo Jogiches, had wealthy parents whofinanced her socialist newspaper and sedate lifestyle,complete with household staff. She briefly married anotherman, Gustav Lübeck, to obtain German citizenship, andmoved to Berlin, but Luxemburg’s heart, in Ms. Mills’sportrayal, was with Leo. “I must make an effort to getpregnant next time,” she wrote while they were apart.When Leo proved too controlling for her liking, she threwhim out. He kept the front-door keys, paid the rent andthreatened to kill her unless she let him stay in her life.

At 36 she began teaching social economics at Berlin’snew Trade Union School, proving herself the most coherentpolemicist in the field since Karl Marx. Never a doctrinaireMarxist, she rejected dictatorship and argued for intel-lectual pluralism, rebuking Lenin for his totalitarianism.“Freedom . . . only for the members of one party,” shedeclared, “is no freedom at all. Freedom is always andexclusively freedom for the one who thinks differently.”

Jailed for the first time in 1904 for insulting the Kaiser,she went to Russia for the later stages of the 1905 revolu-tion and to London in 1907 for a congress of the RussianSocial Democratic Party, where she caught Stalin’s eye andmade her mark, in Ms. Mills’s words, “on the revolutionaryside” of the Menshevik-Bolshevik debates. A member ofWilhelm Liebknecht’s German SPD, she resigned in August1914 over the party’s support for World War I.

Before long she was back in prison for “slandering” theGerman military, making drawings of birds, wasps and miceto pass the time. “Being born a cripple may be the cause ofmany conflicts,” she wrote, “but [it] is, in itself, beyond allhuman interference.” It is a rare clue to the roots of herindependence of body and mind.

With her friend Clara Zetkin, Liebknecht’s son Karl andher devoted lawyer Paul Levi (by now also her lover),Luxemburg formed the Spartacus League, named after thegladiator who led a slaves’ rebellion against Rome. Hermost trenchant work, “The Accumulation of Capital,” waswritten in prison. It picked holes in Marx’s analysis ofentrepreneurship, arguing that capitalism always seeksforeign markets, leading to imperialism and war. Trans-formation would come when the working class abolished“the rule of capital.” Recoiling from the violence of theRussian Revolution, she believed—naively, perhaps—thatsocial change would emerge from a general strike andpeaceful street demonstrations.

Released from prison on Nov. 8, 1918, just before theArmistice, she started a newspaper, the Red Flag, thatrejected the postwar German government led by FriedrichEbert, her former ally in the SPD. Days later she wrote:“Oh how German is this revolution, how sober, how pedantic!”On Dec. 31, as leader of the German Communist Party withLiebknecht, she called for workers and soldiers’ councils“to become the sole public power of the whole nation.”

Ebert, terrified, ordered proto-fascist Freikorps militias tosuppress the revolution and seize its leaders. Betrayed in asafe house, Luxemburg and Liebknecht were taken on theevening of Jan. 15 to the Eden Hotel, interrogated and ledout through a jeering mob. Both were struck in the facewith rifle butts. Blood-soaked, she was thrown into a carand driven to the Cornelius Bridge, where, minutes beforemidnight, she was shot in the head and dumped in the canal.She, like Karl—also killed that night—was 47 years old. Theperpetrators went unpunished, and the man investigatingthe murders was killed in prison. The roots of Hitler’s Nazistate were planted in 1919 by the Social Democrats.

For this biography, Ms. Mills, a lecturer in politics at theUniversity of Amsterdam, acknowledges “the inspiration ofmy activist family who work ceaselessly in stopping ourcurrent descent into barbarism.” She sees “the energy,resilience and humanism of Rosa Luxemburg re-emerging asa counter-force” in our times. Be that as it may, Luxemburgdeserves better than past categorizations. She was a uniquerevolutionary, self-made and self-critical, seductive andhumane. You will meet the real Rosa here, and it’s a pleasure.

Mr. Lebrecht is the author, most recently, of “Genius &Anxiety: How Jews Changed the World, 1847-1947.”

Rosa Luxemburg is the prototype of the all-purpose socialist intellectual. She is alive andwell and speaking at a street meeting near you.

Who’s Been Stalking Our Corn?

M y wife, Duan, heardrustling outside thewindow. It was 11:30

on a Saturday night in August.She grabbed a flashlight andtiptoed toward the corn patchfor a better look. Three pairsof eyes peered back at her.

Summer isn’t summer with-out sweet corn. Every August,at county fairs across theland, you find steaming caul-drons of yellow ears, ready tobe slathered with butter andflavored with salt. Varietieslike Silver Queen and KandyKorn have their market share.But none compare for taste toour Illini Xtra Sweet, which,unlike market corn, holds itssuper sweetness for up to aweek—if it manages the tripfrom garden to plate.

For years we have debatedwhich critter has been steal-ing our signature corn as werefined our security tactics.The 65-foot-long patch isshrouded with tough nylonnetting, anchored to theground. A radio blares

through the night and Christ-mas lights flash to the beat ofrock music. On the patch’s pe-rimeter, lethal Conibear 220traps, doused with acrid re-pellents, challenge trespass-ers. Still, every year, we losedozens of plump yellow ears,just as they were destined forthe waiting pot.

There is the big-bird intru-sion theory and the little-birdtheory. “The Gardener’s HintBook” adds a raccoon hypoth-esis. But the heavy netting isalmost never breached, andthe lumber securing it re-mains unmoved. Plus, howwould raccoons—boardinghundreds of feet away in thewoods—know to visit ourpatch precisely when the cornbecomes ripe for eating?

Wide-winged grackles, heavyenough to weigh down thenetting, hover over the gar-den. A trail camera, postedjust outside the patch, cap-tured two of them, strength-ening the big-bird theory. Butare they deft enough to stripthe kernels surgically fromoutside the netting? Littlebirds sometimes penetrate theenclosure, but how much canlittle birds eat?

My wife’s late-night sight-ing confirmed the raccoontheory. The next day, we sur-veyed the damage and found40 of 200 ears still intact. Weplaced paper lunch bags overeach of them and fastened thebags with electric tape. A daylater, shredded bags werestrewn over the ground, de-stroying what remained of thefirst sowing.

We turned off the radio andthe flashing lights.

Wounded but undeterred,our hopes turned to the sec-ond sowing, about 125 un-touched ears, still 10 daysaway from the table. We dou-bled over the netting, provid-

ing an extra barrier, rein-forced the anchors, placedtraps between the rows, andwent on vacation, our mouthsstill watering for summersweet corn. “Pray for thecorn,” I texted my brother—oncorn watch at the home-stead—from Cape Cod. “Noevidence of raccoons,” he re-plied. Just another few daysand they would be ready forpicking.

I checked back a few dayslater: “Is the corn safe?”

“No. The [expletive] gotthem.”

The trail camera caughttwo ring-tailed raccoonscrawling 5 feet up the netting.Likely, there were more. Theentire patch looked as if a tor-nado had rumbled through.The raccoons left seven man-gled ears for us. How consid-erate.

What about next year? Wemay rent a barking dog.

Mr. Kolatch writes onChina and Japan and is au-thor of “At the Corner of Fact& Fancy.”

By Jonathan Kolatch

Big birds, little birdsor raccoons? We’velong wondered. Thisyear we found out.

OPINION

If given achance to in-terview Rob-ert Mueller,my firstq u e s t i o nw o u l d n ’ thave con-cerned theFBI or theTrump-Rus-sia investi-

gation. I would have asked:Knowing what he knew in1975, would he have volun-teered in 1966 to fight inVietnam?

I did interview RobertGates, secretary of defensefor two presidents during theIraq war. Of a cause then go-ing sideways, with the rise ofIslamic State, with refugeesflooding Europe, he said: “Youhave to assume it’s very pain-ful for a Marine who lost abuddy in Fallujah to see anoutfit like ISIS in charge ofFallujah again. Was the sacri-fice worth it?”

He didn’t answer his ownquestion.

Americans want to treatevery war as World War II,but most aren’t. They are im-perial wars, wars of geopoliti-cal maintenance. Our worldmakes such wars necessary.We need soldiers to fightthem. But what’s in it forthem?

Even in World War II, morethan 60% of American partici-pants were drafted. Thosewho volunteered often did soto beat the draft. Not fornothing was a stock moviecharacter the cynical Ameri-can (e.g., Dean Martin in “The

Trump vs. the Military (or the Pols)?Young Lions” or WilliamHolden in “The Bridge on theRiver Kwai”) who let it beknown he was only lookingout for himself.

According to historianDouglas Botting, 19,000 Armydeserters, trading in stolengasoline and other supplies,“bedeviled” U.S. efforts in theBattle of the Bulge. The col-lapse in discipline became“catastrophic” when peacebroke out. Eisenhower’s rea-sons for not pressing east toVienna and Berlin reputedlyincluded a fear that his demo-cratic army would dissolvebeneath him. The U.S. wasperhaps unlikely ever reallyto invade Japan for similarreasons. A reluctant Trumanauthorized preparations tosatisfy Marshall but Adm. Er-nest King was against an in-vasion. So was Chester Nim-itz, who was extraordinarilypopular with the public, andwhose letter in oppositionwas crossing the Pacific whenthe atomic bomb fell.

Like the French Foreign Le-gion, today’s volunteer army,in the judgment of celebratedBritish military historian MaxHastings, is a refuge for thoseput off by the complexities ofcivilian life. Recruits still signup to escape dead-end townsand their parents, as well asto get college and health-carebenefits. But in unfashionableparts of America, militaryservice has also become amultigenerational economicmodel for many families.

For good and obvious rea-sons, the job of a president isto ennoble such motives, but

President Trump is often tru-ant when it comes to basicexpectations. I wasn’t thereso I don’t know in what con-text or spirit he may haveused the apparently inexcus-able words “losers” and“suckers” for U.S. war casual-ties. Only anonymous sourcessay he did; non-anonymoussources, who were also pres-ent, deny it.

If reporters could citewhole sentences and detailedcontext, presumably theywould. Alas, we have becomeaccustomed to the magical el-lipses that, even in regard to

public statements with thecameras rolling, allow Trumpwords to be displaced fromtheir natural setting and re-purposed to fulfill a desiredmedia narrative.

One context that is everpresent, however, is Mr.Trump’s vast cynicism, notunfounded, about Americanpolitics and politicians, whichlogically extends to the warsthey prosecute and the rheto-ric they wrap them in. Pun-dits correctly ask how such apresident could ever ordertroops into battle. The pun-dits are right: Most of thethings politicians say aremeant to get others to dowhat politicians want, includ-

ing fight on our behalf.Mr. Trump would not be

the first to think America’spromise was personal free-dom, not death on a foreignbattlefield. Manifestly he isrepulsed by wars and militaryalliances that, in his mind, aremerely costly. He is hardlyalone in having refused torisk his hide in Vietnam.

Mr. Trump is a self-ob-sessed blowhard, as Ameri-cans were well advised beforethey elected him. But thingshe says don’t come from no-where; they come from a 74-year-old man’s saturation inhis own way of thinking aboutthings. Not for the first timeI’m impressed by the univer-sal reflex of commentators tocondemn an alleged failure,even in a private moment notmeant for public consump-tion, to speak in the calcu-lated, sententious and hypo-critical way that public lifenecessitates. Conformity po-lice is about the least usefulrole for an opinion writer, butI guess it pays the bills andmakes up for certain creativedeficits.

So what’s in it for thetroops? Aside from pay, bene-fits and the approbation oftheir fellow citizens, a univer-sal correlate of job satisfac-tion is a belief that the peoplein charge are making gooddecisions. This must be dou-bly true when your job in-volves risking your life incombat. Perhaps the bestcompensation we can offerthem is not to waste their ef-forts and sacrifices on uselessendeavors.

Conformity police isabout the least usefulrole for an opinionwriter but it pays.

BUSINESSWORLDBy Holman W.Jenkins, Jr.

There’s noth-ing tradi-tional about2020, but La-bor Day inyears divisi-ble by four isthe custom-ary time toassess thestatus of thepresidential

race. With 56 days to go, thechallenger is on course to de-feat the incumbent for thefourth time in the past half-century. But events could dis-rupt this trajectory.

Despite an unexpectedsurge in Covid-19 cases, theprotests that erupted afterGeorge Floyd’s death, andboth parties’ national conven-tions, the presidential contestremained remarkably stablethroughout the summer. Atthe beginning of June, sur-veys gave Joe Biden an aver-age of 49.2% of the popularvote, compared with 42.9%for President Trump. As ofLabor Day, Mr. Biden’s sharehad risen slightly to 50.6%,while Mr. Trump’s remainedvirtually unchanged at 43%.

In elections with an incum-bent president on the ballot,his job approval is the singlebest indicator of the share ofthe popular vote he is likelyto get. As of now, public ap-proval of Mr. Trump’s perfor-mance as president stands at43.2%, about the same as hisshowing in the head-to-headrace with Joe Biden. Unlessthe president can substan-tially increase the share of

Honey, Trump Shrunk the GOPthe electorate that thinks heis doing a good job, he will bethe underdog.

This won’t be easy. Sincethe end of his first month inoffice, Mr. Trump’s job-ap-proval average has nevertopped the 46.1% of the popu-lar vote he received in 2016.This was just enough to earnhim narrow victories in theMidwestern states that gavehim his Electoral College ma-jority, but it won’t be enoughto repeat this feat in 2020.

Here’s why: In 2016, nearly6% of the popular vote wentto independent and third-party candidates, comparedwith an average of 2% in thefour preceding elections afterRoss Perot had left the scene.This year, with no well-knowncandidate on the Libertarianticket, no challenge from theright or center to the Republi-can nominee, and only tokenleft-wing opposition to theDemocratic nominee, this 6%is likely to fall back to itsusual level. Unless Mr. Trumpcan raise his vote share sig-nificantly above what he re-ceived four years ago, Mr. Bi-den will win a comfortablemajority of both the popularand electoral votes.

A president who wins of-fice without even a pluralityof the popular vote wouldusually spend his first termtrying to make new friends.Not Mr. Trump. His policiesand personal style are calcu-lated to preserve and inten-sify his base, whatever theconsequences for othergroups.

The consequences of thisstrategy became clear in the2018 midterm elections, whenturnout soared among Demo-crats to near-presidential lev-els. The Democratic share ofthe independent vote rose to55% from 42%; among subur-banites, to 52% from 45%. Inthe heart of the middleclass—households with an-nual incomes between$75,000 and $100,000—Demo-crats increased their vote

share to 52% from 39%. Re-cent surveys suggest that Mr.Biden is holding on to at leastsome of these gains, in partbecause the president’s stand-ing among suburban votershas fallen since 2016.

Nevertheless, the 2020election is not over, for threereasons. First, Mr. Biden musthold together a heteroge-neous coalition from the cen-ter right to the progressiveleft, which could be disruptedby issues such as the appro-priate response to disorderand violence and the party’sstance toward fossil fuels. De-spite Mr. Trump’s strenuousefforts to drive wedges intoMr. Biden’s support, this hasnot happened so far. But therisk remains.

Second, up to now, the

2020 election has been a clas-sic referendum on the incum-bent. Voters are supportingthe president more becausethey approve of his perfor-mance than out of intensedislike for Mr. Biden. Votersare supporting Mr. Biden lessbecause they are enthusiasticabout him than because theyardently disapprove of Mr.Trump. Unlike 2004 and 2012,when incumbents succeededin making their challengersthe issue, the president hasnot yet shifted voters’ atten-tion to Mr. Biden’s flaws. Butif his negative advertising be-comes more effective, he stillmight turn the tables.

Third, despite the Trumpcampaign’s efforts to under-mine confidence in Mr. Bi-den’s mental and physical fit-ness to serve as president,the public remains uncon-vinced, and Mr. Biden’s vigor-ous and focused acceptanceaddress dispelled somedoubts. A strong performancein the first presidential de-bate, which could be watchedby more than 70 million view-ers, would put remainingworries to rest. A shaky per-formance could give themnew life.

The basics favor Mr. Biden.Not only is the president’s jobapproval lagging, but also amajority of Americans say theU.S. is worse off now than itwas four years ago, and theirsatisfaction with the coun-try’s condition stands near arecord low. Mr. Trump has amountain to climb, and notmuch time to climb it.

If Biden can hold thesuburbs Democratswon in 2018, theelection is his to lose.

POLITICS& IDEASBy WilliamA. Galston

A16 | Wednesday, September 9, 2020 THEWALL STREET JOURNAL.

The Remdesivir Patent and Treating CovidRegarding Sally Pipes’s argument

against federal revocation of GileadSciences’ patent for remdesivir: Herstatement that the drug is “only ap-propriate for a fraction of Covid-19patients” warrants further consider-ation (“The Remdesivir Patent Isn’tState Property,” op-ed, Sept. 2).

A general principle of antiviraltherapy is that treatment should beinstituted early before serious organdamage has occurred. There is wide-spread consensus that severeCovid-19 is related to the cascade ofdownstream effects unleashed bythe virus, including massive immu-nologic activation, severe pneumo-nia and blood clots involving multi-ple organs. The Covid-19 epidemiccries out for an antiviral therapythat can interrupt the diseasecourse at an early stage.

The problem is not that remdesi-vir is inappropriate for early infec-tion, but that adequate studies havenot been performed because of theinitial prioritization of studies insicker patients. Whether this ongo-ing gap is related to drug supply orother issues should be the focus offar more public dialogue than hasbeen the case. In addition to a vac-cine, our ultimate goal should be tooffer antiviral therapy upon diagno-sis, with risk stratification if needbe but ideally to all infected people,whether with remdesivir or otherantiviral drugs with demonstratedefficacy and safety.

IRA M. JACOBSON, M.D.New York

Ms. Pipes calls compulsory patentlicensing “theft” and “expropria-tion” and suggests, outrageously,that the attorneys general are sub-verting “the rule of law.” In fact,compulsory licensing of patents andother intellectual property is en-shrined in U.S. federal law. Variousfederal agencies, including the De-fense Department, regularly usecompulsory licensing to procurenecessary supplies.

Ms. Pipes states, “it’s ludicrous todeclare that ‘Gilead is unable to as-sure a supply of remdesivir suffi-cient to alleviate the health andsafety needs of the country.’” Yet 38hospitals in 32 cities in 12 stateshave reported shortages and ration-ing, and Gilead just announced toinvestors that “there is no assurancethat we will be able to meet globalsupply needs for remdesivir.”

Ms. Pipes claims that “[t]he fed-eral government’s own experts don’tbelieve they have a legitimate claimto remdesivir,” citing a statementfrom a representative of the U.S.Army Medical Research Institute of

Infectious Diseases. In fact, a reportthat one of us published in Mayshowed that the federal Centers forDisease Control and Prevention hasthe strongest government claim toco-ownership of patents coveringremdesivir, and the CDC has so fardeclined to comment on its patentrights. Interviews in the WashingtonPost with the CDC and ex-Gilead sci-entists confirm that research onremdesivir’s antiviral properties wasnot only federally funded but per-formed by a CDC scientist.

The AGs should be praised, notcriticized, for proposing bold actionto end shortages and rationing ofremdesivir. HHS can and must useevery legal authority it has to en-sure that all of us get access to thedrug that our tax dollars funded.

CHRISTOPHER J. MORTENNew York University School of Law

New YorkPETER MAYBARDUK

Public CitizenWashington

Although Ms. Pipes makes excel-lent points, there is a simpler wayto say “no” to the attorneys general.

Section 1498(a) of Title 28 of theU.S. Code gives the U.S. governmentand its contractors the right to useor manufacture inventions coveredby U.S. patents. The patent owner isentitled to receive “reasonable andentire compensation [a royalty, pos-sibly plus certain costs] for such useand manufacture.”

If the government determinesthat Gilead cannot meet the nation’sneeds, any attempt to exercisemarch-in rights likely would lead tolitigation concerning whether statu-tory requirements were satisfied.Federal use of Gilead’s patent couldbe on hold for an extended periodof time. Under Section 1498(a), incontrast, federal rights could be ex-ercised immediately. If Gilead feltthat the government’s payment wasinsufficient, its sole recourse wouldbe to seek a greater payment in theU.S. Court of Federal Claims.

HHS, the NIH and FDA should ex-plain the foregoing to the attorneysgeneral, then deny their request.

DANA H. SHULTZPiedmont, Calif.

Mr. Shultz has served as a con-sultant for, and received researchfunding from, Gilead Sciences.

Gilead’s mistake was getting intothe wrong line of business. If rem-desivir had been a green thing itwould have gotten a subsidy, not amugging.

MAX HENSLEYSan Antonio

LETTERS TO THE EDITOR

“Remember, it’s all aboutgetting the ‘Likes.’”

THEWALL STREET JOURNAL

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.

Pepper ...And Salt

Golden State Ignores Its Lack of Good IdeasHolman Jenkins writes: “The only

hope for the many, many things ailingthe Golden State is better governance”(“California Needs Ideas,” BusinessWorld, Aug. 29). That isn’t happening,at least for a long, long time.

California has built its own firewallagainst any shift in governance, muchless new ideas that aren’t sponsoredby progressives. The state has gerry-mandered itself into a permanentDemocratic majority, in effect, a sin-gle-party state. As well, the SiliconValley oligarchs along with the power-ful state employee and teachers unionsare there to destroy any noncompliantideas. There is nothing to impede con-tinued progressive mandates, addi-

tional taxes and more regulation.Here’s an example of a long, inexo-

rable decline. Detroit, the global en-gine of the auto industry, reached itscensus peak in 1950 at 1.85 million. In2010 it hit 700,000. Those who canleave do. Those who can’t . . . Yet De-troit was only able to bring aboutstructural change and “new ideas”when the city filed for bankruptcy in2013. The entrenched union and liberalforces held out for half a century.

It will be long, and it will be painful,but don’t expect Mr. Jenkins’s notionof “better governance” to happen any-time soon.

GLEN ESNARD, FORMER CALIFORNIANJackson, Wyo.

In California, the governor, attorneygeneral, legislature, multiple mayorsand DAs, all from one party, have pre-sided over a decimation of the middleclass, the largest homeless populationin the country, a high poverty level,one of the highest levels of income dis-parity in the country, a focus on poli-tics versus enforcement of the law andamong the worst schools in the coun-try. Add in a multibillion-dollar railsystem over budget that goes nowhere.Please keep publishing the facts so thatthe rest of America can understand thewreckage these policies deliver.

A.J. SABOSan Marino, Calif.

Joe Biden and Humphrey:Similar but Also Different

Regarding William McGurn’s “Is Bi-den the New Humphrey?” (MainStreet, Sept. 1): Hubert Humphrey hadto convince moderate voters that hewas committed to ending mayhem onthe streets, while holding onto the leftwing of the Democratic Party that wassympathetic to protesters and rioters.He failed and lost to Richard Nixon.Mr. Biden also is balancing on a tight-rope between moderates repelled bylawlessness and far-left Democratswho rationalize violent protests as anunderstandable response to social in-justice. After all, they say, today’sprivileged Americans are beneficiariesof centuries of institutionalized loot-ing from oppressed people.

Mr. Biden recently delivered aspeech in which he tried to dispel thenotion that he is a Trojan horse forradical Democrats who support or re-fuse to condemn rioters. Mr. Biden’spitch was, “Ask yourself: Do I look toyou like a radical socialist with a softspot for rioters? Really?”

Hubert Humphrey was a safer betfor moderates worried about mayhemand socialism in 1968 than Joe Bidenis in 2020.

DANA DAVISSt. Augustine, Fla.

A Trump Comeback?

W ith eight weeks before Election Day,the state of the 2020 campaign isclear: PresidentTrump is trailing Joe

Biden, who has succeeded sofar in making the race a refer-endum on the incumbent. IfMr. Trump is going to stage acomeback, and not becomeonly the fourth incumbent in acentury to be denied a secondterm, hewill have tomake the race about policydifferences and Mr. Biden’s indulgence to theDemocratic left.

If the race comesdown to a character contest,Mr. Trump will lose. This isn’t a repeat of 2016when Hillary Clinton was almost as disliked asMr. Trump. Voters may have doubts about Mr.Biden’s capacity, but they don’t dislike him.Americanshave also seenMr. Trump inoffice for42months, and evenmillions of his supportersdislike the way he conducts himself.

This isn’tmerely anormative judgment. It’s apolitical factasmeasured in thepolls.Mr.Trump’sjob approval rating rests at about 43%-44%, andhispersonalapproval is lower.Hehasn’tbeenableto sustain his job approval abovewhat it was onInaugurationDay.UnlikeRichardNixonorGeorgeW. Bush, whowonwith pluralities the first timebut majorities the next, Mr. Trump has failed toexpand his coalition.

Mr. Trumphas reinforced the intensity of hiscore support. But in doing so he has shed sup-port in the suburbs, especially among college-educated voters andwomen. This has been thecase in nearly every election sinceMr. Trump’snarrow victory in 2016. The Trump GOP is asmaller but more intensely loyal coalition.

The GOP hope has been that this wouldchangewithMr. Trump again on the ballot, andthatmillions of “shy”Trump supporterswho re-fuse to talk to pollsterswill vote like a newsilentmajority. Perhaps, but there is little evidence ofthis so far. Mr. Trump has narrowed his deficitsomewhat since the GOP convention, but hetrailsMr. Biden in the polling averages in everybattleground state. It seemsunlikelyMr. Trumpcanwin the nationwide popular vote, so hewillhave to eke out another victory in the ElectoralCollege.

After the surprises of 2016, only a foolwouldsay this can’t be done. But ifMr. Trump is goingto do it, hewill have tomake the election aboutmore thanhimself, or evenhis first-term record.He has tomake the election a choice about twofutures, rather than two men.

This is not a novel insight.Mr. Trump’s strat-egists can see the polling and have reached thesame conclusion. They staged the GOP conven-tion to softenMr. Trump’s polarizing image and

especially to draw lines on policies. Taxes andthe economy, education choice, China and for-eign policy, urban unrest, opportunity for the

least skilled and thosewithoutcollege degrees.

The campaign’s ads are do-ing the same, and they willhave to because the mediawon’t report on the policy dif-ferences. The press alsowants

the race to be aboutMr. Trump,who obliges onalmost a daily basis.

Take Mr. Trump’s Labor Day press confer-ence, whichwas intended to play off the strongAugust jobs report to drive the theme of eco-nomic recovery.Mr. Trump started out onmes-sage by citing the facts, but soon hewas careen-ing from grievance to attack or anything thatpopped into his head.

• “His [Joe Biden’s] son, “Where isHunter?”—Where isHunter?—I call him ‘Whereis Hunter?’—walked away with one and a halfbillion dollars tomanage, even though he neverdid that before.”

• “And Biden is a stupid person. You knowthat.”

• “I was never a fan of JohnMcCain becausehe wanted the endless wars, and I didn’t.”

• “They spied on my campaign. And if theywere Democrats, they would have been in jailtwo years ago. Theywould have been in jail—lit-erally, if this side were the Democrat side, theywouldhavebeen in jail twoyears ago for 50-yearterms for treason and other things.”

• “And the dirtiest fight of all is the issuanceof 80million ballots, unrequested. They’re notrequested; they’re just sending 80 million bal-lots all over the country. Eightymillion ballots,non-requested. I call them unsolicited ballots.That’s going to be the dirtiest fight of all.”

• “But IwatchedKamala’s poll numbers dropfrom 15 to almost zero, and then drop out evenbefore she ran in Iowabecause people didn’t likeher, and I understand why. She will never bePresident—although I have to be careful, be-cause Obama used to say that about me. So Ihave to be a little bit careful.”

This tower of babbling is entertaining in itsTrumpian way, but his economic point waswashed away like an irrelevance. The pressbarely reported it.

Voters have heard this riffing for three years,and one campaign question iswhether there areenough undecided voterswho are still listening.The country deserves a debate over policy be-causeMr. Biden is proposing themost left-wingagenda of anymajor party candidate in our life-time. The Democratic strategy is to keep Mr.Trump talking about Donald J. Trump.

Biden wants to talkabout the man, notpolicy. He’s winning.

Government vs. Private Covid Layoffs

D emocrats continue to demand a bailoutfor the states as part of anotherCovid-19 relief package, claiming that

government layoffs are ham-pering the recovery. Theymust have missed the Augustjobs report, which shows thatgovernmentworkers have suf-fered least amid the pandemic.

Government added 344,000jobs for the month, and 238,000 of those weretemporaryCensusworkers. But dig into the bow-els of the LaborDepartment report, and thenum-bers are striking even accounting for theCensus.Labor tracks 16 categories of the jobless by indus-try and class of worker, and in August nearly allof the categories in the private economy had ahigher jobless rate than the government rate of5.7% (not seasonally adjusted).

The exceptionswere finance (4.2%) and agri-cultural wage and salaryworkers (5.6%). The to-tal for all workers was 8.5%, not seasonably ad-justed, but for mining it was 12.4%,transportation and utilities 11.3%, and leisureand hospitality an astounding 21.3%. The self-employed had a 6.8% jobless rate.

In other words, it’s far better during a gov-ernment-ordered shutdown towork for the gov-ernment, which can call on taxpayers at will ordeficit spend at the federal level. Private em-ployers have little recourse but to lay off work-ers when government shuts them down.

Since February the overall governmentwork-force has shrunk by amere 4.7% after discount-ing for temporary Census hires. Private payrollshave fallen 8.3%. State employment has de-creased 4.2%, but 94% of these job losses are ineducation. While 6.2% of local governmentworkers have been laid off, more than half arein schools. States that haven’t allowed or

pushed schools to reopen are at fault.States and cities are threatening huge cuts

to public services if they don’t getmore federalrelief. Yet the $2.2 trillionCares Act in March included$150 billion for states plus $90billion for schools, public tran-sit andMedicaid. To put thesenumbers in context: All stateand local income, sales, gross

receipts and property tax revenue totalled$401.8 billion in the first three months of thisyear—$14 billion more than the same periodlast year.

Tax revenue in most states is exceeding earlyforecasts thanks toareboundingstockmarketandretail sales. Texas’s sales tax revenue was 3.2%higher and its business franchise tax revenuewasup3.1% in the fiscal year that endedAug. 31 versusa year ago. Total tax revenue declined 2% duelargely to lower oil-and-gas excise taxes.

States that maintained longer and stricterlockdowns are doing worse, but that was truebefore the pandemic. They also refuse to cutspending. New Jersey Gov. Phil Murphy lastmonth proposed a $40 billion budget that is $1.3billion more than last year. Connecticut gaveunion state workers a 5.5% raise this summer.Illinois union stateworkers received an average$1,343 pay increase on July 1.

Senate Republicans on Tuesday introduceda slimmed-down relief bill of $500 billion thatexcludes money for states, and that’s the rightpolicy and political call. State and local govern-ments have ample liquidity thanks to the Fed-eral Reserve’smunicipal lending facility and lowinterest rates that have held down borrowingcosts.Why should taxpayers in Racine or Tusca-loosa pay for rich public-worker pensions in Illi-nois and New Jersey?

The data show thatpublic workers havebeen hurt the least.

Navalny and Nord Stream 2

F oreignministers of theG-7nations issueda joint statement on Tuesday condemn-ingwhat they called “the confirmedpoi-

soning” of Russian oppositionpolitician Alexei Navalny.

The statement said Ger-many, whereMr. Navalny wastreated in aBerlin hospital, hasconcluded that he was “thevictim of an attack with achemical nerve-agent of the ‘Novichok’ group,a substance developed by Russia.” It called onRussia to investigatewho is responsible, “bear-ing in mind Russia’s commitments under theChemical Weapons Convention.”

All of this is nice sentiment, but as SeanCon-nery says in “TheUntouchables,” “what are youprepared to do?” If it’s nothing, then VladimirPutinwill concludehewill paynopricewhenop-

ponents turn updead. Therewill be no transpar-ent investigation.

German Chancellor Angela Merkel couldstrike the biggest blow to theKremlin by cancelingher coun-try’s participation in the NordStream 2 gas pipeline fromRussia. TheU.S. should also beleading here, yet PresidentTrump is showing his trade-

mark passivity towardMr. Putin. He has talkedaround theNavalny poisoningwhen asked, as ifhe’s waiting for a Kremlin police report.

If Mr. Trump wants Mrs. Merkel to cancelNordStream2, as he says, he canwork to coordi-nate a response that assures Germany of help ifshedoes.Mr. Trumphasnever caredmuchabouthuman rights, but this is an issue where rightsmesh with U.S. national interests.

The poisoned Russiandissident opens a doorfor a Trump priority.

REVIEW & OUTLOOK

OPINION

THEWALL STREET JOURNAL. Wednesday, September 9, 2020 | A17

Make the Senate Great Againdone in secret. Without posturing forcameras, Republicans and Democratscooperate on some of America’s mostcomplicated and urgent problems.Other committees could follow theirexample, while keeping transparencyby making transcripts and real-timeaudio available to the public.

•Abolish standing committees. TheSenate is supposed to be the world’sgreatest deliberative body, but it oper-ates on about 20 permanent fiefdoms.Dividing legislative work is important,but there’s no corporation that wouldtackle its problems by creating 20 per-manent committees and running everydecision through them. The Senateshould instead create temporary two-year committees, each devoted tomak-ing real progress on one or two bigproblems. Committees should drawpower from their accomplishments,not based on which industries need tosupplicate before the gavel.

• Pack the floor. Serious debatehappens only if senators show up.Ninety-nine percent of the time yousee a senator talking on the floor, he’sspeaking to a chamber with some-where between zero and two col-leagues present. The Senate’s rulesprivilege the majority, which controlsthe agenda and floor time. Senatorsought to be packed on the floor havingreal debates. We can do that by chang-ing the rules to allow committees tocontrol some floor time. Electionshave consequences, so the majorityleader should control the majority ofthe Senate’s time, but committeesshould be able to command specifictimes for specific debates.

• Live together. A lot of time isspent demonizing the opposition, butmost senators can get along quite well.Sen. Brian Schatz of Hawaii is as lib-eral as the day is long, but he’s myfriend. Senators should live, eat, andmeet in dormitories when the Senate is

in session. It’s hard to demonize peopleyou spend time with every day.

• Cancel re-election. One of the big-gest reasons Congress gives away itspower to the executive branch is thatit’s politically expedient for both par-ties to avoid the decisions that comefrom the work of legislating. Lawmak-ers are obsessed with staying in office,and one of the easiest ways to keepgetting re-elected is by avoiding harddecisions. We ought to propose a con-stitutional amendment to limit everysenator to one term, but we shoulddouble it from six years to 12. Senatorswho don’t have to worry about short-term popularity can work instead onlong-term challenges.

If that’s a bridge too far, at leastban fundraising while the Senate is insession in Washington. It’s an every-day experience to sit down at a$2,000-a-plate lunch fundraiser andthen run over to make committee

votes. Lobbying is protected by theFirst Amendment, but it shouldn’t bethe primary focus of senators whenwe’ve got work to do.

• Repeal the 17th Amendment. Rat-ified in 1912, it replaced the appoint-ment of senators by state legislatureswith direct election. Different statesbring different solutions to the table,and that ought to be reflected in theSenate’s national debate. The old say-ing used to be that all politics is local,but today—thanks to the internet,24/7 cable news and a cottage indus-try dedicated to political addiction—politics is polarized and national.That would change if state legisla-tures had direct control over whoserves in the Senate.

• Sunset everything. For decadesPennsylvania Avenue has been a one-way street, as authority flowed fromCongress to the executive branch.When the unelected bureaucracy gets

power, it doesn’t let go. We ought toend that by having the Senate create a“super committee” dedicated to re-viewing all such delegations of powerover the past 80 years and then pro-posing legislation to sunset the au-thority of entire bureaucracies on arolling basis. Does, say, the Health andHuman Services Department ever an-swer for its aggressive regulatory law-making? Of course not. Sunset all itsauthority in 12 months and watch law-makers start to make actual laws.

•Make a real budget. The power ofthe purse is Congress’s primary le-ver—and the area where Congress ismost unserious. The budget process iscompletely broken, and every coupleof months lawmakers are faced witha monumentally stupid decision: Shutthe government down or spend 102%of what was spent last year, with nooversight. It’s an endless series of all-or-nothing brinkmanship fights—con-tinuing resolutions, omnibus spend-ing deals and debt-ceiling hikes. Weought to fix that with two-year bud-geting that includes all federal spend-ing, including on entitlements. Weought to end the distinction betweenappropriation and authorization. Leg-islation that authorizes federal actionshould also appropriate the money topay for it.

These aren’t partisan proposals,because congressional dysfunctionisn’t a partisan problem. Lawmak-ers—Republicans and Democrats—don’t make laws. Over years, Con-gress made the choice to shirk itsduty and cede power to the executivebranch. Recovery will be hard, but it’stime for Congress build some muscleand figure out how to serve theAmerican people by doing our consti-tutionally mandated jobs again.

Mr. Sasse, a Republican, is a U.S.senator from Nebraska.

By Ben Sasse

BARB

ARA

KELLEY

W hat would the Found-ing Fathers think ofAmerica if they cameback to life? Theireyes would surely bug

out first at our technology andwealth. But I suspect they’d also bestunned by the deformed structure ofour government. The Congress theyenvisioned is all but dead. The Senatein particular is supposed to be theplace where Americans hammer outour biggest challenges with debate.That hasn’t happened for decades—and the rot is bipartisan.

Many on the left think the problemis the filibuster, which requires a su-permajority to end debate and enactmost legislation. But ending the filibus-ter would allow political parties to

change the direction of the countrydramatically with a succession of shift-ing 51-49 votes. That’s a path to evenmore polarization and instability. TheSenate’s culture needs dramatic changeaimed at promoting debate, not endingit. Here are some ideas:

• Cut the cameras. Most of whathappens in committee hearings isn’toversight, it’s showmanship. Senatorsmake speeches that get chopped up,shipped to home-state TV stations,and blasted across social media. Theyaren’t trying to learn from witnesses,uncover details, or improve legislation.They’re competing for sound bites.

There’s one notable exception: TheSenate Select Committee on Intelli-gence, the majority of whose work is

To restore the world’sgreatest deliberative body,we need to think big.

OPINION

Are You Ready for Some Political Football?If you were count-ing on the start ofthe pro football sea-son this week to of-fer some respitefrom a long hotsummer of nastypoliticking and vio-lent street protests,don’t kid yourself.In an act of coward-ice masquerading as

wokeness, the National FootballLeague has decided to follow itsbaseball and basketball counter-parts and bow to Black Lives Matteractivists.

In June, NFL CommissionerRoger Goodell apologized for theleague’s earlier hard-line stanceagainst kneeling during the nationalanthem. Last week the league an-nounced that it will pay obeisanceby displaying social-justice slogansin end zones and playing the “blacknational anthem,” “Lift Every Voiceand Sing,” before games. Playerswill be permitted not only to boy-cott “The Star-Spangled Banner”but to sit out entire games if theyfeel the need.

Even uniforms will showcase the

higher consciousness of multimil-lionaire black athletes who want tolecture the rest of us on racial in-equality. Players, coaches and refer-ees “can choose either a name of avictim or one of four preferredphrases the NFL has approved: ‘StopHate’; ‘It Takes All Of Us’; ‘End Rac-ism’; or ‘Black Lives Matter,’ ” ac-cording to the Associated Press.“Each week, the NFL will feature thestory of a victim of social or racialinjustice or police brutality and tellthat person’s story ‘in and around’the games, the league said.”

Football is America’s favoritespectator sport, and the NFL has de-termined that many fans are tuningin for the political theater, not justthe touchdowns. If Mr. Goodell iswrong about that, he’ll find outsoon enough. Average televisionviewership for regular season gamesfell to fewer than 15 million in 2017from 18.7 million two years earlier,and the initial player protests led byColin Kaepernick were cited as afactor in the dip. The audience hassince increased, but the averagenumber of viewers last year wasstill 2.2 million fewer than it was in2015.

The broader issue is the transfor-mation of professional sports andrelated news outlets into platformsfor espousing the latest politicalfads. Some of us turn to sports toget away from politics. That’sharder to do when you’re forced tonavigate through articles in thesports section on transgenderism or

“jogging while black” just to findout how many runs Gerrit Cole gaveup last night. I watch “SportsCen-ter” for the highlight reels, not formonologues on “systemic racism.”My 11-year-old subscribes to a ten-nis magazine, and the most recentissue featured an image of a balledfist on the cover. The kid just wantsto read about tennis.

“The NFL stands with the blackcommunity,” Mr. Goodell said in de-fense of the new policies. But Black

Lives Matter activists don’t repre-sent the black community any morethan white nationalists representthe white community. The blackcommunity wants more police offi-cers in high-crime neighborhoodsfor protection. Black Lives Matteractivists turn criminals into martyrsand lead rallies that call for defund-ing law enforcement. Mr. Goodell isindulging an extremely divisivegroup of activists who have a politi-cal agenda that is well to the left ofmost Americans, including mostblack Americans. Moreover, he’s de-cided that football fans should notbe allowed to watch NFL gameswithout having left-wing propa-ganda rubbed in their faces forthree hours.

To the extent that the antipolicerhetoric has no basis in any empiri-cal reality, Mr. Goodell and the NFLare also playing the role of the use-ful idiots. It is criminals whothreaten black lives, not police offi-cers, and focusing on police behav-ior instead of criminal behaviordoes nothing to help low-incomeblacks, who are the likeliest victimsof violent crime.

According to Peter Moskos, a

criminologist at John Jay College,policing has improved dramaticallyin recent decades and the biggestbeneficiaries have been blacks. In apodcast interview last month withthe economist Glenn Loury, Mr.Moskos said that efforts to reducepolice resources would be counter-productive. He called the New YorkCity Police Department, the nation’slargest, “arguably the best policedepartment that America has seen.”It’s not perfect, he added, “but byany quantifiable measure, the NYPDdoes very well. By quantifiable mea-sures, I mean arrests have been go-ing down, crime has been goingdown, complaints against policehave been going down—that’s im-portant in the current context—anduse of lethal force is very low.”

Mr. Moskos provides facts andcontext, while the media specializesin anecdotes and unrepresentativeviral videos. It’s no wonder so manypeople believe police shootings arecommonplace when in fact they area tiny percentage of all shootingsand have fallen steadily over thepast 40 years. In the name of help-ing blacks, the NFL is helping activ-ists spread misinformation.

TheNFL penalizes itselffor unnecessary roughnessagainst ColinKaepernickwith a social-justice blitz.

UPWARDMOBILITYBy Jason L.Riley

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Medical Research’s Cross of ‘Gold’ Imperils Covid Treatments

You’ve probably heard of the“gold standard”—randomizedcontrolled trials—for evaluating

new pharmaceutical therapies, includ-ing for Covid-19. Many treatments thatshowed promise in other studies haveturned up muddy results in random-ized controlled trials. But that doesn’tmean they’re necessarily ineffective.Doctors and regulators need to con-sider the totality of medical evidencewhen treating patients.

In a randomized controlled trial,subjects are randomly assigned to atreatment or a control group, withthe latter typically receiving a pla-cebo. Researchers usually don’t knowwhich patients are in which group, sotheir observations are shielded frombias. Observational studies comparepatients who received a treatment

with those who didn’t and use statis-tical methods to control for factorslike age, underlying health conditionsand disease severity.

“Randomized trials for some pur-poses is the gold standard, but onlyfor some purposes,” Harvard’s DonaldBerwick, a former health adviser toPresident Barack Obama, said in aninterview with GNS Health Care CEOColin Hill in 2013. “Context does mat-ter. We’re learning in a very messyworld, and the context that neatensup that world may make it hard toknow how to manage in the realworld.”

One obvious problem is that givingpatients a placebo when therapieshave shown benefits may be unethi-cal. Take the U.K.’s Recovery Trial,which assigns patients either to stan-dard care or different drugs at differ-ent stages of the disease. Such adap-

tive trials allow researchers to enrollmore patients and report resultsfaster, and usually mean that fewerpatients are given a placebo. The U.K.team reported in June that glucocor-ticoid dexamethasone reduced mor-tality in severely ill Covid patients bya third—the most significant findingto emerge from any randomized con-trolled trial. Some researchers wor-ried that glucocorticoids coulddampen the immune response earlyin the disease, but the treatment wasalready recommended for severe re-spiratory distress or infections basedon prior trials. Withholding the drugfrom severely ill patients in a controlgroup might have caused hundreds ofunnecessary deaths.

Randomized trials must usuallyenroll thousands of subjects to dem-onstrate a “statistically significant”finding—one that is less than 1%likely to be due to chance. Yet oner-ous and large trials aren’t always fea-sible during a pandemic, when infor-mation is needed pronto. The U.K.trial, under way since March, stillhasn’t reported results on treatmentslike the monoclonal antibody tocili-zumab or convalescent plasma.

As Thomas Frieden, who directedthe Centers for Disease Control andPrevention under Mr. Obama, wrote ina 2017 New England Journal of Medi-cine article: “Elevating RCTs at theexpense of other potentially highlyvaluable sources of data is counter-productive.” Such limitations affecttheir use for “urgent health issues,such as infectious disease outbreaks.”He added: “No study design is flaw-less, and conflicting findings canemerge from all types of studies.”

Two randomized trials of Gilead’santiviral drug remdesivir show howsuch studies can produce inconclu-sive results. A randomized trial inChina, published in the Lancet in

May, enrolled 237 patients. The studyfound no significant clinical benefitover a placebo, but most of the pa-tients were severely ill when treated.Patients who had symptoms for 10 orfewer days, however, were 25% lesslikely to die. Similarly, a randomizedNational Institutes of Health trialwith 1,063 patients found the drugreduced average recovery time byfour days and the risk of death by30%, but the survival benefit was sta-tistically insignificant.

Some experts have dismissed theantimalarial hydroxychloroquine, orHCQ, even though more than a dozenobservational studies have found itbeneficial. A retrospective observa-tional study of Covid-infected nurs-ing-home residents in France, for in-stance, found those treated with HCQand azithromycin were 40% lesslikely to die.

But a few randomized controlledtrials found no benefit. A Spanishrandomized trial of HCQ for prophy-laxis found it didn’t reduce risk of ill-ness among a large group of peopleexposed in nursing homes, house-holds and health-care settings. Yettwo-thirds of the subjects “reportedroutine use of masks at the time ofexposure,” so they were probablyless likely to be infected. Nursing-home residents, who may be lesslikely to wear masks, were 50% lesslikely to become sick if they tookHCQ. But this finding was statisti-cally insignificant, because the trial

included only 293 residents.The U.K. Recovery trial concluded

that HCQ was ineffective, but doctorshave pointed out flaws. Belgian doc-tors last month published an obser-vational study that found 32% lowermortality among patients treatedwith HCQ. They noted that in the U.K.trial “10% of the patients included inthe HCQ arm had negative SARS-CoV-2 test and mortality was high inboth groups (25%), indicating ad-vanced disease.” Doctors in Italy pub-lished an Aug. 25 study finding a 30%lower mortality in hospitalized pa-tients receiving HCQ. They note thatthe dose in the U.K. trial “was almostthe double of that administered inour real life conditions.”

Another problem with Covid-19randomized trials: Patients at differ-ent stages of an illness are often as-signed the same dosage. Trials don’treveal differences in how patients re-spond to a drug at different dosagesor illness severity.

Observational studies can do so.Consider a large study by the MayoClinic, which found no overall benefitamong patients who received ahigher-antibody convalescent plasmaversus a lower one. Yet the research-ers reported a 37% reduction in mor-tality among patients under 80 whoweren’t on a ventilator and receiveda high-antibody plasma within threedays of hospitalizations.

A randomized trial might haveobscured these nuances and com-plexities, denying doctors importantinformation about treatment op-tions. Randomized controlled trialscan yield important insights, but it isa medical mistake and a disserviceto patients to dismiss other types ofevidence.

Ms. Finley is a member of theJournal’s editorial board.

By Allysia Finley

Randomized controlledstudies have advantages,but there are othervaluable sources of data.

A18 | Wednesday, September 9, 2020 THEWALL STREET JOURNAL.

Britain left the EU in Janu-ary but continues to follow itsrules during this year’s transi-tion period. The two sides arehashing out how they willtrade in the future. The Britishgovernment wants freedomfrom the EU to set its ownrules. The EU doesn’t wantBritain subsidizing businessesthat then get tariff-free accessto its market.

This debate is collidingwith Mr. Johnson’s vision formore state intervention to bol-ster post-Brexit Britain. Hisposition is far removed fromthe free-market economics ofhis Conservative Party prede-cessor, Margaret Thatcher,who questioned the govern-ment’s ability to pick winnersamong private companies.

“Here we are 30 years outfrom when Thatcher left officeand we have a government con-templating a no-deal final Brexitsettlement so that it can subsi-dize companies and choose na-tional champions,” said TonyTravers, a professor at the Lon-don School of Economics. Mr.Johnson’s position curiouslyaligns him with figures on theleft of the opposition Labour

with the EU last year. To avoida hard border on the island ofIreland, Britain agreed that itsprovince of Northern Irelandwould follow EU state-aidrules. British officials havestarted signaling they arelooking to backtrack from thisand other parts of the accord,which has the status of an in-ternational treaty.

Northern Ireland ministerBrandon Lewis on Tuesday saidthe government would intro-duce legislation to unilaterallyamend the agreement in a waythat would break internationallaw “in a very specific and lim-ited way.” The proposalprompted the resignation of thehead of the government’s legaldepartment, Jonathan Jones.

An outline of Mr. Johnson’sindustrial vision is starting toemerge. This year, the U.K. gov-ernment made an unusual in-vestment: a £500 million ($658million) stake in a strugglingBritish-American company thatmakes satellites. Mr. Johnson’schief of staff, Dominic Cum-mings, also talks of repealingthe EU’s online privacy law,which has weighed on smallerstartups, for instance.

Party, whose skepticism aboutthe EU derived in part from thebloc’s constraints on state sub-sidies, Mr. Travers said.

British government officialssay they don’t plan to pumpfunds into ailing heavy indus-try, but rather turn the U.K.into an attractive base for techcompanies by easing regulation,taxation and investing in prom-ising businesses. They also saythe argument is about the prin-

ciple of sovereignty—the free-dom for elected British govern-ments to act as they choose.

This worries the EU. Aroundthe time Britain’s divorce withthe bloc was sealed last year,German Chancellor AngelaMerkel said the U.K. would be-come a competitor to Europe,especially in the areas of inno-vation and digital markets.

Adding to the complexity isthe divorce deal the U.K. made

TheU.K. has spent less on state aid as a proportionof its economy thanmany EU countries.

State aid as a percentage of GDP

Source: European Commission

1.5

0

0.5

1.0

%

2000 ’05 ’10 ’15

Germany

Spain

France

Italy

U.K.

WORLD NEWS

For decades, Britain’s Conser-vative Party politicians decriedthe European Union for its sup-posed aversion to free markets.

Now trade negotiations thatwill define the future relation-ship between the U.K. and theEU from next year havestalled, in large part becausePrime Minister Boris John-son’s government wants thefreedom to ignore EU ruleslimiting state subsidies of pri-vate companies.

With trade talks restartingon Tuesday, and little sign ofquick progress, this impasse isincreasing fears among offi-cials on both sides that a tradedeal won’t be secured by theend of the year, resulting intariffs and a host of other bar-riers to trade amounting to$800 billion annually. Mr.Johnson said his governmentwould walk away from talks ifa deal isn’t reached by Oct. 15.

“If we can’t agree by then,then I do not see that therewill be a free-trade agreementbetween us,” Mr. Johnson saidon Monday. “And we shouldboth accept that and move on.”

EU officials say the bloc re-mains intent on striking a dealbut that Mr. Johnson’s govern-ment will need to make somemajor concessions. The bloc’schief negotiator, MichelBarnier, has said the end of Oc-tober is the effective deadlinefor an agreement. The poundhas fallen against the dollar onfears that talks will collapse.

Across the world, big gov-ernment spending is on therise, spurred by state interven-tions to stave off the economiccalamity caused by theCovid-19 pandemic and by ris-ing barriers to trade. In Britain,this—combined with Brexit—isdriving a political U-turn.

ByMax Colchester inLondon and LaurenceNorman in Brussels

U.K.’s State-Aid Push Blurs Brexit TalksEU seeks concessionson trade as deadlinelooms, but Johnson’sabout-face clouds deal

Prime Minister Boris Johnson’s government wants the freedom to ignore EU rules limiting state subsidies of private companies.

LONDONNEW

SPICT

URE

S/ZU

MAPR

ESS

Pandemic PutsDivergence on Hold

European Union rules—strongly backed by Britainwhen it was an EU member—limit the ability of govern-ments to shore up nationalcompanies as a way of ensur-ing no country gains an unfairadvantage inside the bloc’s sin-gle market. Those rules havebeen effectively suspended be-cause of the Covid-19 pan-demic, but officials say theywill return when it is over.

The EU has demanded arundown of the government’splans for its state-aid regime,which the U.K. governmenthasn’t yet completed. Officialsare hopeful that they will begiven at least an outline of theU.K.’s plans in talks in comingweeks, but they aren’t confi-dent of that.

“We have no issue withregulatory divergence. It isnormal that the U.K. wants toset its own standards andrules,” the bloc’s chief Brexitnegotiator, Michel Barnier,said last week. “But if theseserve to distort competitionwith us, then we have a prob-lem,” he said, making it clearthat the bloc’s concerns gowell beyond digital markets.

London argues that coun-tries such as Canada, SouthKorea and Japan have se-cured trade accords with theEU without agreeing to strin-gent restrictions on subsidies.Brussels says that, unlike theU.K., economies with free-trade accords are either smallor geographically distant anddon’t represent a competitivethreat on the EU’s doorstep.

Diplomats say agreementis possible on state aid thatdoesn’t impose prescriptiverules on the U.K. But if thathappens, they say, the agree-ment would need an arbitra-tion system that can imposecosts—such as tariffs on im-ports from Britain—for Britishdivergence that undercutscompetition.

©2020DowJones & Co., Inc. All rights reserved. 6DJ8005

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© 2020 Dow Jones & Company. All Rights Reserved. * * * * * THEWALL STREET JOURNAL. Wednesday, September 9, 2020 | B1

Tesla Inc. was passed overfor inclusion in the S&P 500 in-dex, a move that put a halt tothe parabolic run in the elec-tric-car maker’s shares.

S&P Dow Jones Indices,which determines the makeupof the index, said Friday after-noon that online marketplaceEtsy Inc., technology firmTeradyne Inc. and pharmaceu-tical company Catalent Inc.would be added in its quarterlyrebalancing. Tesla—whoseshares have catapulted to newhighs, partly in anticipation ofjoining the S&P 500—was no-ticeably absent.

Tesla shares dropped 21%Tuesday, their biggest one-dayfall on record. The stock stillhas nearly quadrupled thisyear, despite declining 34% in

TECHNOLOGY: PELOTON ADDS PRODUCTS AND CUTS BIKE PRICE B3

S&P 3331.84 g 2.78% S&PFIN g 2.59% S&P IT g 4.59% DJTRANS g 1.29% WSJ$ IDX À 0.50% LIBOR3M 0.250 NIKKEI (Midday) 22905.21 g 1.59% Seemore atWSJ.com/Markets

BUSINESS&FINANCE

Former CEO Don Thompson, shown in 2014, has criticized thedecline in diversity at the company since his departure.

MCD

ONALD

’S

VIDEOGAMESMicrosoft to releasetwo consoles,one of them

less expensive. B4

PROPERTY REPORTStudent-housing sector

at universitieschallenged by

Covid-19 outbreaks. B6

MICRO

SOFT

fixed on planes that haven’tbeen delivered while Boeing as-sesses whether enhanced in-spections or fixes are neededon planes already in service.

The company said the prob-lem could affect as many as893 of the roughly 1,000Dreamliner jets produced sofar. Boeing said no Dreamlinerscurrently carrying passengershave accumulated enough flighthours to experience prematureaging of their stabilizers.

Boeing said the issue wasidentified in February, at whichpoint it said it submitted a vol-untary report to the FederalAviation Administration. High-level managers at the FAA werealerted to the issue in the lastday or two, one person familiarwith the matter said.

Sooner-than-planned in-spections of their 787s or un-

expected structural fixeswould disrupt airlines’ sched-ules at a time the aircraft hasbecome even more importantfor many carriers as its sizeand long range provide flexi-bility during the pandemic-in-duced downturn in global pas-senger traffic.

Boeing’s well-documentedproduction snafus in recentyears, combined with manage-ment’s timeline in alerting theFAA about such problems, haveundercut confidence of somesenior agency officials in theplane maker’s engineering andproduction processes, accord-ing to government and indus-try officials familiar with thematter.

Boeing has become more re-liant on the 787 and the com-pany’s big defense business to

PleaseturntopageB2

Boeing Co. said it had iden-tified a third quality-controllapse in production of its 787Dreamliner, further slowingdeliveries of the jetliner andrevving up an investigation byfederal air-safety regulators.

The company said Tuesdaythat portions of Dreamlinertail sections made at a facilityin Salt Lake City were clampedtogether improperly during as-sembly. The problem, affectingmost Dreamliners, could leadto premature material fatigueof carbon-composite structuresin the horizontal stabilizer, orrear winglike structure in theplane’s tail.

Boeing said the problemdoesn’t pose an “immediatesafety of flight issue.” It will be

BY DOUG CAMERONAND ANDY PASZTOR

Boeing Flags New ProblemWith Dreamliner Production

September. Tesla’s marketvalue has ballooned to nearly$308 billion, making it one ofthe biggest companies in theU.S. by that metric.

The announcement is a par-ticularly disappointing devel-opment for bullish investorswho had aggressively posi-tioned themselves for the com-pany’s addition to the gauge.After the company reported itslatest quarterly profits andplans to split its stock, manyinvestors bet big that its shareswould continue to soar.

They may have gotten aheadof themselves. Tesla appearedto be eligible for inclusion afterits latest earnings report. To beconsidered for the index, com-panies must report an accumu-lated profit over four consecu-tive quarters, including themost recent.

PleaseturntopageB5

BY GUNJAN BANERJIAND MICHAEL WURSTHORN

Tesla Falls 21% AfterIt Fails to Make S&P

top managers has shrunk overtime amid reorganizations, butBlack employees and franchi-sees remain represented in thesame proportions as before.Still, McDonald’s CEO ChrisKempczinski says the company

must do more to boost minor-ity representation. “We abso-lutely have more work to do,”Mr. Kempczinski said in an in-terview in late July.

McDonald’s says it has be-gun to assess diversity across

Among American busi-nesses, McDonald’s Corp.’s re-cord on race has stood out:The burger giant was one ofthe first to back Black restau-rant owners half a centuryago, and later it elevated nu-merous African-Americansinto top management, includ-ing as chief executive.

More recently, that prog-ress seems to have stalled. Thenumber of Black officers in itsuppermost ranks of its U.S.business fell to six this yearfrom 42 in 2014, according tocompany figures and thosecited in a lawsuit. Black own-ership of McDonald’s restau-rants has slipped to 11.6% ofU.S. franchises, from 12.7% in2010, an analysis of recordsshows; another count suggeststhe number of Black franchi-sees has fallen by half sincepeaking in 1998.

McDonald’s says the totalnumber of store owners and

BY HEATHER HADDON

Oil prices slumped to theirlowest level in nearly threemonths, under pressure from astalling recovery in demand andplanned production expansionsby OPEC that threaten to add toa glut of crude.

U.S. crude-oil futures slid7.6% to $36.76 a barrel on Tues-day, hitting their lowest levelsince mid-June. Brent crudedropped 5.3% to $39.78 a barrel,the first time the internationalbenchmark has fallen below $40in nearly three months. U.S.crude was partly catching upwith Monday’s drop in Brent,when U.S. markets were closedfor Labor Day.

Record oil imports by China,the return of automobiles to U.S.

PleaseturntopageB5

BY JOE WALLACE

Crude PricesDrop SharplyAs DemandSlows Down

its ranks, and is trying newinitiatives, such as creating di-verse panels of employees toevaluate candidates for offi-cer-level jobs. It has restoredfunding for its African-Ameri-can employee council, alongwith other internal diversitynetworks, after a drop-off insupport. The company said itwould report on its diversitygoals annually.

Diversity and inclusion havebecome major topics of dis-cussion and soul-searchingamong companies in the pastdecade. Despite some brightspots, such as recent improve-ment in minority representa-tion on corporate boards,there are three Black CEOs inthe Fortune 500, and 8% ofpeople employed in profes-sional roles are Black, accord-ing to the nonprofit Center forTalent Innovation.

McDonald’s was long aheadof other companies on Blackadvancement. It bet on urban

PleaseturntopageB2

McDonald’s Now Takes Fire on Race

The mortgage market re-corded its best quarter inyears this spring, a reflectionof how the housing market isbooming in 2020 even asmuch of the economy stum-bles.

Lenders issued $1.1 trillionin home loans between Apriland June, according to mort-gage-data firm Black KnightInc. That was the biggestquarter in the company’s re-cords, which date to 2000.Lenders extended roughly$2.5 trillion in home loans inall of 2019.

Refinancings, up more than200% from a year ago, drovethe increase. Mortgage rateshit new lows multiple timesthis year, falling below 3% forthe first time in July. The lowrates have made millionsmore Americans eligible tosave money on their monthlypayments. Purchase mort-gages, though, fell 8% from ayear earlier.

Dena and Patrick Driscollclosed on their refinance inApril, trading in their FederalHousing Administration loanfor a conventional one. Thatgot them a rate of about 3%,more than 1 percentage pointlower than their previous one,and they no longer had to payFHA mortgage insurance. Thatslashed the monthly paymenton their Philadelphia homefrom about $2,000 to roughly$1,500.

The Driscolls, who havekept their jobs during the cor-onavirus pandemic, are usingsome of the difference tocover the cost of activities fortheir two elementary-schoolchildren, who just started afully remote learning pro-gram.

The money “gives us a littleextra cushion, but it getseaten up by having to pay forthese extra things—makingsure they have care at timeswhen I can’t provide it,” Mrs.

PleaseturntopageB11

INSIDE

Slack Technologies Inc. en-joyed strong customer growtheven as some users cut backon use of the workplace-col-laboration tool, showing howpandemic-driven changes havebeen both a boon and burden

BY AARON TILLEY

for business-software firms.Investors have bet heavily

on businesses poised to bene-fit from the changes the pan-demic has caused in the livesof millions of Americans asthey work from home. ZoomVideo Communications Inc.last week lifted its full-yearoutlook for the second timeduring the pandemic and busi-ness-software provider Sales-force.com Inc. late last monthalso raised its forecast.

Living up to lofty expecta-tions can be a challenge,

though. Slack’s shares fell al-most 20% in after-hours trad-ing with billings in the quarterfalling short of expectations,even as the company lifted itsfull-year outlook and postedrecord sales.

Slack Chief Executive Stew-art Butterfield said revenueretention suffered as somecustomers cut staff and, withthat, use of its software. Andsome businesses also haveslowed spending decisions onnew technology as they try tomake it through the downturn.

San Francisco-based Slackhas enjoyed increased popu-larity from the pandemic,though not to the extent assome of its rivals. Slack’s stockwas up more than 30% thisyear before it posted its latestresults. Zoom’s stock has risenmore than fivefold.

As businesses broadly arerushing to embrace the kind ofdigital tools that allow themto work remotely, competitionamong the vendors providingthat software, already fiercebefore Covid-19, has intensi-

fied. Microsoft Corp. has beenaggressively pushing Teams,its workplace-collaborationtool that competes with bothZoom and Slack.

In July, Slack filed an anti-trust complaint against Micro-soft in the European Union,accusing the software giant ofabusing its dominance. Micro-soft has said that it is commit-ted to providing its customers

PleaseturntopageB2

Slack’s Stock Dives After ResultsBusiness-softwarefirm lifts outlook,posts record sales, butbillings disappoint

Small Businesses’ Online Shift Is Boon to E-Commerce Platform

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BY ORLA MCCAFFREY

MortgageMarketBoomedIn Spring

� Heard on the Street: Slackcomes up short of hype.... B12

In a major overhaul at Net-flix Inc., Bela Bajaria has beenput in charge of global televi-sion and Cindy Holland, an ar-chitect of the streaming gi-ant’s original-content strategy,is leaving, the company saidTuesday.

In her new role, Ms. Bajariawill oversee all original seriesfor Netflix around the globe.Ms. Bajaria, who joined Netflixin 2016, had previously beenin charge of unscripted pro-gramming and internationalcontent, the latter of whichhas become a priority for Net-flix over the past severalyears.

The restructuring of theunit leapfrogged Ms. Bajariaover Ms. Holland, who hasbeen at Netflix for nearly 20years and now finds herselfwithout a job. Ms. Holland wasinstrumental in developingand greenlighting much ofNetflix’s original content, in-cluding shows such as “Houseof Cards,” “Orange Is the NewBlack” and “Stranger Things.”

The departure of Ms. Hol-land is a stark reminder of theculture at Netflix, where eventhe most senior and acclaimedexecutives are often let go ifmanagement decides there issomeone better suited fortheir job waiting in the wings.

In a memo to staff aboutthe executive changes, thecompany said there was nowno role for Ms. Holland so shewill leave in October.

The moves come just weeksafter Netflix Chief Content Of-

PleaseturntopageB3

BY JOE FLINT

NetflixTV ChiefExits inShake-Up

B2 | Wednesday, September 9, 2020 * * * * THEWALL STREET JOURNAL.

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

Abbott Laboratories...A1

Airbus..........................B2

Alphabet......................A1

American CampusCommunities.............B6

Anheuser-Busch InBev

.....................................B3

Apple..............A1,A11,B4

Arkose Labs..............A11

AstraZeneca................A6

Avalonbay Communities

.....................................B6

B

BioNTech.....................A6

BNP Paribas................B5

Boeing .........................B1

C

Catalent.......................B1

Commerzbank.............B5

D

Draper and KramerMortgage ................B11

E

Epic Games.................A1

Equity Residential......B6

Etsy......................B1,B12

F

Ford Motor..................A1

G

General Motors...A1,B12

GlaxoSmithKline.........A6

H

Honda........................B12

I

Icelandair.....................B2

J

Johnson & Johnson....A6

L

Lululemon Athletica.B12

M

Marriott International

.....................................A2

McDonald's..................B1

Merck ..........................A6

Microsoft ...............B1,B4

Mid-AmericanApartmentCommunities.............B6

N

Netflix .........................B1

Nikola...................A1,B12

Nintendo..............A11,B4

O - P

OraSure Technologies A6

Outbrain......................B3

PayPal .......................A11

Peloton Interactive.....B3

Pfizer...........................A6

PG&E...........................A3

S

Salesforce ...................B1

Sanofi..........................A6

Saudi Aramco..............B5

Sherlock Biosciences..A6

Shopify........................B4

Siemens GamesaRenewable Energy..B12

Slack Technologies .....B1

SL Green Realty..........B6

SoftBank Group........B12

Sony.............................B4

T

Taboola........................B3

TD Ameritrade............B5

Teradyne......................B1

Tesla...............A1,B1,B12

V

Vestas Wind Systems

...................................B12

W

Walt Disney................A8

Z

Zoom VideoCommunications.......B1

INDEX TO PEOPLE

BUSINESS & FINANCE

JPMorgan Chase & Co. hasfound evidence of employeesand customers misusing thegovernment’s flood of stimulusfunds this spring and is coop-erating with authorities, thebank’s leaders told employeesTuesday.

In a memo to employees,the bank didn’t detail specific

instances but said it had foundcustomer wrongdoing involv-ing the small-business rescueplan known as the PaycheckProtection Program, unem-ployment benefits and othergovernment programs aimedat easing the coronavirus pan-demic’s economic effects.“Some employees have fallenshort, too,” the memo said,without elaborating.

The memo described the is-sues as “conduct that does notlive up to our business andethical principles—and mayeven be illegal.”

A bank spokeswoman de-clined to provide more details.

JPMorgan delivered $28billion in loans through thesmall-business lending pro-gram, the largest amount byany bank in the rush to pump

the government’s money outthe door. Investigators andlawmakers have already beenprobing the program forfraud.

The memo said the operat-ing committee was sending itto remind staff to be alert forfraud. The bank employs morethan 250,000 people.

Bloomberg News earlier re-ported on the memo.

BY DAVID BENOIT

JPMorgan Sees Stimulus Cash Misused

describe as a hostile work en-vironment.

“It became clear that Afri-can-American stakeholdersand their priorities were nolonger a strategic priority,”Ms. Neal said in an interview.

McDonald’s is defending it-self against the discriminationallegations filed in the U.S.District Court for the North-ern District of Illinois.

The company says six outof 34 of U.S. corporate officersare Black and all 10 regionalfield-office heads are minori-ties—figures Mr. Kempczinskisaid he was proud of amid thecompany’s efforts. “Beyondjust numbers, it’s how wemake people feel included,” hesaid in the interview.

Funding for the diversitynetworks shrank during Mr.Easterbrook’s tenure, hurtingthe pipeline of minority can-didates, two former execu-tives said. A photo from theMcDonald’s African-AmericanCouncil meeting in 2013showed around two dozenBlack members at the level ofvice president and higherfrom the U.S. business andheadquarters; the majorityhave since left the company,one former executive said.

Mr. Thompson, whofounded a venture-capitalfund in Chicago, declined tocomment for this article buthas criticized the fallingnumbers of diverse execu-tives and franchisees sincehis departure. “The focus gotoff of it. I will not say it wasmalintent, I will just say it’sno intent,” he said ofMcDonald’s diversity during a2018 talk.

Some former human-re-sources department managersand one former company ex-ecutive told The Wall StreetJournal they raised the needfor more emphasis on diver-sity in hiring with supervi-sors beginning around 2015,but said they felt their con-cerns were ignored or dis-missed.

McDonald’s declined tocomment. Last month,McDonald’s recently hired hu-

man-resources chief, Heidi Ca-pozzi, told employees to con-tact her directly if they feltconcerns weren’t being ad-dressed.

Mr. Webb said the push forfranchisees to pay for expen-sive store upgrades beginningin late 2016 disproportion-ately hurt Black operators,since their sales are lowerthan those at the averageMcDonald’s in the U.S.McDonald’s in 2017 offered topay 55% of all U.S. owners’costs associated with the up-grades.

“A lot of things done dur-ing that time were insensi-tively done,” Mr. Webb said inan interview.

In a lawsuit filed Aug. 31,dozens of Black former fran-chisees accused McDonald’s ofselling them stores in loca-tions they say were destinedto fail, as part of a “pattern ofsystematic and covert racial

discrimination.” Citing figuresfrom the company and the Na-tional Black McDonald’s Oper-ators Association, the lawsuitsaid the number of Black fran-chisees has fallen by half, to186 from a high of 377 in1998.

The company has deniedthe allegations of discrimina-tion and is defending itselfagainst the lawsuit.

In the U.S., nearly 30% ofMcDonald’s franchisees areethnically diverse, the com-pany said. McDonald’s saidthat cash flow at Black-ownedrestaurants has improved re-cently and it aims to help allof its franchisees succeed, in-cluding through financialhelp. McDonald’s said that inrecent months executiveshave held discussions with theNational Black McDonald’sOperators Association abouthow to improve member cashflow.

neighborhoods during thewhite flight of the Civil Rightsera and first sold a restaurantto a Black operator in 1968. Itoffered Black entrepreneurs anopportunity to build wealthwhen they were often shut outof ownership in other profes-sions, according to MarciaChatelain, a history professorat Georgetown University andauthor of the book “Franchise:The Golden Arches in BlackAmerica.” McDonald’s “Blackfranchisees are some of theirstrongest forces with thebrand,” she said.

At one point in the late1990s, McDonald’s came closeto reaching a goal of havingthe percentage of Black own-ers equal the percentage ofthe Black population in theU.S., said Reggie Webb, a for-mer chairman of the NationalBlack McDonald’s OperatorAssociation, whose familyowns 16 stores in SouthernCalifornia.

That focus included head-quarters, then in Oak Brook,Ill., too. The company, nowbased in Chicago, backed in-ternal networking groups forminorities, eventually hostingmore than a half-dozen groupsincluding the McDonald’s Afri-can-American Council. About23% of McDonald’s 200 U.S.officers were minorities in2006.

One former U.S. McDonald’sexecutive recalled feeling sur-prise on his first day meetingwith senior leaders for theU.S. business in 2009, becausethe number of fellow Black of-ficers was rare in a big com-pany at the time.

One of those leaders wasDon Thompson, an engineerrecruited in 1990, who rose tobecome CEO in 2012. One ofthe few Black CEOs to run amajor U.S. company, Mr.Thompson boasted aboutMcDonald’s commitment todiversity. Restaurant sales fellunder Mr. Thompson, whowas replaced by Steve Easter-brook, then McDonald’s chiefbrand officer, in 2015.

When Mr. Easterbrook be-came CEO, he aimed to cut$500 million in administrativeexpenses, largely through buy-outs. McDonald’s legal depart-ment oversaw the buyouts toprevent bias, one former exec-utive said, but the number ofminorities working inMcDonald’s corporate officesdropped as a result of thecuts.

One former manager saidshe and about a half-dozenBlack colleagues at similarlevels left or retired duringthat period, and some feltthey no longer had the sameaccess to opportunities astheir white counterparts.

Vicki Guster-Hines andDomineca Neal, twoMcDonald’s senior directorsfrom the Dallas office whofiled a lawsuit againstMcDonald’s in January, allegethey were discriminatedagainst during the buyoutyears, citing demotions duringrestructuring and what they

ContinuedfrompageB1

McDonald’sComesUnder Fire

The bank said in a memo to employees Tuesday that it had found both customer and staff wrongdoing involving government pandemic aid.

MARYALTAFF

ER/A

SSOCIATE

DPRESS

generate cash while its 737MAX aircraft has beengrounded for more than a yearfollowing two fatal crashes.Boeing has restarted limitedproduction of the 737 MAX butcan’t deliver any jets until regu-lators approve a series of fixesand changes to pilot training.

The issue with the stabiliz-ers on the 787 follows twoother, previously reported pro-duction problems affecting dif-ferent composite parts ofDreamliner fuselages. Those is-sues resulted in Boeing takingthe unusual step last month ofvoluntarily grounding eight787s as structurally unsound.Those problems also promptedFAA officials to launch a broadreview of factory processesand safeguards potentiallystretching back almost a de-cade, according to an internalgovernment memo and peoplefamiliar with the matter.

The FAA’s inquiries into thethree manufacturing flawshave now been rolled into asingle investigation, accordingto the person familiar with theissue. The agency on Tuesdayreiterated that it continues toengage with Boeing, adding “itis too early to speculate aboutthe nature or extent” of anysafety mandates the FAA maydecide to issue.

The Wall Street Journal re-ported Monday that seniorFAA officials, responding to

ContinuedfrompageB1

AAdelman, David ..........B6

BBajaria, Bela ...............B1Barra, Mary...............B12Brito, Carlos................B3Butterfield, Stewart...B1

CCapozzi, Heidi .............B2Coleman, Ira................B6

DDurels, Steven............B6

F - GFinkelstein, Harley .....B4Foley, John..................B3Galy, Sebastien...........A2Geddes, Troy...............B4Guster-Hines, Vicki ....B2

HHarding-Rolls, Piers ...B4Hastings, Reed ...........B3Hill, Stephanie............B5Holland, Cindy.............B1

KKempczinski, Chris .....B1

LLu, Junkai....................B5

MMartinsen, André .......B5McElligott, Charlie......B5McLaughlin, Ralph....B11Milton, Trevor...........B12

N - PNeal, Domineca...........B2Patterson, Matt........B11Pawlowski, John.........B6

SSarandos, Ted .............B3

Sebastian, Colin..........B4

Senyek, Chris..............A2

Shah, Seema...............A2

St. Juste, Haendel......B6

Stuber, Scott...............B3

TTchilinguirian, Harry...B5

Thompson, Don...........B2

VVogel, Jim.................B11

WWebb, Reggie..............B2

Weinberg, Eugen........B5

ZZuckerberg, Mark.......A2

the fuselage defects, were con-sidering ordering acceleratedor enhanced inspections of po-tentially hundreds of Dreamlin-ers. Boeing told the FAA, andsubsequently indicated pub-licly, that quality lapses affect-ing fuselages don’t pose an im-mediate safety threat.

The production issues takentogether have slowed 787 de-liveries. Boeing delivered fourin August as a monthly pro-duction rate of 10 continues tooutpace handovers to custom-ers. Boeing said Tuesday it ex-pects the quality issues to af-fect deliveries “in the nearterm.”

Boeing’s shares closed al-most 6% lower, near their ses-sion low, as the company alsoreported 13 aircraft deliveriesin August, the highest monthlytotal since March. The pace of737 MAX cancellations slowedto 17 last month, mainly fromlessors as well as two fromIcelandair Group Hf.

The production problemsadd to pandemic-related travelrestrictions that have sloweddeliveries by Boeing and Air-bus SE this year, pressuringtheir finances as customerstypically pay the bulk of an air-craft’s price on receipt of theplane. Airbus said Tuesdaythat it delivered 39 planes inAugust.

Boeing has delivered 84planes through the end of Au-gust. Aside from the 787s, lastmonth’s deliveries all involvedcargo jets or military planes.These included two KC-46Atankers, two P-8 surveillanceplanes, three 777 freightersand two 767 cargo jets.

The new orders in Augustincluded two 737 MAX jets forEnter Air and three more foran unidentified customer.

Boeing SaysDreamlinerFlaw Found

Slack said it now has 87customers committed tospending more than $1 millionover a 12-month period on itsservices, up 78% from a year-earlier. Total paying customersincreased 30% to more than130,000, and Mr. Butterfieldsaid the acceleration wasdriven by an increase in re-mote working.

Translating the rise in cus-tomer numbers into higherrevenue can come with a de-lay, Mr. Butterfield said, add-ing that the company expectsto see more of the top-linebenefit later this year and intonext.

Slack said it now expectssales for the financial year of$870 million to $876 million,almost 40% year-over-yeargrowth, and above its previousprojection of $855 million to$870 million in sales. It alsoimproved its forecast for anadjusted operating loss, nowprojecting a loss of $70 mil-lion to $75 million.

a variety of choice and that itlooks forward to providing ad-ditional information to the Eu-ropean Commission.

Microsoft and Slack havebeen sparring verbally forover a year, since before thestartup instant-messaging-software company went publicin 2019.

Slack on Tuesday said ithad sales of $215.9 million, up49% from the year-ago period,beating Wall Street expecta-tions of $209.1 million, accord-ing to FactSet. It had a netloss of $74.8 million, com-pared with $359.6 million inthe same quarter a year ago.

ContinuedfrompageB1

Slack TopsSales, LossEstimates

Never Miss AStory, Style or

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THEWALL STREET JOURNAL. * * * * Wednesday, September 9, 2020 | B3

After years of criticism forlacking diversity among its Os-car nominees, the Academy ofMotion Picture Arts and Sci-ences has decided it will re-quire films competing for bestpicture to meet criteria aimedat fostering a more inclusiveHollywood.

The criteria will come intoeffect starting with the 2024Academy Awards.

Since the #OscarsSoWhitecampaign of 2015 criticizedHollywood for inequality, theAcademy and movie studiosalike have been implementinginitiatives meant to includemore people from underrepre-sented groups. Hollywood hasmade some gains in recentyears, but it has continued todraw criticism.

On Tuesday, the Academy is-sued a list of standards, detail-ing the ways films can qualifyunder the new regulations.Films can qualify by meetingstandards in at least two offour broad categories. Those in-clude having at least one mainactor from an underrepre-sented racial or ethnic group;casting at least 30% of minoractors from underrepresentedgroups; and telling a story thatfocuses on such groups.

While the acting and the-matic standards will be themost apparent to audiences,the Academy will also allowbest-picture submissions toqualify by meeting other off-screen criteria such as hiringpersonnel from underrepre-sented groups.

The broad leeway in the waythe standards are to be appliedmakes it difficult to assess howeffective the Academy’s planwill be. Under the new rules, amovie could still qualify with-out lead actors from underrep-resented ethnic groups or astory line centered on an un-derrepresented group.

BY R.T. WATSON

Oscars SetNew RulesTo FosterDiversity

ficer Ted Sarandos became aco-chief executive of the com-pany along with Reed Has-tings. Mr. Sarandos wanted toput all of television under one

ContinuedfrompageB1

rose 6% Tuesday amid abroader market decline.

Today, Peloton sells twomain pieces of equipment: a$2,245 stationary bike and a$4,295 treadmill. As of Wednes-day, it will have a new $2,495Bike+, an older bike costing$1,895, a new $2,495 treadmill,and an existing treadmill pricedat $4,295.

Mr. Foley said pricing is im-portant because it shows thecompany’s desire to please in-vestors by still offering higher-

margin products while broaden-ing appeal. “The idea that this isonly accessible to rich people isobviously nails on a chalkboardfor me as a business leader, as ahuman, and as an American,” hesaid. More products are in thepipeline, and pricing will con-tinue to be a focus, he added.

Cutting prices could putmore bikes in the homes of peo-ple willing to shell out $39 amonth for its growing menu oflive content.

Peloton doesn’t break out

specific delivery numbers ofbikes and treadmills, but thenumber of subscribers to thecompany’s $39-a-month con-nected-fitness membership pro-gram is an indicator of demandfor equipment sales. The figure,886,000 as of March 31, showshow many people pay themonthly subscription fee re-quired to connect their Pelotonmachine to streaming services.

JPMorgan analyst Cory Car-penter predicts subscriptionsreached nearly 1.1 million this

summer but points to growth asa risk. “Peloton’s biggest near-term challenge in our view iskeeping up with elevated de-mand,” he said.

Mr. Foley is determined forPeloton to become more of afull-service fitness provider, asconventional gyms struggleamid social-distancing norms.

Peloton’s new Bike+ has abolder sound system and a 24-inch touch screen that swivelsto accommodate yoga or weighttraining in a separate area.

Peloton Interactive Inc. isexpanding its lineup and cut-ting the price of its core exer-cise bike by 16% this week,moves aimed at taking a biggerchunk of a shifting fitness mar-ket and addressing complaintsabout sticker shock.

The eight-year-old fitnesscompany has sizzled duringcoronavirus, with its closelywatched “connected fitness”subscriber base solidly toppingone million in recent months.In an interview, Pelotonfounder and Chief ExecutiveJohn Foley said, “We saw amassive surge in our sales.”

Mr. Foley had intended tolaunch a pricier bike andcheaper treadmill along with theprice cut in April. But “theworld changed with Covid,” hesaid.

The demand surge also dealtturbulence. Supply chainssnarled, deliveries faced delaysas long as 10 weeks, retail out-lets closed, and factoriesneeded to add capacity amid apandemic.

“So, we decided to pause,”he said, referring to the expan-sion plan. Retailers have re-opened, and wait times havebeen cut to a few weeks.

Peloton’s moves came aheadof fiscal fourth-quarter earn-ings that analysts expect to bestrong. The report, due Thurs-day, comes four months afterthe company said initial de-mand during the pandemic wasextremely robust—sending theshare price up 112%. Shares

BUSINESS NEWS

BY JOHN D. STOLL

Peloton, on a Roll, Widens Range

The $2,495 Bike+ has a screen that swivels to accommodate yoga or weight training. The company also lowered the price of its core bike.

PELO

TON

executive similar to the waythe company’s film operationsare run.

“Since becoming co-CEO,I’ve wanted to simplify theway our content teams oper-ate—with one global film teamled by Scott Stuber and onefor TV, which will now be ledby Bela Bajaria,” Mr. Sarandossaid in a memo.

“Since joining Netflix in2016, Bela has demonstratedher versatility and creativity—building out our unscriptedteam and helping to take our

local language slate, which isincreasingly important for ourmembers, to the next level.”

The decision to jettison Ms.Holland, whose record was ad-mired throughout the enter-tainment industry, stunnedmany in Hollywood.

“These kinds of changes arenever easy, and I am enor-mously grateful to Cindy Hol-land for everything she hasdone over the last 18 years atNetflix,” Mr. Sarandos said.

Ms. Holland couldn’t bereached for comment. In a

statement she said, she “lovedevery moment” at the com-pany.

For Ms. Bajaria, the promo-tion caps a meteroric rise atthe streaming service.

She joined Netflix in 2016after running Comcast Corp.’sUniversal Television produc-tion arm, where among theshows she developed were theNetflix comedies “UnbreakableKimmy Schmidt” and “Masterof None.”

Ms. Bajaria was recentlyapproached by NBCUniversal

for a senior programming role,people familiar with the mat-ter said.

At Netflix, she was initiallyin charge of unscripted con-tent and then added interna-tional programming to herportfolio.

The shows she played arole in guiding most recentlyinclude “You,” “Unorthodox”and the Mexican thriller “DarkDesire.”

She also greenlighted thepopular dating show “IndianMatchmaking.”

NetflixShakes UpTV Unit

Learn more at ussoy.org.

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B4 | Wednesday, September 9, 2020 THEWALL STREET JOURNAL.

doubled to $714.3 million in thesecond quarter as the numberof new stores created onShopify rose 71% comparedwith the previous quarter.

Its share price nearly tri-pled from its March lows andcrossed above $1,000 in Au-gust. Even after a recent sell-off, Shopify’s market value ofroughly $110 billion is biggerthan eBay Inc. and TargetCorp. combined, thoughShopify has a fraction of theirsales or profits.

In October 2019, almost 15years after it was founded,Shopify announced its one-mil-lionth merchant. By this July, ithad some 1.3 million mer-chants, according to analysts atBaird, an investment bank.

Many small merchants sellthrough Amazon.com Inc.,which provides fulfillment ser-vices and remains the top on-line shopping destination. ButBaird analyst Colin Sebastiansaid competition to sell thetools that small businesses needto operate online “is surpris-ingly limited given how largethe market opportunity is.”

Many small businesses stilldon’t have e-commerce capa-

bilities. A Census Bureau sur-vey of small-business ownersin the last week of Augustfound 36% of the respondentswho work in the retail tradedidn’t have an online platformto sell their products.

Shopify’s chief operatingofficer, Harley Finkelstein, saidthe Ottawa company threw outall of its 2020 plans when thepandemic hit. “The entirecompany simply pivoted asquickly as we could to focuson, ‘How do we help smallbusinesses?’ ” he said.

Since March, Shopify hasintroduced a 90-day free trialfor new subscribers, gift-cardoptions, online tipping, a curb-side pickup option and a newShop application, where cus-tomers can search for prod-ucts within the Shopify uni-verse. The company alsoexpanded its financing pro-gram to other countries and isplanning to launch ShopifyBalance, which will serve as abusiness account for mer-chants.

“We play a much more stra-tegic and central role in theday-to-day businesses of ourmerchants, far more than any

software company tradition-ally would,” Mr. Finkelsteinsaid.

Still, analysts say there areconcerns about how manysmall U.S. businesses will sur-vive the economic crisis andwhether giants such as Wal-mart Inc. and Amazon willcontinue to capture more ofAmericans’ retail spending.

Michael Rainy Chief and hishusband opened their indige-nous apparel and home-decorstore 49 Dzine on Shopify inMay 2017. It now has nearly $1million in annual sales andseven employees.

Mr. Rainy Chief said he wasworried about the pandemicand started selling off assetsbecause he was concernedabout a likely decrease insales. “But it actually had theopposite effect. We had recordsales, immediately,” he said.His store’s average daily saleshave doubled from what theywere last year.

Borrowing throughShopify’s financing program,Mr. Rainy Chief took an un-usual step in August. He de-cided to open a physical storein Calgary, Canada.

The pandemic forced manysmall businesses to finallyopen online stores—andturned e-commerce softwareprovider Shopify Inc. into oneof the biggest winners of theretail shakeout.

When Troy Geddes had toclose his doors in March, heknew that after 23 years inbusiness he would have to goonline to survive. In April, helaunched a web version ofComicopolis, his comic-bookand game store in Santa Cruz,Calif. “It wasn’t really supernecessary, so we slacked itoff,” said Mr. Geddes, 56 yearsold. “This was like the kick inthe butt. It was like, ‘If wedon’t do this we could be inserious trouble.’ ”

Millions of small businesseshad to adapt to a world whereonline sales jumped to levelsthat weren’t expected foryears. U.S. e-commerce salessurged 37% to $200 billion inthe second quarter, accordingto the Commerce Department.

Shopify’s software lets mer-chants choose a theme to cre-ate an online storefront andmobile application. Merchantsupload images and details ontheir products and organizetheir inventory. Shopify’s soft-ware processes payments andcalculates shipping rates. Sell-ers typically ship items to buy-ers, but Shopify offers fulfill-ment services where merchantscan store and ship items.

Big brands such as VeraBradley, Kylie Cosmetics andAllbirds have long usedShopify’s technology to sell toconsumers. During the pan-demic, it has been small-busi-ness owners like Mr. Geddes,looking to quickly set up e-commerce sites, that havegiven the company a boost.

Shopify charges sellers amonthly fee and takes a per-centage of every transaction onits platform. Its revenue nearly

BY INTI PACHECO

Small Firms Are Shopify BoonE-commerce platformdoubles revenue asbusinesses need topivot to online sales

An online version of Comicopolis in Santa Cruz, Calif., was launched in April.

TROYGED

DES

1994 and the U.S. the follow-ing year. Though they competewith Nintendo products, thecompanies’ machines havebeen more closely aligned overthe years in terms of powerand graphics capabilities aswell as games they support.

Both companies are releas-ing new hardware at a time ofgrowth for the industry.Spending on videogame hard-ware and software has in-creased sharply during thecoronavirus pandemic, as stay-at-home orders prompted peo-ple to seek out games for en-tertainment. Global softwaresales are projected to climb9.3% to $159.3 billion this year,according to market researchfirm Newzoo BV.

The initial price for XboxOne was $499. Microsoftstopped disclosing consolesales data at the end of 2014,but many analysts say XboxOne sales have trailed those ofthe PlayStation 4 from thestart and remain lower today.

Piers Harding-Rolls, an ana-lyst with Ampere Analysis,said in a Tuesday note to in-vestors that he expects theprice for the Xbox Series X tobe $499.

Microsoft has said the XboxSeries X will feature enhancedgraphics, increased processingpower and storage, and tech-nologies such as ray tracing,which produces much more re-alistic images. Users will beable to play Xbox One gameson the new machine.

Sony’s new machine in-cludes upgrades in processingpower, storage and technolo-gies such as ray tracing, whichproduces much more realisticimages. Sony said the consolewill have exclusive games suchas “Marvel’s Spider-Man:Miles Morales” and “HorizonForbidden West.” Sony ini-tially released the PlayStation4 with a $399 price tag.

—Bowdeya Twehcontributed to this article.

Microsoft Corp. plans torelease two game consoles thisfall, with its less-expensivemodel, the Xbox Series S, car-rying a $299 price tag.

The strategy is a departurefrom Microsoft’s previous ef-forts to place the latest tech-nology advancements into asingle system at launch. Rivalgame-system maker NintendoCo. debuted a slimmed-downversion of its Switch consolelast year. Apple Inc. has em-ployed a tiered-pricing strat-egy for several years with itsiPhone, and earlier this yearreleased a $399 iPhone SE as alower-price option to expandits smartphone user base.

Microsoft in a tweet Tues-day confirmed the Xbox SeriesS pricing information as wellas the console design, which issmaller than prior models andlacks a disk drive. A spokes-man declined to commentabout the price of the XboxSeries X, the model it hasbeen promoting as the succes-sor to the Xbox One, or sharespecifics on when it would beavailable for sale. The com-pany has previously said to ex-pect a November release date.

The Redmond, Wash., techgiant and Sony Corp. have longbeen working on next-genera-tion consoles after prior ver-sions, the Microsoft Xbox Oneand Sony PlayStation 4, werereleased in 2013. Sony, which isexpected to release the PlaySta-tion 5 this fall, hasn’t an-nounced a price for the ma-chine but is likely to do so soon.

The Microsoft announce-ment shows how companiesare gearing up to market theirlatest wares ahead of the holi-day shopping season.

Microsoft and Sony havebeen fierce competitors in thegame-console market since2001, when the former enteredthe market. Sony launched itsPlayStation system in Japan in

BY SARAH E. NEEDLEMAN

Microsoft to UnveilTwo New Xboxes,One Less Expensive

CORPORATEWATCH

APPLE

Launch Event SetFor Next Week

Apple Inc. said it would holdan event next Tuesday, at whichthe consumer-electronics giant isexpected to unveil new products.

Over the next few weeks, theCupertino, Calif., company is pro-jected to show off its newestgeneration of iPhones, amongother gadgets, ahead of the holi-day shopping season. The event’sslogan, “Time Flies,” suggestschanges to Apple’s watch lineup.

In July, Apple said its annualfall update to the iPhone lineupwould be delayed by a fewweeks, pushing the release intoOctober from late September.The company faced manufactur-

ing challenges stemming fromplant closures and travel restric-tions to China that have delayeda ramp-up in iPhone production.

—George Stahl

LYFT

Ridership in July andAugust Declined

Ride-hailing company Lyft Inc.said rides fell 54% in July andAugust compared with the year-earlier two-month period as thepandemic kept demand subdued.

The company said it is gainingmonth-over-month as restrictionsease in some markets. Rides in-creased 7.3% in August over July,with Canada recovering fasterthan the U.S. Rides in Vancouverreached a record high in the week

ended Sunday, Lyft said.In a Securities and Exchange

Commission filing, Lyft said itrolled out fewer incentives fordrivers in August than anticipatedbecause more people returned todrive. If the trend continuesthrough September, the companyhopes to keep its third-quarteradjusted loss before interest,taxes, depreciation and amortiza-tion under $265 million, in linewith an August forecast. Thecompany hopes to become profit-able by this measure by the endof next year. The loss estimateincludes an additional $17.5 mil-lion to support a November ballotinitiative that would override anew California law and allow app-based companies to classify driv-ers as independent contractors.

—Preetika Rana

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PORSCHE

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TECHNOLOGY WSJ.com/Tech

THEWALL STREET JOURNAL. * * * * Wednesday, September 9, 2020 | B5

BUSINESS NEWS

German and U.S. brands gained market share in August, as sales of Japanese cars contracted.

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Monthly auto sales in China,change froma year earlier

Sources: China Passenger Car Association(retail); China Association of AutomobileManufacturers (wholesale)

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revenue from the sale of emis-sions credits in the most recentquarter, along with net incomeof $104 million.

The recent announcementdoesn’t mean Tesla won’t jointhe S&P 500 in the near term.A spokesman for S&P DowJones Indices previously toldThe Wall Street Journal thatthe eight-person committeecan opt to include a new com-pany at any time—even outsidethe quarterly rebalancing.

Still, the move highlightshow unusual—and controver-sial—Tesla’s ascent has been.

The company would be thebiggest to ever join the index.As of Friday, Tesla was worthmore than nine times the com-bined value of the three com-panies that were just inducted,FactSet data show.

On the popular trading appRobinhood alone, the numberof users who held shares ofTesla more than doubled to

roughly 560,000 from the endof April through early August,according to Robintracks.net.Tesla shares were among themost widely purchased stocksin July on TD Ameritrade’sbrokerage platform, a first infour months as sentiment forthe electric-car maker bubbled.

Charlie McElligott, a manag-ing director at Nomura Securi-ties International, Inc., calledthe noninclusion a “fresh idio-syncratic pain-point within theNasdaq/momentum tech trade”in a note to clients.

Many investors had piledinto short-dated, bullish op-tions tied to continued gains inTesla stock, potentially exacer-bating its intense rally. Now,those options could be magni-fying its spiral lower.

Tesla is one of the biggestcomponents of the Nasdaq,which fell 4.1% on Tuesday.

—Tim Higginscontributed to this article.

strategy at Mellon, wrote incommentary ahead of S&P’sannouncement. “Tesla’s posi-tive profitability has beendriven by the sale of regulatorycredits to other auto manufac-turers who need offsets in or-

der to reach their emissionsstandards.”

Ms. Hill said volatility inTesla’s shares alongside thesustainability of the company’sreturns also could play a role.Tesla reported $428 million in

Over the past four quarters, Elon Musk’s company made over $1billion from regulatory credits, more than double its profits.

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Dealerships continued tolean on discounts and specialpromotions to draw down in-ventory, according to theChina Automobile Dealers As-sociation, which tracks carsellers’ backlogs.

Auto makers have alsoeased off on car production inresponse to market condi-tions, Mr. Cui said, pointingto a 0.2% decline in produc-tion volume in August com-pared with a year earlier.

Lu Junkai, a VolkswagenAG dealer in the inland pro-vincial capital of Changsha,

offered discounts on moremodels and turned to live-streaming advertising cam-paigns last month in hopes ofjuicing sales.

“We were just able to catchour breath,” Mr. Lu said, not-ing that sales grew by roughly10% in August from the previ-ous month.

CPCA data showed thatGerman and U.S. brandsgained market share in Au-gust, as Japanese cars con-tracted. Nissan Motor Co. saidlast week its sales in Chinafell 2.4% in August compared

with a year earlier. Auto mak-ers’ sales of passenger cars todealerships grew by 7% in Au-gust, the CPCA said.

The government-backedChina Association of Automo-bile Manufacturers, mean-time, estimated last week thatwholesale auto sales rose11.3% in August from a yearearlier to 2.18 million vehi-cles, driven by strong perfor-mance in commercial vehicles.

Wholesale sales of new-en-ergy vehicles, a category thatincludes electric cars, surged43.7% last month from a year

earlier to more than 10,000vehicles, the CPCA said. Thegroup didn’t report retail fig-ures of electric cars.

Tesla Inc. in particular sold11,811 China-made Model 3s inthe country in August, a 7%increase from July, accordingto CPCA data. The Chinesegovernment is leaning onelectric vehicles to drive newdemand for the auto marketmore broadly, offering subsi-dies and pledging to buildmore charging facilities. Bei-jing expanded a campaign toencourage sales of electriccars in small towns and vil-lages last week, involvingmore than 50 models pro-duced by Chinese car makers.

—Raffaele Huangcontributed to this article.

BEIJING—China’s car salesgrew at their fastest rate inmore than two years in Au-gust, driven by heavy dis-counts and new-model debuts,adding momentum to a sec-ond-half recovery in theworld’s largest auto marketafter a pandemic-disruptedfirst six months.

Retail passenger-car salesin the country increased by8.9% last month from a yearearlier to 1.7 million vehicles,the China Passenger Car Asso-ciation said Tuesday, markingthe strongest rate of growthsince May 2018.

It represented the secondstraight month in which salesoutpaced those of the samemonth last year. Car sales toindividual customers had de-

BY JONATHAN CHENG

clined by 3.4% in the April-to-June period compared with ayear earlier before bouncingback in July with a year-on-year increase of 7.7%.

With sales on a positivetrajectory again, the CPCAnow expects that retail carsales for the full year will fallshort of last year’s totals byjust 6% to 8%, said Cui Dong-shu, the CPCA’s secretary-general.

For the current month, heexpects the continued closureof China’s borders—which hasforced Chinese citizens to re-main close to home—to boostdomestic travel and car sales.

China’s auto market is hop-ing to sustain the momentumthrough the end of the year,following two painful years ofcontracting sales volumes. Itis looking to a broader recov-ery in economic activity andconsumer confidence after thepandemic was largely broughtunder control at home,though auto dealerships’ in-ventory levels remain farabove comfort levels.

Auto Sales inChina AdvanceAt Rapid PaceDealerships lean ondiscounts and specialpromotions to drawdown inventory

ing the index usually get aboost around the time theyjoin because more than $11 tril-lion in investments track theS&P 500, leading to a flurry ofpotential buying activity.

A spokesman for S&P DowJones Indices declined to com-ment on the index committee’sdiscussions about individualcompanies. A representativefrom Tesla didn’t respond to arequest for comment.

Analysts pointed to a fewfactors potentially holding thecompany back, such as its prof-itability metrics and sales ofregulatory credits to other automakers. Tesla made more than$1 billion from such regulatorycredits over the past four quar-ters, its financials show. That ismore than double its profitsover the past four quarters.

“The quality of earningscould be a key issue with thecommittee,” Stephanie Hill,head of index-business and

But a mathematical formulaalone doesn’t decide what isadded or deleted from the S&P500. S&P’s methodology for se-lecting constituent stocksstarts with a basic eligibilitycriteria, including being basedin the U.S., where shares tradeon a major American exchange.

Beyond a few other rules,the S&P 500’s makeup is at thediscretion of the index commit-tee, which can revise policiesfor selecting companies andmake exceptions to the pro-cess.

Shares of companies enter-

ContinuedfrompageB1

Tesla Falls21% AfterS&P Miss

A strengthening dollar addedto Tuesday’s pressure on oil,making commodities bought andsold in dollars more expensivefor buyers outside the U.S. Aweaker dollar had buoyed oil forweeks, but a recent reversal inthat trend is hurting raw-mate-rials prices. Falling crude pricesalso hit the currencies of oil-producing nations on Tuesday.

High-frequency data in theU.S. show gasoline demand isaround 8% to 10% below its levelfrom this time last year and hasstopped playing catch-up, Mr.Weinberg said.

Meanwhile, inventories inChina are brimming after refin-ers stocked up on cheap oil fromMay through July.

The volume of crude oil im-ported by China fell 7.4% in Au-gust from a month before to47.48 million metric tons, ac-cording to Australia & New Zea-land Banking Group. Imports willcontinue to slip in Septemberand October, according to HelgeAndré Martinsen, senior oil ana-lyst at Norway’s DNB Markets.

Saudi Arabia’s national oilcompany, Saudi Aramco, cutmost of its prices this pastweekend for crude exports tothe U.S., Asia and Northwest Eu-rope for October. Analysts saidthe decision signaled that thekingdom, which produced al-most 10% of the world’s crude in2019, is taking steps to bolsterflagging demand for its oil.

“You’ve had a fundamentaldriver [of oil prices], which is theuncertainty around the demandoutlook still tied to Covid andthe reopening of economies glob-ally,” said Harry Tchilinguirian,head of commodity research atBNP Paribas. “That uncertaintyhas been reinforced by the factSaudi Arabia is reducing its sell-ing prices, in particular to itsmain Asian market.” Saudi Ara-bia’s official prices often set thetone for other major Gulf pro-ducers, Mr. Tchilinguirian added.

The pressure on prices islikely to build in the comingmonths, analysts said. One rea-son is that OPEC and its alliesare on track to ease productioncuts they imposed this spring.

—David Hodariand Amrith Ramkumar

contributed to this article.

roads and steep production cutsfueled a rebound after crudeprices crashed this spring. ButChinese purchases have slowedsince mid-July, the comeback inAmerican gasoline demand hasstalled and the Organization ofthe Petroleum Exporting Coun-tries is boosting output. Allthese factors have combined topull prices back down.

“Right now the market iscoming back to reality,” said Eu-genWeinberg, head of commod-ity research at Commerzbank.“The problem is that gasolinedemand in the U.S. didn’t con-tinue to increase.”

Shares of major energy pro-ducers were stung by the dropin crude prices, with the S&P500 energy sector extending itsyear-to-date slide to about 45%.

Tuesday’s lurch lower endeda stretch of calm in the oil mar-ket, which didn’t move much ineither direction over the sum-mer. Some traders had beenbracing for a decline in prices,which they said had beentrapped in a narrow range partlyby bets against volatility in theoptions market.

ContinuedfrompageB1

DemandFor OilSoftens

Brent

U.S.

Crude-oil futures price

Source: FactSetNote: Most-active contracts

$70

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a barrel

Jan. Sept.

In Memoriam Formore information:wsj.com/inmemoriam

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B6 | Wednesday, September 9, 2020 * * THEWALL STREET JOURNAL.

ambitious ground-up develop-ment it has ever undertaken.

SL Green made headlinesearly in the crisis when its$815 million sale of the formerDaily News headquartersbuilding collapsed. The com-pany found other ways to raisecapital, like selling assets andrefinancing the News building.

But, like other publiclytraded New York office land-lords, SL Green has seen itsshares get pounded. They aretrading in the $49 range, morethan 45% below where theywere before the pandemic.

One Vanderbilt’s tenantsare building out their spacesnow and scheduled to start oc-cupying the building in No-vember. But those plans could

change if there is anothersurge in Covid-19 cases in NewYork, tenants say.

TD Bank, the tower’s largesttenant, is “continuing to moni-tor the impacts of Covid-19 be-fore returning to the office,” aTD Bank spokeswoman said inan email. McDermott Will &Emery had planned to moveabout 250 people into One Van-derbilt in March. Now it islooking like June, said Ira Cole-man, chairman of the firm.

Mr. Durels said One Vander-bilt deals being negotiatednow reflect the softer marketby including “a bit of erosion”on the face rents but mostlymore concessions, such as freerent and landlord contribu-tions to interior costs.

Manhattan office-leasing volume, quarterly

Source: CoStarNote: 3Q data for 2020 as of Sept. 2.

20

0

5

10

15

million square feet

’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’202008

After two decades of assem-bling a site and four years ofconstruction, SL Green RealtyCorp. is preparing to cut theribbon next week on One Van-derbilt, the $3 billion officetower soaring above New YorkCity’s Grand Central Terminal.

The timing, coming duringa pandemic, couldn’t be muchworse. Office-leasing activityin Manhattan has nosedived.Vacant space is climbing. Thework-from-home culture hasraised big questions about de-mand for office space.

Into this tough market, SLGreen is opening a 1,401-foottower with 1.5 million squarefeet of modern office spacepriced at the top of the mar-ket. The good news for Man-hattan’s largest office landlordis it has leased about 70% ofits space to big-name tenantssuch as TD Bank, the CarlyleGroup and law firms Green-berg Traurig and McDermott,Will & Emery.

The tricky part will be leas-ing the remaining roughly500,000 square feet of officespace. The real-estate invest-ment trust is putting highhopes on One Vanderbilt’s ob-servation deck opening nextyear, which will depend heav-ily on the rebound of NewYork’s tourism economy.

SL Green executives realizetiming isn’t great for One Van-derbilt’s opening. But they saydemand has continued duringthe pandemic, noting that twoleasing deals were completedin the second quarter.

One Vanderbilt will likelybe 72% leased by the end of2020, SL Green executives say.Before the pandemic hit, thecompany projected 82% occu-pancy by year’s end. “We’regetting deals done,” said Ste-ven Durels, SL Green’s directorof leasing.

The stakes are high for SLGreen, which has focused onbuying, redeveloping and leas-ing existing properties. OneVanderbilt is, by far, the most

BY PETER GRANT

A $3 Billion New York TowerTo Open Amid Tall Challenges

One Vanderbilt will likely be 72% leased by year-end, SL Green says.

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report by John Pawlowski, asenior analyst at Green StreetAdvisors. Landlords facegreater risk that students ei-ther don’t move into studenthousing or demand refunds,the report said.

Also, the sector was showingsigns of strain before the pan-demic because of overbuilding.

Investors fled the student-housing sector in the springas the first universities, in-cluding the California StateUniversity system, said theywould teach remotely in thefall. The share price of Ameri-can Campus Communities

Inc., the only major public stu-dent-housing-focused real-es-tate investment firm, fell bymore than half between lateFebruary and late March.

Since then, shares of Ameri-can Campus have recoveredsome of the loss. But they arestill down 24% for the yearand trail other real-estate in-vestment trusts and the S&P500 index by a considerablemargin, reflecting lingeringconcerns over student housing.

David Adelman, chief execu-tive of Campus Apartments,which says it owns more than$2 billion in student housing

across the country, said hisportfolio’s occupancy is in themid-90% range. Income fellslightly at some properties, butincreased or stayed flat at oth-ers. “Flat is fine as far as I’mconcerned,” Mr. Adelman said.

Student housing has seen asurge of investment over thepast decade as low returns ontraditional real estate led insti-tutions to seek out more ob-scure sectors of the propertymarket. Investors were drawnto student housing because ofa rise in college enrollmentand because it was seen asgenerally more recession-proof.

It fared relatively well dur-ing the last recession in partbecause some people who lostjobs chose to go back toschool, investors say.

The health concerns of thecurrent crisis have undercutthe recession-proof theory,however, as major universitiesmoved to remote learning be-cause of Covid-19 outbreaks.

The University of North Car-olina at Chapel Hill, for exam-ple, initially opened its campusto students last month, butbacktracked and switched toremote learning for undergrad-uates after an outbreak in

San Francisco and New YorkCity by landlords like EquityResidential and AvalonBayCommunities Inc. have sentshudders through the market.

In New York, for example,asking rents for apartmentsowned by publicly tradedlandlords have fallen by about15% since August 2019, accord-ing to Green Street Advisors.That figure doesn’t include thefull impact of concessions, likemonths of free rent.

Landlords in these hard-hitcoastal markets haven’t suf-fered large rises in vacancy,

but that is largely due to therent cuts. “They’re effectivelybuying occupancy,” said Haen-del St. Juste, a real-estate in-vestment trust analyst at Miz-uho Securities USA.

To be sure, markets in someregions—like the Sun Belt—don’t look as bleak. Suburbanrents are holding up better thanurban rents on average, accord-ing to a recent report from Zil-low. And values of rental build-ings, especially those with moreaffordable rents, remain solid inthe private market.

Mid-America Apartment

Communities Inc., which ownsmany Sun Belt and suburbanapartment complexes, reportedthat its July leasing volume wason track to surpass the sameperiod in 2019, with suburbanactivity being particularlystrong. Similarly, Equity Resi-dential reported that the per-centage of suburban tenants re-newing leases is higher than atthe company’s urban properties.

But the pandemic and the re-cession are clearly taking some-what of a toll on suburban andSun Belt apartment buildings. AGreen Street Advisors analysis

found that rents at buildingsowned by publicly traded apart-ment landlords were still fallingin most suburban markets, al-beit less sharply than the rentdeclines in corresponding cities.

Asking rents in Bay Area cit-ies fell 9% through the monthof July; they slid 6% in BayArea suburbs. In Sun Belt sub-urbs—such as those around At-lanta, Dallas and Orlando—rentgrowth was flat or positive.

Pessimistic stock investorsare worried that the downturnof markets like New York andSan Francisco could get worse

and spread to other regions ofthe U.S. if the recession is pro-longed.

Moreover, investors arekeeping a close eye on evictionmoratoriums. A federal mora-torium ordered by Congressexpired on July 25. But theTrump administration lastweek—through the Centers forDisease Control and Preven-tion—imposed a new and moreextensive executive order,which could reduce optionsand cash flow for landlordsthroughout the country untilat least the end of the year.

Apartment owners whohave been regularly reportingrent collections from morethan 90% of their tenantsseem to be weathering thepandemic better than land-lords of malls and hotels.

But Wall Street isn’t buyingit. The FTSE Nareit EquityApartments index, which tracksstocks of publicly traded apart-ment landlords, is down morethan 20% year to date.

A big reason: Dramatic cutsin rents in coastal cities like

BY WILL PARKER

Stock Investors Stay Bearish on Apartment Landlords

THE PROPERTY REPORT

Covid-19 infections that saw135 cases in a single week. Aday after the announcement ofUNC’s policy change, MichiganState University, which hadaround 50,000 students lastyear, asked undergraduates tostay home and study remotely.It also encouraged studentswho live off-campus to stay intheir home communities.

The steps taken by somecolleges are pushing studenthousing already under pres-sure to the breaking point.Take a portfolio of five stu-dent-housing properties nearthe University of Connecticutin Mansfield, Conn. Incomefell sharply in recent years be-cause of competition fromnewer buildings, according towatch list commentary on thebuildings’ mortgage bonds.

The properties’ ownersstopped making loan paymentsand were more than 90 daysbehind on their $15 millionmortgage as of August, accord-ing to Trepp. In a statement,the property’s owner, CT Lib-erty Group, said it has sincereached a consent agreementwith its lender. “Virtually over-night, we lost 90% of our ten-ants and the income that camewith that” when the universityclosed its campus in March,the company said.

The University of Connecti-cut said it reopened its campusat reduced capacity last monthand about half of students aretaking all their classes online.

A wave of Covid-19 out-breaks at universities is add-ing to the challenges facingthe student-housing sector.

In August, a number of ma-jor universities said they weremoving to remote learning af-ter the first days of classes ledto rising infections in andaround campus. That is badnews for the investment firmsthat buy and rent out studenthousing in college towns,some analysts say.

The share of nongovern-ment-backed mortgage bondssecured by student housingthat are delinquent rose to apeak of 13.7% on July 1, ac-cording to Trepp LLC. That isup from 9.7% at the beginningof March and the highest fig-ure since at least 2005.

The worst fears that facedthe sector earlier this yearproved to be overblown. Leasingheld up relatively well at manyuniversities that are attemptingin-person classes. Some land-lords may see more demand ason-campus dorms close.

But on balance, the newsurge in Covid-19 cases at uni-versities is hurting studenthousing, according to a recent

BY KONRAD PUTZIER

Covid Presses Student-Housing OwnersInvestment firms thatdeal in residences arestrained as collegesgo to online learning

An outbreak forced the University of North Carolina to go remote. A student moved out last month.

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B8 | Wednesday, September 9, 2020 THEWALL STREET JOURNAL.

BANKRATE.COM®MMA,Savings andCDs

AverageYields ofMajorBanks Tuesday, September08, 2020

Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR

National averageSavings 0.10 0.06 0.06 0.10 0.15 0.22 0.26 0.21 0.37Jumbos 0.21 0.07 0.06 0.11 0.16 0.25 0.28 0.23 0.39Weekly changeSavings 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.02 -0.01Jumbos -0.01 0.00 0.00 0.00 0.00 0.00 -0.01 -0.01 -0.01

ConsumerSavingsRatesBelow are the top federally insured offers available nationwide according to Bankrate.com's

weeklysurveyofhighestyields.For latestoffersandreviewsofthesefinancial institutions,please

visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.

Highyield savingsBank Yield Bank YieldPhone number Minimum (%) Phone number Minimum (%)

Moneymarket and savings account Six-monthCDTABBank $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) 341-1144LiveOakBank $1 0.85 LiveOakBank $2,500 0.65(866) 518-0286 (866) 518-0286

One-monthCD One-year CDLoneStar Bank $1,000 0.20 NBKCBank $1,000 0.90(713) 358-9400 (913) 341-1144StateBank of India California $1,000 0.15 Marcus byGoldmanSachs $500 0.85(877) 707-1995 (855) 730-7283WashingtonSavingsBank $500 0.10 Ally Bank $0 0.80(978) 458-7999 (877) 247-2559

Two-monthCD Two-year CDLoneStar Bank $1,000 0.20 BankDirect $10,000 1.00(713) 358-9400 (877) 839-2737StateBank of India California $1,000 0.15 NBKCBank $1,000 0.90(877) 707-1995 (913) 341-1144VirtualBank $10,000 0.15 First InternetBank of Indiana $1,000 0.86(877) 998-2265 (888) 873-3424

Three-monthCD Five-year CDBrioDirect $500 0.50 TABBank $1,000 1.10(877) 369-2746 (800) 355-3063NBKCBank $1,000 0.35 First InternetBank of Indiana $1,000 1.06(913) 341-1144 (888) 873-3424Goldwater Bank $5,000 0.35 Ally Bank $0 1.00(480) 281-8200 (877) 247-2559

Highyield jumbos -Minimum is $100,000

Moneymarket and savings account Six-monthCD

ConnexusCredit Union 1.15 LiveOakBank 0.65(800) 845-5025 (866) 518-0286CFGCommunityBank 0.90 MerrickBank 0.65(888) 205-8388 (866) 638-6851VirtualBank 0.90 StateBank of India California 0.65(877) 998-2265 (877) 707-1995

One-monthCD One-year CDLoneStar Bank 0.20 Marcus byGoldmanSachs 0.85(713) 358-9400 (855) 730-7283StateBank of India California 0.15 Ally Bank 0.80(877) 707-1995 (877) 247-2559VirtualBank 0.10 ComenityDirect 0.80(877) 998-2265 (833) 755-4354

Two-monthCD Two-year CDLoneStar Bank 0.20 BankDirect 1.00(713) 358-9400 (877) 839-2737StateBank of India California 0.15 First InternetBank of Indiana 0.86(877) 707-1995 (888) 873-3424VirtualBank 0.15 ComenityDirect 0.85(877) 998-2265 (833) 755-4354

Three-monthCD Five-year CDBrioDirect 0.50 TABBank 1.10(877) 369-2746 (800) 355-3063Goldwater Bank 0.35 First InternetBank of Indiana 1.06(480) 281-8200 (888) 873-3424Discover Bank 0.25 Ally Bank 1.00(800) 347-7000 (877) 247-2559

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

NetStock SymClose Chg

A B C

ABB ABB 25.78 0.04AcadiaPharm ACAD 38.20 -0.07ADT ADT 10.32 0.03AECOM ACM 37.27 -1.10AES AES 17.41 -0.16Aflac AFL 36.94 -0.92AGNC Invt AGNC 14.16 0.32ANGI HomesvcsANGI 12.16 -0.47Ansys ANSS 308.61 -12.60ASETech ASX 4.06 0.09ASML ASML 347.35 -20.07AT&T T 29.51 0.09Azek AZEK 37.31 -0.75AbbottLabs ABT 102.84 -1.32AbbVie ABBV 90.22 -1.65Abiomed ABMD 268.19 -7.70Accenture ACN 232.65 -3.42ActivisionBliz ATVI 76.18 -2.83Adobe ADBE 462.13 -29.81AdvanceAuto AAP 151.73 -2.02AdvMicroDevicesAMD 78.69 -3.32AgilentTechs A 95.14 -1.70AgnicoEagle AEM 79.43 0.57AirProducts APD 294.52 -3.91AkamaiTech AKAM 104.11 -4.32Albemarle ALB 93.14 -1.58

t Albertsons ACI 13.18 -0.33Alcon ALC 55.23 -0.28AlexandriaRlEstARE 161.99 -4.44AlexionPharm ALXN 108.19 -4.78Alibaba BABA 270.02 -11.37AlignTech ALGN 309.22 0.22Alleghany Y 534.07 -17.66Allegion ALLE 98.00 -1.67AlliantEnergy LNT 52.65 -0.64Allstate ALL 91.25 -2.56AllyFinancial ALLY 24.21 -1.03AlnylamPharmALNY 122.99 0.16Alphabet A GOOGL 1523.60 -57.61Alphabet C GOOG 1532.39 -58.65Alteryx AYX 110.19 -1.38AlticeUSA ATUS 26.35 -0.30Altria MO 43.07 -0.42AlumofChina ACH 6.00 -0.10Amazon.com AMZN 3149.84-144.78Ambev ABEV 2.32 -0.05Amcor AMCR 10.77 -0.25Amdocs DOX 57.14 -1.61Amedisys AMED 227.23 -4.31Amerco UHAL 363.34 0.29Ameren AEE 77.40 -1.07AmericaMovil AMX 11.99 -0.19AmericaMovil A AMOV 11.91 -0.13AmerAirlines AAL 13.63 0.02AEP AEP 78.98 -0.07AmerExpress AXP 103.67 -2.00AmericanFin AFG 66.17 -2.46AmHomes4RentAMH 28.44 -0.21AIG AIG 28.89 -0.91AmerTowerREITAMT 246.81 -3.17AmerWaterWorksAWK 140.77 -2.40AmericoldRealty COLD 37.73 -0.21Ameriprise AMP 149.51 -7.03AmerisourceBrgnABC 95.36 -1.24Ametek AME 96.99 -2.48Amgen AMGN 241.18 -7.22Amphenol APH 105.06 -3.39AnalogDevicesADI 112.93 -4.51Anaplan PLAN 56.78 -1.54AngloGoldAshAU 27.90 -1.15AB InBev BUD 55.74 -2.70AnnalyCap NLY 7.38 0.06Anthem ANTM 267.21 -9.01Aon AON 198.00 -4.74ApartmtInv AIV 36.80 -0.65ApolloGlbMgmtAPO 44.64 -1.97Apple AAPL 112.82 -8.14ApplMaterials AMAT 55.63 -5.33Aptargroup ATR 116.06 -2.66Aptiv APTV 84.66 -1.55Aramark ARMK 27.94 -0.36ArcelorMittal MT 12.37 -0.57ArchCapital ACGL 31.00 -0.87ArcherDaniels ADM 45.22 -1.27AresMgmt ARES 38.48 -1.11arGEN-X ARGX 222.00 3.72AristaNetworksANET 207.19 -3.91ArrowElec ARW 75.73 -2.22AscendisPharma ASND 143.13 2.79AspenTech AZPN 123.59 -4.37Assurant AIZ 120.31 -2.36AstraZeneca AZN 54.71 1.13Athene ATH 35.99 -1.30Atlassian TEAM 168.92 -6.62AtmosEnergy ATO 96.12 -1.10Autodesk ADSK 224.36 -9.52Autohome ATHM 84.57 -1.20

Autoliv ALV 77.53 -0.30ADP ADP 135.89 -2.64AutoZone AZO 1211.49 4.70Avalara AVLR 117.96 -5.41Avalonbay AVB 158.46 -3.64Avangrid AGR 48.45 -0.22Avantor AVTR 21.08 -0.13AveryDennisonAVY 114.06 -5.02BCE BCE 42.66 -0.11BHP Group BHP 53.05 -0.66BHP Group BBL 43.61 -0.70BJ'sWholesale BJ 40.34 -1.31BP BP 20.15 -0.39B2Gold BTG 6.37 -0.08Baidu BIDU 119.31 -3.56BakerHughes BKR 13.99 -0.54Ball BLL 80.55 -1.92BancoBilbaoViz BBVA 2.91 -0.13BancoBradesco BBDO 3.73 -0.21BancodeChile BCH 16.93 -0.10BancSanBrasil BSBR 5.58 -0.16BcoSantChile BSAC 15.67 -0.23BancoSantander SAN 2.18 -0.09BanColombia CIB 29.14 -0.75BankofAmerica BAC 25.48 -1.06BankofMontreal BMO 60.54 -1.77BankNY Mellon BK 36.04 -1.46BkNovaScotia BNS 41.42 -0.97Barclays BCS 5.36 -0.32BarrickGold GOLD 29.20 0.15BauschHealth BHC 16.13 -0.16BaxterIntl BAX 81.29 -1.01BectonDicknsn BDX 234.06 0.77BeiGene BGNE 237.16 -3.01Berkley WRB 62.31 -0.63BerkHathwy B BRK.B 217.80 -0.52BerkHathwy A BRK.A 327200-201.00BerryGlobal BERY 51.30 -1.75BestBuy BBY 105.26 -1.05BeyondMeat BYND 134.47 8.65BigCommerce BIGC 95.34 -11.64Bilibili BILI 44.39 -2.63Bill.com BILL 84.02 -3.03Bio-Techne TECH 245.54 -0.68Bio-RadLab A BIO 478.82 -5.41Biogen BIIB 268.90 -7.10BioMarinPharm BMRN 74.49 -1.51BioNTech BNTX 59.83 1.26BlackKnight BKI 79.57 -2.00BlackRock BLK 552.54 -12.09Blackstone BX 51.14 -1.85Boeing BA 161.08 -9.97BookingHldgs BKNG 1891.60 -26.14BoozAllen BAH 83.78 -1.20BorgWarner BWA 41.61 -0.46BostonBeer SAM 791.09 -19.30BostonProps BXP 86.58 -1.23BostonSci BSX 40.92 -0.56BrightHorizons BFAM 135.31 -0.95BristolMyers BMY 58.53 -1.42BritishAmTob BTI 33.67 -0.47Broadcom AVGO 350.54 -12.41BroadridgeFinl BR 132.34 -3.07BrookfieldMgt BAM 32.45 -0.82BrookfieldInfr BIP 44.74 -0.57BrookfieldPropREIT BPYU 10.96 -0.25BrookfieldRenew BEPC 50.37 -0.52Brown&Brown BRO 44.19 -1.06Brown-Forman B BF.B 78.95 -1.17Brown-Forman A BF.A 71.98 -0.75Bruker BRKR 38.86 -0.83Bunge BG 45.22 -1.26BurlingtonStrs BURL 214.81 2.98CBRE Group CBRE 47.63 -0.59CDW CDW 111.72 -2.53CF Industries CF 32.02 -1.16CGI GIB 67.95 -1.71CH Robinson CHRW 95.72 -2.18CME Group CME 167.00 -2.62CMS Energy CMS 60.50 -1.16CNA Fin CNA 31.19 -0.83CNH Indl CNHI 8.34 0.08CNOOC CEO 105.01 -1.63CRH CRH 36.03 -0.44CRISPR Therap CRSP 81.46 -0.56CSX CSX 75.26 -0.25CVS Health CVS 59.53 -0.71CableOne CABO 1792.27 -52.74CabotOil COG 17.88 -0.45CadenceDesign CDNS 100.44 -5.44CaesarsEnt CZR 49.94 0.13CamdenProperty CPT 91.04 -2.15CampbellSoup CPB 45.22 -2.36CIBC CM 78.24 -1.55CanNtlRlwy CNI 101.65 -1.54CanNaturalRes CNQ 17.84 -1.89CanPacRlwy CP 286.79 -3.60Canon CAJ 16.34 -0.03CanopyGrowth CGC 15.59 -0.62CapitalOne COF 70.36 -3.63

CardinalHealth CAH 49.27 -0.45Carlisle CSL 122.34 -5.32Carlyle CG 24.97 -0.85CarMax KMX 104.62 -0.96Carnival CCL 18.29 -0.24Carnival CUK 15.14 -0.49CarrierGlobal CARR 29.57 -0.43Carvana CVNA 181.00 -6.00CaseysGenStores CASY 174.13 -1.92Catalent CTLT 83.07 -0.88Caterpillar CAT 148.52 0.34Celanese CE 104.16 -2.02Centene CNC 57.16 -2.51CenterPointEner CNP 19.37 -0.50CentraisElBras EBR 6.76 -0.11CenturyLink CTL 10.65 -0.11CeridianHCM CDAY 76.50 3.84Cerner CERN 70.04 -1.97CharlesRiverLabs CRL 202.95 -1.69CharterComms CHTR 596.50 -7.52CheckPoint CHKP 117.44 -2.54Chegg CHGG 66.01 -1.93Chemed CHE 491.64 -5.03CheniereEnergy LNG 49.77 -2.28CheniereEnerPtrs CQP 34.19 -0.30Chevron CVX 78.97 -2.96Chewy CHWY 60.80 -0.38ChinaEastrnAir CEA 22.40 1.55ChinaLifeIns LFC 11.93 0.08ChinaMobile CHL 34.41 0.05ChinaPetrol SNP 44.54 0.58ChinaSoAirlines ZNH 29.50 1.46ChinaTelecom CHA 32.60 0.05ChinaUnicom CHU 6.87 ...Chipotle CMG 1299.75 -13.98Chubb CB 121.11 -4.45ChunghwaTel CHT 36.76 0.25Church&Dwight CHD 91.90 -1.40ChurchillDowns CHDN 172.00 -1.08Ciena CIEN 42.08 -2.20Cigna CI 173.98 -4.63CincinnatiFin CINF 79.15 -1.93Cintas CTAS 318.78 -12.33CiscoSystems CSCO 40.00 -0.82Citigroup C 51.04 -1.48CitizensFin CFG 26.62 -0.74CitrixSystems CTXS 138.65 1.51Clarivate CCC 27.70 -0.27Clorox CLX 213.00 0.48Cloudflare NET 32.94 -1.83Coca-Cola KO 49.81 -1.23Coca-Cola Euro CCEP 44.12 -0.22Cognex CGNX 60.62 -2.57CognizantTech CTSH 65.60 -1.21ColgatePalm CL 75.64 -1.57ColumbiaSportswr COLM 88.49 -1.34Comcast A CMCSA 43.81 -0.62Comerica CMA 39.94 -1.53CommerceBcshrs CBSH 56.87 -3.16SABESP SBS 9.09 ...ConagraBrands CAG 35.15 -1.98ConchoRscs CXO 47.63 -3.02ConocoPhillips COP 34.06 -1.80ConEd ED 72.80 -0.24ConstBrands A STZ 187.76 -3.76Cooper COO 318.20 -5.29Copart CPRT 101.57 -1.92Corning GLW 31.76 -0.29Corteva CTVA 28.30 -1.02CoStar CSGP 792.12 -34.77Costco COST 338.86 -7.71CoupaSoftware COUP 276.70 -9.11Credicorp BAP 129.69 -2.70CreditAcceptance CACC 362.37 -13.18CreditSuisse CS 10.45 -0.47Cree CREE 58.06 -2.71CrowdStrike CRWD 125.63 0.44CrownCastle CCI 158.50 -2.09CrownHoldings CCK 74.41 -2.94CubeSmart CUBE 31.71 -0.23Cummins CMI 204.06 -0.30CureVac CVAC 56.91 -6.54CyrusOne CONE 76.02 -1.85

D E FDISH NetworkDISH 33.03 -0.75DTE Energy DTE 118.08 -0.73Danaher DHR 196.15 -0.43Darden DRI 89.12 -0.16Datadog DDOG 79.98 0.41DaVita DVA 85.00 -2.06Deere DE 210.24 -1.10DellTechC DELL 64.15 -0.50DeltaAir DAL 32.54 0.77DentsplySirona XRAY 43.67 -1.09DeutscheBankDB 9.41 -0.32DexCom DXCM 389.19 -9.05Diageo DEO 134.65 1.55DigitalRealty DLR 144.31 -0.87DiscoverFinSvcsDFS 55.11 -2.01

NetStock SymClose Chg

NetStock SymClose Chg

DiscoveryB DISCB 36.92 0.07DiscoveryA DISCA 22.50 -0.31DiscoveryC DISCK 20.39 -0.05Disney DIS 134.20 2.21DocuSign DOCU 205.63 -10.63DolbyLab DLB 64.96 -1.47DollarGeneral DG 192.40 -3.32DollarTree DLTR 89.83 -1.40DominionEner D 78.20 -0.24Domino's DPZ 376.32 -5.49Donaldson DCI 46.23 -1.30Dover DOV 108.14 -1.48Dow DOW 47.93 -0.67DrReddy'sLab RDY 58.67 -0.13DraftKings DKNG 37.01 0.01Dropbox DBX 19.88 0.13DukeEnergy DUK 80.73 -0.24DukeRealty DRE 37.65 -0.52Dun&BradstreetDNB 24.62 -0.04Dunkin' DNKN 75.05 -0.82DuPont DD 56.82 -1.98Dynatrace DT 38.59 -1.40ENI E 17.58 -0.48EOG Rscs EOG 40.83 -2.31EPAM Systems EPAM 309.35 -6.95E*TRADE ETFC 51.89 -2.65EastmanChem EMN 77.54 -1.39Eaton ETN 100.48 -2.10eBay EBAY 51.53 -1.01Ecolab ECL 197.88 -6.88Ecopetrol EC 11.01 -0.56EdisonInt EIX 51.37 -0.89EdwardsLife EW 82.16 -1.55ElancoAnimal ELAN 28.10 ...Elastic ESTC 99.78 -0.36ElectronicArts EA 124.30 -5.83EmersonElec EMR 67.76 -1.78Enbridge ENB 31.12 -0.46EncompassHealth EHC 64.90 -1.24EnelAmericas ENIA 7.20 -0.06EnergyTransfer ET 6.05 -0.20EnphaseEnergy ENPH 65.05 -1.11Entegris ENTG 62.51 -4.03Entergy ETR 97.95 0.05EnterpriseProd EPD 17.04 -0.22Equifax EFX 163.82 -2.57Equinix EQIX 741.05 -11.13Equinor EQNR 14.91 -0.57Equitable EQH 19.91 -1.06EquityLife ELS 63.73 -1.89EquityResdntl EQR 57.39 -0.72ErieIndemnity A ERIE 211.07 1.13EssentialUtil WTRG 39.95 -1.64EssexProp ESS 221.57 -2.69EsteeLauder EL 216.02 -0.20Etsy ETSY110.56 -1.48EverestRe RE 211.55 -4.00

NetStock SymClose Chg

Evergy EVRG 52.11 0.24EversourceEner ES 85.26 -0.82ExactSciences EXAS 74.65 -0.05Exelixis EXEL 20.71 0.03Exelon EXC 36.42 -0.67Expedia EXPE 99.27 -0.53ExpeditorsIntl EXPD 86.46 -1.34ExtraSpaceSt EXR 108.03 -0.32ExxonMobil XOM 38.18 -0.90F5Networks FFIV 122.14 -5.00FMC FMC 105.64 -2.84Facebook FB 271.16 -11.57FactSet FDS 322.60 -9.87FairIsaac FICO 406.32 -13.11Farfetch FTCH 26.02 -0.03Fastenal FAST 43.71 -2.56Fastly FSLY 81.08 0.16FederalRealty FRT 80.27 -1.79FedEx FDX 221.05 -5.07Ferrari RACE 185.84 -5.90FiatChrysler FCAU 11.16 -0.13FidNatlFin FNF 32.72 -0.55FidNatlInfo FIS 145.70 -2.30FifthThirdBncp FITB 21.00 -0.6358.com WUBA 55.75 -0.10FirstAmerFin FAF 51.56 -0.74FirstRepBank FRC 110.11 -4.42FirstSolar FSLR 69.37 -2.69FirstEnergy FE 29.13 -0.27Fiserv FISV 94.98 -4.05FiveBelow FIVE 122.69 -2.60Five9 FIVN 111.84 -3.80FleetCorTech FLT 231.91 -6.13Floor&Decor FND 70.24 -0.15

t FomentoEconMex FMX 55.83 -1.08FordMotor F 7.03 0.13Fortinet FTNT 115.42 -2.22Fortis FTS 40.24 0.39Fortive FTV 73.65 -0.56FortBrandsHome FBHS 81.40 -1.16FoxA FOXA 27.69 0.03FoxB FOX 27.84 0.08Franco-Nevada FNV 145.23 -0.47FranklinRscs BEN 20.56 -0.74FreeportMcM FCX 15.72 -0.30FreseniusMed FMS 41.46 -0.64

G H IGCI LibertyA GLIBA 78.29 -0.47GDS Holdings GDS 72.50 -4.19GFLEnvironmentalGFL 19.31 0.21GSXTechedu GSX 78.42 -1.59Galapagos GLPG 122.47 -0.57Gallagher AJG 101.08 -2.60Gaming&LeisureGLPI 37.13 -0.52Gap GPS 17.30 -0.22

NetStock SymClose Chg

Garmin GRMN 99.36 -2.37Gartner IT 128.60 -2.58Generac GNRC 174.80 -3.71GeneralDynamicsGD 146.96 -4.74GeneralElec GE 6.14 -0.28GeneralMills GIS 59.52 -3.63GeneralMotors GM 32.38 2.38Genmab GMAB 34.64 -0.38Genpact G 38.42 -0.84Gentex GNTX 26.47 -0.55GenuineParts GPC 97.56 0.09Gerdau GGB 3.67 -0.09GileadSciencesGILD 64.14 -1.87GSK GSK 38.97 0.50GlobalPaymentsGPN 167.09 -5.47Globant GLOB 165.67 -4.33GlobeLife GL 81.52 -2.37GoDaddy GDDY 76.43 -3.09GoldFields GFI 12.55 -0.02GoldmanSachsGS 202.48 -8.46Graco GGG 57.87 -0.63Grainger GWW 350.16 -7.92Grifols GRFS 15.87 0.47Grubhub GRUB 68.52 -0.30GpoAvalAcc AVAL 4.94 -0.15GuardantHealthGH 90.97 0.16Guidewire GWRE 110.33 -5.28HCA HealthcareHCA 132.53 -4.52HDFC Bank HDB 49.47 -0.63HD Supply HDS 39.29 -0.01HP HPQ 19.45 0.40

t HSBC HSBC 20.87 -0.50HUYA HUYA 26.19 -0.86Halliburton HAL 14.81 -1.18HartfordFinl HIG 39.55 -1.39Hasbro HAS 78.09 -0.97HealthcareAmerHTA 26.33 -0.25HealthpeakProp PEAK 27.75 -0.60Heico A HEI.A 89.96 -1.71Heico HEI 109.49 -1.95HenrySchein HSIC 63.74 -1.90Herbalife HLF 48.95 -0.40Hershey HSY 145.52 -3.28Hess HES 45.70 -1.45HewlettPackardHPE 9.43 -0.04Hill-Rom HRC 88.49 -2.49Hilton HLT 91.90 0.96Hologic HOLX 57.60 -0.64HomeDepot HD 269.26 -0.40HondaMotor HMC 25.35 -0.66Honeywell HON 164.27 -2.42HorizonTherap HZNP 69.70 -1.83HormelFoods HRL 50.25 -0.83DR Horton DHI 68.01 -0.22HostHotels HST 11.64 -0.30HowmetAerospaceHWM 17.30 -0.40HuanengPowerHNP 15.88 -0.41

NetStock SymClose Chg

Huazhu HTHT 43.41 -1.59Hubbell HUBB 138.70 -5.67HubSpot HUBS 274.71 -5.40Humana HUM 405.37 -7.82JBHunt JBHT 135.39 -1.23HuntingtonBcshs HBAN 9.72 -0.22

t HuntingIngalls HII 141.76 -5.75HyattHotels H 58.03 -1.96IAA IAA 51.95 -0.61

NetStock SymClose Chg

ICICI Bank IBN 10.22 -0.10IdexxLab IDXX 364.19 -6.47IHS Markit INFO 76.59 -2.60ING Groep ING 8.15 -0.14IPG Photonics IPGP 161.00 -1.65IQVIA IQV 157.79 -2.42IcahnEnterprises IEP 48.92 -0.48Icon ICLR 176.39 -1.61IDEX IEX 176.01 -1.61

NetStock SymClose Chg

Tuesday, September 8, 2020

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.

iSh1-3YTreasuryBd SHY 86.47 0.01 2.2iSh7-10YTreasuryBd IEF 121.73 0.21 10.4iSh20+YTreasuryBd TLT 163.74 0.61 20.9iShRussellMCGrowth IWP 164.62 –2.23 7.9iShUSTreasuryBdETF GOVT 27.94 0.18 7.7JPMUltShtIncm JPST 50.82 –0.02 0.8PIMCOEnhShMaturity MINT 101.92 –0.01 0.3SPDRBlmBarcHYBd JNK 104.42 –0.61 –4.7SPDRBloomBar1-3MTB BIL 91.54 ... 0.1SPDRGold GLD 181.29 –0.19 26.9SchwabIntEquity SCHF 31.37 –1.26 –6.7SchwabUSBrdMkt SCHB 79.09 –2.80 2.9SchwabUSDiv SCHD 55.94 –2.42 –3.4SchwabUSLC SCHX 80.04 –2.88 4.2SchwabUSLCGrw SCHG 111.70 –3.49 20.2SchwabUSTIPs SCHP 61.56 0.11 8.7SPDRDJIATr DIA 275.42 –2.25 –3.4SPDRS&PMdCpTr MDY 338.45 –2.20 –9.8SPDRS&P500 SPY 333.21 –2.73 3.5SPDRS&PDiv SDY 94.62 –2.17 –12.0TechSelectSector XLK 112.78 –4.52 23.0UtilitiesSelSector XLU 59.04 –0.56 –8.6VanEckGoldMiner GDX 40.58 –0.69 38.6VangdInfoTech VGT 299.64 –4.36 22.4VangdSCVal VBR 112.87 –2.29 –17.7VangdSCGrwth VBK 206.45 –1.90 3.9VangdExtMkt VXF 125.39 –3.36 –0.5VangdDivApp VIG 126.89 –1.71 1.8VangdFTSEDevMk VEA 41.05 –1.23 –6.8VangdFTSEEM VWO 43.27 –1.86 –2.7VangdFTSEEurope VGK 53.19 –1.48 –9.2VangdFTSEAWxUS VEU 50.65 –1.42 –5.8VangdGrowth VUG 221.61 –3.74 21.7VangdHlthCr VHT 198.50 –1.64 3.5VangdHiDiv VYM 81.97 –2.04 –12.5VangdIntermBd BIV 93.47 0.03 7.2VangdIntrCorpBd VCIT 95.98 –0.02 5.1VangdLC VV 154.83 –2.91 4.7VangdMC VO 173.25 –2.26 –2.8VangdMBS VMBS 54.41 0.07 2.3VangdRealEst VNQ 80.90 –1.22 –12.8VangdS&P500ETF VOO 306.17 –2.75 3.5VangdSTBond BSV 83.01 0.01 3.0VangdSTCpBd VCSH 82.89 0.02 2.3VangdSC VB 152.36 –2.15 –8.0VangdTotalBd BND 88.36 0.15 5.4VangdTotIntlBd BNDX 57.98 0.14 2.5VangdTotIntlStk VXUS 52.42 –1.43 –5.9VangdTotalStk VTI 168.58 –2.81 3.0VangdTotlWrld VT 80.31 –2.31 –0.8VangdValue VTV 105.61 –1.78 –11.9

Closing Chg YTDETF Symbol Price (%) (%)

CommSvsSPDR XLC 60.15 –2.64 12.2CnsmrDiscSelSector XLY 145.23 –1.31 15.8CnsStapleSelSector XLP 64.16 –2.11 1.9EnSelectSectorSPDR XLE 33.60 –3.64 –44.0FinSelSectorSPDR XLF 24.64 –2.57 –19.9FTDJ Internet FDN 183.65 –3.19 32.0GSActiveBetaUSLC GSLC 67.11 –2.64 3.8HealthCareSelSect XLV 103.96 –1.65 2.1IndSelSectorSPDR XLI 76.38 –1.88 –6.2InvscQQQI QQQ 269.95 –4.81 27.0InvscS&P500EW RSP 108.77 –2.08 –6.0iSh3-7YTreasuryBd IEI 133.52 0.10 6.2iShCoreDivGrowth DGRO 39.88 –2.42 –5.2iShCoreMSCIEAFE IEFA 60.19 –1.26 –7.7iShCoreMSCIEM IEMG 52.23 –1.66 –2.8iShCoreMSCITotInt IXUS 58.17 –1.34 –6.0iShCoreS&P500 IVV 334.63 –2.72 3.5iShCoreS&PMC IJH 185.38 –2.29 –9.9iShCoreS&PSC IJR 71.63 –2.42 –14.6iShS&PTotlUSStkMkt ITOT 74.79 –2.83 2.9iShCoreUSAggBd AGG 118.23 0.11 5.2iShSelectDividend DVY 83.86 –1.88 –20.6iShEdgeMSCIMinEAFE EFAV 67.49 –0.91 –9.5iShEdgeMSCIMinUSA USMV 63.34 –1.60 –3.4iShEdgeMSCIUSAMom MTUM 140.26 –4.23 11.7iShEdgeMSCIUSAQual QUAL 103.01 –2.39 2.0iShGoldTr IAU 18.41 –0.27 27.0iShiBoxx$InvGrCpBd LQD 135.08 0.10 5.6iShiBoxx$HYCpBd HYG 84.02 –0.56 –4.5iShIntermCorpBd IGIB 60.95 –0.02 5.1iShJPMUSDEmgBd EMB 112.96 –0.40 –1.4iShMBSETF MBB 110.60 0.07 2.4iShMSCIACWI ACWI 79.15 –2.34 –0.1iShMSCI EAFE EFA 63.73 –1.22 –8.2iShMSCIEmgMarkets EEM 43.57 –1.74 –2.9iShNatlMuniBd MUB 115.84 –0.01 1.7iShPfd&Incm PFF 35.96 –0.77 –4.3iShRussell1000Gwth IWF 210.82 –3.71 19.8iShRussell1000 IWB 185.16 –2.83 3.8iShRussell1000Val IWD 119.27 –1.85 –12.6iShRussell2000 IWM 149.86 –1.92 –9.5iShRussellMid-Cap IWR 56.74 –2.10 –4.8iShRussellMCValue IWS 81.62 –1.98 –13.9iShS&P500Growth IVW 227.69 –3.32 17.6iShS&P500Value IVE 113.81 –1.85 –12.5iShShortCpBd IGSB 54.94 –0.05 2.4iShShortTreaBd SHV 110.70 ... 0.2iShSilver SLV 24.75 –1.24 48.4iShTIPSBondETF TIP 126.39 0.10 8.4

Closing Chg YTDETF Symbol Price (%) (%)

Tuesday, September 8, 2020

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session

IllinoisToolWks ITW 190.89 -3.01Illumina ILMN 340.95 -1.44Immunomedics IMMU 40.51 -1.42ImperialOil IMO 14.85 -1.14Incyte INCY 89.73 -0.76Infosys INFY 12.67 0.23IngersollRand IR 34.47 -0.84

NetStock SymClose Chg

Continued on Page B11

BUSINESS OPPORTUNITIES

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BIGGEST 1,000 STOCKSNY

THEWALL STREET JOURNAL. Wednesday, September 9, 2020 | B9

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%

2019O N D J

2020F M A M J J A S

t

Five-year CD yields

t

Federal-fundstarget rate

Selected rates5-year CDs

Bankrate.comavg†: 0.65%CFGCommunityBank 0.90%Baltimore,MD 888-205-8388

ColoradoFederal SavingsBank 0.90%GreenwoodVillage, CO 877-484-2372

NBKCBank 0.90%OverlandPark, KS 913-341-1144

VirtualBank 0.90%Miami, FL 877-998-2265

WashingtonSavingsBank 0.95%Lowell,MA 978-458-7999

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 -1.06Moneymarket, annual yield 0.23 0.24 0.23 l 0.78 -0.04Five-year CD, annual yield 0.65 0.65 0.65 l 1.62 -0.8030-yearmortgage, fixed† 3.11 3.12 3.03 l 4.22 -0.6315-yearmortgage, fixed† 2.55 2.58 2.54 l 3.57 -0.44Jumbomortgages, $510,400-plus† 3.16 3.16 3.06 l 4.71 -1.11Five-year adjmortgage (ARM)† 3.32 3.28 3.06 l 4.78 0.09New-car loan, 48-month 4.17 4.18 4.17 l 4.65 1.10Bankrate.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%

1month(s)

3 6 1years

2 3 5 7 10 20 30

maturity

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Tradeweb ICETuesday Close

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One year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–8

–4

0

4

8%

2019 2020

Euros

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 3019.19 –48.94 –1.60 –7.1DJGlobal Index 429.15 –8.64 –1.97 –1.1DJGlobal exU.S. 248.33 –1.98 –0.79 –5.8

Americas DJAmericas 772.98 –22.70 –2.85 1.6Brazil SaoPauloBovespa 100050.43 –1191.30 –1.18 –13.5Canada S&P/TSXComp 16099.52 –118.49 –0.73 –5.6Mexico S&P/BMV IPC 36071.43 –566.02 –1.54 –17.2Chile Santiago IPSA 2636.47 –19.39 –0.73 –21.0

EMEA StoxxEurope600 363.75 –4.22 –1.15 –12.5Eurozone EuroStoxx 358.81 –5.00 –1.37 –11.2Belgium Bel-20 3303.23 –56.15 –1.67 –16.5Denmark OMXCopenhagen20 1290.46 –20.09 –1.53 13.6France CAC40 4973.52 –80.20 –1.59 –16.8Germany DAX 12968.33 –131.95 –1.01 –2.1Israel TelAviv 1324.56 –19.78 –1.47 –21.3Italy FTSEMIB 19380.18 –357.83 –1.81 –17.6Netherlands AEX 540.79 –6.35 –1.16 –10.6Russia RTS Index 1189.47 –29.05 –2.38 –23.2SouthAfrica FTSE/JSEAll-Share 54438.82 38.54 0.07 –4.6Spain IBEX35 6955.00 –125.66 –1.77 –27.2Sweden OMXStockholm 702.26 –5.55 –0.78 3.2Switzerland SwissMarket 10250.44 –47.36 –0.46 –3.5Turkey BIST 100 1089.60 –7.21 –0.66 –4.8U.K. FTSE 100 5930.30 –7.10 –0.12 –21.4U.K. FTSE250 17625.18 –17.02 –0.10 –19.5

Asia-PacificAustralia S&P/ASX200 6007.80 62.99 1.06 –10.1China Shanghai Composite 3316.42 23.83 0.72 8.7HongKong HangSeng 24624.34 34.69 0.14 –12.6India S&PBSESensex 38365.35 –51.87 –0.14 –7.0Japan Nikkei StockAvg 23274.13 184.18 0.80 –1.6Singapore Straits Times 2504.76 –6.45 –0.26 –22.3SouthKorea Kospi 2401.91 17.69 0.74 9.3Taiwan TAIEX 12663.56 62.16 0.49 5.6Thailand SET 1293.80 –18.15 –1.38 –18.1Sources: FactSet; DowJonesMarketData

MajorU.S. Stock-Market IndexesLatest 52-Week % chg

High Low Close Net chg % chg High Low %chg YTD 3-yr. ann.

DowJones

MajorU.S. Stock-Market Indexes 27925.23 27464.90 27500.89 -632.42 -2.25 29551.42 18591.93 2.2 -3.6 8.1TransportationAvg 11237.80 11011.51 11080.87 -144.64 -1.29 11451.51 6703.63 3.8 1.6 5.7UtilityAverage 804.94 791.63 798.63 -5.07 -0.63 960.89 610.89 -5.4 -9.2 2.3Total StockMarket 34352.77 33829.93 33848.56 -999.47 -2.87 36434.12 22462.76 10.9 2.5 10.0Barron's 400 712.88 702.18 703.48 -17.16 -2.38 752.15 455.11 2.8 -3.9 3.2

NasdaqStockMarketNasdaqComposite 11131.50 10837.20 10847.69 -465.44 -4.11 12056.44 6860.67 34.2 20.9 19.5Nasdaq 100 11400.45 11055.16 11068.26 -553.87 -4.77 12420.54 6994.29 41.6 26.7 23.2

S&P500 Index 3379.97 3329.27 3331.84 -95.12 -2.78 3580.84 2237.40 11.8 3.1 10.6MidCap400 1881.76 1851.15 1855.17 -42.69 -2.25 2106.12 1218.55 -4.3 -10.1 2.6SmallCap600 885.08 869.78 870.50 -21.31 -2.39 1041.03 595.67 -8.8 -14.8 1.2

Other IndexesRussell 2000 1534.37 1499.83 1504.59 -30.71 -2.00 1705.22 991.16 -2.5 -9.8 2.4NYSEComposite 12816.00 12659.16 12688.07 -229.07 -1.77 14183.20 8777.38 -2.4 -8.8 2.2Value Line 474.08 463.21 463.46 -10.62 -2.24 562.05 305.71 -12.0 -16.1 -3.4NYSEArcaBiotech 5246.31 5148.16 5155.16 -85.01 -1.62 6142.96 3855.67 17.3 1.7 7.1NYSEArcaPharma 659.76 651.05 652.82 -4.46 -0.68 675.64 494.36 12.7 -0.1 6.5KBWBank 78.30 76.06 76.47 -2.76 -3.49 114.12 56.19 -23.3 -32.5 -5.3PHLX§Gold/Silver 151.05 143.20 147.98 -1.60 -1.07 161.14 70.12 61.3 38.4 17.3PHLX§Oil Service 34.83 33.29 33.51 -2.05 -5.76 80.99 21.47 -53.3 -57.2 -35.5PHLX§Semiconductor 2174.91 2106.73 2108.61 -104.11 -4.71 2370.18 1286.84 33.2 14.0 24.5CboeVolatility 35.93 30.52 31.46 0.71 2.31 82.69 11.54 107.0 128.3 37.4

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

SPDRS&P500 SPY 10,270.5 330.62 -2.59 -0.78 342.64 329.62SlackTechnologies WORK 10,168.6 23.60 -5.72 -19.51 30.30 23.40Apple AAPL 7,137.8 111.32 -1.50 -1.33 115.24 110.57InvescoQQQTrust I QQQ 6,416.3 267.70 -2.25 -0.83 270.49 266.35

iShares iBoxx $HYCpBd HYG 5,195.9 83.77 -0.25 -0.30 84.08 83.77Noble Energy NBL 4,360.2 9.40 ... unch. 9.50 9.35Tesla TSLA 3,921.2 315.26 -14.95 -4.53 410.33 315.26TencentMusic EntADR TME 3,878.6 15.80 ... unch. 15.90 15.77

Percentage gainers…Novavax NVAX 216.7 90.26 4.95 5.80 95.00 84.75Qorvo QRVO 63.8 120.00 5.89 5.16 121.60 114.00DirexionSCBear 3x TZA 463.1 18.32 0.74 4.21 18.45 17.39ProShsUlProShtRssll2000 SRTY 243.4 9.29 0.37 4.15 9.33 8.81ProSharesUltVIXST UVXY 953.7 25.28 0.96 3.95 25.95 24.02

...And losersSlackTechnologies WORK 10,168.6 23.60 -5.72 -19.51 30.30 23.40CoupaSoftware COUP 137.2 259.00 -17.70 -6.40 278.73 256.00Luby's LUB 1,558.4 2.08 -0.14 -6.31 2.29 1.97lululemonathletica LULU 715.0 328.00 -21.80 -6.23 370.00 324.00AstraZenecaADR AZN 468.5 51.50 -3.21 -5.87 54.80 50.00

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume*1,017,572,370 15,272,155Adv. volume* 201,050,443 4,868,317Decl. volume* 809,349,188 10,230,680Issues traded 3,096 270Advances 645 88Declines 2,385 171Unchanged 66 11Newhighs 25 3New lows 24 1ClosingArms† 0.87 0.66Block trades* 5,803 144

Nasdaq NYSEArca

Total volume*3,886,811,884 335,383,009Adv. volume*1,167,054,005 63,140,666Decl. volume*2,695,432,866 271,753,166Issues traded 3,510 1,436Advances 1,058 208Declines 2,368 1,221Unchanged 84 7Newhighs 44 3New lows 45 4ClosingArms† 1.03 0.58Block trades* 13,657 1,551

* 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

Apple AAPL 226,990 35.2 112.82 -6.73 137.98 52.93Luby's LUB 166,091 281749.4 2.22 111.43 2.65 0.46Nikola NKLA 133,739 582.7 50.05 40.79 93.99 10.20General Electric GE 119,822 40.9 6.14 -4.36 13.26 5.48ProShUltraProShrtQQQ SQQQ 119,088 322.2 26.93 14.21 181.60 19.55

SPDRS&P500 SPY 111,345 44.1 333.21 -2.73 358.75 218.26Tesla TSLA 110,120 46.4 330.21 -21.06 502.49 43.67InvescoQQQTrust I QQQ 95,700 126.9 269.95 -4.81 303.50 164.93NIOADR NIO 88,051 -35.9 17.03 -5.28 21.05 1.19FordMotor F 84,331 13.8 7.03 1.88 9.60 3.96* 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

Conyers Park II Acqn CPAA 6,254 11200 10.42 -4.23 12.08 9.40iShMSCIGlMultifactor ACWF 1,288 9142 29.34 -2.00 31.93 20.75Albireo Pharma ALBO 6,882 4487 39.62 44.76 49.00 11.26InvscDWA IndustrialsMom PRN 156 2648 74.41 -1.94 80.02 46.67AGBAAcquisition AGBA 170 2542 10.30 -0.68 10.71 9.86

CorbusPharmaceuticals CRBP 47,083 2488 2.23 -75.89 9.78 1.95PIMCODynMultUS MFUS 237 2345 29.43 -2.52 33.30 20.26SperoTherapeutics SPRO 3,708 2219 13.07 45.87 14.48 5.25PIMCODynMulti Intl MFDX 261 1695 23.91 -1.35 26.35 17.15JerashHoldings (US) JRSH 322 1523 4.99 -0.20 7.90 3.60* 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 Index10847.69 t 465.44, or 4.11%

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:

36.55 23.7532.01 21.750.76 1.03

12056.44, 09/02/20

8200

8850

9500

10150

10800

11450

12100

June July Aug. Sept.

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 2480.550 0.490 0.480 1.910 0.400 7.35 5.07

U.S. Treasury Long, Barclays4884.630 1.310 1.310 2.370 0.980 14.46 10.82

Aggregate, Barclays 2279.520 1.150 1.130 2.460 1.020 6.73 5.03

Fixed-RateMBS, Barclays 2229.310 1.200 1.160 2.690 0.930 4.57 3.59

HighYield 100, ICEBofA 3160.234 4.652 4.305 10.740 4.235 1.182 3.596

MuniMaster, ICEBofA 587.185 1.034 1.029 3.441 0.838 4.219 3.814

EMBIGlobal, J.P.Morgan 904.516 4.679 4.643 7.480 4.523 4.333 3.780

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

SperoTherapeutics SPRO 13.07 4.11 45.87 14.48 5.25 11.2Albireo Pharma ALBO 39.62 12.25 44.76 49.00 11.26 54.2Co-Diagnostics CODX 11.70 3.46 41.99 30.99 0.85 1014.3Nikola NKLA 50.05 14.50 40.79 93.99 10.20 390.7KaspienHoldings KSPN 11.12 2.77 33.17 15.00 1.68 232.9

AppliedUV AUVI 7.49 1.79 31.40 12.99 5.14 ...MICT MICT 5.93 1.35 29.48 8.45 0.38 920.7IncomeOpportunityRealty IOR 15.34 3.40 28.43 15.47 8.32 4.0CortlandBancorp CLDB 18.40 4.00 27.78 23.99 11.10 -20.2AquaBountyTechnologies AQB 3.67 0.68 22.74 4.55 1.52 20.3

500.comADR WBAI 3.35 0.61 22.26 11.50 2.51 -61.1NetElement NETE 7.74 1.40 22.08 20.08 1.47 45.2MicroSect FANG+ -3X Invr FNGD 11.73 2.10 21.81 231.66 7.59 -94.0CancerGenetics CGIX 5.26 0.93 21.48 10.39 1.92 79.3Digimarc DMRC 18.22 3.12 20.66 46.34 9.92 -52.8

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

CorbusPharmaceuticals CRBP 2.23 -7.02 -75.89 9.78 1.95 -58.4ACMResearchCl A ACMR 58.97 -23.10 -28.15 113.87 12.51 304.5Innate PharmaADR IPHA 4.45 -1.63 -26.80 8.24 3.30 ...MicroSectors FANG+3X FNGU 152.21 -42.29 -21.74 255.54 23.01 307.1Tesla TSLA 330.21 -88.11 -21.06 502.49 43.67 601.0

StrongbridgeBiopharma SBBP 2.82 -0.71 -20.11 4.63 1.43 -1.7AutoWeb AUTO 3.44 -0.81 -19.06 5.97 0.50 22.0IBEX IBEX 10.03 -2.19 -17.92 18.49 10.00 ...Biocept BIOC 4.42 -0.90 -16.89 13.00 2.11 -49.1VenusConcept VERO 2.23 -0.44 -16.48 10.41 2.06 -76.7

PolymetMining PLM 3.68 -0.72 -16.36 9.70 1.50 5.9VivoPower International VVPR 9.72 -1.89 -16.28 14.84 0.59 614.7DirexionDly SCOND3BL SOXL 212.61 -35.30 -14.24 331.00 53.50 18.6ProSharesUltraProQQQ TQQQ 121.62 -20.02 -14.13 175.67 32.27 91.6AdvancedEnergy Inds AEIS 59.38 -9.74 -14.09 82.26 33.38 5.4

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 610.25 -12.89 -2.07 647.86 433.70 -0.22 -4.99TR/CCCRB Index 146.00 -3.70 -2.47 187.39 106.29 -16.54 -21.42Crude oil,$per barrel 36.76 -3.01 -7.57 63.27 -37.63 -35.96 -39.80Natural gas,$/MMBtu 2.400 -0.188 -7.26 2.862 1.482 -6.98 9.64Gold,$per troy oz. 1933.00 9.10 0.47 2051.50 1452.10 29.71 27.21

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Tues YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0134 74.6378 24.6Brazil real .1865 5.3630 33.4Canada dollar .7554 1.3239 1.9Chile peso .001294 772.90 4.5Colombiapeso .000267 3738.50 13.9EcuadorUSdollar 1 1 unchMexico peso .0459 21.7748 15.0Uruguay peso .02355 42.4550 14.3Asia-PacificAustralian dollar .7213 1.3864 –2.7China yuan .1461 6.8467 –1.7HongKong dollar .1290 7.7507 –0.5India rupee .01356 73.750 3.4Indonesia rupiah .0000677 14765 6.4Japan yen .009431 106.04 –2.4Kazakhstan tenge .002353 424.94 11.3Macau pataca .1252 7.9870 –0.4Malaysia ringgit .2400 4.1675 1.9NewZealand dollar .6617 1.5113 1.7Pakistan rupee .00601 166.350 7.3Philippines peso .0206 48.620 –4.1Singapore dollar .7295 1.3708 1.8SouthKoreawon .0008402 1190.23 3.0Sri Lanka rupee .0054259 184.30 1.6Taiwan dollar .03416 29.273 –2.1Thailand baht .03184 31.410 5.5

US$vs,Tues YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004315 23177 0.02EuropeCzechRep. koruna .04441 22.519 –0.7Denmark krone .1582 6.3204 –5.1Euro area euro 1.1775 .8493 –4.8Hungary forint .003294 303.61 2.8Iceland krona .007123 140.39 15.9Norway krone .1095 9.1321 4.0Poland zloty .2642 3.7847 –0.2Russia ruble .01311 76.266 22.9Sweden krona .1132 8.8336 –5.7Switzerland franc 1.0894 .9179 –5.1Turkey lira .1336 7.4847 25.8Ukraine hryvnia .0359 27.8500 17.6UK pound 1.2982 .7703 2.1Middle East/AfricaBahrain dinar 2.6536 .3769 –0.1Egypt pound .0633 15.8038 –1.5Israel shekel .2948 3.3926 –1.8Kuwait dinar 3.2671 .3061 1.0Oman sul rial 2.5976 .3850 –0.01Qatar rial .2746 3.641 –0.1SaudiArabia riyal .2666 3.7509 –0.01SouthAfrica rand .0590 16.9406 21.0

Close Net Chg %Chg YTD%Chg

WSJDollar Index 88.59 0.44 0.50 –1.09

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average27500.89 t632.42, or 2.25%

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

28.63 19.3326.70 17.362.09 2.25

29551.42, 02/12/20

19000

21000

23000

25000

27000

29000

31000

June July Aug. Sept.

Current divisor 0.15198707565833

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 Index3331.84 t95.12, or 2.78%

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

37.92 22.9525.64 18.061.77 1.93

3580.84, 09/02/20

2650

2800

2950

3100

3250

3400

3550

June July Aug. Sept.

65-day moving average

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

B10 | Wednesday, September 9, 2020 THEWALL STREET JOURNAL.

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interest

Copper-High (CMX)-25,000 lbs.; $ per lb.Sept 3.0520 3.0710 s 2.9935 3.0125 –0.0340 3,052Dec 3.0755 3.0885 2.9980 3.0250 –0.0370 140,590Gold (CMX)-100 troy oz.; $ per troy oz.Sept 1930.90 1937.90 1903.10 1933.00 9.10 384Oct 1930.00 1940.20 1904.60 1935.10 8.90 61,532Dec 1938.00 1948.30 1911.70 1943.20 8.90 411,727Feb'21 1946.80 1955.40 1919.30 1950.90 9.20 37,695April 1954.00 1960.10 1924.90 1955.80 9.00 19,997June 1961.30 1962.30 1928.80 1959.40 9.20 9,248Palladium(NYM) - 50 troy oz.; $ per troy oz.Sept 2300.00 2304.50 2281.10 2281.20 –37.40 243Dec 2328.30 2348.50 2255.30 2305.80 –37.40 9,266March'21 2327.30 2347.30 2290.90 2309.70 –37.70 176Platinum(NYM)-50 troy oz.; $ per troy oz.Sept 908.40 12.10 17Oct 906.60 921.00 890.90 910.30 12.10 43,812Silver (CMX)-5,000 troy oz.; $ per troy oz.Sept 26.920 27.135 26.005 26.864 0.288 2,043Dec 27.040 27.385 25.985 26.991 0.279 137,703CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.Oct 39.13 39.33 36.13 36.76 –3.01 309,287Nov 39.51 39.71 36.58 37.19 –2.96 232,390Dec 39.99 40.17 37.12 37.71 –2.88 279,092March'21 41.32 41.42 38.54 39.11 –2.72 130,173June 42.38 42.50 39.69 40.22 –2.62 179,325Dec 43.60 43.67 41.12 41.62 –2.32 195,950NYHarborULSD (NYM)-42,000gal.; $ per gal.Oct 1.1317 1.1335 1.0605 1.0768 –.0747 109,824Dec 1.1714 1.1724 1.1003 1.1160 –.0741 55,904Gasoline-NYRBOB(NYM)-42,000gal.; $ per gal.Oct 1.1676 1.1689 1.0851 1.1028 –.0744 117,140Nov 1.1429 1.1461 1.0667 1.0847 –.0695 63,088Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.Oct 2.552 2.573 2.356 2.400 –.188 211,662Nov 2.978 2.980 2.851 2.892 –.095 205,877Dec 3.283 3.285 3.194 3.235 –.041 102,742Jan'21 3.395 3.397 3.309 3.352 –.037 130,022March 3.219 3.223 3.147 3.187 –.030 101,206April 2.865 2.866 2.822 2.858 .006 78,587

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.Sept 348.00 353.00 346.00 351.00 3.75 1,603Dec 358.00 363.50 356.50 361.75 3.75 808,667Oats (CBT)-5,000bu.; cents per bu.Sept 276.00 276.00 276.00 267.75 –1.50 1Dec 271.25 275.00 265.00 268.50 –1.50 4,751Soybeans (CBT)-5,000bu.; cents per bu.Sept 975.75 975.75 965.00 973.00 3.50 186Nov 970.00 977.00 961.75 973.00 5.00 395,101SoybeanMeal (CBT)-100 tons; $ per ton.Sept 309.40 309.60 306.90 307.20 –2.60 614Dec 317.40 318.30 313.40 314.60 –2.60 181,605SoybeanOil (CBT)-60,000 lbs.; cents per lb.Sept 33.08 33.56 33.08 33.57 .49 1,029Dec 33.22 33.75 32.80 33.40 .51 187,249RoughRice (CBT)-2,000 cwt.; $ per cwt.Sept 12.52 12.52 12.52 12.56 .05 10Nov 12.40 12.54 12.37 12.46 .05 9,798Wheat (CBT)-5,000bu.; cents per bu.Sept 536.25 539.75 533.50 533.25 –6.50 128Dec 549.00 551.00 542.50 544.25 –6.00 230,404Wheat (KC)-5,000bu.; cents per bu.Sept 475.25 475.25 475.25 471.50 –3.00 36Dec 470.00 473.25 467.50 469.50 –3.00 150,650

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

Cattle-Feeder (CME)-50,000 lbs.; cents per lb.Sept 137.875 139.175 137.650 138.950 1.300 3,231Oct 138.650 140.075 138.275 139.850 1.350 17,101Cattle-Live (CME)-40,000 lbs.; cents per lb.Oct 104.100 105.850 104.100 105.775 1.325 98,026Dec 108.275 110.200 108.200 110.125 1.650 78,239Hogs-Lean (CME)-40,000 lbs.; cents per lb.Oct 59.375 60.275 58.775 59.900 .075 84,826Dec 57.975 58.800 57.575 58.675 .425 65,300Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.Sept 871.00 905.00 871.00 875.00 –4.90 291Nov 612.50 –29.00 2,452Milk (CME)-200,000 lbs., cents per lb.Sept 17.00 17.27 16.80 16.85 –.21 4,066Oct 18.99 19.37 18.76 18.81 –.08 4,330Cocoa (ICE-US)-10metric tons; $ per ton.Sept 2,624 2,624 2,624 2,624 –40 114Dec 2,576 2,582 2,521 2,555 –40 105,911Coffee (ICE-US)-37,500 lbs.; cents per lb.Sept 129.00 129.55 128.25 132.80 –2.00 253Dec 133.80 134.40 127.20 132.10 –1.90 116,665Sugar-World (ICE-US)-112,000 lbs.; cents per lb.Oct 11.99 12.11 11.78 12.04 .11 316,963March'21 12.70 12.75 12.47 12.68 .07 297,406Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.Nov 26.90 26.90 26.90 26.90 –.10 1,933Jan'21 26.75 26.75 26.75 26.80 –.05 1,947Cotton (ICE-US)-50,000 lbs.; cents per lb.Oct 64.33 64.43 63.01 63.19 –.93 128Dec 65.04 65.50 63.60 64.02 –.97 122,238Orange Juice (ICE-US)-15,000 lbs.; cents per lb.Sept 119.60 119.60 119.60 119.60 –2.15 26Nov 119.40 120.75 115.60 117.75 –2.15 6,836

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%Sept 218-290 221-020 217-000 219-200 2-05.0 28,314Dec 219-240 224-020 219-220 222-150 2-08.0 972,881TreasuryBonds (CBT)-$100,000; pts 32nds of 100%Sept 177-010 178-190 176-290 177-300 29.0 6,636Dec 175-080 176-310 175-070 176-090 29.0 1,140,864TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Sept 139-100 139-210 139-080 139-180 11.5 31,076Dec 139-025 139-165 139-025 139-125 11.5 3,307,1065Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Sept 125-252 125-290 125-247 125-275 4.7 54,381Dec 125-285 126-010 125-280 125-312 5.2 3,120,3182Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%Sept 110-131 110-135 110-129 110-131 .6 51,672Dec 110-144 110-149 110-140 110-143 .7 1,938,67430DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.Sept 99.9125 99.9125 99.9100 99.9100 –.0025 126,245Oct 99.9200 99.9250 99.9200 99.9200 .0000 230,76610Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%Sept 100-160 100-225 100-075 100-180 12.5 94,660Dec 102-270 102-300 102-190 102-250 13.5 4Eurodollar (CME)-$1,000,000; pts of 100%Sept 99.7625 99.7625 99.7525 99.7550 –.0050 1,405,985Dec 99.7100 99.7150 99.6900 99.7000 –.0100 1,028,348March'21 99.7950 99.7950 99.7800 99.7900 … 994,665June 99.8050 99.8100 99.7950 99.8050 .0050 928,816

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥Sept .9408 .9448 .9401 .9431 .0014 134,875Dec .9419 .9459 .9412 .9442 .0015 7,790CanadianDollar (CME)-CAD 100,000; $ per CADSept .7637 .7642 .7554 .7563 –.0103 124,191Dec .7637 .7643 .7556 .7565 –.0103 13,698

BritishPound (CME)-£62,500; $ per £Sept 1.3165 1.3170 1.2980 1.2989 –.0302 167,958Dec 1.3174 1.3176 1.2986 1.2996 –.0301 18,330Swiss Franc (CME)-CHF 125,000; $ per CHFSept 1.0917 1.0924 1.0871 1.0903 –.0062 49,706Dec 1.0946 1.0953 1.0901 1.0932 –.0062 3,432AustralianDollar (CME)-AUD 100,000; $ perAUDSept .7279 .7310 .7210 .7216 –.0082 126,109Dec .7279 .7311 .7214 .7219 –.0080 9,520MexicanPeso (CME)-MXN500,000; $ perMXNSept .04622 .04632 .04567 .04589 –.00053 119,702Dec .04576 .04585 .04520 .04542 –.00052 33,924Euro (CME)-€125,000; $ per €Sept 1.1819 1.1829 1.1767 1.1783 –.0071 645,571Dec 1.1844 1.1853 1.1791 1.1807 –.0070 39,499

IndexFuturesMini DJ Industrial Average (CBT)-$5 x indexSept 28300 28404 27440 27525 –549 72,732Dec 28170 28283 27321 27402 –553 1,106

S&P500 Index (CME)-$250 x indexSept 3401.00 3446.40 3333.80 3335.50 –82.10 33,779Dec … … … 3325.10 –82.20 2Mini S&P500 (CME)-$50 x indexSept 3432.50 3447.00 3327.50 3335.50 –82.00 2,621,756Dec 3424.00 3436.50 3317.25 3325.00 –82.25 100,816Mini S&PMidcap400 (CME)-$100 x indexSept 1913.60 1919.00 1847.40 1853.70 –42.50 56,103Dec 1898.10 1911.10 1843.70 1848.70 –42.50 32MiniNasdaq 100 (CME)-$20 x indexSept 11505.50 11585.00 11040.50 11060.50 –488.25 235,103Dec 11490.75 11571.00 11028.25 11047.75 –488.25 5,856Mini Russell 2000 (CME)-$50 x indexSept 1545.30 1553.40 1495.30 1507.70 –23.70 498,737Dec 1543.40 1548.90 1491.60 1503.80 –24.00 2,085Mini Russell 1000 (CME)-$50 x indexSept 1858.60 1901.30 1843.90 1844.40 –55.40 8,547U.S. Dollar Index (ICE-US)-$1,000 x indexSept 93.05 93.52 93.00 93.44 .72 23,100Dec 93.06 93.52 92.99 93.43 .72 6,034

Source: FactSet

Tuesday

EnergyCoal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.700

Metals

Gold, per troy ozEngelhard industrial 1911.00Handy&Harmanbase 1910.95Handy&Harman fabricated 2121.16LBMAGold PriceAM *1928.40LBMAGold Price PM *1928.45Krugerrand,wholesale-e 2014.69Maple Leaf-e 2034.06AmericanEagle-e 2034.06Mexican peso-e 2343.68Austria crown-e 1901.84Austria phil-e 2034.06Silver, troy oz.Engelhard industrial 26.2500Handy&Harmanbase 26.4850Handy&Harman fabricated 33.1060LBMAspot price *£20.4000(U.S.$ equivalent) *26.8300Coins,wholesale $1,000 face-a 20595OthermetalsLBMAPlatinumPrice PM *898.0Platinum,Engelhard industrial 906.0Palladium,Engelhard industrial 2312.0

Tuesday

Aluminum, LME, $ permetric ton *1763.0Copper,Comex spot 3.0125IronOre, 62%FeCFRChina-s 129.0ShreddedScrap, USMidwest-s,m 235Steel, HRCUSA, FOBMidwestMill-s 541

Fibers andTextiles

Burlap,10-oz,40-inchNYyd-n,w 0.6200Cotton,1 1/16 std lw-mdMphs-u 0.5869Cotlook 'A' Index-t *70.60Hides,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 96Corn,No. 2 yellow,Cent IL-bp,u 3.4900Corn gluten feed,Midwest-u,w 106.2Corn glutenmeal,Midwest-u,w 401.7Cottonseedmeal-u,w 233Hominy feed,Cent IL-u,w 95Meat-bonemeal,50%proMnpls-u,w 183Oats,No.2milling,Mnpls-u 2.9350Rice, LongGrainMilled, No. 2AR-u,w n.a.Sorghum,(Milo)No.2Gulf-u,k 5.3675SoybeanMeal,Cent IL,rail,ton48%-u 307.40Soybeans,No.1 yllw IL-bp,u 9.5350Wheat,Spring14%-proMnpls-u 6.7625Wheat,No.2 soft red,St.Louis-u 5.5725

Tuesday

Wheat -Hard - KC (USDA) $ per bu-u 4.7950Wheat,No.1softwhite,Portld,OR-u 5.2850

FoodBeef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 184.35select 1-3,600-900 lbs.-u 168.12Broilers, National compwtd. avg.-u,w 0.6398Butter,AAChicago 1.5000Cheddar cheese,bbl,Chicago 171.50Cheddar cheese,blk,Chicago 215.25Milk,Nonfat dry,Chicago lb. 103.00Coffee,Brazilian,Comp 1.2591Coffee,Colombian, NY 1.8151Eggs,largewhite,Chicago-u 0.8050Flour,hardwinter KC 14.45Hams,17-20 lbs,Mid-US fob-u 0.54Hogs,Iowa-So.Minnesota-u 60.00Pork bellies,12-14 lbMidUS-u n.a.Pork loins,13-19 lbMidUS-u 0.8206Steers,Tex.-Okla. Choice-u 101.67Steers,feeder,Okla. City-u,w n.a.

Fats andOilsCorn oil,crudewet/drymill wtd. avg.-u,w 43.5000Grease,choicewhite,Chicago-h 0.2650Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u 0.3377Tallow,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; K=Prices are now in $ perbushel *Data as of 9/7

Source: Dow JonesMarket Data

CashPrices Tuesday, September 08, 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.

| wsj.com/market-data/commodities

Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

MoneyRates September 8, 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 0.00

Week —52-WEEK—Latest ago High Low

13weeks 0.115 0.105 1.945 0.00026weeks 0.125 0.115 1.870 0.080

Secondarymarket

FannieMae30-yearmortgage yields

30days 1.907 1.880 3.388 1.75160days 1.970 1.937 3.403 1.804

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 4.00 2.00

Commercial paper (AA financial)90days n.a. n.a. 2.53 0.04

LiborOnemonth 0.15550 0.15563 2.05700 0.14925Threemonth 0.24950 0.25113 2.16413 0.23375Sixmonth 0.30100 0.30325 2.08525 0.28725One year 0.42700 0.43263 2.07413 0.42100

Euro LiborOnemonth -0.552 -0.543 -0.360 -0.621Threemonth -0.516 -0.506 -0.142 -0.539Sixmonth -0.498 -0.470 -0.052 -0.498One year -0.407 -0.373 0.008 -0.441

SecuredOvernight FinancingRate0.09 0.07 5.25 0.01

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.129 48.440 6.007 0.002MBS 0.135 77.000 6.699 0.011

Notes ondata:

U.S. prime rate is the base rate on corporateloans 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 is as ofSeptember 3, 2020. DTCCGCFRepo Index isDepository Trust&Clearing Corp.'sweightedaverage for overnight trades in applicableCUSIPs. Value traded is in billions ofU.S. dollars.Federal-funds rates are Tullett Prebon rates asof 5:30 p.m. ET.

Sources: Federal Reserve; Bureau of LaborStatistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

Britain 0.10 0.10 0.75 0.10Australia 0.25 0.25 1.00 0.25

Overnight repurchaseU.S. 0.11 0.10 3.40 -0.07

U.S. government rates

Discount0.25 0.25 2.75 0.25

Federal fundsEffective rate 0.0900 0.0900 2.3600 0.0600High 0.1000 0.1000 3.0000 0.1000Low 0.0500 0.0500 2.0500 0.0100Bid 0.0800 0.0800 2.1000 0.0100Offer 0.1100 0.1100 2.5000 0.0500

Treasury bill auction4weeks 0.090 0.080 2.025 0.000

Week —52-WEEK—Latest ago High Low

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 0.145 t l 0.149 0.137 1.5320.625 10 0.682t l 0.721 0.568 1.556

5.750 Australia 2 0.255 t l 0.256 0.268 0.872 11.0 10.7 -66.0

2.500 10 0.983 s l 0.980 0.837 1.101 30.1 25.9 -45.5

0.000 France 2 -0.625 t l -0.613 -0.590 -0.775 -77.0 -76.1 -230.7

0.000 10 -0.191 t l -0.161 -0.216 -0.338 -87.3 -88.2 -189.4

0.000 Germany 2 -0.703 t l -0.698 -0.681 -0.866 -84.8 -84.6 -239.8

0.000 10 -0.492 t l -0.458 -0.507 -0.634 -117.4 -117.9 -219.0

1.000 Italy 2 -0.081 t l -0.070 -0.071 -0.350 -22.6 -21.9 -188.2

0.950 10 1.046 t l 1.056 0.934 0.885 36.4 33.5 -67.1

0.100 Japan 2 -0.135 t l -0.131 -0.124 -0.300 -28.0 -27.9 -183.2

0.100 10 0.038 t l 0.042 0.010 -0.245 -64.4 -67.9 -180.1

0.400 Spain 2 -0.458 s l -0.472 -0.417 -0.553 -60.2 -62.1 -208.5

1.250 10 0.328 t l 0.359 0.277 0.175 -35.4 -36.3 -138.2

0.500 U.K. 2 -0.130 t l -0.086 -0.007 0.388 -27.5 -23.4 -114.4

4.750 10 0.191 t l 0.250 0.140 0.506 -49.1 -47.2 -105.0

Source: Tullett Prebon

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

GeneralMotors GM 5.200 April 1, ’45 315 –14 325 32.38 7.93AmericanHondaFinance HNDA 3.625 Oct. 10, ’23 38 –9 42 ... ...Enel Finance International ENELIM 4.625 Sept. 14, ’25 105 –8 106 ... ...Credit Suisse … 3.625 Sept. 9, ’24 39 –7 44 … …ExxonMobil XOM 1.571 April 15, ’23 14 –5 18 38.18 –2.30Apple AAPL 0.750 May11, ’23 11 –1 12 112.82 –6.73Mitsubishi UFJ Financial MUFG 1.412 July 17, ’25 72 –1 72 4.14 –1.90UnitedHealth UNH 2.000 May15, ’30 80 –1 75 307.25 –1.52

…Andspreads thatwidened themostValero Energy VLO 2.700 April 15, ’23 86 19 75 48.73 –4.86DeltaAir Lines DAL 7.000 May1, ’25 437 18 444 32.54 2.42General Electric Capital … 5.875 Jan. 14, ’38 318 13 311 … …Anheuser–Busch InbevFinance ABIBB 4.625 Feb. 1, ’44 196 11 204 ... ...DanskeBank DANBNK 3.875 Sept. 12, ’23 110 11 110 ... ...DuPont deNemours DD 2.169 May1, ’23 135 11 126 56.82 –3.37HSBCHoldings HSBC 4.300 March 8, ’26 131 11 n.a. 20.87 –2.34JPMorganChase JPM 3.875 Sept. 10, ’24 79 10 68 99.92 –3.48

High-yield issueswith thebiggest price increases…BondPrice as%of face value Stock Performance

Issuer Symbol Coupon (%) Maturity Current One-day change Lastweek Close ($) % chg

AmericanAirlines AAL 5.000 June 1, ’22 67.875 2.24 n.a. 13.63 0.15Carnival CCL 6.650 Jan. 15, ’28 84.890 1.39 83.460 18.29 –1.30LBrands LB 5.625 Feb. 15, ’22 101.938 1.11 103.177 28.92 –4.05Telecom Italia TITIM 5.303 May30, ’24 109.100 0.63 n.a. ... ...CF Industries CF 3.450 June 1, ’23 103.430 0.46 104.001 32.02 –3.50HATHoldings … 3.750 Sept. 15, ’30 101.250 0.41 101.500 … …UnitedAirlinesHoldings UAL 4.875 Jan. 15, ’25 89.000 0.40 86.000 37.28 –2.43Xerox XRXCRP 3.800 May15, ’24 102.624 0.37 102.530 ... ...

…Andwith thebiggest price decreasesRoyal Caribbean RCL 7.500 Oct. 15, ’27 88.000 –2.12 88.750 71.51 –0.61TevaPharmaceutical FinanceNetherlands … 4.100 Oct. 1, ’46 84.000 –1.39 85.500 … …Netflix NFLX 5.875 Nov. 15, ’28 122.125 –1.26 123.067 507.02 –1.75LBrands LB 6.750 July 1, ’36 100.313 –1.17 102.010 28.92 –4.05MGMResorts International MGM 7.750 March 15, ’22 105.375 –1.13 106.500 23.17 –1.49DishDBS … 5.875 Nov. 15, ’24 104.850 –1.03 105.906 … …Gap GPS 8.375 May15, ’23 111.020 –0.98 111.500 17.30 –1.26TenetHealthcare THC 6.750 June 15, ’23 106.492 –0.95 107.000 28.41 –5.30

*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

BroadMarketBloombergBarclays

2279.52 6.9 U.S. Aggregate 1.150 1.020 2.460

U.S. Corporate IndexesBloombergBarclays

3367.80 7.0 U.S. Corporate 1.970 1.820 4.580

3063.24 5.8 Intermediate 1.310 1.230 4.400

4970.04 9.1 Long term 3.010 2.730 4.930

692.21 7.5 Double-A-rated 1.460 1.300 3.360

887.27 6.0 Triple-B-rated 2.340 2.210 5.350

HighYieldBonds ICEBofA

468.00 0.2 HighYield Constrained 5.635 5.151 11.400

406.66 -7.1 Triple-C-rated 12.116 10.735 19.071

3160.23 -1.0 HighYield 100 4.652 4.235 10.740

423.86 0.6 Global HighYield Constrained 5.511 4.893 11.310

323.55 -1.5 EuropeHighYield Constrained 3.823 2.464 8.183

U.SAgencyBloombergBarclays

1863.63 5.3 U.SAgency 0.530 0.480 2.040

1623.74 3.9 10-20 years 0.400 0.350 1.950

4277.66 12.1 20-plus years 1.510 1.170 2.480

2883.78 5.5 Yankee 1.500 1.430 3.500

Bonds | wsj.com/market-data/bonds/benchmarks

TrackingBondBenchmarksReturn on investment and spreads over Treasurys and/or yields paid to investors comparedwith 52-weekhighs and lows for different types of bondsTotalreturn YTD total Yield (%)close return (%) Index Latest Low High

*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

Totalreturn YTD total Yield (%)close return (%) Index Latest Low High

Mortgage-BackedBloombergBarclays

2229.31 3.8 Mortgage-Backed 1.200 0.930 2.690

2171.28 3.4 GinnieMae (GNMA) 0.680 0.290 2.660

1317.71 4.0 Fanniemae (FNMA) 1.390 1.110 2.690

2022.35 3.9 FreddieMac (FHLMC) 1.370 1.080 2.710

587.19 3.8 MuniMaster 1.034 0.838 3.441

415.16 4.1 7-12 year 1.022 0.771 3.447

472.02 4.2 12-22 year 1.508 1.224 3.690

454.75 3.2 22-plus year 2.246 1.765 4.123

Global Government J.P.Morgan†

613.78 5.3 Global Government 0.560 0.390 1.060

867.32 7.9 Canada 0.730 0.590 1.740

412.01 3.0 EMU§ 0.254 0.143 0.794

783.92 3.3 France 0.010 -0.160 0.430

548.49 2.4 Germany -0.370 -0.740 -0.050

294.62 -1.2 Japan 0.310 0.040 0.320

611.60 2.6 Netherlands -0.280 -0.540 0.080

1095.09 9.0 U.K. 0.540 0.390 1.180

904.52 2.6 EmergingMarkets ** 4.679 4.523 7.480

Key InterestRatesData are annualized on a 360-day basis. Treasury yields are per annum,on actively traded noninflation and inflation-indexed issues that areadjusted to constantmaturities. Data are fromweekly Federal ReservereleaseH.15.

WeekEnded 52-WeekSep4 Aug28 High Low

Federal funds (effective)0.09 0.09 2.19 0.04

Commercial paperNonfinancial1-month 0.09 0.07 2.07 0.072-month 0.10 0.07 2.02 0.073-month 0.11 0.09 1.99 0.09

Financial1-month 0.11 0.11 2.15 0.082-month n.a. n.a. 2.27 0.113-month 0.14 0.14 2.44 0.14

Discountwindowprimary credit0.25 0.25 2.75 0.25

Treasury yields at constantmaturities1-month 0.09 0.09 2.05 0.013-month 0.11 0.11 1.97 0.01

WeekEnded 52-WeekSep4 Aug28 High Low

6-month 0.12 0.12 1.92 0.061-year 0.12 0.13 1.86 0.122-year 0.14 0.15 1.73 0.113-year 0.16 0.18 1.68 0.135-year 0.27 0.29 1.73 0.217-year 0.47 0.50 1.84 0.3910-year 0.68 0.70 1.91 0.5520-year 1.20 1.22 2.20 0.99

Treasury yields (secondarymarket)1-month 0.09 0.08 2.02 0.003-month 0.11 0.11 1.93 -0.016-month 0.12 0.12 1.87 0.06

TIPS5-year -1.34 -1.34 0.41 -1.347-year -1.22 -1.21 0.35 -1.2210-year -1.05 -1.02 0.35 -1.0520-year -0.64 -0.60 0.47 -0.70Long-termavg -0.45 -0.40 0.62 -0.50

Notes on data:Federal-funds rate is an average for the seven days endedWednesday,weighted according to rateson broker trades;Commercial paper rates are discounted offer rates interpolated fromsales bydiscounted averages of dealer bid rates on nationally traded certificates of deposit;Discountwindowprimary credit rate is charged for discountsmade and advances extended under the FederalReserve's primary credit discountwindowprogram; rate is average for seven days endedWednesday;Inflation-indexed long-termTIPS average is indexed and is based on the unweighted average bidyields for all TIPSwith remaining terms tomaturity of 10 years ormore;

Sources: Federal Reserve; for additional information on these rate data and their derivation,please see,www.federalreserve.gov/releases/h15/data.htm

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

Just EnergyGroup JE 1:33 /Sep17

ForeignAspen Ins 5.625%Pfd. AHLpD 5.8 .3516 Q Oct01 /Sep15Aspen Ins 5.95%Pfd. AHLpC 6.1 .3719 Q Oct01 /Sep15Aspen Ins Pfd. AHLpE 5.9 .35156 Q Oct01 /Sep15Broadcom AVGO 3.7 3.25 Q Sep30 /Sep22CanadianNatl Railway CNI 1.7 .43957 Sep30 /Sep09PembinaPipeline PBA 8.0 .16009 M Oct15 /Sep25

SpecialInnovative Sols&Support ISSC ... .65 Oct01 /Sep15

DividendChangesDividend announcements fromSeptember 8.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

IncreasedRCIHospitalityHoldings RICK 0.8 .04 /.03 Q Sep28 /Sep15

InitialSmith&WessonBrands SWBI ... .05 Oct01 /Sep17Wesco Intl Pfd. A WCCpA 9.6 .7305 Sep30 /Sep15

StocksBiocept BIOC 1:10 /Sep08

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual;S2:1: stock split and ratio; SO: spin-off.

COMMODITIES wsj.com/market-data/commodities

THEWALL STREET JOURNAL. Wednesday, September 9, 2020 | B11

Net YTDFund NAV Chg %Ret

American Century InvUltra 67.23 -2.93 28.9American Funds Cl AAmcpA p 35.18 -0.80 6.6AMutlA p 41.35 -0.82 -3.9BalA p 28.84 -0.38 2.5BondA p 14.12 +0.01 9.4CapIBA p 58.87 -0.66 -5.3CapWGrA 51.80 -1.03 ...EupacA p 56.93 -1.08 2.3FdInvA p 60.71 -1.48 -0.1GwthA p 58.96 -2.04 15.3HI TrA p 9.68 -0.03 ...ICAA p 39.97 -0.94 2.3IncoA p 22.04 -0.26 -3.6N PerA p 52.17 -1.85 10.4NEcoA p 50.60 -1.08 10.7NwWrldA 73.31 -1.60 3.9SmCpA p 63.53 -1.10 8.0TxExA p 13.47 ... 2.7WshA p 45.62 -0.97 -4.2Baird FundsAggBdInst 11.88 +0.02 7.6CorBdInst 12.20 +0.01 7.4BlackRock FundsHiYBlk 7.51 ... 0.4HiYldBd Inst 7.50 ... 0.3BlackRock Funds AGlblAlloc p 19.97 -0.26 8.5BlackRock Funds InstStratIncOpptyIns 10.09 ... 3.1Bridge Builder TrustCoreBond 11.00 +0.01 7.6CorePlusBond 10.69 ... 7.3Intl Eq 11.57 -0.16 -3.5LargeCapGrowth 18.54 -0.60 17.1LargeCapValue 12.64 -0.24 -6.8ClearBridgeLargeCapGrowthI 64.13 -2.19 17.4

Net YTDFund NAV Chg %Ret

Columbia Class IDivIncom I 23.16 -0.56 -4.1Dimensional Fds5GlbFxdInc 10.87 ... 1.3EmgMktVa 24.57 -0.23-13.9EmMktCorEq 20.21 -0.27 -6.3IntlCoreEq 12.53 -0.13 -8.3IntSmCo 17.27 -0.14 -8.4IntSmVa 16.27 -0.14-15.7LgCo 25.62 -0.73 4.5TAUSCoreEq2 19.49 -0.54 -2.5US CoreEq1 25.44 -0.70 -0.9US CoreEq2 22.88 -0.62 -2.5US Small 30.34 -0.72-12.8US SmCpVal 27.19 -0.75-20.6USLgVa 32.06 -0.64-16.0Dodge & CoxBalanced 94.00 -1.57 -5.2Income 14.79 -0.02 7.1Intl Stk 36.76 -0.79-15.7Stock 168.73 -4.38-10.7DoubleLine FundsCoreFxdIncmI 11.26 ... NATotRetBdI NA ... NAEdgewood Growth InstitutiEdgewoodGrInst 47.47 -1.35 NAFidelity500IdxInstPrem115.88 -3.30 4.5Contrafund K6 17.23 -0.54 19.1ExtMktIdxInstPre 63.79 -2.22 ...IntlIdxInstPrem 40.18 -0.38 -6.5MidCpInxInstPrem 22.59 -0.48 -3.9SAIUSLgCpIndxFd 18.05 -0.51 4.4SeriesOverseas 11.04 -0.10 2.4SmCpIdxInstPrem 19.12 -0.39 -8.9TMktIdxInstPrem 93.70 -2.76 3.7USBdIdxInstPrem 12.58 +0.01 7.2Fidelity Advisor INwInsghtI 36.42 -1.16 11.4

Net YTDFund NAV Chg %Ret

Fidelity FreedomFF2020 16.22 -0.17 3.2FF2025 14.37 -0.17 2.9FF2030 17.74 -0.24 2.4Freedom2020 K 16.21 -0.17 3.2Freedom2025 K 14.35 -0.17 2.9Freedom2030 K 17.72 -0.25 2.5Freedom2035 K 14.84 -0.25 1.5Freedom2040 K 10.36 -0.20 1.0Fidelity InvestBalanc 26.46 -0.50 8.5BluCh 143.61 -5.40 33.3Contra 16.36 -0.53 20.1ContraK 16.39 -0.53 20.2CpInc r 9.97 -0.07 0.2DivIntl 42.41 -0.31 4.7GroCo 29.46 -1.19 37.9GrowCoK 29.52 -1.19 38.0InvGrBd 12.28 ... 8.1LowP r 45.81 -0.82 -8.5Magin 11.81 -0.38 15.8OTC 16.05 -0.70 25.5Puritn 24.85 -0.49 10.0SrsEmrgMkt 20.69 -0.48 0.3SrsGlobal 12.50 -0.17 -5.1SrsGroCoRetail 24.76 -1.00 39.5SrsIntlGrw 18.43 -0.15 5.2SrsIntlVal 8.81 -0.08-11.0TotalBond 11.53 +0.01 7.5Fidelity SAITotalBd 11.01 ... 6.9Fidelity SelectsSoftwr r 24.11 -0.86 25.4First Eagle FundsGlbA 56.84 -0.63 -1.9FPA FundsFPACres 31.28 -0.68 -4.7Franklin A1CA TF A1 p 7.71 ... 2.8

Mutual Funds Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

Net YTDFund NAV Chg %Ret

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 eand s apply. 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 rapply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Notavailable due to incomplete price, performance or cost data. NE-Not released by Lipper;data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.

IncomeA1 p 2.10 -0.02 -6.8FrankTemp/Frank AdvIncomeAdv 2.08 -0.02 -6.7FrankTemp/Franklin AGrowth A p 126.72 -3.55 12.9RisDv A p 71.16 -1.63 2.8FrankTemp/Franklin CIncome C t 2.13 -0.02 -7.0FrankTemp/Temp AdvGlBondAdv p 9.82 +0.01 -5.0Guggenheim Funds TruTotRtnBdFdClInst 29.81 +0.04 11.9Harbor FundsCapApInst 99.04 -4.71 30.7Harding LoevnerIntlEq 24.19 -0.22 NAInvesco Funds YDevMktY 44.97 -0.77 -1.4JPMorgan I ClassCoreBond NA ... NAEqInc NA ... NAJPMorgan R ClassCoreBond NA ... NACorePlusBd NA ... NALord Abbett AShtDurIncmA p 4.18 ... 1.4Lord Abbett FShtDurIncm 4.18 ... 1.5Metropolitan WestTotRetBd 11.64 +0.01 7.7TotRetBdI 11.63 ... 7.8TRBdPlan 10.94 ... 7.8MFS Funds Class IGrowth I 150.03 -5.26 18.0ValueI 40.53 -0.78 -8.3MFS Funds InstlIntlEq 27.26 -0.18 -2.2Northern FundsStkIdx 38.30 -1.09 4.4Nuveen Cl IHYMunBd 16.89 -0.01 -2.7Old Westbury FdsLrgCpStr 15.15 -0.38 NAParnassus FdsParnEqFd 49.65 -1.29 6.0PGIM Funds Cl ZTotalReturnBond 14.91 ... NAPIMCO Fds InstlAllAsset NA ... NAHiYld 8.78 -0.03 0.4InvGrdCrBd 11.15 ... NATotRt 10.95 ... 7.8

PIMCO Funds AIncomeFd 11.75 -0.02 NAPIMCO Funds I2Income 11.75 -0.02 NAPIMCO Funds InstlIncomeFd 11.75 -0.02 NAPrice FundsBlChip 151.01 -5.52 21.4DivGro 53.24 -1.17 0.5EqInc 26.83 -0.67-15.2EqIndex 88.74 -2.53 4.4Growth 87.55 -3.04 19.4HelSci 87.30 -1.30 7.2LgCapGow I 53.28 -1.80 NAMidCap 98.34 -1.90 3.2NHoriz 75.44 -1.17 27.1R2020 22.73 -0.28 2.9R2025 18.30 -0.26 2.9R2030 26.58 -0.45 2.6R2035 19.50 -0.36 2.5R2040 27.69 -0.55 2.3PRIMECAP Odyssey FdsAggGrowth r 45.76 -1.25 1.9Schwab Funds1000 Inv r 74.42 -2.23 4.6S&P Sel 51.61 -1.47 4.5TSM Sel r 58.04 -1.71 3.7TIAA/CREF FundsBdIdxInst 11.70 +0.01 7.0EqIdxInst 24.24 -0.71 3.9VANGUARD ADMIRAL500Adml 308.45 -8.79 4.5BalAdml 41.04 -0.69 5.9CAITAdml 12.28 ... 3.2CapOpAdml r160.06 -4.86 1.5DivAppIdxAdm 34.41 -0.61 2.7EMAdmr 36.04 -0.69 -1.9EqIncAdml 71.01 -1.37 -9.2ExplrAdml 98.34 -2.00 1.2ExtndAdml 95.12 -3.30 ...GNMAAdml 10.77 +0.01 3.5GrwthAdml 114.06 -4.49 22.1HlthCareAdml r 89.95 -0.99 5.4HYCorAdml r 5.82 -0.02 1.1InfProAd 28.23 +0.05 9.1IntlGrAdml 128.42 -4.45 24.9ITBondAdml 12.68 ... 9.1ITIGradeAdml 10.65 -0.01 8.6LTGradeAdml 12.04 -0.01 13.2MidCpAdml 214.62 -4.85 -1.9MuHYAdml 11.74 ... 2.3MuIntAdml 14.72 ... 3.5

MuLTAdml 12.10 ... 3.8MuLtdAdml 11.23 ... 2.6MuShtAdml 15.95 ... 1.6PrmcpAdml r144.53 -4.10 0.2RealEstatAdml114.55 -1.59-11.4SmCapAdml 73.04 -1.60 -7.4SmGthAdml 72.64 -1.44 4.2STBondAdml 10.89 ... 4.4STIGradeAdml 11.00 ... 4.3TotBdAdml 11.66 +0.01 7.2TotIntBdIdxAdm 23.20 +0.05 3.2TotIntlAdmIdx r 28.15 -0.35 -5.0TotStAdml 82.03 -2.39 3.9TxMCapAdml172.70 -5.23 5.1TxMIn r 13.19 -0.13 -5.8USGroAdml 146.77 -6.30 31.7ValAdml 41.20 -0.75-10.4

WdsrllAdml 61.92 -1.56 -3.4WellsIAdml 67.08 -0.40 2.9WelltnAdml 75.07 -1.20 1.6WndsrAdml 63.20 -1.42-11.6VANGUARD FDSDivdGro 30.65 -0.46 1.2INSTTRF2020 24.93 -0.26 3.4INSTTRF2025 25.48 -0.32 3.0INSTTRF2030 25.76 -0.38 2.5INSTTRF2035 26.03 -0.43 2.1INSTTRF2040 26.28 -0.48 1.5INSTTRF2045 26.47 -0.53 1.1INSTTRF2050 26.52 -0.53 1.1INSTTRF2055 26.63 -0.53 1.2LifeCon 21.73 -0.17 4.3LifeGro 36.53 -0.64 1.9LifeMod 29.52 -0.37 3.1

PrmcpCor 26.69 -0.61 -4.4STAR 29.02 -0.49 6.8TgtRe2015 15.78 -0.11 4.0TgtRe2020 33.63 -0.34 3.4TgtRe2025 20.44 -0.26 3.0TgtRe2030 37.38 -0.55 2.6TgtRe2035 22.99 -0.37 2.1TgtRe2040 39.75 -0.72 1.6TgtRe2045 25.00 -0.50 1.2TgtRe2050 40.25 -0.80 1.2TgtRet2055 43.70 -0.87 1.2TgtRetInc 14.55 -0.08 4.3TotIntBdIxInv 11.60 +0.02 3.2USGro 56.63 -2.43 31.6WellsI 27.69 -0.17 2.9Welltn 43.47 -0.69 1.6WndsrII 34.90 -0.88 -3.4

VANGUARD INDEX FDSIdxIntl 16.83 -0.21 -5.1SmValAdml 48.46 -1.16-17.0TotBd2 11.58 +0.01 6.8TotIntlInstIdx r112.59 -1.37 -5.0TotItlInstPlId r112.61 -1.38 -5.0TotSt 81.99 -2.39 3.8VANGUARD INSTL FDSBalInst 41.05 -0.69 6.0DevMktsIndInst 13.21 -0.13 -5.8DevMktsInxInst 20.65 -0.20 -5.8ExtndInst 95.11 -3.31 ...GrwthInst 114.07 -4.49 22.1InPrSeIn 11.50 +0.02 9.2InstIdx 298.12 -8.49 4.5InstPlus 298.14 -8.49 4.5InstTStPlus 70.18 -2.04 3.9

MidCpInst 47.41 -1.07 -1.8MidCpIstPl 233.83 -5.29 -1.8SmCapInst 73.04 -1.60 -7.4STIGradeInst 11.00 ... 4.3STIPSIxins 25.56 +0.01 3.5TotBdInst 11.66 +0.01 7.2TotBdInst2 11.58 +0.01 6.9TotBdInstPl 11.66 +0.01 7.2TotIntBdIdxInst 34.81 +0.08 3.2TotStInst 82.04 -2.39 3.9ValueInst 41.20 -0.75-10.4WCM Focus FundsWCMFocIntlGrwIns 20.98 -0.30 10.9Western AssetCoreBondI NA ... NACorePlusBdI NA ... NACorePlusBdIS NA ... NA

Tuesday, September 8, 2020

NetStock SymClose Chg

Insulet PODD 204.57 -0.26Intel INTC 48.91 -1.17InteractiveBrkrs IBKR 48.40 -3.49ICE ICE 98.82 -1.26InterContinentl IHG 57.57 -1.66IBM IBM 121.21 -1.09IntlFlavors IFF 121.63 -1.49IntlPaper IP 37.31 -1.72Interpublic IPG 17.47 -0.37Intuit INTU 320.82 -12.29IntuitiveSurgical ISRG 694.17 -41.11InvitatHomes INVH 28.18 -0.49IonisPharma IONS 52.72 -2.89iQIYI IQ 21.24 -0.77iRhythmTechs IRTC 207.00 -5.43IronMountain IRM 30.10 -0.06ItauUnibanco ITUB 4.50 -0.15

J K LJD.com JD 76.22 -3.78Joyy YY 73.85 -6.98JPMorganChase JPM 99.92 -3.60JackHenry JKHY 158.51 -4.23JacobsEngg J 90.62 -1.34JamesHardie JHX 21.56 -0.52JazzPharma JAZZ138.27 6.57J&J JNJ 147.26 -1.33JohnsonControls JCI 40.74 -0.57JuniperNetworks JNPR 22.76 -0.48KB Fin KB 31.07 ...KE Holdings BEKE 44.07 -1.37KKR KKR 34.26 -1.44KLA KLAC 174.47 -18.90KSCitySouthernKSU 185.17 -2.83Kellogg K 66.34 -2.88KeurigDrPepperKDP 28.86 -0.68KeyCorp KEY 12.52 -0.37KeysightTechs KEYS 93.39 -1.56KilroyRealty KRC 56.43 -1.47KimberlyClark KMB 148.97 -3.26KinderMorganKMI 13.25 -0.27KingsoftCloud KC 31.87 -1.28KinrossGold KGC 8.54 -0.09KirklandLakeGoldKL 51.79 0.11Knight-Swift KNX 45.41 0.07KoninklijkePhil PHG 47.00 0.36KoreaElcPwr KEP 8.53 -0.10KraftHeinz KHC 31.76 -1.71Kroger KR 34.62 -0.85L Brands LB 28.92 -1.22LHC Group LHCG 201.09 -1.47Line LN 50.71 -0.04LKQ LKQ 32.12 0.32LPL Financial LPLA 79.61 -4.15L3HarrisTech LHX 179.61 -1.27

LabCpAm LH 173.73 -1.99LamResearch LRCX 302.72 -30.40LamarAdv LAMR 64.45 -2.77LambWeston LW 61.10 -1.34LasVegasSands LVS 51.67 -0.29Lear LEA 118.28 -2.17Leidos LDOS 86.55 -1.94Lennar A LEN 73.37 -0.25Lennar B LEN.B 58.29 -0.16LennoxIntl LII 269.09 -8.44LiAuto LI 15.79 -1.04LibertyBroadbandA LBRDA 134.60 -0.78LibertyBroadbandC LBRDK 136.16 -0.64LibertyGlobal C LBTYK 21.71 -0.30LibertyGlobal A LBTYA 22.10 -0.44LibertyGlobal B LBTYB 22.25 -1.14LibertyFormOne C FWONK 37.65 -0.33LibertyFormOne A FWONA 34.87 -0.34LibertyBraves A BATRA 19.57 0.29LibertyBraves C BATRK 19.50 0.25LibertySirius A LSXMA 35.11 -0.56LibertySirius C LSXMK 35.03 -0.45EliLilly LLY 149.31 -1.60LincolnNational LNC 35.82 -2.40Linde LIN 243.05 -4.65LiveNationEnt LYV 57.81 0.23LivongoHealth LVGO 123.10 -3.39LloydsBanking LYG 1.32 -0.07LockheedMartin LMT 380.23 -4.79Loews L 35.63 -1.24LogitechIntl LOGI 66.88 -3.24Lowe's LOW 153.74 -2.65lululemon LULU 349.80 -11.61Lyft LYFT 30.10 1.13LyondellBasell LYB 70.08 -1.98

M NM&T Bank MTB 102.26 -3.64MGM ResortsMGM 23.17 -0.35MKS Instrum MKSI 107.07 -7.10MPLX MPLX 17.54 -0.36MSCI MSCI 339.64 -8.54MagellanMid MMP 37.36 -0.28MagnaIntl MGA 47.74 -1.01ManhattanAssocMANH 91.43 -1.53ManulifeFin MFC 14.40 -0.27MarathonPetrolMPC 32.33 -1.31Markel MKL 1029.84 -38.78MarketAxess MKTX 449.62 -4.83Marriott MAR 103.98 -0.84Marsh&McLenMMC 113.48 -1.93MartinMariettaMLM 206.93 -8.18MarvellTech MRVL 37.55 0.19Masco MAS 56.00 -0.42Masimo MASI 215.54 1.82Mastercard MA 329.88 -5.13MaximIntProductsMXIM 65.36 -3.32

McCormickVtg MKC.V198.54 -0.80McCormick MKC 197.52 -4.33McDonalds MCD 213.58 1.85McKesson MCK 149.93 -2.50MedicalProp MPW 18.22 -0.18Medtronic MDT 104.58 -1.16MelcoResorts MLCO 18.46 -0.58MercadoLibreMELI 1022.53 -60.85Merck MRK 83.33 -1.91MetLife MET 37.88 -1.27MettlerToledo MTD 947.62 -1.64MicrochipTechMCHP 102.88 -5.27MicronTech MU 45.03 -1.45Microsoft MSFT 202.66 -11.59MidAmApt MAA 115.68 -2.67MiratiTherap MRTX 136.15 -2.27MitsubishiUFJ MUFG 4.14 -0.08MizuhoFin MFG 2.69 -0.05MobileTeleSysMBT 8.71 -0.24Moderna MRNA 54.34 -8.26MohawkInds MHK 92.54 0.11MolinaHealthcareMOH 175.08 -7.92MolsonCoorsB TAP 37.76 -0.56MomentaPharmMNTA 52.16 -0.02Mondelez MDLZ 56.39 -1.49MongoDB MDB 210.72 -3.79MonolithicPower MPWR 242.63 -13.18MonsterBev MNST 80.10 -2.17Moody's MCO 278.70 -3.77MorganStanleyMS 50.17 -2.54Morningstar MORN 155.03 -2.55Mosaic MOS 17.49 -1.04MotorolaSol MSI 152.49 -0.55Mylan MYL 15.64 -0.18MyoKardia MYOK 107.20 -6.11NICE NICE 214.45 -6.29NIO NIO 17.03 -0.95NRG Energy NRG 31.96 -1.42NVR NVR 3915.61 -16.32NXP Semi NXPI 119.72 -6.61Nasdaq NDAQ 126.44 -3.85NationalGrid NGG 55.32 -0.29NatlRetailPropNNN 36.97 -0.48Natura&Co NTCO 18.09 -0.60NatWest NWG 2.70 -0.16nCino NCNO 77.48 -1.78NetApp NTAP 45.20 -1.20NetEase NTES 457.74 -27.51Netflix NFLX 507.02 -9.03Neurocrine NBIX 109.77 -0.29NewOrientalEduc EDU 147.72 -1.57NYTimes A NYT 43.16 -0.17NewellBrands NWL 16.36 0.04Newmont NEM 65.77 0.42NewsCorp B NWS 14.61 -0.32NewsCorp A NWSA 14.64 -0.31NextEraEnergyNEE 277.91 0.59

NetStock SymClose Chg

NetStock SymClose Chg Nike NKE 112.72 0.32

Nikola NKLA 50.05 14.50NiSource NI 21.97 -0.31Nokia NOK 4.10 -0.38NomuraHoldingsNMR 5.04 -0.11Nordson NDSN 185.94 -0.94NorfolkSouthernNSC 206.75 -2.35NorthernTrustNTRS 81.61 -2.84NorthropGrumNOC 334.56 -4.47NortonLifeLockNLOK 22.59 -0.80Novartis NVS 87.33 0.65NovoNordisk NVO 64.83 -0.28Novocure NVCR 82.09 2.09NuanceComms NUAN 28.93 -1.17Nucor NUE 45.59 -1.31Nutrien NTR 36.91 -0.77NVIDIA NVDA 476.52 -28.38

O P QOGE Energy OGE 30.85 -0.69ONEOK OKE 26.15 -0.61OReillyAuto ORLY 470.41 -0.60OakStreetHealthOSH 46.63 0.50OccidentalPetrol OXY 11.06 -1.19Okta OKTA 197.13 -6.31OldDomFreightODFL 194.28 -1.98Ollie'sBargain OLLI 90.02 -2.62OmegaHealthcareOHI 32.20 0.40Omnicom OMC 53.83 -0.25ON Semi ON 20.93 -1.75OneConnectFinTechOCFT 19.51 -0.88OpenText OTEX 42.43 -1.14Oracle ORCL 55.32 -0.41Orange ORAN 10.75 -0.16Orix IX 63.80 0.90OtisWorldwideOTIS 60.63 -0.86OwensCorningOC 64.68 -1.31PG&E PCG 9.22 0.03PLDT PHI 29.00 0.60PNC Fin PNC 110.30 -2.80POSCO PKX 38.33 -0.62PPD PPD 33.55 1.28PPG Ind PPG 120.99 -1.62PPL PPL 28.23 -0.06PRA HealthSci PRAH 97.84 -0.94PTC PTC 86.71 -0.98Paccar PCAR 83.49 -2.13PackagingCpAm PKG 103.48 -3.07PagSeguroDig PAGS 37.34 -1.78PaloAltoNtwks PANW 233.93 -1.72PanAmerSilver PAAS 33.88 -0.59ParkerHannifin PH 203.11 -4.19Paychex PAYX 74.29 -1.77PaycomSoftware PAYC 272.51 1.76Paylocity PCTY 139.32 1.92PayPal PYPL 185.95 -5.89Pegasystems PEGA 120.01 -4.25Peloton PTON 85.60 4.97PembinaPipeline PBA 24.03 -0.49

NetStock SymClose Chg

PennNational PENN 55.31 1.16Pentair PNR 43.68 -1.19Penumbra PEN 198.15 -8.25PepsiCo PEP 135.55 -3.21PerkinElmer PKI 112.01 -2.29Perrigo PRGO 48.25 -2.61PetroChina PTR 32.53 -0.71PetroleoBrasil PBR 8.40 -0.41PetroleoBrasilA PBR.A 8.32 -0.37Pfizer PFE 35.93 -0.43PhilipMorris PM 79.03 -0.12Phillips66 PSX 57.96 -1.02Pinduoduo PDD 81.71 -3.33PinnacleWest PNW 73.18 0.78Pinterest PINS 34.03 -0.35PioneerNatRscs PXD 94.36 -4.74PlainsAllAmPipe PAA 6.91 -0.22PlainsGP PAGP 7.10 -0.29Polaris PII 94.11 -4.59Pool POOL 293.12 -1.88PostHoldings POST 86.23 -2.69PrincipalFin PFG 42.09 -1.33Procter&Gamble PG 135.94 -2.02Progressive PGR 91.81 -1.13Prologis PLD 98.80 -1.96Proofpoint PFPT 104.54 -2.97PrudentialFin PRU 67.82 -1.89Prudential PUK 29.93 -0.58PublicServiceEnt PEG 52.00 -0.03PublicStorage PSA 213.95 1.81PulteGroup PHM 43.19 -0.02Qiagen QGEN 48.25 0.63Qorvo QRVO 114.11 -4.78Qualcomm QCOM 109.77 -6.20QuantaServices PWR 51.36 -0.62QuestDiag DGX 107.40 -1.49Quidel QDEL 151.99 -2.42

R SRELX RELX 22.70 0.05RH RH 311.94 -4.79RPM RPM 81.13 -3.35RaymondJamesRJF 73.31 -3.31RaytheonTechRTX 59.25 -1.92RealPage RP 57.21 -1.92RealtyIncome O 64.00 -0.37RegencyCtrs REG 40.97 -0.56RegenPharm REGN 561.89 -18.47RegionsFin RF 11.37 -0.43ReinsGrp RGA 97.01 0.50RelianceSteel RS 103.87 -4.08RenaissanceReRNR 175.97 -3.81Repligen RGEN 144.32 -1.08RepublicSvcs RSG 93.29 -0.21ResMed RMD 171.42 -2.14RestaurantBrandsQSR 55.80 -0.27RexfordIndlRealty REXR 46.19 -1.12ReynoldsCnsmr REYN 32.03 0.39RingCentral RNG 260.29 -6.16

NetStock SymClose Chg

RioTinto RIO 60.87 -0.63RitchieBros RBA 56.16 -1.01RobertHalf RHI 51.85 -1.35RocketCos. RKT 22.74 -1.83Rockwell ROK 220.92 -7.33RogersComm B RCI 41.92 -0.21Roku ROKU 162.63 2.72Rollins ROL 53.85 -0.74RoperTech ROP 393.95 -28.58RossStores ROST 93.59 0.27RoyalBkCanadaRY 72.76 -1.46RoyalCaribbeanRCL 71.51 -0.44RoyalDutchA RDS.A 28.03 -0.88RoyalDutchB RDS.B 26.43 -1.01RoyalGold RGLD 128.57 -1.99

t RoyaltyPharma RPRX 39.04 -0.74Ryanair RYAAY 81.81 -1.40SAP SAP 154.69 -4.74S&P Global SPGI 340.66 -4.52SBA Comm SBAC 305.79 5.50SEI Investments SEIC 50.52 -1.28SK Telecom SKM 22.34 0.12SS&C Tech SSNC 59.37 -1.88StoreCapital STOR 27.71 -0.20SVB Fin SIVB 253.38 -6.35Salesforce.com CRM 241.27 -13.43Sanofi SNY 50.38 0.91SareptaTherap SRPT 128.98 -3.77Schlumberger SLB 18.38 -0.93SchwabC SCHW 34.66 -1.54ScottsMiracleGro SMG 157.43 -3.23Sea SE 138.00 -6.15Seagate STX 45.69 -1.32SealedAir SEE 38.50 -1.28SeattleGenetics SGEN 146.48 -2.73SempraEnergy SRE 119.09 -1.80SensataTechs ST 41.01 -1.52ServiceCorp SCI 44.27 -0.93ServiceNow NOW 443.14 -7.21ShawComm B SJR 18.32 -0.23SherwinWilliams SHW 669.30 -10.32ShinhanFin SHG 24.25 -0.84Shopify SHOP 917.40 -55.62Sibanye-Stillwater SBSW 12.59 -0.60SimonProperty SPG 70.05 -0.19SiriusXM SIRI 5.62 -0.10Skyworks SWKS 130.84 -8.17SlackTech WORK 29.32 0.25Smartsheet SMAR 48.01 -0.53SmithAO AOS 47.26 -1.35Smith&Nephew SNN 40.16 0.04Smucker SJM 114.16 -3.40Snap SNAP 22.69 0.25SnapOn SNA 147.67 -3.55SOQUIMICH SQM 32.04 -0.42SolarEdgeTech SEDG 189.05 -5.56SolarWinds SWI 19.37 -0.36Sony SNE 76.01 -1.65Southern SO 52.85 0.56

NetStock SymClose Chg

SoCopper SCCO 45.80 -1.18SouthwestAir LUV 40.50 1.11Splunk SPLK 191.89 -8.25Spotify SPOT 240.02 -8.19Square SQ 139.11 -7.28StanleyBlackDck SWK 155.60 -4.53Starbucks SBUX 85.41 -0.86StateStreet STT 65.55 -2.80SteelDynamics STLD 29.38 -1.28Stericycle SRCL 61.51 -1.95Steris STE 159.02 1.10STMicroelec STM 26.96 -1.32StoneCo STNE 49.81 -0.19Stryker SYK 200.08 2.46SumitomoMits SMFG 5.81 -0.14SunComms SUI 142.91 -2.78SunLifeFinancial SLF 40.97 -0.67SuncorEnergy SU 13.99 -1.53SunRun RUN 51.89 2.67Suzano SUZ 8.66 -0.21SynchronyFin SYF 25.53 -0.64SyneosHealth SYNH 58.41 -0.56Synnex SNX 122.80 -2.37Synopsys SNPS 198.99 -9.99Sysco SYY 59.48 -0.66

T U VTAL Education TAL 72.65 -2.48TC Energy TRP 45.03 -0.55TD Ameritrade AMTD 37.48 -1.61TE Connectivity TEL 95.40 -3.35Telus TU 18.06 -0.16TIM Part TSU 13.85 0.07TJX TJX 55.30 0.12T-MobileUS TMUS 111.57 -2.72TRowePrice TROW 127.96 -4.31TaiwanSemi TSM 77.32 -1.59TakeTwoSoftware TTWO 156.22 -5.49TakedaPharm TAK 17.97 -0.08TandemDiabetes TNDM 105.78 -1.33Target TGT 144.00 -3.23TataMotors TTM 9.63 -0.47TeckRscsB TECK 11.32 -0.45TeladocHealth TDOC 192.85 -5.44TeledyneTech TDY 312.89 -5.18Teleflex TFX 381.94 -7.45Ericsson ERIC 10.86 -0.40TelefonicaBrasVIV 9.08 -0.08Telefonica TEF 3.84 -0.08TelekmIndonesia TLK 19.59 -0.0510xGenomics TXG 108.27 1.94Tenaris TS 10.83 -0.59TencentMusic TME 15.80 0.13Teradyne TER 75.53 -3.07Tesla TSLA 330.21 -88.11TevaPharm TEVA 8.88 -0.31TexasInstruments TXN 136.04 -4.43Textron TXT 38.27 -0.67ThermoFisherSci TMO 405.30 -4.68

NetStock SymClose Chg

ThomsonReuters TRI 75.32 -0.653M MMM 163.17 -2.60Tiffany TIF 121.81 0.02Toro TTC 80.13 -0.18TorontoDomBk TD 47.64 -0.93Total TOT 38.01 -1.12ToyotaMotor TM 131.23 -1.94TractorSupply TSCO 136.76 -5.32TradeDesk TTD 420.09 -21.17Tradeweb TW 52.96 -0.23TraneTech TT 116.19 -1.58TransDigm TDG 501.93 -1.39TransUnion TRU 83.02 -1.04Travelers TRV 113.74 -2.83Trex TREX 138.32 1.38Trimble TRMB 49.14 -0.82Trip.com TCOM 30.19 -0.47TruistFinl TFC 37.91 -1.25Twilio TWLO 226.16 -7.34Twitter TWTR 38.19 -1.68TylerTech TYL 325.41 -4.40TysonFoods TSN 61.57 -0.85UBS Group UBS 12.02 -0.27UDR UDR 34.62 -0.69UGI UGI 33.35 -0.82Uber UBER 34.32 1.08Ubiquiti UI 160.48 -4.34UltaBeauty ULTA 233.25 -7.26Unilever UN 58.35 0.48Unilever UL 59.67 0.51UnionPacific UNP 188.66 -2.48UnitedAirlines UAL 37.28 -0.93UnitedMicro UMC 3.74 0.18UPS B UPS 156.45 -4.33UnitedRentalsURI 172.37 -4.06US Bancorp USB 36.72 -1.59UnitedHealth UNH 307.25 -4.75UnivDisplay OLED 165.92 -5.91UniversalHealthBUHS 109.32 -4.25VEREIT VER 6.87 -0.08VF VFC 68.38 0.16VICI Prop VICI 23.28 0.40VailResorts MTN 217.50 -2.22Vale VALE 11.04 -0.34ValeroEnergy VLO 48.73 -2.49VarianMed VAR 173.31 -0.54Vedanta VEDL 6.67 -0.20VeevaSystems VEEV 263.52 -6.07Ventas VTR 43.83 -0.73VeriSign VRSN 196.81 -6.73VeriskAnalytics VRSK 178.09 -4.68Verizon VZ 59.96 -0.52VertxPharm VRTX 258.61 -7.89ViacomCBS B VIAC 28.71 -0.04ViacomCBS A VIACA 31.11 -0.07Vipshop VIPS 16.90 -0.08Visa V 200.12 -4.54Vistra VST 17.85 -0.38VMware VMW 134.48 -2.99Vodafone VOD 14.08 -0.10

NetStock SymClose Chg

VornadoRealtyVNO 35.54 -1.24VoyaFinancial VOYA 49.11 -1.67Vroom VRM 56.23 -1.81VulcanMatls VMC 122.37 -2.63

W X Y ZWEC Energy WEC 95.59 -0.90WEX WEX 153.24 -6.22W.P.Carey WPC 68.87 -1.18WPP WPP 40.49 -1.55Wabtec WAB 67.64 -1.40

t WalgreensBootsWBA 36.10 -0.79Walmart WMT 138.45 -4.38WarnerMusic WMG 28.45 -0.64WasteConnectionsWCN 98.70 -0.52WasteMgt WM 110.46 -0.75Waters WAT 204.37 -1.70Watsco WSO 231.21 -7.10Wayfair W 252.08 -8.86Weibo WB 34.25 -1.83WellsFargo WFC 23.97 -0.82Welltower WELL 60.05 -1.07WestPharmSvcsWST 262.62 -1.04WesternDigitalWDC 36.45 -1.71WesternUnionWU 22.61 -0.42WestlakeChemWLK 61.45 -1.36WestpacBankingWBK 12.42 -0.08WestRock WRK 31.94 -0.60WeyerhaeuserWY 28.09 -0.95WheatonPrecMetWPM 51.84 0.20Whirlpool WHR 168.32 0.32Williams WMB 20.48 -0.21Williams-SonomaWSM 86.38 1.82WillisTowers WLTW 203.13 -5.30Wipro WIT 4.28 -0.03Wix.com WIX 249.78 -8.71Workday WDAY 208.58 -7.22WynnResorts WYNN 82.68 -5.04XP XP 45.70 -1.11XPO Logistics XPO 85.51 -1.96XcelEnergy XEL 69.11 -0.91Xilinx XLNX 97.69 -3.95XPeng XPEV 17.73 -1.30Xylem XYL 81.35 -0.52Yandex YNDX 61.13 -3.31YumBrands YUM 93.68 -1.54YumChina YUMC 52.32 -1.50ZTO Express ZTO 31.74 -1.53ZaiLab ZLAB 76.27 -1.64ZebraTech ZBRA 249.26 -11.29Zendesk ZEN 94.93 -3.31Zillow C Z 80.66 -3.22Zillow A ZG 80.49 -2.95ZimmerBiomet ZBH 138.28 -1.52Zoetis ZTS 153.51 -3.73ZoomVideo ZM 350.88 -19.01ZoomInfoTech ZI 32.58 -0.03Zscaler ZS 133.17 -1.17Zynga ZNGA 8.32 -0.44

NetStock SymClose Chg

Continued From Page B8

Biggest 1,000 Stocks | WSJ.com/stocks

52-Wk %Stock Sym Hi/Lo Chg

MrCooper COOP 20.56 8.2NatureSunshine NATR 11.90 6.1Netstreit NTST 18.57 0.4NewFortressEner NFE 32.41 11.0NewGold NGD 1.87 -2.2OceanFirstPfdA OCFCP 26.55 -0.1OdysseyMarine OMEX 8.49 -5.9OntrakPfd OTRKP 25.45 -0.4PershingSquare PSTH.U 22.55 1.8PropSolnsWt PSACW 0.36 6.3R1RCM RCM 16.17 13.0SCVX Wt SCVX.WS 1.94 5.7SRAX SRAX 3.36 6.9SoftwareAcqn SAQNU 11.13 -3.1SummerInfant SUMR 21.94 11.4SwitchbackEnerWt SBE.WS 1.97 10.3SwitchbackEnerA SBE 10.45 ...TasekoMines TGB 1.11 7.8TrebiaAcqnWt TREB.WS 1.78 12.5TriumphBncpPfdC TBKCP 25.75 0.4Tupperware TUP 21.67 -0.1VirtuFinancial VIRT 28.59 -1.7VistasMediaAcqnUn VMACU 10.12 1.3WorkhorseGroup WKHS 23.85 8.5XTL Biopharm XTLB 2.22 10.9

52-Wk %Stock Sym Hi/Lo Chg

GRAVITY GRVY 109.88 4.6GS Acqn II Wt GSAH.WS 2.45 10.0GX Acqn GXGXU 11.60 1.8GX Acqn A GXGX 10.83 -0.2GXAcquisitionWt GXGXW 2.22 -1.2GoresIV A GHIV 10.98 1.4GoresMetrop GMHI 12.34 -0.2GrafIndlWt GRAF.WS 6.42 9.2GrafIndustrial GRAF 29.75 15.4HarmonyBio HRMY 45.95 -0.3HookerFurniture HOFT 29.15 -0.8HorizonAcqn HZAC.U 10.25 0.7IES Holdings IESC 32.28 8.7IncomeOppRealty IOR 15.47 28.4Infr&EnerAltWt IEAWW 0.59 25.9Infr&EnerAltern IEA 6.80 2.5InnovSolSuprt ISSC 7.74 6.9JuniperIndlWt JIH.WS 1.30 4.2JuniperIndustrial JIH.U 10.89 2.3Kaspien KSPN 15.00 33.2KingswayFin KFS 2.96 2.6KuraOncology KURA 26.20 6.1LifetimeBrands LCUT 10.50 0.6Limbach LMB 9.12 6.8MeritMedical MMSI 50.24 0.9

52-Wk %Stock Sym Hi/Lo Chg

HighsAkouos AKUS 26.84 10.7AlbireoPharma ALBO 49.00 44.8ArtiusAcqnWt AACQW 1.81 -5.7AscendantDigital ACND.U 10.53 1.3AzurePowerGlbl AZRE 27.94 9.2Bonso BNSO 4.70 1.2BrilliantAcqnWt BRLIW 0.30 -8.8CCNeubergerII PRPB.U 10.25 0.1CHP MergerWt CHPMW 1.42 10.1CITICCapAcqnWt CCAC.WS 1.10 25.0CapstarSpacWt CPSR.WS 0.85 11.1CastleBiosci CSTL 49.31 1.3ChinaYuchai CYD 17.16 0.1Clearfield CLFD 23.47 4.8D8 Holdings DEH.U 10.19 1.3DuluthHoldings DLTH 12.83 -0.2ExOne XONE 14.59 3.0FiestaRestaurant FRGI 12.33 8.9FoleyTrasimII BFT.U 10.46 1.3FortressValueII FAII.U 10.48 -0.5ForumMergerIIWt FMCIW 8.60 12.9FusionAcqnWt FUSE.WS 0.91 7.7

Tuesday, September 8, 2020

New Highs and Lows | WSJ.com/newhighs

JustEnergy JE 0.26 -6.2KymeraTherap KYMR 26.87 -7.7LegendBiotech LEGN 28.33 -3.1Lizhi LIZI 3.59 -1.1MetenEdtechX METX 6.50 3.9Momo MOMO 14.38 -5.7NACCO Inds NC 20.42 -2.6NakedBrand NAKD 0.18 -14.2NaviosMaritimPf NMpG 1.92 6.8NewYorkCityReit NYC 12.31 -4.09F JFU 1.20 -3.2NorthwestNat NWN 47.86 -4.2OccidentalPetrolWt OXY.WS 2.55 -11.3PrudentialNts2060 PFH 25.20 -0.8Q&K Intl QK 7.95 -3.1RegulusTherap RGLS 0.42 -2.9RiverNorthRt OPPrw 0.01 -66.1RoyaltyPharma RPRX 38.70 -1.9SeanergyMaritime SHIP 0.40 -5.8SecondSightMed EYES 0.69 -2.4SiebertFin SIEB 3.35 -1.7Spire SR 55.76 -2.5StrategicEd STRA 92.21 -0.3SunesisPharm SNSS 1.20 -0.7Synalloy SYNL 5.83 -0.8Thermon THR 12.28 -3.036Kr KRKR 2.83 -10.23D Systems DDD 5.16 -3.9Torm TRMD 6.34 -2.4TsakosEnergy TNP 8.11 -1.2UTStarcom UTSI 1.26 -4.3VOC Energy VOC 1.39 -2.1ViveveMedical VIVE 0.52 3.0WalgreensBoots WBA 36.03 -2.1XFinancial XYF 0.69 2.9Yunji YJ 2.20 -0.4

LowsADiTxTherap ADTX 2.11 -8.5AestheticMed AIH 3.81 -1.3AEternaZentaris AEZS 0.37 -5.0Albertsons ACI 13.06 -2.4AmOutdoorBrands AOUT 12.88 -9.1AnPacBioMed ANPC 4.55 -8.9ArdmoreShipping ASC 3.41 -2.3ArtiusAcqnWt AACQW 1.59 -5.7AyalaPharm AYLA 8.62 1.1BEST BEST 3.88 -5.3BP Prudhoe BPT 1.75 1.1BurningRockBio BNR 18.78 1.5CheckmatePharm CMPI 10.66 -13.0ChinaXiangFood PLIN 0.71 -4.9ConsldWater CWCO 11.19 -2.3CorbusPharm CRBP 1.95 -75.9CorEnergyInfr CORR 7.03 -4.4DuckCreekTech DCT 35.10 1.9Express EXPR 0.85 -5.9FS Devt FSDC 10.10 -4.0FedNat FNHC 7.20 -1.6FomentoEconMex FMX 55.37 -1.9GoHealth GOCO 12.75 -2.4HSBC HSBC 20.80 -2.3HallofFameWt HOFVW 0.46 -5.0HawaiianElec HE 33.48 -1.7HighCapeCap CAPAU 10.05 -1.0HoustonAmEner HUSA 0.94 -10.1HuntingIngalls HII 141.35 -3.9IBEX IBEX 10.00 -17.9Immatics IMTX 8.66 -7.1Inogen INGN 26.87 -2.7Inpixon INPX 0.92 -3.8JamfHolding JAMF 33.34 -7.5

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

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.

MARKETS

homes in more-rural areas orto shop for houses with morespace.

Home sales jumped almost25% in July, the strongestmonthly gain on record. Homeprices have continued to riseeven during the pandemic,pushing homeownership fur-ther out of reach for manyAmericans.

“This boom in mortgageoriginations isn’t necessarilygoing to be that awesome forthe broader economy,” saidRalph McLaughlin, chief econ-omist at Haus, a home-financestartup. “There is less of amultiplier effect in the econ-omy when somebody refi-nances versus buying ahouse.”

What’s more, the catalystfor low rates, a limp U.S.economy, is the same forcethat has caused millions ofAmericans to lose jobs oreven go hungry. The FederalReserve, worried about theeconomy’s fallout, cut interestrates to near zero earlier thisyear and said it would buy an

essentially unlimited amountof mortgage-backed securities.

Nervous investors are alsodriving the low mortgagerates. Mortgage rates tend tomove in the same direction asthe yield on the 10-year Trea-sury note. Yields fall whenanxious investors clamor forsafe-haven assets like Trea-sury bonds.

The mortgage market hadbeen on a tear before the pan-demic. Originations last yearreached their highest levelsince 2006, according to in-dustry research group InsideMortgage Finance.

Then, early this spring,home sales fell sharply as thepandemic pummeled the U.S.Many would-be buyers weretoo uncertain about their jobprospects to commit to buyinga home, and stay-at-home or-ders prevented some real-es-tate agents from showinghomes in person.

Soon after, though, manymortgage lenders were over-whelmed by a deluge of refi-nance and purchase applica-

tions from those with themeans to take advantage oflow rates. Many lenders havesince increased capacity, ex-pecting the lending boom tolast until at least the end ofthe year. Mortgage lenderDraper & Kramer MortgageCorp. has expanded its staff,said Matt Patterson, executivevice president of business de-velopment.

The housing market has re-mained one of the most resil-ient sectors of the economythrough the pandemic, posi-tioning itself to play an im-portant role in an eventual re-covery. But that isn’t likely tohappen soon, economists said.

Lance and Jennifer Haunclosed on their Vancouver,Wash., home in May, lockingin a rate of 3.125%. They hadrented in the area for about ayear after moving from theSan Francisco area. Low rateshelped persuade them to putdown an offer.

“It was the perfect time topull the trigger,” said Mr.Haun, a marketing consultant.

Driscoll said.The mortgage market’s re-

sponse to the pandemic is thelatest in a series of seeminglyopposing indicators of Ameri-cans’ financial health.

Many renters are worriedabout getting evicted afterlosing jobs or taking pay cuts.Many out-of-work home-owners are staying afloat fornow—but only because lend-ers are letting them temporar-ily skip mortgage payments.

Meanwhile, many wealthierAmericans with steady jobs,stuck at home with fewerplaces to spend money, arefaring well. The pandemic andrecord-low rates have nudgedmany of them to buy second

ContinuedfrompageB1

MortgageMarketBooms

Investment-grade corpo-rate-bond issuance last monthreached almost $108 billion,according to Dealogic, themost for any August on re-cord. High supplies of corpo-rate debt often push Treasuryyields higher because inves-tors tend to sell Treasurys toraise money to buy corporatebonds.

Issuance is “going to be aquestion of degree,” said JimVogel, interest-rates strategistat FHN Financial. “Everyoneknows there’s going to be a lotof issuance. But there was alot of supply in August, sopeople might not have to rushas much in September as theyusually do.”

The yield on the benchmark10-year Treasury notched itslargest single-day decline in amonth after a steep fall intechnology stocks pushed in-vestors to the safety of gov-ernment bonds.

The yield on the benchmark10-year note closed at 0.682%,down from 0.720% Friday—itslargest single-session declinesince Aug. 4. The yield on the30-year bond also slid, settlingat 1.421%, from 1.468% lastweek. Yields fall when bondprices rise.

The drop in yields beganovernight alongside futuresfor the tech-heavy NasdaqComposite Index. Yields con-tinued to fall early Tuesdaybefore paring some of theirdeclines in the afternoon.

A steep decline in shares oflarge technology companieshas rattled markets in recentsessions, fueling worries thatmomentum has run out forsome of the stocks that pow-ered markets to fresh highsthis summer. The Nasdaq shedmore than 4% Tuesday, enter-ing correction territory. Tech-sector weakness dragged theS&P 500 down 2.8% and theDow Jones Industrial Averagedown 2.2%.

Declines in riskier assetsincluding stocks tend to in-crease the appeal of relativelysafe assets such as Treasurynotes and the U.S. dollar. TheWSJ Dollar Index, which mea-sures the U.S. currency against16 others, gained 0.5% to88.59.

One factor supporting gov-ernment debt: concerns thatthe fall in stocks could slowthe wave of corporate issuanceexpected in the coming days,analysts said.

BY ORLA MCCAFFREY

Treasurys NotchBiggest GainsSince August

The catalyst for low rates, a limp U.S. economy, is the same force that has caused millions of Americans to lose jobs or even go hungry.

BINGGUA

N/B

LOOMBE

RGNEW

S

AUCTIONRESULTSHere are the results of Tuesday's Treasury auctions.All bids are awarded at a single price at themarket-clearing yield. Rates are determined by the differencebetween that price and the face value.

13-Week 26-WeekApplications $153,533,948,400 $151,099,277,100Accepted bids $59,711,327,900 $56,393,869,600" noncomp $660,436,900 $370,962,800" foreign noncomp $200,000,000 $100,000,000Auction price (rate) 99.970931 99.936806

(0.115%) (0.125%)0.117% 0.127%

Bids at clearing yield accepted 22.23% 71.15%9127963J6 9127964M8

Both issues are datedSept. 10, 2020. The 13-weekbillsmature onDec. 10, 2020; the 26-week billsmatureonMarch 11, 2021.

52-WEEKBILLSApplications $106,963,294,300Accepted bids $37,596,180,300" noncompetitively $186,406,800" foreign noncompetitively $1,700,000Auction price (rate) 99.858444

(0.140%)Coupon equivalent 0.142%Bids at clearing yield accepted 3.88%Cusip number 9127964L0

The bills, datedSept. 10, 2020,mature onSept. 9,2021.

THREE-YEARNOTESApplications $116,266,953,100Accepted bids $52,055,619,500" noncompetitively $29,297,500" foreign noncompetitively $100,000,000Auction price (rate) 99.865401

(0.170%)Interest rate 0.125%Bids at clearing yield accepted 87.34%Cusip number 91282CAK7

The notes, datedSept. 15, 2020,mature onSept. 15,2023.

B12 | Wednesday, September 9, 2020 THEWALL STREET JOURNAL.

pany WeWork, fueled by SoftBank’saggressive investments, resulted inmassive losses. At least SoftBank’sinvestments in unicorns are consis-tent with its stated long-term tech-nology vision: The same cannot besaid about punting on equity deriv-atives. Investors who placed theirfaith in Masayoshi Son, SoftBank’schairman, to unearth the next Ali-baba—the company’s most suc-cessful investment, which turned$20 million into more than $100billion—will be dumbfounded bythis new strategy.

SoftBank’s erratic investmentstyle has contributed to its stock’sdeep discount to its net assets, butthat discount had narrowed sinceMarch after it decided to sell ormonetize ¥4.5 trillion ($42 billion)of assets to buy back shares andredeem debt. That progress couldbe reversed as the lack of trans-parency on this new gambit wid-ens that discount further.

SoftBank’s option bets may ormay not make money, but the un-certainty involved is enough topersuade investors to stay awayfrom the stock.

—Jacky Wong

GM Joins the Electric-Vehicle PartyThe car maker is teaming up with startup Nikola in its latest move to please investors butWall Street is hard to impress for long

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

A company famous for its ex-travagant vision of the far-off fu-ture—which, according to its web-site, predicts humans will live to200 and may coexist with “kindand intelligent robots”—is right-fully being punished for dabblingin stock speculation here and now.

Shares in Japan’s SoftBankGroup have dropped 8% this week,erasing $8.7 billion from its marketvalue, as investors fretted aboutthe company’s option bets. TheWall Street Journal reported Fri-day that the Japanese technologyconglomerate spent $4 billion onoptions tied to $50 billion of indi-vidual technology stocks. The com-pany disclosed last month that, asof June, it owned nearly $4 billionof tech stocks like Apple and Tesla.It is unclear how much of thosepositions SoftBank is still holding.

Given the recent tech rally, Soft-Bank is probably sitting on somenice profits, but that hasn’t givenmuch solace to its investors. Suchpaper profits could easily evapo-rate when the market turns theother way. The investors learned ahard lesson last year when risingvaluations of office-sharing com-

Slack Technologies’ status as awork-from-home star was sketchyearly on in the pandemic. Now, thesoftware maker’s fiscal second-quar-ter results reported Tuesday makethat title even more questionable.

Not that 49% revenue growthyear over year is anything to sneezeat—especially given the economicpain shared across many industries.Slack’s revenue for the quarterended July 31 came in about 3%above the high end of its projectedrange of $206 million to $209 mil-lion. The maker of workplace collab-oration software tools projected arevenue range for the third quarter abit higher than analysts had forecast.

But billings—a measure of busi-ness actually transacted during thequarter—rose 25% to $218.2 mil-lion. That was about 3% short ofwhat Wall Street had anticipatedand represents the company’sslowest billings growth to date.Slack said on its conference callthat billings in the current periodare expected to grow at a similarsequential rate, as the companysays it has continued supporting

“distressed customers” with moreflexible financial arrangements.That projection implies anothershortfall to analyst targets.

Slack’s heavily shorted sharesslid nearly 20% in after-hours trad-ing following the report, which willcost the stock almost all of itsgains for the year. Such a selloff

may seem an overreaction consid-ering the beating the shares tookafter previous results in June. Inthe three months between that re-port and its latest on Tuesday, thestock shed 23% of its value, as mostother cloud software stocks soared.

But Slack has occupied a uniqueposition even among other SiliconValley software upstarts in that thecompany has an ambitious goal—toreplace email as the business com-munications medium of choice—and a very large rival focused ontaking its business. Microsoft spentthe pandemic relentlessly market-ing its Teams platform againstSlack. Slack fired back in July withan antitrust complaint against Mi-crosoft in the European Union.

That could prove a smart tactic,testing Microsoft’s position as theone tech giant that has so far beenspared from the growing tech-lash.But such legal maneuvers takeyears to play out. Slack won’t havethat long to show that it can bet-ter capitalize on its promise in aworld that should be working inits favor. —Dan Gallagher

Slack’s billings per fiscal quarter

Source: the company

$250

0

50

100

150

200

million

’19 ’20 ’21FY 2018

While wind farms out at sea havestronger tailwinds, stock investorsmight find the more familiar land-based ones more rewarding.

Clean, inexpensive wind energywill likely be a major part of newelectricity installations globally, asgrowth in emerging markets, de-carbonization programs and theelectrification of transport boostexpected demand for renewablepower. More immediately, thesoon-to-expire U.S. production taxcredit has prompted a rush tostart new wind projects this year.

The offshore sector has moreattractive growth prospects:Winds are better, turbine bladesbigger and local residents lesslikely to complain. Installations areforecast to increase by double-dig-its annually for at least the nextfive years. The global leader in off-shore turbines is Siemens GamesaRenewable Energy, a German-Spanish company formed througha 2017 merger.

But that growth is from a lowbase—less than 5% of today’s in-stalled wind-turbine capacity is off-shore. Denmark’s Vestas Wind Sys-tems, which dominates the moreestablished onshore market, lookslike a more reliable investment.

Smaller, cheaper land turbines havebeen around for over 20 years andtheir costs are competitive withfossil fuels in most places, accord-ing to BloombergNEF.

The turbine industry hasn’t al-ways been easy. Governmentsaround the world switched to amore competitive auction-basedpricing regime in 2016, squeezingmargins and prompting a shakeoutamong manufacturers.

Prices stabilized in 2018 and thebig European makers can now earnmargins of between 6% and 10% onsales and over 20% on service con-tracts. Turbines are machines withsensors that generate a data troveused in after-sales services to tweakperformance, optimize maintenanceand extend a turbine’s life, says SeanMcLoughlin of HSBC.

Siemens Gamesa’s small onshorebusiness is still loss-making,though. New Chief Executive An-dreas Nauen has promised to turnit around and finish the merger in-tegration. Despite the executionrisk, shares are up 46% since hisappointment, giving the company apunchy enterprise value of around17 times earnings before interest,tax, depreciation and amortization.

Vestas became a best-in-class

manufacturer thanks to auto-indus-try know-how brought in after itnearly went bankrupt in 2012. Ithas 96 gigawatts of turbines underservice contracts, compared with60 for Siemens Gamesa.

Maintenance is the more lucra-tive part of Vestas’s business, butinstallation work isn’t going away.There could be demand for another150 gigawatts of onshore installa-tions in Europe in the coming years,as around a third of the region’sland turbines are getting old andwill need to be replaced, says Su-priya Subramanian of UBS. Vestassells offshore turbines through aventure with Mitsubishi Heavy In-dustries, giving it a stake in thegrowth market. Vestas changeshands for a more modest enterprisevalue of nearly 14 times Ebitda.

General Electric sells wind tur-bines, but its renewables division isabout 16% of group revenue lastyear. The large Chinese manufactur-ers have talked of international ex-pansion, but so far rarely venturedbeyond their home market.

Both Europe’s turbine makersseem in a promising position, butVestas’s mastery of a cost-compet-itive technology makes it the lessrisky stock. —Rochelle Toplensky

You wouldn’t know it from itsshare price, but General Motorshas done everything it can toplease Wall Street in recent years.Its latest offering: a deal withstock-market sensation Nikola.

The transaction announced bythe companies on Tuesday, whichinvolves no transfer of money, is el-egantly structured to meet strategicobjectives on both sides. GM getsan 11% stake in a potential industrydisrupter and the promise of highermanufacturing volumes for its newall-electric battery platform, Ultium.Nikola gets to piggyback off GM’sengineering, supply-chain and as-sembly assets for the rollout of itselectric pickup truck, the Badger.

Given the production problemsTesla has experienced in its questto reinvent the car, Nikola’s deci-sion to stick to design and contract

out manufacturing seems smart. In-vestors, who were disappointedthat Nikola had no news to reportalongside second-quarter earningslast month, sent the shares up 41%Tuesday despite the prospect of aroughly 13% dilution of existingshareholders. GM stock, whichshould now benefit mechanicallyfrom Nikola’s success, rose 7.9%.

Nikola’s primary focus isn’t bat-tery-powered consumer vehiclessuited to GM’s Ultium platform butbig rigs equipped with a hydrogentank and fuel cell. Here, too, GMcan help: It will supply Nikola’scommercial trucks, which will bemade at a new factory in Arizona,with fuel cells developed in partner-ship with Honda. These fuel cellscan also go into the Badger, whichNikola is offering in both batteryand fuel-cell electric combinations.

Remarkably, given the limited re-cord of fuel-cell vehicles, Badgerpreorders have been split roughly50:50 between the two powertypes, according to Chief Executive

Officer Trevor Milton. GM CEOMary Barra was noncommittalabout the prospects for an in-housefuel-cell vehicle, preferring to talkabout commercial applications for atechnology it has worked on sincethe 1960s. The prospect of finally

jump marks the start of a new erafor GM’s stock, which is now trad-ing just below the level of its 2010initial public offering. The incum-bent industry’s fundamental prob-lem, which the U.S. leader can’t es-cape, is that the transition toelectric vehicles involves heavy in-vestment to replace profitableproducts with cleaner but less prof-itable ones. This deal, like that withHonda, could help a bit by spread-ing the investments over a broaderbase of sales.

Meanwhile, the Nikola stake,with a starting value of $2 billion,is for now a small part of GM’s totalvaluation.

This Wall Street crowd-pleasermay end up like previous ones fromGM: with analysts gushing, long-term investors shrugging.

—Stephen Wilmot

monetizing its fuel-cell investmentswithout actually committing to acar is a bonus for GM. Similarly,Daimler sold the fuel-cell assets itdeveloped over decades for Mer-cedes-Benz into a joint venture withSwedish truck maker Volvo in April.

GM signed a similar deal with itslongtime partner Honda only lastweek. The two companies said theyare exploring sharing productionassets in North America, but themarket paid little attention. Thedifference here is that GM is gettinga stake in an electric-vehiclestartup in the midst of a stock-mar-ket tech frenzy. Some Wall Streetanalysts think GM could split Ul-tium off into a separately listedbusiness, but the notion seems fan-ciful. Nikola gives Ms. Barra an al-ternative answer of sorts.

Still, it is doubtful that Tuesday’s

SoftBank’s $4 BillionTech-Option GambitFeels Like Déjà Vu

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ToHarnessWind, Aim for EuropeTwo turbine makers in the region are full of potential, but Vestas is less risky

The company signed asimilar deal with itslongtime partner Hondaonly last week.

Slack Comes Up Short of the HypeOVERHEARD

This year is becoming decid-edly less sexy by the minute.

Fashion has been relegated toLululemon athleisure. Going towork now means moving fromyour bed to your home office andsigning into Zoom.

And in a decision that screamspeak 2020, the S&P Dow Jones In-dices announced late Friday that itwill add online crafting marketplaceEtsy to the S&P 500 over highfly-ing electric-car company Tesla.

As of Friday’s close, Teslashares were up more than 30%since reporting second-quarter re-sults in late July, which includedpositive net income for the fourthconsecutive quarter, quali-fying them for inclu-sion in the index.

But investors whobid up Tesla shares bet-ting their inclusion in theindex was a done dealclearly forgot their sweat-

pants at the door.Tesla shares fell as much as

19% in early trading on Tuesday,while Etsy, a consumer-discretion-ary star that now boasts a mar-ket value of nearly $13.4 billion,managed to rise as much as 5%in a down market.

Perhaps it was as simple as anindex-weighing issue—with a mar-ket value of nearly $400 billion,Tesla would have been one of thelargest names in the index had itbeen added. Regardless, homecrafting as part of a proxy forU.S. equities is definitely icing onthis year’s homemade cake.

SoftBankGroup’s share price

Source: FactSetNote: ¥1,000=$9.43

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