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We’ve AllDecided toBake Bread

i i i

But a lot of us areending up withhockey pucks

BY ANNIE GASPARROAND JAMES R. HAGERTY

They’re calling it carb ther-apy.

People are dusting off oldbread makers and desperatelytrying to find dry yeast. Thecoronavirus pandemic is turn-ing everyone into a baker.

It’s not as easy as it lookson Instagram.

Stuck at home with her kidsin Longview, Wash., on daynine of social distancing,

PleaseturntopageA2

The NFL teamsent its plane ona flight to acquire1.2 million N95masks from Chinafor medicalworkers inMassachusettstreatingcoronaviruspatients. A4

BY DAVID HODARIAND SARAH TOY

ventilators needed to defeatthe virus.”

Unknown is whether enoughventilators will be made avail-able and in time for an expectedsurge in the next two weeks.Mr. Trump has said he wantsmanufacturers to send suppliesto states and hospitals directly,bypassing the stockpile.

The Federal EmergencyManagement Agency is incharge of coordinating the fed-eral response, including trans-porting supplies to where theyare needed. A spokeswoman

PleaseturntopageA6

WSJ EXTRA

NAVIGATINGTHE CORONAVIRUS

What to put in anemergency care kit tomake sure your family isready at home. R1-8

market plummeted, Valiantposted gains on those bets, in-cluding some on cruise lines,international airlines andtravel companies. By earlyMarch, the fund had begunshorting less obvious candi-dates, believing those withweak balance sheets and com-panies it viewed as fraudulentwould be caught out in a pro-longed slump.

By the end of March, Valiantwas up 36% for the year beforefees, said the people familiarwith the firm. The returnstands in contrast to a 19.6%drop in the S&P 500 and a21.3% decline in the MSCI AllWorld Index, a broad global in-dex measuring the performanceof stocks around the world.

“Protecting capital fromdownturns has always been a

PleaseturntopageA8

Chris Hansen saw it com-ing.

Mr. Hansen, who runs SanFrancisco hedge fund ValiantCapital Management, had anearly conviction the novel cor-onavirus would wreak havocon the global economy.

Mr. Hansen and his teamhomed in early on the risksthe virus posed and placedwagers accordingly, said peo-ple familiar with the firm. Inlate January, Valiant boostedits bet against stock indexes asit became more concernedabout the virus.

In February, Valiant startedplacing bets against, or short-ing, levered companies itviewed as likely to be hurtfrom an economic slowdowncaused by the virus. As the

BY JULIET CHUNG

Hedge Fund That RealizedGlobal Risk Early Is Up 36%

day. Prices then soared asmuch as 35% before turninglower after the Kremlin deniedtalking to the Saudis. Theclimb then stabilized afterSaudi officials said the king-dom would consider substan-tial output cuts as long as oth-ers in the Group of 20 nationswere willing to join the effort.

While investors still expectthe coronavirus crisis to de-liver a heavy blow to global oildemand, Thursday’s news of-

PleaseturntopageA10

A record 6.6 million Ameri-cans applied for unemploy-ment benefits last week as thenew coronavirus struck theU.S. economy and sent a re-cently booming labor marketinto free fall, as confirmedcases topped a million world-wide on Thursday.

The world-wide count ofdeaths from the Covid-19 re-spiratory disease caused bythe virus exceeded 53,000 onThursday, according to JohnsHopkins, marking another grimmilestone for the pandemicthat has thrust the globaleconomy into a deep freeze.

The large number of U.S.jobless claims was double the3.3 million who sought bene-fits two weeks ago as the U.S.shut parts of the economy inan effort to contain the virus.Jobless claims, a proxy for lay-offs, provide temporary finan-cial assistance for workerswho lose their jobs.

About 6% of the U.S. laborPleaseturntopageA8

BY SARAH CHANEYAND ERIC MORATH

THECORONAVIRUSPANDEMIC

Confirmed cases exceedone million world-wide, A4

U.S. hospitals see shortageof thousands of beds, A6

Questions of test accuracysow worry, A7

Crisis makes EMTs rethinkhospital trips, A8

PatriotsScore onMedicalMission

U.S. oil prices jumped 25%Thursday in their biggestone-day rally on record, liftedby investors’ hopes that ini-tial steps to end a globalprice war will offer a reprieveto an industry battered bycoronavirus.

The gains capped a wild dayof trading, in which an earlyclimb accelerated after Presi-dent Trump tweeted that heexpected Russia and SaudiArabia to agree to cut produc-tion by millions of barrels a

Trump Orders OutputOf Masks, Ventilators

President Trump invoked aKorean War-era law to helpmanufacturers secure suppliesneeded to make ventilators andto force 3M Inc. to produce asmany N95 protective facemasks for medical workers asthe Federal Emergency Man-agement Agency deems neces-sary to address the coronaviruspandemic.

Mr. Trump used the DefenseProduction Act in an effort toaddress the surging levels ofpatients in particularly hard-hitmetro areas such as New York,New Orleans and Detroit.

The federal government hasdistributed roughly half of itsventilators, according to ananalysis by The Wall StreetJournal, and has fewer than10,000 still in hand. The nationis projected to need tens ofthousands more in the nextweeks ahead.

New York Gov. AndrewCuomo, a Democrat, saidThursday the state had onlyenough ventilators in its stock-pile for the next six days at thecurrent rate of use. He said thestate would provide financingto companies who need tomake changes to begin manu-facturing ventilators and othermedical supplies.

Mr. Trump said his orderwould help manufacturers suchas General Electric Co., Hill-Rom Holdings Inc., MedtronicPLC, ResMed Inc., Philips NVand Vyaire Medical “secure thesupplies they need to build

BY RACHAEL LEVYAND ALEX LEARY

Oil Prices Leap 25%As President ExpectsA Saudi-Russia Deal

20202019

Lastweek6.6million

Previousweek3.3million

Note: Civilian labor force sizes are from February, the latest period for which data is avilable. March 22-28 data is preliminarySource: Department of Labor Randy Yeip and Danny Dougherty/THE WALL STREET JOURNAL

Total U.S. joblessclaims,weekly

Florida saw 2.9% ofworkers file theprevious twoweeks and only directed

residents to stay home this week.

Hawaii, heavilyreliant on servicejobs, saw the biggestsingle week ofapplications.

InNewYork,4.7% filed the

last twoweeks.

Michigan saw claimsjump from 2.6% to6.3% ofworkers.

MEME

OROR UTUT WYWY SDSD IAIA WIWI ININ OHOH PAPA NJNJ CTCT

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Marchweekly new jobless claimsas share of labor force, by state

AKAK

U.S. Jobless Claims Hit 6.6 MillionWeekly applicationsstrain benefit systemsas coronavirus casestop a million globally

Trade deficit shrinks aseconomy slows......................... A2

Heard on the Street: Gaugingthe impact of claims........... B10

Energy sector kick-startsstocks ............................................ B9

CDC to Recommend ClothFace Masks for Hot Spots

The Trump administrationis expected to recommend thatpeople in parts of the U.S.where the coronavirus is rap-idly spreading wear cloth facemasks or coverings when inpublic to reduce transmission.

The new recommendationfrom the federal Centers forDisease Control and Preventionwould aim to reduce the riskthat people who are infectedbut asymptomatic will spreadthe virus, according to a draftdocument reviewed by TheWall Street Journal and peoplefamiliar with the planning. It

has yet to be announced by theWhite House.

“A recommendation is com-ing out. We’ll see what thatrecommendation is,” PresidentTrump said at his news brief-ing Thursday, noting that anysuch guidance on wearingmasks would be voluntary.

The White House has beenurging people without symp-toms not to buy masks, hopingto ease heavy purchases of theproducts that have createdshortages. On Feb. 29, VicePresident Mike Pence said, “Letme be very clear—and I’m surethe physicians who are up herewill reflect this as well: The av-

PleaseturntopageA4

BY BETSY MCKAYAND STEPHANIE ARMOUR

CONTENTSBusiness News.. B3,5Crossword.............. A13Equities....................... B6Heard on Street. B10Life & Arts...... A12-13Mansion.............. M1-12

Markets...................... B9Opinion.............. A15-17Sports....................... A14Technology............... B4U.S. News............. A2-3Weather................... A13World News A10,11,18

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

>

What’sNews

The Trump administrationis expected to recommendthat Americans in parts ofthe U.S. where the corona-virus is rapidly spreadingwear cloth face masks orcoverings when in public toreduce transmission. A1Trump invoked the De-fense Production Act to helpmanufacturers secure sup-plies needed to make venti-lators and to force 3M toproduce as many N95 facemasks formedical workers asFEMA deems necessary. A1 Confirmed cases of coro-navirus topped one millionworld-wide, as governmentsdeploy increasingly strin-gent measures to battlethe pathogen’s spread. A4The Navy has relieved thecaptain of a U.S. aircraft car-rier after amemo inwhich hepleaded for help with a cor-onavirus outbreak at sea wasleaked to a newspaper. A4 A Pakistani court over-turned themurder convictionof a British national in thekilling of Wall Street Journalreporter Daniel Pearl. A18 Investigators examiningthe origins of the probe ofpossible links between theTrump campaign andRussianelection interference are push-ing to finish their inquiry. A3 The Democratic NationalConvention is being pushedback to mid-August be-cause of the pandemic. A3

A record 6.6 millionAmericans applied for

unemployment benefits lastweek as the coronavirusstruck the U.S. economyand sent a recently boominglabor market into free fall. A1 U.S. oil prices jumped25% in their biggest one-day rally on record, liftedby investors’ hopes thatinitial steps to end a globalprice war will offer a re-prieve to the industry. A1 Stocks in the U.S. rose,led by the energy sector.The Dow industrials andS&P 500 gained 2.2% and2.3%, respectively. B9 The U.S. trade deficitnarrowed sharply in Feb-ruary as the spread of thecoronavirus disruptedglobal commerce. A2Amazon has filled 80,000of the 100,000 jobs it aims toadd amid the pandemic. Thecompany unveiled a raft ofworker protections. B1The coronavirus outbreakis costing Trump Organi-zation properties morethan a million dollars inlost revenue daily. B5 SoftBank terminated anoffer to pay up to $3 billionfor shares in office-spaceprovider WeWork. B4 Disney is furloughingemployees across all divi-sions in the company’s do-mestic operations. B3

Business&Finance

World-Wide

NOTICE TO READERSTheWorld Health Organiza-tion has said it is safe tohandle newspapers duringthe coronavirus pandemic.TheWall Street Journal’sprinting plants and deliveryservices, though, are takingprecautions, frequently

cleaning equipment and fa-cilities while reducing humancontact with the newspaper.A digital version of the printedition also can be viewed athttps://www.wsj.com/itp.

P2JW094000-6-A00100-17FFFF5178F

A2 | Friday, April 3, 2020 * * * * THEWALL STREET JOURNAL.

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Frederick Law Olmstedwrote the “The Cotton King-dom.” A Life & Arts articleThursday about SupremeCourt Justice Stephen Breyer’squarantine experience incor-rectly gave the author’s nameas Thomas Law Olmsted. Also,public-relations agency Schoe-sslers was misspelled asSchösslers in a nearby article

about Julia Schössler, wholives in Berlin.

Johnston City, Ill., wasmisspelled as Johnson City inphoto captions with a March11 Business & Finance articleabout Foresight Energy LP anda March 27 Banking & Financearticle about a zero-couponbond index.

Readers can alert The Wall Street Journal to any errors in news articles byemailing wsjcontact@wsj.com or by calling 888-410-2667.

CORRECTIONS AMPLIFICATIONS

U.S.WATCH

CALIFORNIA

PG&E Fire VictimsSeek Pact Changes

Lawyers for victims of Cali-fornia wildfires sparked by PG&ECorp. are demanding modifica-tions to their $13.5 billion settle-ment with the company due toconcerns that it may no longerpay them the expected amount.

Attorneys for the fire victimssaid in a court filing Thursdaythat the value of the settlement,which is supposed to pay vic-tims in equal parts cash andcompany shares, was no longerguaranteed because the sharescould be worth less than antici-pated after the decline in thestock market as a result of coro-navirus concerns.

They also criticized the Cali-fornia utility for making last-minute changes to its bank-ruptcy restructuring plan thatcould further affect the value ofthe equity.

As a result, they argued,PG&E was in breach of the set-tlement terms and needed toadjust some of them to ensurethat fire victims received $13.5billion.

The demands pose anotherchallenge for PG&E as victimsand other creditors prepare tovote in its plan to restructureand exit from chapter 11.

Some victims are campaign-ing for rejection of the exit planon concerns that the equitycomponent of their settlementexposes them to greater risksthan other creditors.

PG&E didn’t respond to a re-quest for comment.

—Katherine Blunt

FIREARMS INDUSTRY

Estimated Gun SalesSet Record in March

The number of gun back-ground checks hit a record highin March as some Americansrushed to buy firearms during

the coronavirus pandemic.The Federal Bureau of Inves-

tigation conducted an estimated2.375 million background checksfor gun sales, the record for asingle month since the modernbackground-check system wasinstituted in 1998, according to anew analysis. In March 2019, theFBI performed 1.3 million.

The analysis was done by theNational Shooting Sports Foun-dation, a firearms industry tradegroup, and excludes backgroundchecks for concealed weaponsand others unrelated to gun pur-chases. The numbers from thegroup offer the best proxy forgun sales, but are still an esti-mate.

Before the coronavirus pan-demic, the high for backgroundchecks in a single month was2.237 million in December 2012,when President Obama calledfor tighter restrictions on gunsafter the Sandy Hook Elemen-tary School massacre.

—Zusha Elinson

WYOMING

Body of Skier CaughtIn Avalanche Found

A skier has been found deada day after an avalanche innorthwestern Wyoming.

The victim was identified bythe Teton County coroner as 28-year-old Trace Jordan Carrillo, ofDubois. Searchers with a rescuedog found Mr. Carrillo under 2feet of snow Thursday.

Almost 30 volunteers fromTeton County Search and Rescuesearched for Mr. Carrillo untildark on Wednesday.

About 40 people continued tosearch for him Thursday withthe help of dogs, the rescueteam said.

Three other avalanches werealso triggered in the southernTeton Range on Wednesday byskiers and a snowmobile, theBridger-Teton Avalanche Centersaid.

—Associated Press

U.S. NEWS

day showed that a record 6.6million Americans applied forunemployment benefits lastweek. That was double thenumber of claims two weeksago.

Economists warned that theFebruary data are just thestart of an expected massivecontraction in trade flows inthe coming months.

Measures taken to curb thespread of the new coronaviruscould lower economic activityin the U.S. and other devel-oped countries by a quarter,the Organization for EconomicCooperation and Developmentsaid last week.

The deficit in goods tradewith China in February wasthe smallest since March2009. The goods deficit withGermany was the lowest sinceJanuary 2013, the CommerceDepartment said.

Overall, U.S. exportsdropped 0.4% in February, theCommerce Department reportshowed, while imports fell2.5%, the biggest decline innearly four years.

As the coronavirus pan-demic spreads across theglobe, its economic impact isshifting from a disruption ofsupply chains—many of whichrun through China—to a sharpdrop in demand as consumershunker down.

At RH, formerly known asRestoration Hardware, theflow of supplies from Asia “ispretty much back to normal”since factories there arelargely back up and running,said its chief executive, GaryFriedman.

On the other hand, “de-mand is down,” he said thisweek on an earnings call. “Itmay stay down throughout theyear. And most likely, at thispoint, we believe it will.”

Other factors were weigh-ing on U.S. exports even be-fore the coronavirus spreadwidely there, such as the haltin production of Boeing Co.’stroubled 737 MAX jetlinersince January.

For the first two months of2020, U.S. exports of civilianaircraft were down by a sea-

sonally adjusted $4.47 billioncompared with the period of2019.

U.S. exports of consumergoods such as pharmaceuticalsfell in February, while exports

of travel, transport and finan-cial services also decreased.American imports of industrialsupplies and capital goods alsodropped to multiyear lows.

As February began, the U.S.

had reported only seven coro-navirus cases, and started toimpose entry restrictions onforeign nationals and quaran-tines on Americans returningfrom the Chinese province atthe center of the virus out-break. By the end of February,there were 64 confirmed casesin the U.S., and airlines weresuspending flights.

The number of confirmedU.S. cases has now risen above230,000, with more than 5,700deaths, according to data com-piled by Johns Hopkins Uni-versity.

The economic disruptioncaused by the pandemicthreatens to undermine the“phase one” trade agreementthat the Trump administrationsigned with its Chinese coun-terparts in January.

As part of the deal, Chinaagreed to increase purchasesof U.S. goods and services by$77 billion in 2020 and $123billion in 2021, for a total of$200 billion over two years.

—David Harrisoncontributed to this article.

WASHINGTON—The U.S.trade deficit narrowed sharplyin February as the spread ofthe novel coronavirus dis-rupted global commerce.

The deficit shrank 12.2%from January to a seasonallyadjusted $39.93 billion, thesmallest since September2016, the Commerce Depart-ment said Thursday.

The narrowing trade gapwas driven in part by a steepdecline in the goods deficitwith China, where the virusoriginated and caused facto-ries to shut there in February.U.S. demand for goods andservices from overseas islikely to slide further as stepsto curb the coronavirus pan-demic force businesses to layoff workers.

“The recession we’re look-ing at here is unprecedented,it’s turning the spigot off,”said Joshua Shapiro, chief U.S.economist at MFR Inc.

A separate report from theLabor Department on Thurs-

BY HARRIET TORRY

Trade Gap Smallest in Years as Commerce EbbsThe deficit in goods with China have fallen to its lowest levelssince 2009 while the total trade deficit has also narrowed.

Monthly goods deficitwith China

U.S. trade deficitchange froma year ago

Source: Census Bureau

Not seasonally adjusted Seasonally adjusted

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12-month rolling average

Schona Kessler found someflour in her pantry and herbread machine, and decided togive it a try.

“I looked into the windowthroughout the process andfigured ‘Hmmm, this is notlooking quite right, but hey, wefollowed the recipe, so itshould be fine,’ ” she said.Three hours later, when shetook it out, it was not fine. “Itwas ugly,” she said. “Turnsout, my flour was past due byalmost three years! I didn’t re-alize flour could expire.”

Ms. Kessler is among themany amateur bread bakerswho have emerged amid thecoronavirus lockdown, only tofind how easily it can gowrong.

Sales of baking yeast surged647%, more than any otherfood, beverage or consumerproduct in the week thatended March 21, according tomarket research firm Nielsen,and eventually both yeast andflour became hard to find ingrocery stores. (Although so-cial media is full of tips onhow to cultivate wild yeast.)

Andrew Bush, a civil de-fense attorney in Chicago, saidhe had seen a lot of peopleposting about pandemic-in-spired homemade bread on so-cial media.

“It’s a weird phenomenon,”he said. “I thought, ‘why is ev-eryone making bread? I don’tknow, but I’m going to do ittoo.’ ” He started with aFrench baguette, mixing andkneading the dough whilewearing his baby in a carrier.“The electric mixer kind of puthim in a trance,” the 30-year-old said of his 10-month-oldson.

Amanda Greiwe of OrangeCounty has been baking foryears while training to becomea therapist. The first time sheattempted to make bread, sheaccidentally killed the yeast in-stead of activating it. Thebread “came out looking like ahockey puck,” she said.

But now that she’s gottenthe hang of it, baking has be-come a form of therapy. “Youfeel resourceful and accom-plished,” she said. “The rewardof having a successful loafgives you a type of high.”

With social media, postingphotos of your bread, com-menting on others’ and swap-ping recipes gives people aconnection that they’ve beenmissing while stuck at home,she added.

Still, many bread-baking ef-forts are doomed. In somecases, it’s the lack of the rightingredients. In others, it maybe a lack of basic knowledge.Ken Forkish, author of thebread-baking guide “Flour Wa-ter Salt Yeast” and founder ofKen’s Artisan Bakery in Port-land, Ore., said some aspiringbakers buy books like his butdon’t read them. “I actuallywrote a book that was meantto be read,” he said.

Stores were already out ofyeast when McKenna Mobley,a 22-year-old music publicistin Murrieta, Calif., went shop-ping, so she resorted to apacket at her home that was a

ContinuedfromPageOne

We AllWant toBake Bread

few months past its use-bydate. Her challah failed to riseto the occasion. She didn’tbother to even taste it.

“We threw it in the garden”as compost, Ms. Mobley said.

Ms. Mobley’s adventure inbaking came through a connec-tion with Alexi Bardha, a labtechnician in Los Angeles.

Mr. Bardha, 22, had limitedbread-making experience, anddecided that the lockdown wasa good time to refine his bak-ing skills. He set up an iMes-sage group chat with 20 or sofriends across the U.S. andurged them to synchronizetheir trials.

To decide which type ofbread to make, Mr. Bardhapainted a square of cardboardand affixed a spinning arrowto the center. The arrow canland on any of a dozen breadtypes whose names he wrotein segments radiating from thecenter.

“I was thinking Wheel ofFortune,” he explained.

Every few days, he holds a

FaceTime “breadcast” with hisfriends and spins the wheel.

Challah was the first chal-lenge. Then came kulaç, an Al-banian soda bread. SydneyGrana, who works at a wilder-ness-camp school in SouthernCalifornia, was missing a vitalingredient—baking soda. In-stead, she doubled the dose ofbaking powder. She was alsomissing cow’s-milk yogurt, soshe made do with goat’s-milkyogurt. And she went with glu-ten-free flour instead of all-purpose.

“The outside looked beauti-ful,” Ms. Grana said, but theinside was “a little sad.” Sheturned the bread into crou-tons.

Eve Hauser, an AmericanUniversity psych major stuckat home with her parents inBrooklyn, also tried makingkulaç. It was rock hard and sobad “I ended up not even pho-tographing it,” she said. An-other lesson: sour cream isn’ta good substitute for yogurt.

For others, bread baking is

less of a game and more of acoping mechanism.

Maya Lewis and John Sand-berg were supposed to getmarried on April 4 in Chicago,followed by a honeymoon in It-aly. They had to postpone thewedding until after the pan-demic.

“We’re baking through oursadness,” Ms. Lewis said.

She had never made breadbefore, but after succeeding athomemade naan, a leavenedflatbread, during the firstweek of social distancing, shedecided to attempt a braidedchallah loaf. She was talkingon the phone to a friend whilemaking the dough, and shedidn’t add enough flour. Ormaybe it was because sheswapped sugar for honey. Inany case, “it was extremelysticky. It got everywhere—onmy watch, my shirt. I thoughtI was going to have to throw itout,” she said.

Since it was difficult to findflour and yeast at the store,she didn’t want to waste it.She slowly added more flouruntil it was manageable.

“It didn’t look good, but itwas still really tasty,” she said.

Another common beginner’sbread is pizza dough. ThomasMuellner, a marketing copy-writer in Chicago, has beenbaking it quite a bit during thecity’s shelter-in-place order.Now he wants to step up hisgame and try to make his ownsourdough starter—whichmakes use of wild yeast—andchapati, even though thehomemade pizzas haven’t allgone smoothly.

“I have set off the fire alarmmore times than I am proudof,” he said. “I ended up justdisconnecting it.”

Baker and therapist Amanda Greiwe with her 6-month-old son and her loaf of sourdough. Below,Alexi Bardha, a lab technician in Los Angeles, who encouraged friends around the country to bakebread. Every few days, he spins an arrow to choose which type they should bake next.

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THEWALL STREET JOURNAL. * * Friday, April 3, 2020 | A3

enough polling place workers.Gov. Tony Evers said in a

court filing this week he wasturning to the National Guardto help staff polling sites.

Both Mr. Evers, a Democrat,and leaders in the Republican-majority state legislature havedefended keeping the April 7date, pointing out that generalelections are being held formany local offices across thestate. Officials are concernedthat delays could result interms expiring for local officesif the voting was pushed back.

“You could have a bunch ofplaces where you don’t have amayor or a president of the

school board,” said JoeWineke, a former WisconsinDemocratic Party chairman.He said he expects ElectionDay turnout will be extremelylow.

Court challenges haveadded uncertainty. In responseto filings by the DemocraticParty of Wisconsin, the Demo-cratic National Committee andother liberal-leaning groups, afederal judge on Thursday de-clined to postpone the elec-tion. But the judge extendedthe deadline for clerks to re-ceive mailed absentee ballotsby six days to April 13 andgave voters an extra day, until

Friday, to request absenteeballots.

He also said that absenteevoters could avoid the require-ment to have a witness signa-ture by providing a statementsaying they couldn’t safely ob-tain one despite reasonable ef-forts to do so.

The Republican NationalCommittee and RepublicanParty of Wisconsin filed anemergency appeal to stay thejudge’s ruling.

Mr. Evers previously askedthe state legislature to relaxthe witness requirement and toextend the time for mailing andcounting ballots. He alsowanted lawmakers to approveautomatically mailing ballots toall 3.3 million registered votersin the state. Republican law-makers said mailing so manyballots would be unrealistic onsuch a timeline and rejectedeasing any of the voting rules.

Mr. Sanders on Wednesdaycalled for the primary to bedelayed. “People should not beforced to put their lives on theline to vote,” he said.

Asked if he thought the pri-mary should proceed, Mr. Bi-den said Thursday that the de-cision is up to Wisconsinofficials. “I think you can holdthe election as well, dealingwith mail-in ballots and same-day registration,” Mr. Bidensaid. “There’s a lot of thingsthat can be done.”

There is a bigger questionsurrounding Tuesday’s Wis-consin primary balloting thanthe Democratic presidentialnomination race between JoeBiden and Bernie Sanders: Canan election be successfullyheld in the midst of a full-scale pandemic?

Wisconsin’s decision to pro-ceed, after more than a dozenother states have delayed theirprimaries due to the coronavi-rus outbreak, has caused re-quests for absentee ballots tosoar and a scramble to find

BY ALEXA CORSEAND JOHN MCCORMICK

Wisconsin Vote on Tap Next WeekAs Absentee-Ballot Requests Surge

Hand sanitizer is given out in Racine, Wis., during early voting. Brenda Jones, below, checks over her absentee ballot in Milwaukee.

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U.S. NEWS

nan declined to comment, asdid a spokesman for Mr. Dur-ham. In an interview lastmonth, Mr. Barr said only thatMr. Durham and his team were“making good progress on a lotof fronts.”

That focus has heightenedtensions between investigatorsand U.S. intelligence officials.“There was no political inter-ference” by Mr. Brennan or any-one else, said a former seniorintelligence official involved inpreparing the report. A 2004intelligence overhaul thatadded new procedures to “teaseout and highlight” analysts’ dif-ferences—meant to addressfailures that occurred in assess-ing Iraq’s weapons-of-mass-de-struction programs in the early2000s—“worked perfectly,” theofficial said. A U.S. official fa-miliar with the Durham reviewand with the compilation of thereport, made public in January2017, agreed, stressing that itsconclusions have held up underscrutiny from lawmakers andintelligence agencies.

Interviews of National Intel-ligence Council personnel andothers have been aboveboardand “not adversarial,” focusingon how the assessment was puttogether and the differing view-points, according to the officialwho spoke about them.

The additional outreach forinterviews on various frontsrepresents an acceleration inMr. Durham’s nearly yearlonginquiry. Mr. Barr has said hewould like to reach conclusionsby the summer. Mr. Durhamdrove to Washington last monthfrom his home in Connecticut tokeep the probe going full-borewhen flights became scarce be-cause of the coronavirus.

Intelligence agencies agreedin 2016 that Russia’s interfer-ence in the presidential electionwas aimed at hurting Demo-cratic candidate Hillary Clintonand boosting President Trump’selection chances. The CIA andFederal Bureau of Investigationexpressed high confidence inthat assessment, while the Na-tional Security Agency hadmoderate confidence. Thosedisagreements have long beenpublicly known, and the Repub-lican-led Senate IntelligenceCommittee said in 2018 thatthe conflict “appropriately rep-resents analytic differences”between the agencies. The com-mittee’s report also concludedthe Russian efforts were meantto help Mr. Trump.

Part of the disagreementwas over whether a source theCIA relied on in the intelligenceassessment, who was close tothe Kremlin, had specificknowledge that Mr. Putinwanted to help Mr. Trump, oneperson said. Mr. Durham’s teamappears to be pressing peopleinvolved in that report onwhether Mr. Brennan sought tosteer the intelligence commu-nity agencies to sign on to a“high confidence” assessment,people familiar with the mattersaid. It couldn’t be determinedwhether Mr. Durham has ob-tained evidence beyond that ac-cessed by Senate investigators.

Inquiry IntoCampaignProbe Pushed

sues before the Novemberelection could begin to close.

“The likelihood of any majorlegislation passing betweennow and the election is basi-cally nil. It wasn’t great before-hand,” said Mark Harkins, a for-mer congressional staffer andsenior fellow at Georgetown’sGovernment Affairs Institute.

House Majority LeaderSteny Hoyer (D., Md.) told

House Democrats in a letterTuesday that April 20 is theearliest the House would re-turn to Washington, writingthat the House may extendworkweeks later in the yearand cancel planned breaks tomake up for lost time.

“In addition to continuingto respond to the coronaviruspandemic, we need to handlethe normal annual business of

Congress,” he wrote.The House left Washington

without renewing expired sur-veillance powers, alarming cur-rent and former law-enforce-ment officials. The Senate andHouse Armed Services Commit-tees have suspended traditionalhearings and markups on theannual defense authorizationbill, which establishes fundinglevels and sets policies for theDefense Department and EnergyDepartment’s national securityprograms. The House Appropri-ations Committee will only be-gin formal hearings on annualspending legislation when theHouse is back in session.

After the end of the third-ever presidential impeachmenttrial, House members and sen-ators had both been eager toturn to fresh legislative topics.The outbreak of Covid-19 hasquickly pitched Congress againinto crisis mode.

“All focus right now is on thedouble-barreled nature of thecoronavirus crisis,” said Sen.John Barrasso (R., Wyo.), the

No. 3 Republican in the Senate.Both the House and Senate

had been set to consider en-ergy and climate issues,though those efforts have beenovertaken by the virus’sspread. An energy packageaimed at modernizing theelectrical grid and supportingcarbon-free energy sources inthe Senate, which failed toclear procedural hurdles lastmonth, is now on hold, accord-ing to people familiar with thebill. A House panel dedicatedto studying climate change hasdelayed the release of its pol-icy recommendations becauseof the spread of Covid-19.

“It’s about taking care ofyour neighbors and savinglives right now, there will be atime when we come back toour climate action plan,” saidRep. Kathy Castor (D., Fla.),chairwoman of the House Se-lect Committee on the ClimateCrisis.

Politically charged investi-gative efforts have also cometo a standstill. The House Ju-

diciary Committee postponeda March 31 hearing with Attor-ney General William Barr, whowas set to face questionsabout the Justice Department’ssentencing of Roger Stone, aconfidant of President Trump.

The GOP-led Senate Home-land Security and GovernmentalAffairs Committee, which isconducting a probe of HunterBiden’s service on the board of aUkrainian natural-gas company,is primarily focused on the cor-onavirus crisis but will continuework on the probe long term,according to a committee aide.

But the prospect of anotherround of major coronaviruslegislation has also created op-portunities for progress onsome policy items. Rep. DanKildee (D., Mich.), a member ofthe Ways and Means Commit-tee, said Congress could takeaction on surprise medical bill-ing as part of the next bill.

“In a period of uncertaintysometimes it shakes loosesome of the reticence to act,”he said.

WASHINGTON—The coro-navirus crisis has broughtmuch of American life to a haltin recent weeks. Typical busi-ness on Capitol Hill has beenno exception, leaving somecritical legislation unfinished.

Lawmakers left Washingtonlast week after passing a his-toric $2 trillion relief package,taking with them the policyagendas Congress had been setto tackle this spring. Hearingson national security have beenpostponed, negotiations on en-ergy policy and surveillancepowers slowed, and oversightinvestigations put on hold aslawmakers have turned theirfull attention to the public-health and economic crisisconsuming the nation.

As discussions begin on an-other round of coronavirus leg-islation, lawmakers, aides andoutside experts are acknowl-edging that the already narrowwindow for making progresson a variety of other policy is-

BY ANDREW DUEHREN

Critical Legislation Goes Untouched as Lawmakers Confront Crisis

Members of the House of Representatives walked from theCapitol last Friday after passing the coronavirus relief package.

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can start using general electiondollars to directly confrontPresident Trump.

Officials said they haven’tmade any determination yet onthe length of the convention orthe format, given the unpredict-ability of the outbreak.

One person familiar withplanning said the duration isstill expected to be four days,but that could change later.

“In our current climate ofuncertainty, we believe thesmartest approach is to take ad-ditional time to monitor howthis situation unfolds so we can

best position our party for asafe and successful convention,”said Joe Solmonese, the Demo-cratic National ConventionCommittee’s chief executive.

The new schedule means thetwo party conventions will bescheduled on back-to-backweeks, with the Democrats go-ing first. Former Vice PresidentJoe Biden, the front-runner forthe Democratic nomination, hadexpressed doubt that his partywould be able to hold the con-vention as planned in July.

The DNC said it has con-firmed that Fiserv Forum, the

home arena of the MilwaukeeBucks, is available that week, asare hotels in southern Wiscon-sin and northern Illinois to ac-commodate what could be asmany as 50,000 visitors.

“The convention planningteam will now use the comingweeks to further explore all op-tions to ensure nominating thenext president of the UnitedStates is done without unneces-sary risk to public health,” theDNC said. “These options in-clude everything from adjustingthe convention’s format tocrowd size and schedule.”

This summer’s DemocraticNational Convention inMilwau-kee is being pushed back tomid-August because of the cor-onavirus pandemic, the biggestdisruption yet to the presiden-tial campaign as a result of thecrisis.

The gathering will now takeplace during the week of Aug.17, the Democratic NationalCommittee said. That delays byabout a month the date whenthe party’s eventual nominee

BY JOHN MCCORMICKAND KEN THOMAS

DemocraticConventionDelayedaMonth

Investigators examining thebeginnings of the 2016 probeof possible links between theTrump campaign and Russianelection interference are push-ing to complete their inquirydespite the coronavirus pan-demic.

The former U.K. ambassadorto Russia, Sir Andrew Wood,who in 2016 alerted the late Re-publican Sen. John McCainabout related allegations, saidhe had been contacted in con-nection with the probe. “My an-swer to an enquiry by emailfrom a member of the teamabout 2016 some weeks agowas that I had nothing to addto what was already on thepublic record,” Mr. Wood saidin an email on Thursday, declin-ing further comment.

The investigators, led byConnecticut U.S. Attorney JohnDurham, were refused by Brit-ish authorities earlier this yearwhen they requested an inter-view—outside formal, moretime-consuming channels—withformer British spy ChristopherSteele, according to people fa-miliar with the matter. Mr.Steele had compiled the relatedallegations, some of which weresalacious and have since beendismissed, in a dossier.

Mr. Durham was tapped lastyear by Attorney General Wil-liam Barr to conduct the re-view. The probe, according to

people familiar with it, is pro-ceeding on multiple fronts, ex-amining the initial surfacing ofthe allegations in 2016 as wellas a separate 2017 U.S. intelli-gence report that concludedMoscow interfered in the presi-dential election in part to helpthen-candidate Donald Trump.

Mr. Durham’s team began in-terviews earlier this year at theCentral Intelligence Agency, ac-cording to people familiar withthe process. It has focused onpeople who are or were work-ing at the National IntelligenceCouncil, a unit of the Directorof National Intelligence’s officethat coordinated the U.S. intelli-gence community’s assessmentof Russia’s 2016 election inter-ference, as well as on individu-als at other agencies whosework fed into that assessment,one official said.

Increasingly, investigatorsare focused on former CIA Di-rector John Brennan, examiningwhether he pushed for ablunter assessment about Rus-sia’s motivations than others inthe intelligence community feltwas warranted, people familiarwith the matter said.

A spokesman for Mr. Bren-

By Aruna Viswanatha,Warren P. Strobeland Sadie Gurman

ConnecticutU.S. AttorneyJohn Durhamhas beeninvestigatingthe matter fornearly a year.

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THE CORONAVIRUS PANDEMIC

245,213U.S. cases

1,015,709World-wide cases

5,983U.S. deaths

53,069World-wide deaths

9,090U.S. recoveries

211,409World-wide recoveries

Coronavirus Daily UpdateAs of 11:02 p.m. EDT April 2

Source: Johns Hopkins University Center for Systems Science and Engineering

The U.S. had about one-quarter of the world’s new coronavirus cases as its death toll neared 6,000.

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At 3:38 a.m. Wednesday, theNew England Patriots’ teamplane departed from an unusuallocale: Shenzhen, China. Onboard the Boeing 767, in thecargo hold that used to be hometo Tom Brady’s duffel bags,were 1.2 million N95 masksbound for the U.S.

Video and pictures of theevent show workers in masksand full-body suits at ShenzhenBao’an International Airportloading box after box of thescarce and valuable personalprotective equipment onto ared, white and blue plane em-blazoned with the Patriots logoand “6X CHAMPIONS.”

The plane was permitted tobe on the ground in China fora maximum of three hours,people familiar with the mat-ter said, and the crew was re-quired to stay on the planewhile a ground crew loadedthe cargo. It took 2 hours and57 minutes. On Thursday, thatplane landed somewhere morefamiliar: Boston Logan Inter-national Airport.

The story of this remark-able delivery, based on docu-ments and interviews withpeople involved in the opera-tion, is a window into thefrenzied scramble by states toacquire lifesaving equipmentneeded to battle the coronavi-rus pandemic. The process in-volves not just tracking downgoods but also tapping inter-mediaries and calling in favorsto navigate a dense global bu-reaucracy that the pandemichas virtually paralyzed.

As the country and themedical system have grappledwith responding to the virus,one of the greatest pressurepoints has been the shortageof N95 masks, critical equip-ment to protect against itsspread. Demand has signifi-cantly outpaced supply, put-

ting health-care workers andpatients at even greater risk.

Massachusetts’ quest to ac-quire these masks was a tense,weekslong saga that beganwith the state’s governor andwinded through embassies,private partners and the U.S.’smost successful football fran-chise. After a layover in Alaskaand an anxious process to winapproval from Chinese offi-cials, the plane was given per-mission to land in China tocollect the masks.

“I’ve never seen so muchred tape in so many ways andobstacles that we had to over-come,” said Robert Kraft, thePatriots’ owner. “In today’sworld, those of us who are for-tunate to make a differencehave a significant responsibil-ity to do so with all the assetswe have available to us.”

The effort began with Mas-sachusetts Gov. Charlie Baker,who was concerned about thestate’s mask supply and, twoweeks ago, believed he hadstruck a deal to acquire morethan a million of them fromChinese manufacturers. Butofficials had to figure out howto get them shipped out ofChina when unusual cargoshipments out of the countrycan be especially tricky. “I justhave to get them here,” he tolda longtime friend.

That longtime friend wasJonathan Kraft, Robert Kraft’sson, who holds two jobs that be-came highly relevant to the pro-ceedings. Jonathan Kraft is thechairman of the board at Massa-chusetts General Hospital. He’salso the Patriots’ president, andthe team had something itthought might be of help: a gi-ant airplane.

There were tough questionsto resolve. Robert and Jona-than Kraft first had to check ifthe plane was ready and ableto make such a lengthy jour-ney on such short notice.

There was also the fact thatthe team’s Boeing 767 is a pas-senger plane built to carry BillBelichick and Tom Brady, notmassive stores of cargo.

Then, most critically, theyhad to secure permission toland in China—a delicate featduring this global pandemic.Even if they received theproper permits, they wereworried the pilots would be re-quired by China to quarantinefor 14 days before returning.

The primary issue was thesimplest: getting the right toland the 767. Gov. Baker, theU.S. State Department, RobertKraft and others sent letters

to China’s consul general inNew York requesting the spe-cial permits. The letters, datedMarch 24 to 30, ask for waiv-ers to allow the humanitarianmission and state that nomember of the crew wouldleave the aircraft.

By last Friday night, thecrew had moved to Wilming-ton, Ohio, because the planeneeded an upgrade for the in-ternational trip. The missionreceived waivers from Chinato land and do so withoutquarantining, but they weretold the crew still needed vi-sas. So the entire groupscrambled to a local pharmacyand took pictures for the ap-plication. The pictures wereflown to New York to be takento the Chinese consulate, andthen flown back to Ohio.Huang Ping, China’s consulgeneral in New York, proved tobe a major ally in the effort to

get the rush jobs done, includ-ing by opening the consulateover the weekend to get thevisas processed in time, peo-ple familiar with the mattersaid. Next, the plane headed toAlaska.

In addition to handling thelogistics and the plane, theKraft family had agreed to pay$2 million, or approximatelyhalf the cost of the goods. Theorder of 1.7 million N95 maskswas produced by various manu-facturers across the country.“What we needed,” said JimNolan, who spearheaded the lo-gistics as the chief operating of-ficer of Kraft Sports and Enter-tainment, “were boots on theground to gather the goods andget them to the right place.”

They needed even morethan that: The productsneeded to be counted, in-spected and then quickly ush-ered through customs.Through intermediaries, peo-ple familiar with the mattersaid, they were connected toexecutives at Chinese tech gi-ant Tencent Holdings Ltd., whopledged a crew of more than adozen people. Over the courseof several days, the Tencentteam mobilized to inspect andaggregate the masks. Some fa-cilities had less than promisedand were still waiting on theproduction to be complete.The crew stayed with thegoods overnight to make surenothing happened to them be-fore taking them to the Shen-zhen airport and shuttlingthem through customs.

By early Wednesday on theEast Coast, the 767 had landedin Shenzhen from Alaska. Itstayed grounded just withinthe three-hour window given.Because cargo wasn’t allowedon parts of the passengerplane, only 1.2 million of themasks fit. The rest will betransported shortly on an-other shipment.

BY ANDREW BEATON

Patriots’ Jet Goes Long to Get Masks

The plane waspermitted to be onthe ground in Chinafor only three hours.

erage American does not needto go out and buy a mask.”

Currently, the CDC and theWorld Health Organization saythat people who aren’t sickdon’t need to wear a face maskunless they are caring for asick person.

Several recent studies, how-ever, have prompted a rethinkof that policy. Those studieshave suggested that the newcoronavirus, known as SARS-CoV-2, can be spread by peoplewho are infected but don’tknow it because they don’thave symptoms.

“Although we don’t knowhow often pre-symptomatic orasymptomatic transmission oc-curs, it appears that peoplewho are infected but not sickplay an important role in thespread of Covid-19,” the draftdocument said.

Governments in Asian coun-tries where masks were com-monly used to avoid contagioneven before the pandemic havesaid even low-grade cottonmasks can prove helpful. Muchof Central Europe is now fol-lowing the example set byChina, Taiwan and South Korea.On Monday, Austria mandatedits citizens wear masks whenoutside the home, after theCzech, Slovak and Bosnian gov-ernments issued similar orders.

And in the U.S., some localofficials aren’t waiting forguidance from the federal gov-ernment. Los Angeles MayorEric Garcetti on Wednesdaycalled on the four million peo-ple in the country’s second-largest city to wear masks.

The cloth masks or face cov-erings are meant to be an addi-

ContinuedfromPageOne

dence of new exponentialgrowth in the number of resi-dents infected with the virus.

Meanwhile, two cruise shipsstricken with dozens of casesand at least four deaths willdock in Fort Lauderdale, Fla.,Mayor Dean Trantalis said.

Japan, one of the dwindling

number of major economiesthat still allows travelers frommost parts of the world besidesEurope to enter, will from Fri-day ban foreigners who haverecently been in the U.S., Can-ada and much of Asia and LatinAmerica.

China, the initial center of

the pandemic, has been loosen-ing constraints on travel andbusiness as the prevalence ofinfection there continues todwindle. The National HealthCommission said the countryrecorded 90 new casesWednesday, mostly people whohad caught the virus abroad.

Confirmed cases of the novelcoronavirus world-wide sur-passed one million Thursday, agrim milestone for the pan-demic as governments deployincreasingly stringent measuresto battle its spread and a re-cord 6.6 million U.S. workersapplied for unemployment ben-efits last week.

The U.S., Italy and Spain re-main at the forefront of thepandemic, accounting fornearly half of all reported infec-tions of the coronavirus, whichhas spread with ferociousspeed across the world.

The U.S. has 245,213 reportedcases of the virus, representingjust under a quarter of theworld-wide figures. That is morethan twice the number of re-ported cases in Italy, the next-highest country, although therates of illness and death mightbe underreported there and inother countries. Health expertsin the U.S. have voiced concernsabout the accuracy of coronavi-rus testing, believing nearly onein three infected with the illnessis testing negative.

Between 8 p.m. Wednesdayand 8 p.m. Thursday, 850 peo-ple in the U.S. died from theCovid-19 respiratory diseasecaused by the virus, accordingto a Wall Street Journal analy-

sis of data from Johns HopkinsUniversity, bringing the nation’stotal to just under 6,000.

The world-wide count ofdeaths from Covid-19 exceeded53,000, according to JohnsHopkins. Spain on Wednesdayreported 950 deaths, the coun-try’s biggest one-day toll, push-ing its total past 10,000, themost in the world after Italy.

As reported cases of the vi-rus grew rapidly across theU.S., projections this weekshowed higher death tolls and alonger duration of this crisisthan previously anticipated.States including Tennesseemoved to initiate lockdowns,while others prolonged previ-ous orders.

Leaders in Ohio and PuertoRico, among other local offi-cials, announced extensions toexisting precautionary mea-sures. “This extension is neces-sary,” Ohio Gov. Mike DeWinesaid as he announced an orderthat will require residents tostay at home until May 1.

Earlier Thursday, MichiganGov. Gretchen Whitmer saidschools wouldn’t reopen andK-12 students would learn re-motely for the rest of the aca-demic year.

The virus has upended the2020 presidential election,prompting governors to pushback state primaries and halt-ing candidates’ cross-countrycampaigning. On Thursday,Democrats postponed their na-

tional convention in Milwaukee,delaying the pivotal event forthe primary season until mid-August.

President Trump moved touse the Defense Production Act,a Korean War-era national se-curity mobilization law, to se-cure supplies companies needto make ventilators, as hospi-tals nationwide prepare for aninflux of patients.

States scrambling to acquiremedical equipment have had toget creative to fill the gaps, as-sembling makeshift hospitals inconvention centers and sportsarenas. New York, the center ofthe U.S. crisis with more than92,300 cases, will finance com-panies to makemore ventilators,Gov. Andrew Cuomo said. Mas-sachusetts Gov. Charlie Bakerlaunched a resupply mission forN95 masks using the New Eng-land Patriots’ team plane.

Louisiana reported a 42%one-day jump in the number ofCovid-19 cases, bringing thestate’s total to 9,150 cases asofficials rushed to combat thevirus’s spread in the emerginghot spot. The number of deathsrose to 310 from 273 a day ear-lier, according to the statehealth department.

Gov. John Bel Edwardscalled the sharp increase inCovid-19 cases “extremely up-setting.” But he said on Twitterit appeared to be more a signof a logjam from commercialtesting labs, rather than evi-

Confirmed Cases TopOne Million Globally

By Jennifer Calfas,Phred Dvorak

and Amira El-Fekki

tional measure, on top of socialdistancing, to reduce spread ofCovid-19, the illness caused bythe novel coronavirus, whenpeople are sharing space, ac-cording to the draft document.

Cloth masks are being rec-ommended because medicalmasks, including N95 respira-tors, are in short supply forhealth-care workers caring forpeople with Covid-19. “Thesecloth face coverings can bemade at home at a low cost,”the draft document said.

Cloth masks don’t fully pro-tect wearers from becoming in-fected because they aren’tcompletely sealed on the face,according to experts. But theycan help prevent people whoare infected from spreadingthe virus by catching dropletsemitted while exhaling, cough-ing or sneezing. They shouldnot be used on children under2 years old, or anyone who hastrouble breathing, according tothe draft document.

Dr. Deborah Birx, the WhiteHouse response coordinator,said at Thursday’s briefing thatany mask recommendationwould be “additive” and not asubstitute for guidelines.

Social distancing and handwashing are crucial, she said,adding that masks could pro-vide a false sense of security.

“This worries us and that’swhy the debate is continuingabout the mask,” Dr. Birx said.

Mr. Trump was asked aboutwidespread public use ofmasks twice this week. Whilehe didn’t commit, he suggestedpeople use common scarfs.

“Some people don’t like itbecause you’re taking it awayfrom the medical professional,”Mr. Trump said on Wednesday.“I don’t see where it hurts. Andit doesn’t have to be a mask; itcan be a scarf,” he said.

He added, “And I think, in acertain way, depending on thefabric—I think, in a certainway, a scarf is better.”

—Catherine Luceycontributed to this article.

CDC ShiftSeen onMasks

The cargo of N95 masks was unloaded from the team plane at Boston Logan airport on Thursday after a weekslong effort to acquire them.

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four-page memorandum re-cently demanding superiorsallow him to take the carrierto the port in Guam to offloadsailors stricken with Covid-19.At least 114 of the vessel’screw have tested positive.

“We are not at war. Sailors donot need to die,” Capt. Crozierwrote in his Monday memo,which was reported by the SanFrancisco Chronicle. “If we donot act now, we are failing toproperly take care of our mosttrusted asset—our sailors.”

Acting Navy SecretaryThomas Modly said he madethe decision to relieve Capt.Crozier because the com-mander’s memo left the im-pression that the Navy wasonly responding to the out-break due to the plea.

WASHINGTON—Navy leadershave relieved the captain of aU.S. aircraft carrier after amemoto military officials in which hepleaded for helpwith a coronavi-rus outbreak at sea was leakedto a newspaper.

Capt. Brett Crozier, thecommanding officer of theUSS Theodore Roosevelt, nowat port in Guam, was relievedThursday after superiors saidthey lost confidence in hisability to lead. The decision toremove him drew outragefrom lawmakers and some rel-atives of crew members whobacked the commander’s callfor attention to the crisis.

Capt. Crozier had written a

BY NANCY A. YOUSSEFAND GORDON LUBOLD

Roosevelt CaptainIs Relieved of Duty

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THEWALL STREET JOURNAL. Friday, April 3, 2020 | A5

Strongertogether.

Today, we stand ready.

Today, we expressgratitude to our people andto the people everywherewho step forward to makea difference.

Together, we marshalingenuity and strengthto combat vulnerability.

As long-standing industryleaders, we have theexperience and expertise toweather the present stormand confront the challengesthat lie ahead.

Today ― and every day ― weprioritize employee safetyand well-being while wefulfill our mission to supportour customers and partnersaround the world.

Together, we look beyondthe horizon to see a safer,more connected world.

Today, Raytheon andUnited Technologies cometogether as one.

www.RTX.com

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A6 | Friday, April 3, 2020 * * * * THEWALL STREET JOURNAL.

In news conferences, NewYork Gov. Andrew Cuomo out-lined the plans to expand capac-ity. Hospitals were asked to in-crease capacity by at least 50%.Some were also asked and areexpected to expand by 100%.

In other states where thehospitalization need is ex-pected to approach or exceedavailable beds, preparationsare under way for the surge inpatients.

were intensive-care unit beds.The state estimates it may needalmost three times the numberof beds when the peak hits, and40,000 ICU beds.

Many of those 53,000 bedswere in use for non-coronavi-rus patients, so efforts are be-ing made to expand capacitywithin hospitals and use non-medical facilities to makeroom for the growing numberof cases.

tegic National Stockpile, un-able to meet demand, statesare taking their own measuresto build their supply.

As of Tuesday, more thanhalf of the country’s reportedcoronavirus hospitalizationswere in New York, and thestate has been racing to ex-pand its hospital capacity.

Before the outbreak, thestate had approximately 53,000hospital beds, 3,000 of which

As the newcoronavirusforces bigchanges inhow we

work, The Wall Street Jour-nal is looking at how differ-ent people are coping withthe stresses and risks. Forearlier articles in the series,visit wsj.com/makingitwork.

Chef Danny Grant didn’tneed takeout to generate morethan $50 million in sales lastyear at his fine-dining restau-rants in Chicago.

Now his businesses’ sur-vival depends on it.

The partner behind tworestaurants, a bar and a bak-ery in the city has packedaway the thin-stemmed wineglasses and cloth napkins in

those dining rooms. Instead,he has sketched out deliverymenus, serving grilled lambchops, short-rib pasta andspicy shrimp in to-go contain-ers.

Nearly all states have or-dered restaurants and bars tostop serving patrons on-site toslow the spread of the newcoronavirus. Fine dining hasbeen hit particularly hard be-cause those restaurants don’ttypically offer takeout or de-livery.

“We needed to pivot andpivot quickly,” Mr. Grant, 38years old, said. He started hisrestaurant group after receiv-ing two Michelin stars in 2011and 2012 as head chef of RIArestaurant at the Waldorf As-toria in Chicago.

The need for a quick pivotbecame clear when Mr. Grantwas meeting with partners

from his What If Syndicate res-taurant group on March 15. Acolleague started streaming Il-linois Gov. J.B. Pritzker’s an-nouncement that he was shut-

ting down in-person service atbars and restaurants. Mr. Pritz-ker said scenes of revelers atSt. Patrick’s Day festivities thenight before convinced him tomove ahead with the ban.

“I’m glad I didn’t go out. IfI was hung over, I would havethrown up,” Mr. Grant said.

Mr. Grant said he wants tokeep as many of his staff ofabout 500 people working aspossible. To-go menus focusedfirst on the perishables in hisrefrigerators: shrimp, scallops,branzino imported from Eu-rope, vegetables, cooked pas-tas and Bolognese sauce.

He shifted servers from histwo restaurants, Maple & Ashand etta, to packaging andhanding off takeout orders.Uncertain whether anyonewould show up, he offered afuture dine-in credit to peoplewho bought takeout meals.

And he cut prices. A family-style takeout meal at ettacosts around $40, about asmuch as a meal for one at therestaurant usually costs. AtMaple & Ash, where dinner av-eraged $110 per person, Mr.Grant set the price of takeoutmeals at about $80 each or afamily meal for $60.

He hoped to generate about100 orders at each restaurantwhen he started takeout ser-vice on March 17. He said hesold out in 30 minutes. A lineof customers staggered sixfeet apart snaked down theblock in front of etta.

“It was a very spread-out,awkward-looking line,” Mr.Grant said. Now, the restau-rants get a steady stream oforder-ahead requests, he said.

“Everyone seems to benicer,” he said. “It’s nice to seepeople coming together.”

BY HEATHER HADDON

Chicago chef Danny Grant

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Chef Aims to Deliver Tasty Relief as Chicago Shuts Down

said it wasn’t known how manyventilators FEMA expectedfrom companies. “When wehave the numbers, we willshare them,” she said.

As of Monday, 7,140 ventila-tors had been sent out of theStrategic National Stockpile,according to a document re-viewed by The Wall StreetJournal. A FEMA spokeswomansaid Wednesday in response toquestions about the stockpilethat the government has 9,404ventilators. An additional 1,065ventilators are available fromthe Defense Department, bring-ing the government’s totalnumber of ventilators to10,469, the spokeswoman said.

That number representsabout one-third of the roughly

ContinuedfromPageOne

32,000 ventilators that will berequired by mid-April, the ex-pected peak of the crisis, ac-cording to the University ofWashington’s Institute forHealth Metrics and Evaluation.The institute said it didn’tknow how many ventilators arealready available.

The government’s currentcache wouldn’t cover what NewYork state alone has projectedit could require. Mr. Cuomo hassaid 37,000 ventilators may beneeded there. The stockpile hasprovided the state 4,000.

In New Jersey, DemocraticGov. Phil Murphy signed an ex-ecutive order giving state po-lice the authority to comman-deer supplies such asventilators from companies orother facilities to supply tohospitals. The state estimatesit needs 1,650 more ventilatorsin coming weeks.

Louisiana Gov. John Bel Ed-wards said the New Orleans re-gion could run out of ventila-tors by next Tuesday. So far,the state has distributed 450ventilators since the crisis be-gan, he said, including 150 that

came this week from the na-tional stockpile. He previouslysaid he had requested 5,000from the stockpile.

The state has been trying toprocure thousands of ventila-tors from all over the world, hesaid. “The price has at leastdoubled on every ventilatorthat we’re looking at from justwhere they were three to fourweeks ago,” Mr. Edwards, aDemocrat, said at a news brief-ing Thursday.

On Wednesday, a FEMAspokeswoman said the stock-pile had distributed 8,100 ven-tilators as of March 28—a fig-ure that is roughly 1,000 unitsmore than the Monday figureseen by the Journal. Thespokeswoman’s figures werealso dated two days earlier.The spokeswoman said thedata she provided was accurateand that the discrepancy couldbe the result of human error ina fast-moving crisis. “There’s alot of stuff flying,” she said.

The Strategic NationalStockpile, run by the Depart-ment of Health and HumanServices, is a collection of

warehouses across the countrythat hold emergency medicalsupplies. The locations of thewarehouses are kept secret.

On Wednesday, Mr. Trumpsaid nearly all of the protectivegear, which doesn’t includeventilators but is also neededby hospitals to treat coronavi-rus patients, had been depletedfrom the national stockpile.

Craig Fugate, FEMA’s formerhead, said in an interview thisweek that the stockpiles “werenever built, funded for a pan-demic.” The government’s plan-ning assumed companies wouldfill in gaps by completing largeorders from the public sector,he said.

“There was so much empha-sis on early indications to startthat process of ordering sup-plies, and if necessary turningon the DPA,” he said.

GE said it has doubled itscapacity of ventilator produc-tion and plans to double itagain this quarter, and that itwelcomes efforts by the admin-istration to help boost output.Hillrom’s effort to boost venti-lator production at a California

manufacturing plant is alreadyunder way, said Howard Kar-esh, a company spokesman,and the company hadn’t seenmaterial disruption to its sup-ply chain. Medtronic said it ap-preciated the order, andResMed said it was pleasedwith the move and encouragedauto makers, aerospace-equip-ment producers and othermanufacturers to help sourceor create more such compo-nents. Philips said the act en-ables suppliers in a lockdownregion to reopen, which isneeded to help the companymeet its goal of quadruplingventilator production.

Mr. Trump recently invokedthe act to order General Mo-tors Co. to make ventilators.

Peter Navarro, a WhiteHouse adviser appointed tooversee DPA policy, said thepresident on Friday would signanother order aimed at pre-venting some medical equip-ment from being exported. “Weare going to crack down un-mercifully,” Mr. Navarro said.

—Scott Calvertcontributed to this article.

TrumpOrdersProduction

MEANPROJECTEDBEDSNEEDEDATPEAKOFOUTBREAK

0

20,000

40,000

60,000

80,000

PROJECTED PEAK:2ndweekof April

3rdweek of April 4th and 5thweek of April

LOWER LIMITOF PROJECTION

R.I.

N.D.

Mont.

N.M.

Idaho

Nev.*

Utah

Neb.*Md.

Iowa

S.C.

Kan.

Minn.

Ark.

Wis.

Okla.

Miss.

Ala.*

Ariz.N.C.

Tenn.

Ga.

Ind.*

Ohio

Calif.

Alaska

N.H.

Maine

D.C.*

Conn.

Mass.

Colo.

Wash.Pa.

Ill.*

Vt.

Del.La.

N.J.*

Mich.*

N.Y.

Hawaii

Wyo.

S.D.

Ore.

W.Va.

Ky.*

Va.

Mo.*Fla.

Texas

May

*Hospitalization data not available Note: Projections as of March 31 Sources: Institute for Health Metrics and Evaluation (projections, capacity); The COVID Tracking Project (hospitalizations); New York state (bed capacity, ventilator supply)

Bed capacity availablefor Covid-19 treatmentbefore expansions

Hospitalizationsas ofMarch 31

Hospital bedcapacity inNewYork

Initial capacity 53,000

With U.S. government assistance eight siteswere selected for temporary hospital

expansion, in two phases

If dormitories indownstate NYwere converted

Capacity goal140,000

If hospitalsexpand by 50%27,000

The state anticipates somehospitals can expand by 100%5,000

29,164Nursinghome inBrooklyn

6008,000U.S. NavyshipComfort

1,000

Covid-19 hospitalizations and projections

Ventilatorsupply inNewYork

Initial supply4,000

Supply goal37,000

Purchased as ofMarch 25FromU.S. gov’t7,0004,000

In Louisiana, where dailygrowth in cases has beenamong the highest in the coun-try, patients requiring hospital-ization are expected to exceedavailable beds, with the needpeaking April 10, according tothe Institute for Health Metricsand Evaluation. The state hasrepeatedly warned that theNew Orleans area could run outof ventilators later this week.

Gov. John Bel Edwards saidthe state plans to put 1,120 bedsin the New Orleans conventioncenter and house quarantinedpatients in trailers in stateparks, and the federal govern-ment agreed to create two 250-bed field hospitals staffed by 60doctors and nurses.

Florida, whose significantretired population is particu-larly vulnerable, has requestedsupplies from the federal gov-ernment including 5,000 hospi-tal beds, 5,000 ventilators, fivemobile intensive care units andtwo million N95 masks. In Con-necticut, reported hospitaliza-tions nearly doubled over theweekend. The state has set upmedical tents outside severalveterans’ hospitals and estab-lished mobile field hospitals inHartford and Danbury.

—Taylor Umlaufand Vivien Ngo

contributed to this article.

THE CORONAVIRUS PANDEMIC

U.S. hospitals are projectedto fall thousands of beds shortof the expected number ofcases, as a projected surge incoronavirus patients couldpeak in April.

Nationwide hospitalizationsare projected to peak April 16,when patients might need84,000 more beds than are cur-rently available, projectionsfrom the University of Wash-ington show. While states aremaking efforts to slow thespread of the virus throughlockdowns and encouraging so-cial distancing, surges in hospi-talizations are expected to rip-ple through individual statesover the next two months.However, projections have beensubject to change day-to-day.

With shortages already evi-dent in New York, states arescrambling for beds, ventila-tors, masks and more in prep-aration.

Many states are just begin-ning to report daily hospital-ization figures, but initial re-ports show upticks across thepast week, including in emerg-ing epicenters like Louisianaand Michigan. And with thenation’s safety net of medical-equipment supplies, the Stra-

BY LINDSAY HUTHAND JESSICA WANG

Hospitals Brace for Surge in Cases

More infected men thanwomen seem to be dying fromthe new coronavirus, accordingto data from countries hit bythe pandemic, but an incom-plete data set is clouding scien-tists’ ability to understand why.

The pattern underscoresthe role that sex—and the as-sociated social norms and be-haviors—plays as an indicatorof risk and response to infec-tion and disease.

“There are profound sex dif-ferences in immune systems,and this pandemic is revealingthem once again,” said MarciaStefanick, a professor of medi-cine at the Stanford Preven-tion Research Center, part ofStanford University School ofMedicine. “What is biologyversus what are our socialnorms and gender behaviorsconfounds our ability to un-derstand what’s going on.”

In Italy, men comprisedabout 70% of the deaths fromCovid-19—the illness causedby the new coronavirus—as ofMarch 26, according to thecountry’s National Health In-stitute, or ISS.

Men are also more likely tobe infected by the virus, espe-cially if they are older withunderlying health conditions,scientists say. In China, sev-eral studies show men com-prised more than half the in-fected patients since the firstcases appeared in December.

Past transnational out-breaks of illnesses such as se-vere acute respiratory syn-drome, or SARS, in 2003 andMiddle East respiratory syn-drome, or MERS, in 2012 alsoposed double the risk of deathfor men compared withwomen, studies showed.

Men across the globe arenow considered three timesmore at risk of dying in a hos-pital from Covid-19, accordingto a meta-analysis done by re-searchers at the University ofMiami Miller School of Medi-cine. The study, published bymedRxiv—a site for non-peer-reviewed papers—breaks downdata published between Jan. 1and March 3 on 4,789 patients.

One reason may be that so-cial behaviors likely to in-crease chances of infectionand death from the virus—such as smoking and alcoholconsumption—are associatedmore with men. This could ex-plain why they tend to suffermore than women from condi-

tions such as lung cancer andheart attacks, according to a2016 study published in thejournal JAMA.

In Italy, more than sevenmillion smokers are men,while 4.5 million are women,according to ISS. In China, theprevalence of smoking amongmen is 10 times higher thanamong women, experts say.

What’s more, scientists saythe prevalence of the receptorthat helps the new coronavirusenter human cells is higher insmokers, which might explainwhy more men are taking ablow from a disease that largelyaffects the respiratory system.

“The thing is, more studiesneed to be done around theworld,” said Sara Haddadi, co-author of the preprint in me-dRxiv and a clinical-researchcoordinator in the division ofpulmonary and critical care atthe University of Miami.

Countries differ widely intheir health-care capacities andresponses, which affects thenumber of people tested aswell as cases and deaths de-tected and reported. The U.S.has the most confirmed casesworld-wide, yet isn’t releasingdata broken down by sex. This,experts say, is hurting the med-ical community’s chances ofprotecting those most vulnera-ble to the disease. The Centersfor Disease Control and Pre-vention didn’t comment.

Women also have more ro-bust immune systems, Dr. Ste-fanick said, adding that theyreact better to vaccinationsand can clear infections moreeasily than men.

BY KATIE CAMERO

InfectionIs KillingMore Men,Data Show

Menare seen as threetimes more at risk ofdying in a hospitalfromCovid­19.

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THEWALL STREET JOURNAL. Friday, April 3, 2020 | A7

THE CORONAVIRUS PANDEMIC

tients return to the emergencydepartment where he workswith worsened symptoms, in-cluding fevers and coughs. Af-ter being admitted to a hospi-tal, they tested positive.

“You kind of figure, yeah,that’s a false negative,” Dr.Brokish said.

Linda Girgis, a New Jerseyprimary-care doctor, saw thesame pattern with a test runfor a health-care worker byQuest Diagnostics Inc., a find-ing that made her fear thatfront-line workers might re-port for duty thinking theyweren’t contagious.

“Our materials for providers,including our test reports, makeclear that while these tests aredesigned to minimize false neg-

atives and false positives, suchresults can occur,” said WendyBost, a Quest spokeswoman.

A Labcorp spokesman saidthat while a positive result is adefinitive sign of coronavirusinfection, “a negative resultdoes not definitively rule outinfection.” He said test accu-racy can be affected by how aspecimen is collected, and howlong an individual has been in-fected before testing.

In New York City, “a nega-tive is not clearing anybodywho is symptomatic,” saidDara Kass, an emergency-roomdoctor at NewYork-Presbyte-rian, a hospital system. Dr.Kass said all patients withsymptoms are being treated ascoronavirus-positive.

A continuing scarcity oftesting materials is probablyobscuring the true rate of in-correct results, doctors say.Few say they are willing towaste specimen-collection kitsdouble-checking a patient whoalready tested negative.

They say incorrect resultscould be caused by differencesin how samples are collectedand transported, as well as un-derlying problems with testingplatforms.

Swabs taken from the frontof patients’ noses, for in-stance, tend to have fewercopies of the virus mixed intothe mucus than those takenfrom the nasopharynx, the in-tersection of the nasal cavityand throat.

Last week, a 16-month-oldboy in Florida tested positivefor the new coronavirus, a labreport shows. A few days later,he tested negative at a secondlab.

The chief medical officer atthe practice where the testswere ordered is betting that thepositive result is the right one.

“A false negative is prob-lematic because it tells the pa-tient they don’t have the vi-rus,” said the doctor, CraigDeligdish, an oncologist atOmni Healthcare, a Melbourne,Fla., medical group. Mean-while, that patient can unwit-tingly spread it, he said.

Health experts say theynow believe nearly one inthree patients who are in-fected are nevertheless gettinga negative test result. Theycaution that only limited datais available, and their esti-mates are based on their ownexperience in the absence ofhard science.

That picture is troubling,many doctors say, as it castsdoubt on the reliability of awave of new tests developedby manufacturers, lab compa-nies and the U.S. Centers forDisease Control and Preven-tion. Most of these are operat-ing with minimal regulatoryoversight and little time to dorobust studies amid a desper-ate call for wider testing.

“The whole testing field isin flux,” said Bill Miller, a phy-sician and epidemiologist atthe Ohio State University. “Thething that is different this timeis most of these tests are go-ing through a really rapid vali-dation process. As a result wecan’t be completely confidentin how they will perform.”

BY CHRISTOPHER WEAVER

Michele Hickle, of Lubbock, Texas, initially tested negative for coronavirus, but a later test was positive.

SEANALE

XANDER

The unknown rates of false-negative results could leavepatients with unjustified confi-dence that they can return tobusiness as usual and couldshow that the nation’s viewinto the spread of the diseasehas a blind spot, Dr. Millersaid.

All lab tests have somemargin of error, measured interms of sensitivity—the per-cent of positive cases a testaccurately detects—and speci-ficity, the percent of negativecases it accurately detects.

The sensitivity of the cur-rently available coronavirustests seems to be lower thanother similar tests, said MikeLozano, a Tampa, Fla.-basedexecutive at Envision Health-care Corp., a medical groupthat contracts to provide careat hospitals. Dr. Lozano saidhe estimates that the sensitiv-ity of the tests is in the neigh-

borhood of 70%, meaningnearly one in three positivepatients walks away with a re-assuring negative result.

Chris Smalley, a primary-care doctor at Louisville, Ky.,-based Norton Healthcare, saidthe 70% estimate was gainingtraction with doctors findingout how well the tests work inthe real world, absent betterdata. He said several of his pa-tients with negative tests wenton to develop highly suspiciouscoronavirus symptoms and re-quire long hospital stays.

Dr. Smalley said a negativeresult is more likely to be ac-curate in places like Louisvillewhere the prevalence is low,but could be virtually uselessin New York, where it is high.

A February study of about1,000 patients in Wuhan,China, who were hospitalizedwith suspected coronavirusthere, where the pandemic be-gan, found that about 60%tested positive using lab testssimilar to those available inthe U.S. But, almost 90%showed telltale signs of the vi-rus in CT scans of their chests,the article, published in thejournal Radiology, found, sug-gesting many patients in thegroup were testing negativedespite active coronavirus in-fections.

The technology that under-pins the new coronavirus testsso far available, a geneticmethod called polymerasechain reaction, typically de-tects over 90% of positivecases accurately, said TomTaylor, a professor and formerCDC statistician. In less direcircumstances, he said, theCDC would typically do a studyto verify the accuracy of suchtests, which might take a year.

The U.S. Food and Drug Ad-ministration initially requiredtesting companies to submitapplications for new tests, amove the agency said was re-quired by law. Critics said thatdeterred private companiesfrom moving quickly to de-velop badly needed tests.

As demand surged in lateFebruary, the agency relaxed therequirements, saying labs couldstart testing without approvaland submit their internal stud-ies later. Published details ofthose studies are often limited.

In a statement Monday, theFDA said it is balancing theneed for more testing with itsprerogative to ensure tests areaccurate. Right now, the FDA’spriority remains getting moretests into the field, an agencyspokeswoman said.

A Dallas-area emergency-room doctor, Peter Brokish,said several lab results he hadsent to Laboratory Corp. ofAmerica Holdings came backnegative, only to have the pa-

Questions of TestAccuracy Sow WorryExperts believe nearlyone in three infectedpatients are gettingnegative test results

Patients with falsenegatives canunwittingly spreadthe coronavirus.

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A8 | Friday, April 3, 2020 * * * * THEWALL STREET JOURNAL.

core part of our strategy, andonce again it is nice to see itpay off when it matters themost,” Mr. Hansen wrote in aMarch 12 investor letter. Thatletter told investors the fundwas up 25% before fees anddidn’t elaborate on how Val-iant had scored those gains.

In addition to its stock bets,Valiant also notched gains oncredit protection on global in-vestment-grade and high-yieldbond indexes it had bought inmid-February that becamemore valuable as the likeli-hood of corporate defaultsrose, one of the people said.The fund had closed half ofthat hedge a month later.

ContinuedfromPageOne

of claims is overwhelmingstate labor department web-sites and jamming phone lines.

Still, initial claims weredramatically higher in manystates last week than twoweeks ago, a sign that somestates are making progress inprocessing applications.

In California, about 880,000claims were filed in the week

ended March 28, up fromaround 190,000 in the priorweek and the greatest numberfiled among all states last week.Pennsylvania and New York sawthe second- and third-highestnumber of claims, respectively.

The record-setting claimsfiled the past two weeks are un-likely to materialize in Friday’sMarch jobs report. The monthly

unemployment report offers amore comprehensive view ofthe U.S. labor market, but thetiming of the surveys for thatdata preceded the virus’s wide-spread impact on the economy.

Renee Munholand, a theaterworker who helps hang lightsand audio equipment for eventsin Seattle, filed for unemploy-ment after concerts and corpo-

rate events ground to a halt. Shereceived her first two unem-ployment checks, which totaledabout $1,200, on March 24.

The money is helping, shesaid, enabling her to make min-imum payments on creditcards, buy food and make rent.Still, she said she is keeping herheat turned down to trim costs.

“Depending on how longthis goes, it could eventuallystart to be crippling,” she said.

Layoffs have been particu-larly widespread among smallbusinesses. Such firms operateon lower cash reserves andquickly resorted to layoffs, re-searchers at the University ofNorth Carolina’s Kenan-FlaglerBusiness School said. They es-timated that up to 6.6 millionsmall-business employees wereimmediately laid off when stategovernments in March beganmandating businesses close.

Carol Schroeder, co-ownerof Orange Tree Imports, ahousewares shop in Madison,Wis., laid off 20 employees lastweek when the store closed.

“I told them to go apply for

unemployment insurance,” shesaid. “We’ve paid into it for 45years, now’s the time to useit.” She plans to seek federalloans so she can pay workers’health insurance and said sheis confident they will returnwhen her business reopens.

The roughly $2 trillion stim-ulus package passed by Con-gress and signed into law byPresident Trump last week isintended to help ease some ofthe financial pain many laid-offAmericans are experiencing.

Labor Secretary EugeneScalia said this week thatfunds to increase unemploy-ment payments by $600 aweek will be distributed tostates this week, but he didn’tknow when states would payindividuals.

“The level of need for un-employment benefits rightnow is far beyond anythingwe’ve ever seen in such a shorttime,” said Gail Krumenauer,communications director atOregon’s labor department.

—Rachel Feintzeigcontributed to this article.

transport patients is amongseveral challenges facingEMTs, who are often the firstmedical professionals to makedirect contact with sick pa-tients. Officials who lead thoseagencies say they are alsograppling with N95 maskshortages and have largely

been overlooked in the coro-navirus aid packages approvedso far by Congress.

“We’re worrying about thepatients getting what theyneed, and we’re worryingabout ourselves,” said RobertBarbosa, an EMT in FortWorth, Texas, who went into

THE CORONAVIRUS PANDEMIC

implementation of some ofthese strategies by necessity,”said Seth Hawkins, a doctor atCatawba Valley Health Systemin Hickory, N.C. Still, he saidmaking judgment calls aboutwhich patients to transport isa balancing act.

“From a social justicestandpoint, I feel like I have tobe very careful ever saying noto people who have turned tomultiple other health-care ser-vices who have also said no,”he added.

Some hospitals in New Yorkand Los Angeles have askedambulance services not tobring noncritical patients be-cause they are so constrained,said Matt Zavadsky, presidentof the National Association ofEmergency Medical Techni-cians. The pandemic is alreadyweighing on hospitals’ finances.

Many emergency medical-services organizations are per-forming more treatments inplace, such as providing insu-lin and fluid to people with di-abetes. Some groups are issu-ing explicit new guidance toemergency medical techni-cians about whom to drive tothe hospital.

Deciding whether or not to

quarantine while awaiting theresults of a Covid-19 test aftercoming into contact with ahigh-risk patient. That was be-fore his agency put in placemore stringent patient-screen-ing procedures for the personalprotective equipment workersmust wear on such calls. Thetest came back negative and hewas able to return to work.

Some emergency medicalservices are funded solely bytransport payments fromMedicare and many insurers,while others receive taxpayerfunding and are embeddedwith other public-safety agen-cies like fire departments.

MedStar Mobile Healthcarein Fort Worth now transportsonly 68% of the patients ittreats, down from 82% beforethe pandemic. The change ischipping away at its revenuebecause it is funded solely bythe trips it makes, said Mr. Za-vadsky, its chief strategic inte-gration officer. That loss offunding comes as MedStar ispaying more for personal pro-tective equipment for staff—insome cases $7 or more permask, versus their typicalprice of 67 cents apiece.

“When someone calls 911

they expect someone to come,and if we can’t put an N95mask on we’re not going tocome. That’s a kamikaze mis-sion,” he said.

The Centers for Medicareand Medicaid Services, orCMS, issued a waiver Mondaysaying emergency medical ser-vices would still be paid fortransporting patients sus-pected of having Covid-19 tourgent care centers, doctor’soffices and other emergencymedical facilities

That waiver, however,stopped short of allowingemergency medical-serviceagencies to be paid for treat-ing at home patients whoaren’t suspected of having theinfection, as many providerstrying to do for those needingtreatment for diabetes orheart conditions.

“There’s enormous cost inthat,” said Asbel Montes, se-nior vice president of strategicinitiatives and innovation atAcadian Companies in Lafa-yette, La., who is pressing thefederal government to furtheradapt its rules.

A CMS spokesman didn’trespond to a request to com-ment.

Overcrowded hospitals andsupply shortages caused by thecoronavirus crisis are creatingfinancial and ethical quandariesfor emergency medical workerswho respond to 911 calls.

As the respiratory illnessspreads, ambulance servicesare increasingly weighing pa-tient needs against the risk ofcontaminating more people,further packing alreadystrained facilities and usingprecious face masks andgloves in transporting noncrit-ical patients to hospitals. Theyare trying to treat more peo-ple with common ailments ormild symptoms of Covid-19—the disease caused by thenovel virus—in their homes.

At the same time, emer-gency transport services getpaid only when they bring pa-tients to hospitals, leaders ofthose agencies say. Raising thethreshold for a hospital tripmeans sacrificing revenue.

Some efforts to loosen guide-lines for Medicare reimburse-ment might offer some relief.

“What many of us hope inthis experience is that itpushes the envelope on the

BY SARAH KROUSE

CrisisMakes EMTsRethinkHospital Trips

Paramedics clean a gurney outside a New York City hospital.

SPEN

CERPL

ATT/GET

TYIM

AGES

People waited for help with unemployment benefits at the One-Stop Career Center in Las Vegas on March 17. A record 6.6 million Americans applied last week.

JOHNLO

CHER

/ASS

OCIAT

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ESS

force has filed for jobless ben-efits in the past two weeks, upfrom 0.3% at the end of Febru-ary, showing the toll from thecoronavirus is gripping anever-larger share of the U.S.economy. States indicated peo-ple from industries includingrestaurants, retail, trade andconstruction sought unem-ployment benefits last week.

“The speed and magnitudeof the labor market’s decline isunprecedented,” said ConstanceHunter, chief economist atKPMG LLP. Ms. Hunter said sheexpected millions more claimswill be filed in the comingweeks and projects 20 millionjobs will be lost.

“We didn’t see this in theglobal financial crisis. Wedidn’t see this in the Great De-pression. There’s been a totaldecimation of consumption,”Ms. Hunter said.

The Congressional BudgetOffice updated economic pro-jections Thursday based on thejobless-claims data and recentlyenacted stimulus measures. Itexpects U.S. unemployment toexceed 10% in the second quar-ter and gross domestic productto fall by more than 7%.

“Those declines could bemuch larger, however,” theCBO said, adding that its esti-mates are “highly uncertain atthis time.”

There are several reasonswhy unemployment claims arelikely to stay high in comingweeks. For one, the federal res-cue package signed into law lastweek raises the pool of workerswho can tap benefits by makingindependent contractors andself-employed individuals eligi-ble. Further, states have tight-ened lockdown measures, driv-ing more consumers to stayhome and more businesses toclose or limit operations.

Some people have been un-able to successfully apply forunemployment insurance be-cause an unprecedented level

ContinuedfromPageOne

U.S. JoblessClaimsSkyrocket

The returns for Valiantmark some of the best returnsin the hedge-fund industrythrough the market tumult todate.

A low-profile investor whois known on Wall Street forshort selling and investing inprivate companies, Mr. Han-sen is better known in somequarters for his yearslong ef-fort to bring a professionalbasketball team to his home-town of Seattle.

He was a blunt messen-ger when it came to the cor-onavirus. At a Jackson Hole,Wyo., investment conferenceon March 5, he told an audi-ence of wealthy families andprivate investors to go to cash,stock up on medication andprepare for the pandemic tofundamentally alter life.

“He was speaking to an au-dience of 80 or 90 people andsaid that 10 to 20 of us willlikely contract the virus andseveral of us will, statisticallyspeaking, die,” said MatthewLusins, a partner at real-estate

private-equity firm Conver-gence Investments, which or-ganized the charitable con-ference.

Mr. Lusins said Mr. Hansenasked for a list of interna-tional attendees before agree-ing to speak at the conferenceand didn’t mingle afterward.

Shorting companies andhedging portfolios becameunfashionable over the lastdecade as low interest ratespropelled stock markets tohistoric highs.

While hedge funds bettingon and against stocks aren’texpected to keep up with aroaring bull market, sus-tained periods of underper-formance can lead to investorfrustration and defections.

Valiant, founded by Mr.Hansen in mid-2008 after heleft hedge-fund firm BlueRidge Capital, wasn’t immuneto the pressure to keep pace.

The fund had notched gainsof 8.2% and 13.1% in 2008 and2011, respectively, and mademoney 73% of the months the

S&P was down, according toinvestor documents. But, itsinvestor base had shrunk asits focus on shorting compa-nies it believed were fraudu-lent, or deceived regulatorsand shareholders, hurt re-turns.

Valiant also holds the stockof about two dozen companies

at any given time and holds itsbiggest positions for an aver-age of more than five years. Inseparate structures, it investsin private companies, mainlyin the U.S. and India.

But the fund continued toshort individual stocks andpay for hedges—moves thatturned out to be profitable in

the market tumult this year.When stock markets started

their roller-coaster ride in lateFebruary, the $1.4 billion stockhedge fund also began profit-ing on bets it had madeagainst companies it viewed asfraudulent or fragile monthsor, in some cases, years ago.

The firm also has cashed input options, contracts thatgive the owner the right tosell shares by a certain date ata specific price, it had boughton the cheap against stock in-dexes in the U.S. and India, ac-cording to people familiarwith the firm.

Valiant bought additionalputs on stock indexes startingin late January as it becamemore concerned about the vi-rus, said a person familiarwith the firm.

That move pushed the sizeof its index hedges to a his-toric high. At their peak, thenotional value of the optionscontracts were between $1 bil-lion and $2 billion—a hedgeequivalent to the size of Val-

iant’s portfolio.China’s mass quarantining

of Wuhan starting on Jan. 23and later that month of theHubei province, where the cor-onavirus first emerged, was akey signal that the virus was aserious threat, one person fa-miliar with the fund said.

The fund also was influ-enced by Harvard epidemiolo-gist Marc Lipsitch and otherhealth-care experts, who weresounding the alarm as early asJanuary.

The stock market’s blitheclimb upward even as Chinashut down and the virusspread to South Korea and It-aly recalled other moments ofextreme dissonance to theteam at Valiant, such as thehousing-market crisis or theinternet bubble, the people fa-miliar with the firm said.

Mr. Hansen in recent weekshas told investors Valiant haslittle edge on the virus nowthat it has reshaped daily lifeand the economy so dramati-cally.

This HedgeFund SawRisk Early

Valiant bet againstcompanies it viewedas likely to be hurt byeconomic slowdown.

Labor Data Won’tReflect New Reality

Record-setting unemploy-ment-insurance claims thatwere filed in the past twoweeks are unlikely to material-ize in Friday’s March unemploy-ment report.

That is because the govern-ment uses different timeframes and methods for gath-ering data for the separate re-ports. The Labor Departmentreleases a national compilationof unemployment-insurance

claims for the prior week everyThursday, giving a fairly quickread on fast-moving changes tothe U.S. labor market.

The monthly unemploymentreport, a separate undertaking,offers a more comprehensiveview of the labor market, but thetiming of the surveys for thatdata preceded the coronavirus’simpact on the economy.

A survey of households thatdetermines the unemploymentrate asked Americans if theyreported to work during theweek of March 8-14. Many cor-onavirus-related shutdowns oc-curred the following week.

Similarly, a survey of em-ployers, which determines pay-roll figures, asks for the headcount during the pay period in-cluding March 12. If a workerwas paid for any portion of thatperiod, they were on a payroll.

Economists surveyed by TheWall Street Journal throughMonday forecast employers cut10,000 workers from payrollsand the unemployment rate forMarch ticked up to 3.7% from3.5%. Those benign numbersmiss mass layoffs because theyoccurred in the second half ofMarch, after the survey period.

—Eric Morath

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THEWALL STREET JOURNAL. Friday, April 3, 2020 | A9

JOHANNESBURG—In SouthAfrica, three people have beenkilled as police have attackedcrowds with whips and rubberbullets for defying a lockdownto prevent the spread of thecoronavirus. Five more werekilled in Kenya, including a 13-year-old boy hit by a stray bul-let fired by police enforcing astay-at-home order in Nairobi.In Uganda, soldiers shot and in-jured two people for riding ona motorbike during a curfew.

Across Africa, the violent ap-proach of security forces hasmarked the first days of a seriesof lockdowns that could deter-mine whether the pandemic willcontinue its march across thecontinent. More than a dozensub-Saharan Africa govern-ments have deployed their mili-taries in recent days to enforcesome of the world’s toughest re-strictions—including bans on al-cohol and tobacco sales—tochoke off the virus before it canoverwhelm the region’s under-funded health-care systems.

But caught in the dragnetare some of the world’s poor-est people who are strugglingto maintain social distancingin crowded slums and informalsettlements where govern-ments fear disease—and un-rest over the severity of thecurbs—could spread rapidly.

“Many people who live inthese areas feel the social con-tract is weaker for them andthe state is not on their side,”said Ryan Cummings, directorof Signal Risk, an Africa-fo-

commonplace. The African In-stitute for Security Studiessaid in a new report releasedWednesday that the threatfrom state abuses enforcingthe lockdown could match thethreat of coronavirus itself.

South Africa’s governmenthas launched an investigationafter people were killed violat-ing curfews in the outskirts ofJohannesburg and Cape Town,threatening to underminePresident Cyril Ramaphosa’sresponse to the crisis.

Most residents in such com-munities are crowded intosmall homes with no savings tocushion them from economicshocks. Basic methods to pre-vent the spread of the virus,such as regular hand-washing,can be nearly impossible giventhe scarcity of clean water.Some 587 million Africans, al-most 60% of the continent’s ur-ban residents, live in these con-ditions, according to the U.N.

South Africa, home to someof the largest informal settle-ments, has the highest numberof coronavirus cases recordedon the continent so far at1,353, though only a small

“This is not a moment for‘skop, skiet and donner,’ ” hesaid, using an Afrikaans phrasemeaning “kick, shoot and beat”that was used by apartheid-erapolice who used extreme forcein these same communities.

Since then, long lines ofpeople have been waiting atsupermarkets to buy food.Musa Goinca, a 26-year-old ad-ministrator who has lived inthe township his whole lifesaid many residents are an-gered by the military-enforcedrestrictions.

“People in Alex don’t alwayslike being told what to do,” shesaid. “Each day people will beon the streets…then the militarywill come and patrol, and that’swhen these people will run.”

South Africa’s health minis-ter said on Tuesday that thecurve of infection rate is start-ing to flatten as a result of thelockdown and that authoritieswill soon roll out a large na-tionwide testing program.

In Kenya, where the lock-down is similarly stringent andthere are 59 confirmed corona-virus cases, Amnesty Interna-tional warned that people had

little room to adhere to cur-fews and other social restric-tions to slow the spread of thedisease. The rights group said85% of the population works inthe informal economy, meaningthey have less of a cushion towithstand the abrupt shutdown.

In neighboring Uganda,President Yoweri Museveni inlate March unveiled new curbsthat require people to seekpermits to move around, evenfor the elderly, infirm or preg-nant women.

Mr. Museveni said the re-strictions are needed to pre-vent people in the cities leav-ing for the countryside andbringing the virus with them.

In the quiet streets of thecapital Kampala, however,some Ugandans say hungerwill kill them before the virusor the security forces can.

“I would rather risk beingbeaten by policemen; I can’tstay home and just watch myhungry children crying,” saidJames Kakoza, a taxi driver.“We would not want to defythe advice to stay home butfor most of us, this is our onlysource of income.”

BY JOE PARKINSONAND NICHOLAS BARIYO

cused political risk consul-tancy. “But the social-distanc-ing enforcement needscommunity buy-in, and heavy-handed policing will makepeople more antagonistic to-ward the security forces. Itcould undermine the effort.”

The total number of con-firmed coronavirus cases inAfrica is still lower than in therest of the world, but is grow-ing quickly. The official tallyof infections rose above 6,200as of Thursday, spreading to49 countries in Africa, accord-ing to the World Health Or-ganization. Testing, though,lags far behind that in Asia orthe West, suggesting the epi-demic has spread farther thanthe official figures suggest.

Data provided by the AfricanUnion mapping the first 40days of the infection in Africasuggested the continent is onthe same trajectory as Euro-pean nations such as Italy orSpain, where confirmed casesrose exponentially at their peak.

Some 30 African nations arenow experiencing communitytransmission of the virus, thephase when the disease spreadsrapidly unless there are mas-sive efforts to slow its advancethrough lockdowns and otherforms of social distancing. TheWHO and the U.N. both havewarned that although Africa isbehind the curve infections, itcould quickly leapfrog the restof the world in deaths and pileadditional pressure on heavilyindebted African governmentsdependent on foreign aid.

One of the main challengesin stopping the spread of thevirus is how to enforce lock-downs for hundreds of mil-lions of citizens, often living inimpoverished slums with poorsanitation and no running wa-ter, and where lawlessness anddefiance of authorities are

As Cases RiseIn Africa, SoDoes BrutalityAuthorities take hardlines in bid to enforcelockdowns, leavingpoor people vulnerable

A police officer in Kampala beat a vendor on March 26, after Ugandan President Yoweri Museveni ordered limits on movement.

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number have been reported inshantytowns so far. In addi-tion to banning alcohol andcigarette sales, the govern-ment also has banned any out-side exercise, adding to thegrowing pressure.

In the sprawling Johannes-burg township of Alexandra,where about 350,000 peoplelive in a shantytown adjacent tothe financial district of Sand-

ton, known as the wealthiestsquare mile in Africa, soldiersin armored vehicles have beenenforcing the lockdown bychasing people off the streets.Video footage of soldiers andpolice inflicting beatings hasangered many residents. Mr.Ramaphosa had instructedtroops that their mission wasto save lives, not violate rights.

Some 30 Africannations are sufferingthrough communitytransmission.

THE CORONAVIRUS PANDEMICNY

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A10 | Friday, April 3, 2020 THEWALL STREET JOURNAL.

many analysts said, and mighteven cause greater problems.

“It’s physically impossiblefor Saudi Arabia and Russia toget 10 million barrels a day offthe market—they’d burst theironshore storage and fill everyship in sight,” said EdwardMarshall, a commoditiestrader at Global Risk Manage-ment. “Even with OPEC onboard, that’s a phenomenalamount of oil, and it’ll be verydifficult to get everyone onside.”

The slide has hit energycompanies hard, pushing manyto the brink and dashing oth-ers’ plans to restructure theiroperations. Shares of Exxonand ConocoPhillips have bothshed more than 40% of theirvalue so far in 2020. Earlierthis week, U.S. shale drillerWhiting Petroleum Corp. filedfor bankruptcy protection, be-coming the first sizable frack-ing company to succumb tothe crash in oil prices.

Some other shale producershave asked Texas regulators toconsider limiting the state’soutput for the first time in de-cades. Texas Railroad Commis-sioner Ryan Sitton said onTwitter late in Thursday’s ses-sion that he had spoken withRussian energy minister Alex-

cuts,” said Spencer Welch, di-rector of oil markets at IHSMarkit. “It’s not just [requir-ing] the Russians coming backand offering significantly morecuts than at the last OPEC+meeting, but you’ve also gothundreds more producersacross the U.S. needing to passthe legislation to enforcethose cuts.”

The two periods of thesharpest oil inventory buildsin recent years were in early2005 and early 2015, whenstocks rose by around 400million barrels, according toIHS Markit data. But currently,IHS expects global oil invento-ries to rise by three times thatamount in the first half of thisyear.

Fears that stockpiles willreach their limit in the comingmonths are another factorkeeping some analysts cau-tious.

“There is some part of cau-tious optimism in me but it’sdeeply entangled with a po-tential economic recovery andthe uncertainties around that,”said Marwan Younes, chief in-vestment officer at MassarCapital Management, a NewYork-based hedge fund.

—Amrith Ramkumarcontributed to this article.

Despite traders’ enthusiasm on Thursday, oil inventory is filling up and demand shows no signs of coming back. A refinery in Russia.

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fered a glimmer of hope thatmajor producers can avoid aprotracted conflict, liftingshares of beleaguered energycompanies.

Energy shares have beenthe best-performing group inthe S&P 500 so far this week.On Thursday, shares of ExxonMobil Corp. rose 7.6% andChevron Corp. advanced 11%.

“This is a positive surprisefor the market, but we’re stilla long way off from seeing ac-tual material cuts,” said GaryRoss, chief executive of BlackGold Investors LLC. “Demandis still being devastated.”

U.S. crude oil closed up$5.01, or 25%, at $25.32 a bar-rel, logging its largest percent-age gain on record, accordingto a Dow Jones Market Dataanalysis of figures going backto 1983. Brent crude, theglobal gauge of prices, rose$5.20, or 21%, to $29.94, alsorecording its best day ever indata going back to 1988.

The gains marked a rarebright spot for oil prices in re-cent weeks. Both Brent andU.S. crude are still down morethan 50% so far this year,leaving many traders skepticalthat production cuts alone canlift prices back near recenthighs.

Capping traders’ enthusi-asm: Oil storage is rapidly fill-ing up while demand for fuelhas plummeted, with swathsof the globe shutting down allbut essential services in an ef-fort to combat the spread ofthe coronavirus.

Factories and restaurantshave closed. Airlines are scal-ing back on flights and peoplearen’t driving. Many expect adeep recession world-wide. In-vestment banks and commodi-ties trading houses haveslashed their forecasts fordaily global oil demand bytens of millions of barrels.

A truce between the Rus-sians and Saudis would do lit-tle to shift those dynamics,

ContinuedfromPageOne

Crude PostsA RecordPrice Leap

WORLD NEWS

ander Novak about coordi-nated cuts globally of 10 mil-lion barrels a day.

Mr. Trump is set to meetFriday with the heads of someof the largest U.S. oil compa-nies to discuss measures tohelp the industry as it fightsfor survival. The chief execu-tives of Exxon and Chevronare expected to attend.

Investors were hopeful thatMr. Trump’s tweets signaled athaw in the price war, which

began in early March, after theSaudi-led Organization of thePetroleum Exporting Countriesand a group of other oil-pro-ducing countries dominated byRussia failed to deepen pro-duction cuts by 1.5 millionbarrels.

But some analysts doubtthat coordinated cuts of thesize he described Thursday areeven possible.

“It’s highly unlikely theseparties would agree to these

January

U.S. crude oil, daily change

Source: Dow Jones Market Data

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10

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%

February March April

March 18Price hits 18-year low

April 2Saudi Arabia signalsoutput cuts possible

March 6OPEC and Russia can’t

reach a deal to cut output

March 9Decline after Saudi Arabia says itwill cut prices and raise production

After bitter clashes lastweek over a collective eco-nomic response to the corona-virus crisis, European authori-ties have rolled out proposalsaimed at convincing Spain andItaly the bloc is serious aboutstanding together.

The European Union’s exec-utive body proposed a €100billion ($110 billion) planThursday to help governmentsfund programs to keep peoplein work. French Finance Min-ister Bruno Le Maire detaileda proposed long-term corona-virus impact fund.

Even in the Netherlands,where top officials were thetarget of fury last week fromhard-hit southern Europeancountries, the government hasproposed a multibillion-eurocoronavirus fund with no con-ditions attached.

The proposals represent asignificant shift and some havethe potential to provide realrelief for the economies worstimpacted by the pandemic. Butrifts remain deep regarding thescale of the response neededand whether, sooner or later,European governments willneed to jointly issue commondebt to meet mounting costs.

The European Commission’sproposal to raise €100 billiondirectly from the markets isits most ambitious yet. Thebody also suggested makingavailable tens of billions of eu-ros in EU funds this year andnext that previously were ear-marked for specific programs.

The commission is askingmember states to provideguarantees valued at €25 bil-lion for the jobs fund, whichwould lend directly to nationalgovernments to pay for short-term job programs.

There would be no cap onthe amount each countrycould receive.

BY LAURENCE NORMANAND NOEMIE BISSERBE

EU JobsProposalsGet SomeTraction

©2020Dow Jones & Co., Inc. All rights reserved. 6DJ7857

UncertainTimes Call forTrusted Facts.Wehave the facts you need toget your questions answered.

Visitwsj.com/coronavirus

If I’ve recently recovered fromCOVID-19, how can I help?

What help can telehealthprovide and what will it cost?

Are homemade masks effective?

Which states are in lockdown?

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A11A | Friday, April 3, 2020 * * THEWALL STREET JOURNAL.

assortment of machines,dumbbells and the like.

Still, many have found aworkaround with other objectsthey can lift.

Carlyn Topkin, a 31-year-oldJersey City resident, has takento using soup cans as herdumbbells. “I like hearing theclam chowder swishing aroundin there,” she said.

Wine bottles are another al-ternative, Ms. Topkin said,adding that her wine con-sumption has increased duringthe stress-inducing pandemic,so the bottles are always avail-able.

Cessie Cerrato, a resident ofManhattan’s Upper East Side,was looking for somethingheftier to lift, particularlywhen doing squat exercises.She found a solution in Drizzy,

her 35-pound French bulldog.So far, the pooch hasn’t

protested. “Drizzy lets me dowhatever I want,” said Ms.Cerrato, 39.

Some New Yorkers stillcrave the opportunity to workwith their favorite trainer. Inthat regard, many fitness stu-dios and independent profes-sionals throughout the regionare going online with theirclasses and even providingone-on-one sessions throughvarious web platforms.

Punch Pedal House, a studiowith two locations in Brook-lyn, is offering more than adozen weekly online classesvia the Instagram Live plat-form, for example. The studioalso rented out its bicycles tomembers for spin classes.

Superior Fitness Lab, a gym

in Harlem, is still doing in-per-son training, but with a tweak:Co-owner Edward Rush hastaken the workouts to nearbyopen spaces—in particular,Morningside Park—and hasbrought much of his equip-ment along, including a porta-ble rowing machine.

Mr. Rush said he is able tomaintain the proper social dis-tances with his clients. He alsomakes sure they wear gloveswhen using the equipment.

Maria Hoffmann, a 40-year-old Harlem resident who isone of the regulars at the out-door classes, said she is begin-ning to appreciate the benefitof working in the fresh air asopposed to a gym. “I like tosmell the flowers,” she said.

For all the creativity thatNew Yorkers are showing with

their workouts, some fitnessprofessionals sound notes ofcaution.

Steve Holiner, a veteranprofessional who teachestrainers and runs the Brooklynstudio Speakeasy of Strength,said that certain routines thatfitness fanatics are doing maynot be as effective as theythink. “Some of it is circustricks,” he said.

Mr. Holiner also said thosewho aren’t used to workingout may want to be carefulabout starting an ambitiousnew routine, noting there isalways the risk of injury. Andnow is especially not the timeto get injured with hospitalsalready in overdrive, he said.

“Fitness shouldn’t be abouthuge exertion right now,” hesaid.

“We’re not asking for a fa-vor from these businesses,”the governor said at a newsconference. Companies andmanufacturers who need fi-nancial help to convert facto-ries for such work can get helpfrom the state’s economic-de-velopment agency, he said.

“We’ll finance what youneed in terms of transition-ing,” Mr. Cuomo said.

The machines are the mostin-demand item to fight thecrisis, although only a smallpercentage of patients—about15%—survive after being puton a ventilator, according toMitchell Katz, the head of NewYork City’s public hospital sys-tem.

New York continues to bethe U.S. epicenter of theCovid-19 crisis, with 92,381positive cases of the pneumo-

nialike disease and 2,373deaths as of Thursday morn-ing, the governor said. Morethan 13,300 people are hospi-talized across New York, with2,373 in intensive-care units.

Mr. Cuomo said he was con-cerned about rising numbersin Westchester, Nassau andSuffolk counties—all adjacentto New York City—stressingthat the problem wasn’t just indense New York City.

In suburban Nassau County,there are 10,587 positivecases, up 1,033 from a day ear-lier; and in Suffolk County,there are 8,746 cases, includ-ing 1,141 new cases, health de-partment data show.

Westchester County, whichhad the first cluster of con-firmed cases in the state, has11,567 positive cases, up 884from Wednesday.

New York City Mayor Billde Blasio on Thursday recom-mended all residents wear facecoverings like bandannas orscarfs whenever out in public.

The virus has spread to ev-ery county in New York, whichMr. Cuomo said is a precursorto what will happen across thecountry.

Yates County, one of thestate’s least-populous coun-ties, didn’t have any recordedcases until Thursday, datashow.

“It is false comfort to say,we are a rural community, wedon’t have the density of NewYork City,” Mr. Cuomo said.

In New Jersey, which hasthe second-highest confirmedcase total in the U.S., Gov. PhilMurphy signed an executiveorder giving state police theauthority to commandeer hos-

pital supplies, including N95masks and ventilators.

The governor said he hopesfacilities with such supplieswill voluntarily donate the ma-terials to hospitals. But “ifneed be, we will use this au-thority,” Mr. Murphy said.

The number of New Jer-sey’s confirmed Covid-19 casesincreased by 3,489 on Thurs-day, bringing the statewide to-tal to 25,590. There have been537 coronavirus-related deathsin the state.

With that number expectedto increase in coming days,New Jersey is set to open atemporary field hospital Mon-day at the Meadowlands Expo-sition Center in Secaucus, with250 beds. The site will care fornon-Covid-19 patients to re-lieve pressure on hospitals.

The state is also building

field hospitals in Edison andAtlantic City that will add afurther 750 beds.

The region is straining fromthe economic fallout of thepandemic. Jobless claims havecontinued to skyrocket, withmore than 600,000 people fil-ing for first-time unemploy-ment benefits across the tri-state area in the week endedMarch 28.

New York processed morethan 369,000 initial jobless ap-plications, representing a2,674% increase comparedwith the same week last year.In New Jersey, more than206,000 people filed for un-employment for the first timelast week, while Connecticutprocessed more than 33,000initial claims.

—Kate Kingcontributed to this article.

New York state will financecompanies willing to manufac-ture ventilators and otherneeded medical supplies, Gov.Andrew Cuomo said, as re-ported cases of the coronavi-rus continued to grow.

The state has enough venti-lators in its stockpile for thenext six days at hospitals’ cur-rent rate of use, Mr. Cuomosaid Thursday. At least 400ventilators were sent Wednes-day night to New York Citypublic hospitals.

BY KATIE HONANAND JOSEPH DE AVILA

State Gets Creative in Ventilator SearchCuomo says New Yorkwill finance companieswilling to manufacturemedical supplies

New York state has reclassi-fied the real-estate industry asan essential business, allowingbrokers to resume certain as-pects of their jobs and gener-ating both relief and anxietywithin the New York City bro-kerage community.

Under this new interpreta-tion clarified by state officialson Thursday, participants inthe real-estate business, in-cluding inspectors and apprais-ers, can now go to properties.Brokers can oversee transac-tion signings in person whilepracticing social distancing bystanding at least 6 feet apart.Apartment showings can re-sume, but they must be virtual.

Previously, New York statehadn’t included real estate asan essential business. But Em-pire State Development, thestate’s economic-developmentarm, reversed its classificationafter being lobbied by somemembers of the real-estate in-dustry, people familiar withthe matter said.

“Brokers can only transactbusiness in their offices orshow properties virtually, andanything else is off limits,”said a spokesman with EmpireState Development.

For some, the idea that real-estate agents would have cli-ents cycle through properties,even while observing socialdistancing and cleanliness stan-dards, raised safety concernsand questions about whetherthat would be possible.

“I think that any agent whogoes out and shows now is atrisk, every contact is a risk,every surface is a risk,” saidDonna Olshan, head of OlshanRealty Inc., a New York bro-kerage firm. “And any tradeorganization and brokeragefirm head that encouragesagents to go out and show inthis environment is irresponsi-ble beyond belief.”

For others, the inclusion ofcertain real-estate activities asessential made sense becausethe state’s stay-home ordercould jeopardize parties withdeals in progress closing onsales of homes or commercialproperties and wasn’t guid-ance encouraging in-personhome showings. Critical taskslike inspection and appraisalsare needed, they said.

Contracts often have time-lines as do certain types oftransactions called 1031 ex-changes. These transactionsenable sellers of real estateand other assets to defer capi-tal-gains taxes by reinvestingthe proceeds in “like-kind”properties.

Derailing one deal could af-fect other transactions, saidAdelaide Polsinelli, vice chairat Compass, a real-estate ser-vices firm. “I think this is aboutcritical situations that have toclose because of monetary con-sequences and deals that willbe in jeopardy,” she said.

The powerful Real EstateBoard of New York, which rep-resents the industry in NewYork City, said it hadn’tpushed for the change. In astatement, REBNY said that“these guidelines are not yetfinal and have not been pub-lished by the [Empire StateDevelopment]. All previous ex-ecutive orders and guidelinesremain in effect.”

BY KEIKO MORRIS

Real EstateLabeledEssentialBusiness

Like many health-consciousNew Yorkers, Emily Koh hasan exercise routine that in-cludes regular trips to thegym. But when the pandemicprompted the shutdown of thetwo facilities she uses, sheworried about finding a fit-ness alternative.

Until she remembered thatshe lives in a 20-story building.

“My boyfriend and I werelike, ‘We should just run upthe stairs,’” said Ms. Koh, a32-year-old resident of Man-hattan’s Gramercy Park neigh-borhood. She added that shehas now made the stair climb-ing almost a daily ritual: “It’sa great quad workout.”

Ms. Koh is hardly aloneamong residents of the metro-politan area in coming up witha new coronavirus-era fitnessregimen. And these formergym rats are getting increas-ingly creative in their efforts.

Art Sutley, a resident ofHoboken, N.J., realized thathardly any cars were comingin and out of the local garagewhere he parks his vehicle. Sohe decided to turn it into hisown private gym, going up anddown the ramps in a variationof a stair-climbing routine.

Mr. Sutley, 40, said the bestpart is that he doesn’t have totouch anything along the wayand risk picking up the virus.By contrast, with stairs, thereare typically doors to open be-tween floors, he said.

His only concern? That oth-ers might pick up on his ideaand start crowding the space.“I’m telling the garage atten-dant, ‘Don’t tell anybody,’” hesaid.

Stairs and ramps can pro-vide a good cardio routine—and, yes, stairs can work thosequadriceps as well, fitnessprofessionals say. But when itcomes to strength-trainingworkouts that require weights,locals may find themselvesadrift without their usual gym

BY CHARLES PASSY

With Gyms Shut, Workouts Bend in New Ways

Art Sutley, a Hoboken resident, decided to turn a garage that has little traffic now into his own private gym.

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RUBIN

New York lawmakers areexpected to approve a bill thatwould grant sweeping civil-and criminal-liability protec-tions to hospitals and health-care workers treating thesurge of patients infected withthe new coronavirus.

The measure largely liftsthe threat of malpractice law-suits at a time when New Yorkhospitals are reeling fromventilator and protective-gearshortages and overcrowdingthat could force them to makewrenching choices about allo-cating lifesaving care.

Titled “the Emergency Di-saster Treatment ProtectionAct,” the legislation is tuckedinside the budget bill passedby the state Senate and await-ing approval of the Assembly.Democratic Gov. AndrewCuomo is expected to sign themeasure.

The Greater New York Hos-pital Association, a tradegroup, sent a letter to itsmembers Thursday, saying ithad drafted the legislationand secured its inclusion inthe state’s annual budgetpackage.

An official for Mr. Cuomo’soffice said the state askedhospitals to increase capacityby at least 50%, giving flexi-bility to meet that goal

through alternative facilitiesincluding nursing homes, dor-mitory rooms, ambulatorycenters or even a tent in Cen-tral Park.

Moreover, the state hasasked retired physicians andother health-care workers toreturn to work to help withthe crisis. Current state mal-practice laws aren’t flexibleenough for the situation pre-sented by coronavirus, the of-ficial said.

The state needs a law that

stands behind physicians andsystems, the official said.“There is no applicable stan-dard of care when you aredealing with a pandemic cri-sis,” the person said.

The state’s hospital indus-try described it as a fair ac-commodation to extraordinarycircumstances.

Often at the direction ofstate authorities, hospitalshave had to rapidly expandtheir medical ranks, constructnew space and redeploy re-

sources, said Laura Alfredo,the hospital association’s gen-eral counsel. The extrememeasures and patient deathshave made the hospitals andtheir staffs more vulnerable tocostly litigation, she said.

The legislation’s protec-tions aren’t unlimited. The billdoesn’t excuse intentionalcriminal misconduct, recklessmisconduct or intentional in-fliction of harm to patients.

“You don’t want to protectegregious conduct. That was

never our goal,” Ms. Alfredosaid.

Such protections from law-suits aren’t unprecedented.Virginia has a law that extendssimilar safeguards to health-care providers responding todeclared disasters.

The New York bill doesn’tjust protect physicians andnurses but the boards and ad-ministrators running the insti-tutions. It also covers nursinghomes and a number of otherhealth-care workers. It pro-tects them not only from tortclaims but the less likely pos-sibility of criminal prosecu-tions stemming from loss oflife.

The immunity would expirewhen the state of emergencyMr. Cuomo declared in Marchis lifted.

Arthur Caplan, a professorof bioethics at New York Uni-versity Grossman School ofMedicine in Manhattan, saidhealth-care workers, includingstudents, are concerned aboutthe legal risks of providingtreatment on the front lines ofthe pandemic.

This is a very importantgrant of immunity,” Dr. Caplansaid. “It shows thoughtful un-derstanding of the fact thatwe are in very terrible times,and we have to adjust our ex-pectation of what’s to be pro-vided to patients and what in-stitutions can do.”

BY JACOB GERSHMANAND MELANIE GRAYCE WEST

N.Y. to ShieldHealthWorkers FromLawsuits

A measure would largely lift the threat of malpractice suits as hospitals are reeling from the virus crisis.

SPEN

CERPL

ATT/GET

TYIM

AGES

GREATER NEW YORKNY

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THEWALL STREET JOURNAL. * * Friday, April 3, 2020 | A11B

An open letter from public health leaders around the nation:Dear Fellow Residents, April 3, 2020

As public health leaders of the largest cities and counties in this country, it is ourmission and duty to assure transparency during this time of great uncertainty.

Our country has not faced a public health threat like COVID-19 in over 100 years.With worldwide daily increases in both confirmed cases and deaths, it is clear tous as public health experts that this pandemic is gaining momentum and not soonsubsiding. If we do not act quickly and collaboratively, many more lives will be lostacross our country.

It does no one any good to soften the reality of what we are confronting. We mustall prepare ourselves for loss—of normal routines and services, of economicsecurity, and, tragically, of many, many lives. The only question now is how greatthe losses will be—an outcome that depends on our shared commitment to takeindividual responsibility and civic accountability for adhering to preventativemeasures, and, above all else, to stay home.

To save lives, we urgently need to slow the spread of the virus now. Many of ourcities have put measures in place to sharply limit the spread of COVID-19. But nomatter the extent of these measures, and even if you feel fine, we again imploreyou: Just Stay Home!

We know there are certain people, essential workers, who must work, and wethank them for their dedication. Your staying home helps keep them as safeas possible.

Staying home will protect both you and everyone you would otherwise come incontact with. If everyone stays home as much as possible, we will limit the spreadof the virus, we will greatly reduce the number of people getting sick, and we willsave many lives.

It is also critical to follow other recommended and mandatory measures to ease theburden on our health care system. If too many people rush to our emergency roomsfor non-emergency care, our system will buckle under the weight of the demand.

Stay home for yourselves. Stay home for your family and loved ones. Stay homefor your friends. Stay home for your community. Stay home for the health andprosperity of your country.

We understand that what we are asking of you is not easy. We know that for manyof you, sounding this alarm may cause fear and anxiety. But, we must.

While we ask you to stay apart physically, we implore you to come togetheremotionally and spiritually. Together we are the best defense against this pandemic.

In gratitude,

Oxiris Barbot, MDNew York City

Sara Cody, MDCounty of Santa Clara

Wilma Wooten, MD, MPHSan Diego County

Mysheika Roberts, MD, MPHColumbus

Tomas Aragon, MD, DrPHCity and County of San Francisco

Dawn Emerick EdD, MPASan Antonio Metro Health District

Patty Hayes, RN, MNSeattle-King County

Rita Nieves, RN, MPH, LICSWBoston

Rex Archer, MD, MPHKansas City

Denise Fair, MPH, FACHEDetroit

Stephanie Hayden, LMSWAustin

Vinny Taneja, MBBS, MPHTarrant County

Allison Arwady, MD, MPHChicago

Tom Farley, MD, MPHPhiladelphia

Phil Huang, MD, MPHDallas County

Stephen Williams, MEd, MPAHouston

Rachael Banks, MPHMultnomah County

Barbara Ferrer, PhD, MALos Angeles County

Fermin Leguen, MDSouthern Nevada Health District

Kimi Watkins-TarttAlameda County

Virginia Caine, MDMarion County

Marcy Flanagan, DBA, MPH, MAMaricopa County

Bob McDonaldDenver

Kelly Colopy, MPPLong Beach

Merle Gordon, MPACleveland

Gretchen Musicant, MPH, BSNMinneapolis

Letitia Dzirasa, MDBaltimore City

Gibbie Harris, MSPH, BSN, RNMecklenburg County

LaQuandra Nesbitt, MD, MPHWashington, D.C.

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THEWALL STREET JOURNAL. * * * * Friday, April 3, 2020 | A11

WORLD NEWS

Notre Dame’s Repairs StallaYear After FireAlmost a year after last April's devastating fire, Notre Dame isstill in a fragile state.Workers had been racing to stabilize the800-year-old structure before the effort was suspended indefinitelylastmonth due to the coronavirus pandemic, putting the projectin even greater jeopardy.

One issue remains undecided: Should Notre Dame’s roof and spirebe rebuilt as they once stood or get amakeover? The Frenchgovernment has fielded proposals from architects around theworld,fueling debate. The goal was to have the restoration done by 2024,when Paris will be hosting the Summer Olympics, but work isalready behind schedule.

The fire destroyed a section of thecathedral that acted as the linchpin of itsmedieval design: its roof and central spire.

Like a ballast, the spire and roof pusheddownward and outward onNotre Dame’slimestonewalls, countering the inwardpressure generated by the cathedral’sflying buttresses andmassive facade.

The cathedral is covered in leadthatmelted from the roof andspire, whichweremade of severalhundred tons of the toxicmetal.Workers doing cleanupwearhazmat suits to prevent leadcontamination and shower eachtime they leave the site.

Spire

Apse

Vaulted ceiling

Limestonewalls

Flying buttresses Gables

South tower

NaveNaveNave

North tower

Lead-covered roof

Notre Dame’s famous flying buttresses arestill pushing against thewalls, but withoutthe counterweight of the roof and spire, theyare at risk of collapsing if the vaults giveway.

Wedged between the flying buttresses andthemainwall, these 8-ton crutches (below)are designed to preventwalls from collapsingif the vaulted ceiling givesway.

Workers had startedbuilding a newscaffolding to removethe old one before theproject was suspendedinMarch. Eventually,workers known assquirrels will rappel byrope over the oldscaffolding, removing itpiece by piece over thecourse of a fewmonths.

Water used to douse the flames createdfissures in themassive stones that arcabove Notre Dame’s nave, and seeped intothe joints andmortar, leading to crumbling.Some of thatwatermay have frozen overthewinter, potentially weakening thestructure further.

MAIN ENTRANCE

Without the spire and roof in place, thelimestonewalls of Notre Dame’s nave areat risk of tilting inward and its vaultedceiling can buckle. Already, about 15%of the ceiling collapsed during the fireand over the summer.

Charred scaffolding looms at thecathedral’smost vulnerable point,where the spire once rose. It had beenerected for restoration efforts beforethe fire. Now distorted and highlyunstable, it has been swaying in thewind and rain. Its collapsewould becatastrophic.

transept

Sources: French Ministry of Culture, Notre Dame Cathedral Conservation and Restoration Authority, Pierre Noel, Google Earth Written by Noemie Bisserbe and Stacy Meichtry, illustrations by Merrill Sherman, production by Roque Ruiz and Todd Lindeman/THE WALL STREET JOURNAL

SpireNorthtower

Southtower

Flying buttresses

South rosewindow

Main features

A row of 60-footwooden beams(below) hangs above the vaultedceiling of the apse, creating aplatform for workers to assessdamage andmake repairs.

ng fire, Notre Dame isracing to stabilize thewas suspended indefinitelyemic, putting the project

otre Dame’s roof and spireakeover? The Frencharchitects around theworld,e restoration done by 2024,Olympics, but work is

Thecathmedi

Likedownlimepresflyin

Spir

flames created transepttransept

Exposed ceilingAgiant tarpaulin has been stretched overthe exposed ceiling, covering crater-likeholes. The upperwindows of the naveand the apse have been removed forprotection. Temporary covers shield thecathedral’s famed trio of rosewindowsfrom the elements.

Inside, two pillars, damaged by thespire when it came down in flames,have been reinforced. Themain altar,with its baroque sculptures depictingthe vow of King Louis XIII, has beencoveredwith awooden box.

The gables are also at risk because they are nolonger supported by the roof. The north gablenearly collapsed during the fire.

Giant wooden supports have been installed toreinforce the north, west and south gables.

Beams

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A12 | Friday, April 3, 2020 THEWALL STREET JOURNAL.

Houston premiere of “1984,” as thestage version is known, should byall rights have been a box-officesmash. Alas, the coronavirusclosed the theater before the showcould open, but the company wasable to tape a performance and itis now available as a pay-per-viewwebcast. Crisp, unflashily photo-

graphed and as hard-hitting as aright to the kidney, it comesacross with bright clarity on thesmall screen, and even if you knowthe novel by heart, I expect thatyou’ll find it—to paraphrase some-thing one of Orwell’s characterssaid—tripleplusgood.

The six actors, all of whom are

LYNNLA

NE

Jay Sullivan andShawn Hamilton

FILM REVIEW | JOE MORGENSTERN

Past VisionsOf an Empty

PresentVacant cityscapes are now the real-life norm,though they’ve long been a cinema trope

Clockwise from above: Ivan Jandl in‘The Search’; Cillian Murphy in ‘28Days Later’; Orson Welles in ‘TheThird Man’; Tom Cruise in ‘Vanilla Sky’

LIFE&ARTS

EVER

ETTCO

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‘NINETEEN EIGHTY-FOUR,”George Orwell’s parable of thecoming of Stalinist totalitarianismto England, is the most significantpolitical novel of the 20th cen-tury—but one with which manyreaders are by now so familiarthat they can no longer come to itfresh. Adapting it for the stage isone way to restore the immediacyof Orwell’s nightmare vision, butthe 2014 West End production ofthe Robert Icke-Duncan Macmillanstage version, which played onBroadway three years ago, was abells-and-whistles multimedia ex-travaganza that strayed too farfrom the original novel for its owngood. Not so Michael Gene Sulli-van’s no-frills, six-actor 2006 ver-sion, intended for performance ona near-bare stage. The scripttracks the book closely, spellingout the once-unprintable obsceni-ties at which Orwell could onlyhint in the late 1940s, though mosteverything else, even the tele-screens, is left to the imagination.

This strikes me as the right wayto go, and the Alley Theatre’s

members of the Alley’s residentacting company, play multipleroles save for Shawn Hamilton,who is appropriately fearful anddesperate as Winston Smith (youcan all but smell the sweat on hisbrow). Everyone else provides ex-citing support, with Chris Hutchi-son, who plays O’Brien, Winston’sgrand inquisitor, giving an excep-tionally memorable performance.His grotesque parody of kindlinessas he tortures Winston in order toconvert him to the gospel of good-think is striking.

The décor of this “1984,”staged with clean, spare economyby Rob Melrose, the Alley’s artis-tic director, is as fine as the act-ing. Michael Locher’s stark unitset consists of a circular platformringed with swivel chairs atwhose center is a sunken pit linedwith searchlights. Raquel Barreto,the costume designer, has dressedeveryone in shades of black, grayand taupe, creating an impressionof monochromatic hopelessness.Cliff Caruthers’s space-age elec-tronic music and sound design

add immeasurably to the total ef-fect, especially in the torturescenes, which are all the morefrightening for their restraint.

Even though the Hubbard The-atre, the Alley’s mainstage venue, isa 774-seat house, this “1984” is asmall-scale show whose strength isrooted in its intimacy. It wouldn’tsurprise me if it works at least aswell when viewed at home as wouldhave been the case had the showgone on. It’s a must-see webcast, in-contestably superior to the 2017Broadway production. Comfort foodit isn’t, but if you’re up for strongerfare, make haste to check it out.

1984Alley Theatre, Houston (viewable on-line only, $20). For electronic “tick-ets,” go to alleytheatre.org. The showcan be viewed through April 12.

Mr. Teachout, the Journal’s dramacritic, is the author of “Satchmo atthe Waldorf.” Write to him attteachout@wsj.com

THEATER REVIEW | TERRY TEACHOUT

‘1984’: A Stunning Dystopia on Our Telescreens

Until a few weeksago it was the mov-ies we looked to forhaunting spectaclesof great cities sud-denly stilled by

epic events, their streets andsquares devoid of visible life. Nowwe needn’t look farther than ourown doorsteps. We’re living insidea frightening drama with an inde-terminate running time, beset bybarely imaginable special effects.What films we choose to watchwhen we’re able to pry ourselvesaway from the news are likely tobe uppers, reliably entertainingand life-affirming. Yet another cat-egory might be worth checking outevery now and then—movies cele-brated for their scenes of eerieemptiness or stylized solitude,their evocation of negative spaces.By heightening and clarifying ourperceptions, they can do what arthas always done, help us under-stand what we’re feeling in our all-too-real lives.

One of the most startling suchscenes—and all the more remark-able since no CGI was involved—isthe dream sequence near the be-ginning of “Vanilla Sky” (2001),with Tom Cruise as an overprivi-leged egomaniac named DavidAames. Pulling out of an under-ground garage in his black Ferraricoupe, David gradually realizesthat there’s no one in sight. It’s9:05 a.m. by the chronograph onhis wrist, yet the traffic lanes andsidewalks of Central Park West areempty. Then he reaches TimesSquare, which is empty too, a be-wildering vista that leaves himscreaming in terror. (Next we hearhis therapist telling him, and us,“Well, I suppose the empty streetsmeant loneliness.”) It’s worth not-ing that the script was adapted,mostly shot for shot, from a muchsuperior Spanish film, “Open YourEyes” (1997), in which the heroleaves his apartment in a Volks-wagen convertible at 10:04 a.m.—everything happens later in

Spain—and discovers the total de-population of Madrid’s Gran Vía.No shrink is employed to tell uswhat the dream means.

Los Angeles is as empty as TomCruise’s New York in the earlystretches of “The Omega Man”(1971), and it’s not a dream; that isto say, within the narrative struc-ture Charlton Heston’s Dr. RobertNeville, a survivor of a global pan-demic that wiped out most of ourspecies, is actually driving througha city from which all humanity hasvanished, leaving only zombies.The film hasn’t aged well, unlike“WALL-E” (2008), the peerlessPixar masterpiece that opens witha vision of the entire planet as anabandoned garbage dump.

An argument could be madeagainst including another zombiemovie; slouch-shouldered slobber-ers resemble one another soclosely that they allow us humansto detach from the full impact ofthe horror. That said, DannyBoyle’s “28 Days Later” (2002) is atriumph of cross-genre craftiness.It’s a horror film, yes, in which

most survivors of a cross-speciespandemic are classic zombies. Butit’s also an elegant end-of-civiliza-tion fantasy with breathtakingshots of London bathed in softpink sunlight, and not a living soulto be seen on its silent, breeze-swept streets.

An apocalyptic war has leftParis shattered and uninhabitablein “La Jetée,” the immeasurablyinfluential sci-fi short, set forth instill photos, that Chris Markermade in 1962. (Among the manyfeatures it inspired was “12 Mon-keys.”) Yet films don’t need to de-pict devastation of that magni-tude in order to resonate with theanxiety and isolation we’re expe-riencing now. Open spaces withpeople in them will do the trick,depending on the tone of the

of emptiness—on streets, in fields,in an upscale residential area on theedge of Rome. The few people drift-ing by seem lost to the world, andto themselves.

Even movies that say nothingabout spiritual isolation can con-vey it strongly. Alexander Macken-drick’s “Sweet Smell of Success”(1957) is a classic study of ambi-tion and venality, with Burt Lan-caster as J.J. Hunsecker, the despi-cable gossip columnist modeled onWalter Winchell, and Tony Curtisas the craven press agent SidneyFalco. Yet there’s a climactic mo-ment of exquisite aloneness whenSidney, set up and cast out by J.J.,makes his way in the dead ofnight to Times Square, where he’sthe only person visible—it’s aforeshadowing of “Vanilla Sky”—until a couple of cops come along,beat him up and haul him off.And, in a counterpoint that couldserve as a hopeful symbol forthese times, J.J.’s younger sister,Susie (Susan Harrison), frees her-self from his suffocating clutches,leaves his apartment and walksout onto a Broadway that’s almostempty but starting to fill up in therising light of dawn. Back in theworld at last, she’s ready for anew life.

scene, cinematography being apowerful emotional tool.

In Fred Zinnemann’s stirringthough all but forgotten “TheSearch,” a 1948 drama about a lostCzech boy reunited with his motherin postwar Berlin, a lone womanwalks, in long shot, alongside an au-tobahn on which no traffic flows. InCarol Reed’s darkly resplendent“The Third Man” (1949), set in thewreckage of postwar Vienna, thecamera tilts and a zither plays as anancient balloon-seller crosses thewet cobblestones of a little plaza atnight; the scene bespeaks, quite un-accountably, deep solitude. “L’Ec-lisse” (1962), a meditation on loneli-ness in contemporary life byMichelangelo Antonioni, the cin-ema’s poet laureate of social dis-tancing, ends with a visual survey

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THEWALL STREET JOURNAL. Friday, April 3, 2020 | A13

LOOK INSIDE | By Mike Shenk

TheWSJ Daily Crossword | Edited by Mike Shenk

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40 41 42

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The answer tothis week’s contestcrossword is an11-letter answer.

Across1 Health measureopposed by manyGOP politicians

4 Another word fora scalawag

10 Yahtzeeequipment

14 “Wonderful” juicebrand

15 Animal withpseudopods

16 Hydroxylcompound

17 Stadiumpersonage

Previous Puzzle’s Solution

18 Patient mover19 Elsa’s “Frozen”

sister20 Ran across22 Service call23 Area of a

two-master nearthe rudder

24 Tuberculosisbacterium, e.g.

26 Any of themultitudes ofthe addlepated

29 Nag30 Spoil31 Driller’s deg.32 Beat by a small

margin33 Revealing cry35 Reserved

40 Focuses on theroad, say

41 Peripatetic sort43 Lawn makeup46 Fire in the blood47 Cooling of the

equatorial Pacific48 Coveted guests51 Made amends for

what one did52 Pitcher’s

position in thelineup, typically

53 Network thatlaunched with“Star Trek:Voyager”

55 Jiffy56 At any point57 Wool source

60 Currently62 Hospital fluids63 More open,

perhaps64 Sound in the

park65 Where Achilles

died66 Cosmopolitan

publisher67 Scratch (out)Down1 Proprietor ofSpringfield’sKwik-E-Mart

2 Pays tribute to3 Current strength4 Joplin tune5 Charm6 Ticked off7 Euro divisions8 Japan’s primeminister

9 Put down10 Idea that terrifies

thanatophobes11 Underprivileged12 “Heart of

Darkness” author13 Spiral-horned

antelopes21 Locker room

snapper23 Pull against, as

a leash24 Candle count25 Deceptive intent

27 Forgets tomention

28 Scottie in the1940sWhiteHouse

33 Member of aselect group?

34 “Season of Glass”singer

36 Salt or smoke,e.g.

37 Toddler’s taboos38 Fame39 Comic who

voiced DustyCrophopper in“Planes”

42 Pop43 Least loony44 “Food, Glorious

Food” musical45 Dough47 Weapons of our

medievalancestors

49 Digress50 Sporty Toyota54 Hand holding?57 Sound of

satisfaction58 You shouldn’t

believe it59 Gallery fill61 Sorry state

s

Email your answer—in the subject line—to crosswordcontest@wsj.comby 11:59 p.m. Eastern Time Sunday, April 5. A solver selected at randomwill win aWSJmug. Last week’s winner: Adam Breech, San Rafael, CA.Complete contest rules atWSJ.com/Puzzles. (No purchase necessary.Void where prohibited. U.S. residents 18 and over only.)

S A L T S H A F T B E A KE L I A H A L L O A R T EX P E R C E N T E R T I R ET O N T O D O E S T E A L

A R A B C O S IL Y A R D L I N E S N A G SE E L S O L O D E G R E EN A I F E L I T E M R E DA S T O R S S I L T O N ES T O R E C Y E A R S W A R

T A R A D Y A NM E N U A R L O I O T A SO D I N W H E N I N R O M EP I L E L O T T O E D I TS E E D S P O O N S O D S

PUZZLECONTEST

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

City Hi Lo W Hi Lo W

Anchorage 38 29 sn 41 33 cAtlanta 75 53 pc 76 56 pcAustin 78 53 t 62 55 rBaltimore 58 45 pc 61 46 pcBoise 52 31 pc 56 40 cBoston 46 38 r 44 36 cBurlington 52 37 r 53 37 pcCharlotte 73 45 s 73 48 sChicago 63 46 c 51 38 shCleveland 51 34 s 57 44 pcDallas 66 43 t 58 50 tDenver 42 24 c 60 34 sDetroit 59 35 s 57 42 pcHonolulu 81 68 sh 81 70 shHouston 81 66 t 73 63 tIndianapolis 66 47 c 61 46 shKansas City 41 30 sh 53 36 sLas Vegas 73 53 s 78 57 sLittle Rock 71 57 t 67 54 rLos Angeles 70 56 s 69 58 sMiami 83 67 s 84 70 sMilwaukee 53 40 c 48 35 shMinneapolis 36 22 r 46 26 pcNashville 71 48 pc 74 53 pcNew Orleans 82 67 c 81 68 cNew York City 52 45 r 56 45 pcOklahoma City 45 34 t 55 40 s

Omaha 40 25 c 48 32 sOrlando 83 59 pc 87 63 sPhiladelphia 55 46 r 59 43 pcPhoenix 84 58 s 85 59 sPittsburgh 55 36 s 60 45 pcPortland, Maine 48 37 r 49 34 pcPortland, Ore. 52 36 r 54 41 rSacramento 68 44 s 56 50 rSt. Louis 65 45 t 55 44 tSalt Lake City 53 36 pc 63 47 pcSan Francisco 60 48 s 60 50 rSanta Fe 61 36 pc 65 40 sSeattle 48 35 r 51 40 cSioux Falls 35 16 sn 46 28 sWash., D.C. 60 47 pc 63 48 pc

Amsterdam 48 35 c 54 40 pcAthens 57 50 sh 59 54 rBaghdad 84 61 pc 84 58 pcBangkok 98 83 pc 99 83 pcBeijing 77 46 s 66 37 sBerlin 49 31 c 50 35 pcBrussels 51 33 c 58 40 sBuenos Aires 69 59 s 75 63 sDubai 94 77 pc 93 73 pcDublin 51 39 c 54 44 pcEdinburgh 48 40 sh 52 43 pc

Frankfurt 55 35 c 59 39 sGeneva 56 37 s 60 39 sHavana 87 64 s 89 66 sHong Kong 76 69 c 75 66 tIstanbul 51 44 pc 53 47 rJakarta 89 77 t 87 77 tJerusalem 67 50 s 76 62 sJohannesburg 69 55 c 64 53 shLondon 51 38 c 57 44 pcMadrid 62 38 s 66 49 pcManila 96 78 s 96 77 sMelbourne 73 56 pc 59 48 shMexico City 77 54 t 77 55 tMilan 62 39 s 66 42 sMoscow 48 33 pc 46 28 pcMumbai 94 80 pc 93 80 pcParis 58 40 c 62 43 pcRio de Janeiro 85 73 pc 79 70 pcRiyadh 97 65 s 92 66 pcRome 59 40 pc 65 42 sSan Juan 87 74 t 86 74 pcSeoul 60 41 s 56 33 sShanghai 64 46 pc 68 46 pcSingapore 90 78 t 91 80 shSydney 80 69 r 80 57 tTaipei City 75 66 r 70 63 rTokyo 61 50 s 66 46 sToronto 51 37 pc 53 40 cVancouver 47 33 pc 47 38 cWarsaw 52 32 c 50 29 pcZurich 55 31 pc 59 33 s

Today Tomorrow

U.S. Forecasts

International

City Hi Lo W Hi Lo W

s...sunny; pc... partly cloudy; c...cloudy; sh...showers;t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice

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LIFE & ARTS

hasn’t a maternal bone in herbody—a contention her son seesno reason to dispute. But whenthat son talks himself out of hisembassy job as translator—in Po-land, he bangs on the door of hissuperior in the middle of the nightdemanding to know when the Brit-ish are going to send help to thebesieged Poles—and finds a differ-ent role in life, so too does Robina.Harry hasn’t left Poland alone:He’s brought Jan, a child of per-haps 10 (an ever-compelling andmostly haunting presence asplayed by Eryk Biedunkiewicz).

He’s the brother of Kasia (ZofiaWichlacz), the woman Harry mar-ried, now a soldier in the Polishunderground. So it is that Robinaends up having to be a parent ofsome kind to the young boy en-sconced at her estate, silent andlonging for news of his family.What kind isn’t certain, but thequestion is among the most seduc-tive of the golden threads woveninto this series.

The same can be said of her re-lationship with Douglas Bennett (amajestic Sean Bean), the bus-driver father of Lois (Julia Brown),

TELEVISION REVIEW | DOROTHY RABINOWITZ

‘World on Fire’: AWar onMany FrontsFamilies across Europe caught up in the struggles of WorldWar II in this new seven-part PBS drama

the cabaret singer and factoryworker whose involvement withher son Robina found unpleasantto contemplate. But Douglas, astill-suffering shell-shocked vet-eran of World War I—and an ar-dent pacifist, though one having ahard time finding takers for hispeace leaflets as the Nazis overrunEurope—clearly impresses her.He’s an immense source of comfortfor the silent child in her housewhose eyes light up wheneverDouglas arrives. As, it’s noticeable,do hers.

Another child is at the center

BBC/MAMMOTH

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EN(3)

of one of this drama’s darkestthemes, as revealed in the fate ofthe Rosslers, citizens of Germanywho want as little to do with theNazis as possible, but who are inno way dissidents. Their sonserves in the Wehrmacht. UweRossler (Johannes Zeiler) owns afactory; his wife, Claudia (VictoriaMayer), rears their adored youngdaughter, Hilda (Dora Zygouri),who is subject to attacks of epi-lepsy. Exactly the kind of childdestined for special attentionfrom the state, whose obsessiveconcern with the purity of theAryan gene pool led to the actualannihilation of hundreds of thou-sands of handicapped childrenand adults.

This blood-chilling story beginswith the Rosslers’ growing aware-ness that they are being watched.By whom? Their aged neighbor inthe next apartment looks omi-nously at them as she stands out-side her apartment. Day after daythe couple’s confidence ebbs. Uwe,an authoritative sort—seeminglysecure, a successful businessman—comes home one night wearing aNazi party pin. For protection incase of trouble over their child, hetells his shocked wife. They’ve al-ready broken the law—the onethat requires all German parentsto notify authorities of any child

with a disability.One crime willlead to another.

Uwe looks toa friend of thefamily for help.She’s NancyCampbell (HelenHunt), an Ameri-can radio re-porter operatingin Berlin andelsewhere in oc-cupied Europe.In the series,she plays therole of a narra-tor of sorts, de-livering the lat-est war bulletins—all monitoredby a Nazi newseditor—fromscripts in whichshe’s allowed,improbably, toinclude grimconjectures on

the aims of Nazism.There are parts of “World on

Fire,” a 2019 work written for the80th anniversary of the start ofWorld War II, that aren’t equal tothe whole, and some characters thatdon’t ring true, but their number isnegligible. As is their impact on thisextraordinarily affecting series, soclearly powered by its passion forthe history it represents, and by aremarkable cast.

World on FireBegins Sunday, 9 p.m., PBS

VERY EARLY in “World on Fire”(begins Sunday, 9 p.m., PBS), aseven-part series set at the begin-ning of World War II, there’s acheery dinner scene in the homeof a Warsaw family. Also notice-able, amid all the merriment, is adistinct atmosphere of menace.Hitler’s troops will soon be there;the men in the family of fightingage will serve in the resistance.Not long after that convivial eve-ning come the bombardment ofthe city and the brutality of the in-vaders. Instances of the lattershown in the film speak for its ex-ceptional grasp of the history ofthis moment. It’s hard to recallany dramatic work that capturedthe terror of this invasion withsuch immediacy: not the only indi-cator of the aspirations that re-sulted in this smashing series, cre-ated and written by Peter Bowker.

True, its opening episode stag-gers under the weight of introduc-tions to the central characters.They’re in Britain, Germany,France and Poland, living out thewar years 1939 and 1940, and theircomplicated lives. Of these, no lifewould seem more complex thanthat of Harry Chase (a jewel of aperformance by Jonah Hauer-King), product of an upper-classbackground. Which hasn’t pre-vented him fromfalling in love withtwo women of dis-tinctly unaristocraticfamilies and marry-ing one of them.And, along the way,impregnating theother.

All of which is ap-palling to Harry’sdistant mother, Ro-bina (Lesley Man-ville), who can’timagine why herhighly educated son,fluent in languagesand employed as agovernment transla-tor, would want tomarry a Polish wait-ress. Or why, just be-fore that, he’d be in-volved in a seriousromance with a cab-aret singer—daugh-ter of a bus driver.Or, for that matter,why she found herson beaten bloody, and in the com-pany of that bus driver’s daughter,after the two had taken part in aprotest that ended in a battle withBritish Union of Fascists thugs.

Ms. Manville turns the cliché-drenched role of a class-obsessedBritish mother into a sublime cre-ation—a woman of sparkling witwhose eyes and facial expressionshint, ever so subtly, that she maynot be, entirely, the wretched let’s-get-along-with-the-Nazis bluebloodshe seems to be.

She’s proudly at peace with heroften-proclaimed view that she

Zofia Wichlaz as Kasia Tomaszeski and Jonah Hauer-King as Harry Chase, above; Sean Bean as Douglas Bennett, belowleft; and Ms. Wichlacz and Eryk Biedunkiewicz as Jan Tomaszeski, below right

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A14 | Friday, April 3, 2020 THEWALL STREET JOURNAL.

Steph Curry Needed a Place to ShootThe world’s greatest shooter went 16 days without shooting before his wife bought him a hoop

BY BEN COHEN

Stephen Curryis still workingout the kinks

of workingfrom home.

SPORTS

shelter-in-place instructions. Sheestimated she’d barely been outsidemore than 20 minutes over thepast couple of weeks, stepping out-side only occasionally with herpartner, Ilana Kloss, for a bit offresh air, or to restock on supplies.Like many, she was finding creativemethods of passing the time. OnInstagram, King posted a video ofherself inside her apartment,whacking her still-impressive fore-hand with her “eye coach” trainingdevice.

“Keep your head still,” she in-structed. “Watch the ball.”

Ordinarily, King would be on theroad—she remains an indefatigablepresence on the world-wide tenniscircuit. I asked her the last timeshe’d spent two weeks straight inher New York apartment.

“Probably never,” she said.On Wednesday, the All England

Lawn Tennis Club announced thecancellation of Wimbledon 2020.The grass-court tournament, whereKing won the women’s singles titlesix times, won’t be back until sum-mer 2021. It was a decision thatleft the tennis world hollow. ButKing understood.

“Oh, they had to,” she said.“They didn’t have a choice. Whodoes?”

“It’s just so sad because so manypeople are losing jobs,” she said.She knew from her experience or-ganizing tournaments; players rep-resent only the tiniest fraction ofthe people it takes to put onevents. “It’s stadium employees,the guards, the catering, the trans-portation.”

It’s been speculated that tennismight be among the hardest-hitsports during the pandemic, be-cause of its global reach. Not onlydo players come from multiple con-tinents, but so do the crowds. Ev-

ery one of the tennis majors (theAustralian Open, the French, Wim-bledon and the U.S. Open) is abucket-list experience that drawsan audience from around theplanet.

“It’s so global,” King said. “A lotof our tournaments are vacationdestinations.”

For now, the tennis world ispressing pause. Roger Federer, whois recovering from knee surgery, re-cently posted a video of himselfpracticing against a wall in thesnow, and with his wife, Mirka, do-nated one million Swiss francs($1.03 million) to help families inhis home country. World No. 1 No-vak Djokovic made a similarly sizeddonation (€1 million or $1.09 mil-lion) for ventilators and medicalequipment.

Everything helps. Perspective isessential, said King.

“Players need to take a beat, re-flect and realize what a privilege itis to play and make a living,” shesaid. “How lucky are we to have ajob? Not just in tennis—anybody.”

Across the river in Queens, workwas under way to transform ajewel of tennis into a crisis hospi-tal. It was a scenario no one couldhave imagined not long ago.

But Billie Jean King is all in. Ofcourse she is.

The plan is to set up beds inside the Billie Jean King National Tennis Center’sindoor facility, above. No one is more on board than Billie Jean King, left.

This week, officials inembattled New YorkCity announced,somewhat startlingly,that they would beginconstruction on a350-bed temporary

hospital inside the Billie Jean KingNational Tennis Center—thesprawling site of the annual U.S.Open.

It was one of those announce-ments that could stop you in yourtracks. There are a lot of announce-ments like that these days. It dem-onstrates how rapidly the pan-demic situation in this city isevolving, that a beloved sportscampus—a place where Roger andSerena, Novak and Naomi have tri-umphed, where an aging JimmyConnors once yelled, “Isn’t thiswhat they paid for? This is whatthey want!”—could be asked totransform into a triage center torelieve pressure on overburdenedlocal hospitals.

I needed to talk to the womanwhose name is on the front door.

“I think it’s great,” Billie JeanKing told me. “Anything we can doto help this cause right now. WhenI saw that, I went, ‘Yes! Good!’ Thisis another way to give back.”

King is totally on board with theemergency plan. Which isn’t so sur-prising, really, when you think ofhow the 76-year-old tennis icon hasled a life distinguished as much byserving greater goals as it is heron-court accomplishments (which,if anyone’s counting, include an as-tonishing 39 major tournament ti-tles in singles, doubles and mixeddoubles).

“I’m so happy to hear that wecan be of use and help others,”King said.

It’s hard to overstate the pres-ence King continues to have in ten-nis. She remains a pied piper forher sport and an advocate for payequality across all sports—lastyear, both the men’s and women’schampion at the U.S. Open tookhome a check for $3.85 million. Thetwo-week tournament at summer’s

end is the biggest, snazziest tennisshowcase in North America. (A fewyears ago, King let me tag along tosee if she could get into the BillieJean King Tennis Center withoutshowing an I.D. She did.)

The BJK Tennis Center, which isrun by the U.S. Tennis Association,will now be utilized in two ways.The first purpose is to serve as amedical overflow building—theplan is to set up beds inside thetennis center’s 100,000-square footindoor court facility; one idea isthat it will take in non-Covid-19cases so area hospitals can focuson infected patients. The tenniscenter is not far fromElmhurst, a Queenshospital hit veryhard by the outbreak.

The tennis centerwill also join the ef-fort to feed first re-sponders and fami-lies and children inneed, using the foodprep facilities in therecently rebuilt LouisArmstrong Stadiumto make up to 25,000meals a day.

Similar transfor-mations are happen-ing elsewhere in thecity, where the moodhas shifted quicklyfrom what is happen-ing to all hands ondeck. Not only is theUSTA/BJK tenniscenter sizable andwell-located, it sitson publicly owned property. (Funfact: A regular weekend hacker canbook a court at the tennis centerduring the tournament off-season.I’ve done it plenty.)

“A lot of people don’t realize it’sa public park,” said King. It’s one ofher favorite things about the tenniscenter. “I grew up in public parks.A lot of us did—Chris Evert, JimmyConnors, all of us old farts.”

King was on the phone from herapartment in Manhattan, where shewas adhering strictly to the local

JASON GAY

Temporary MakeoverFor U.S. Open Home

in shape, are the least of anyone’sworries in terms of what’s goingon in the world,” Curry said.

Sixteen days is the longest he’sever gone without playing basket-ball while healthy, and Curry saidin an interview on Tuesday thathe’s trying to make the most of histime off. “I have definitely workedon my golf game a lot more thanmy basketball game,” he said.

In addition to practicing hisswing and social distancing, he’salso grading homework and guid-ing his oldest daughter throughsecond grade. The coronavirus hasturned Curry into a substituteteacher.

“She’s upstairs finishing lan-guage arts,” he said, “and thenwe’ll get to math in 30 minutes.”

It had been a difficult season forCurry even before the entire worldshut down. After breaking his lefthand in October, an injury that allbut guaranteed the Warriors wouldnot be going to their sixth consec-

utive NBA Finals, he returned froma four-month absence on March 5.He was not expecting to go an-other few months without playingagain.

But on the morning of March 7,he came down with the flu. On thenight of March 11, Rudy Goberttested positive for another virus,and the NBA season was immedi-ately suspended. Curry’s mostprominent appearance since thenwas interviewing Dr. Anthony Faucion Instagram. The only sign of bas-ketball was the miniature hoop inthe National Institutes of Healthoffices.

It was deeply peculiar for Curryto be alone in March. This was themonth when he became an NCAAtournament folk hero and he’s usu-ally preparing for a deep run in theNBA playoffs. When asked what hemisses, his response was concise.“Everything,” he said. He missesleaving the house. He misses hisco-workers. He even misses things

he’s not supposed to miss. “Thefeeling of being sore, and thosedays you don’t want to get up,”Curry said. “I’ve missed those.”

NBA players are communicatingby Zoom even as they have no cluewhen they’ll see each other next,when they’ll play again and whenthey need to be peaking in theirconditioning. They are keeping inshape while sheltering in place,which is a bit like training for amarathon that could be in threeweeks or three months. They’restuck between tapering and thebasketball equivalent of running 20miles.

And one team that perfected theart of playing together is staying intouch while apart.

Curry no longer has access to anNBA gym, weight room or evensomething as basic as a hoop. Buthe does have a Peloton bike athome. As it turns out, he’s not theonly one: The Warriors have beengoing for a group ride in the morn-ing.

The invitation goes out on aSlack group—Curry admits to skip-ping one class because he didn’tsee the message—and then a mani-acally competitive bicyclist namedDraymond Green attempts to de-stroy everyone around him, accord-ing to a person familiar with therides.

“In the Tour de Warriors,” Currysaid, “I’m above average, but I’mnot on the podium yet. I have tofigure out how to get there. There’salways something to shoot for.”

He also has something to shootat. Curry says he’s been trying tomaintain his sanity by doing whatbrings him comfort. For others inthe Bay Area, it’s baking sourdoughbread. But for him, it’s playing bas-ketball.

When he broke his left hand, heused his right hand. When therewas a lockout in the NBA, he be-came a slightly overqualified Da-vidson College scout team player.Now that he can’t get inside theWarriors’ locker room, he simplygoes outside.

He doesn’t have rebounders—hischildren are more fascinated by thetrampoline next to the hoop—buthe doesn’t mind shooting by him-self.

“I feel like a little 12-year-oldkid out there running around, sim-ulating game shots in my drive-way,” he said. There is only onething missing from the home courtof his own making, and it happensto be the very thing that made himsuch a basketball revolutionary: a3-point line.

“That’s my next step,” Currysaid. “That’s this week’s project.”

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The best shooter in thehistory of basketballdidn’t have a place toshoot. So he built onefor himself.

Stephen Curry had been stuck athome for more than two weeks,unable to do the one thing he doesbetter than anybody, when his wifeordered him a Spalding hoop fortheir driveway. For the first time in16 days, he could shoot a basket-ball. Or at least that was the plan.

But this solution only caused an-other problem. Now he actuallyhad to put the hoop together.

“I got overwhelmed looking atthe manual,” Curry said.

After what he could only de-scribe as “a pretty serious effort,”Curry finally succeeded at his un-expected assembly job. It only tookhim five hours.

“I was very confident in myselfgoing in,” he said. “That was shot

down pretty quick.”The simple act of shooting a

basketball in these very strangedays turned out to be trickier thanCurry anticipated. Even after hewas done with the basket, therewas something else to do: find aball. “I sacrificed one of the indoorones, and it lasted a day and ahalf,” Curry said. “It was worth it.”

This proud new owner of anoutdoor basketball is still workingout the kinks of working fromhome. And that happens to be apretty good way to describe thelife of professional athletes at atime when American sports are onpause.

They went from thinking aboutthe playoffs to thinking about pan-demics. Their offices are closed.Their colleagues appear onscreens. The most athletic peopleon the planet are getting used tolockdown just like the rest of us.

“Our problems, when it comesto trying to find workouts or stay

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THEWALL STREET JOURNAL. Friday, April 3, 2020 | A15

The BirderAnd the SpyThe Real James BondBy Jim Wright(Schiffer, 144 pages, $24.99)

BOOKSHELF | By Dominic Green

J ames Bond found the man who stole his identity at hisisland lair. On February 5, 1964 he went in for the kill.“I don’t read your books,” Bond told Ian Fleming. “My wife

reads them all, but I never do.” Fleming had been expectingMr. Bond—for 12 years, since the day when, searching for ablunt and masculine name for his newly invented fictionalsecret agent, the author had plucked Bond’s name from thespine of a volume called “Birds of the West Indies.”

As in the Bond novels, the villain (“short-sleeved blackguayabera shirt, matching slacks, and open-toed sandals”)was confronted by Bond (in “a loud patterned shirt thatshouted ‘tourist’”). Fleming showed Bond around his secludedlair, Goldeneye, then confessed everything. After a swim, Bond,accompanied on this mission by his wife, Mary, sat down tolunch with Fleming and his wife, Ann. Before the Bonds left,Fleming inscribed a copy of his new novel, “You Only LiveTwice”: “To the real James Bond from the thief of his identity.”

“They couldn’t have been nicer about my theft of the familyname,” Fleming reported. “They said it helped them get

through customs.” It is notknown whether Fleming said“Goodbye, Mr. Bond,” but henever saw Bond again. Sixmonths later, Fleming diedfrom a heart attack. His lastwords in the ambulance: “I amsorry to trouble you chaps.”

In the slim and elegantbiography “The Real JamesBond,” Jim Wright spills thesecrets of Jim Bond (1900-89),the ornithologist fromPhiladelphia who had more thana name in common with his

fictional double. Both Bonds weresons of privilege whose early lives were

ruined by tragedy. Jim grew up on the Main Line,the child of stockbroker Francis Bond and his wife, MargaretTyson, who was cousin to John Singer Sargent andgranddaughter of John A. Roebling, designer of the BrooklynBridge. James Bond lost his parents in a mountain-climbingaccident; Jim Bond’s sister died in childhood, his mother diedyoung and his father turned to drink. James was expelledfrom Eton; Jim, like Winston Churchill, was sent to Eton’srival, Harrow, in 1913. At Trinity College, Cambridge, Jim“honed his marksmanship” in the Pitt Club, an “exclusivedining club and hunting group” whose future memberswould include the spies Anthony Blunt and Guy Burgess.

Mr. Wright, long the birding columnist for New Jersey’sBergen Record, makes clear that birds were always Jim’spassion. But the creatures tended to die violently after toolong in his company. He first shouldered his double-barreledshotgun with a view to a kill in 1925, on a mission to the lowerAmazon for the Academy of Natural Sciences of Philadelphia.In 1926 he launched the first of more than 100 expeditionsto the West Indies, roughing it in the Massif de la Hottemountains of Haiti, the Zapata Swamp of Cuba and elsewhere.“I find it difficult to keep up with him,” his superior noted in1931, “as he never tells me anything of his plans.”

In 1936 Bond published “Birds of the West Indies,” thefirst book to “cover nearly all the nonmigratory birds” ofthe region. (It was still the standard guide in 2002, whenPierce Brosnan picked up a copy at a Havana hotel in thefilm “Die Another Day”: “I’m just here for the birds,” he toldHalle Berry—“ornithologist.”) Jim and Mary Bond marriedin 1953; they had met in the 1930s, when Mary wasresearching an article for Audubon magazine. Jim made themartinis—“I just let fly with the gin and in the end I justgive it a touch of vermouth.”

In Britain, “bird-watcher” is slang for “spy.” Jim Wrightidentifies further overlaps between the “twitcher” and thespook. Both are professional observers, handy with foreignlanguages and firearms, and able to work around officialdom(like Jim Bond wangling a firearms permit in Jamaica).Notable spook-twitchers have included Kim Philby’s father,Harry, who worked to bring the oil-rich house of Saud underfirst British and later American influence; Maxwell Knight,the spymaster suspected of inspiring Fleming’s “M”; onetimeCIA director James Schlesinger; and Richard Meinertzhagen,the ex-Harrow pupil who devised the “haversack ruse,”planting false information for the enemy to discover.

In 1943, while working for British Naval intelligence, IanFleming adapted the haversack ruse for Operation Mincemeat,in which a submarine deposited a corpse on the Spanish coast,with documents suggesting the Allies were about to invadeGreece, rather than Sicily. Espionage also brought Fleming toJamaica: a wartime mission to investigate rumors of a secretGerman U-boat base in the Bahamas. Mary Bond suspectedthat Fleming had been trailing her husband and “picking upsome of his adventures.” According to her, Jim Bond agreed.“After reading your Dr. No,” she wrote to Fleming in 1961, “myJB thought you had been to Dirty Dick’s in Nassau and talkedwith Old Farrington and got from him the story about the‘Priscilla’ and a wild trip of Jim’s collecting parrots on Abaco.”

Was Jim Bond more than a “birdman”? He had fourdecades of Caribbean experience, and he appeared in“peculiar places at peculiar times,” Jim Wright notes. Bondwas in the Dominican Republic in 1930 when Trujillo tookpower. In Haiti just before Pearl Harbor, Bond searched outa German who had “built an airstrip high on the ridge andwould not allow anyone to go up there.” During WorldWar II, Mr. Wright notes, “at least six of his contemporariesaffiliated with natural-history museums worked for OSS,and a seventh worked for U.S. Army Counterintelligence.”In 1961, Bond was in Cuba just before the Bay of Pigs invasion.The CIA says it has no material that acknowledges an“openly acknowledged CIA affiliation.” Though Mr. Wright isunconvinced that the twitcher was a spook, he assembles the“circumstantial evidence” to suggest it might have been so.Agent “Goldfincher”?

Mr. Green is life & arts editor of the Spectator (U.S.).

The ornithologist James Bond—like the secretagent who shares his name—was handy withfirearms and able to work around officialdom.

Berkeley Schools Leave Every Child Behind

Berkeley, Calif.

M y family has beenforced into a social ex-periment. One of our

daughters is in second grade ata private religious school. Hertwin sister, who has specialneeds, attends a public school.Can you guess which one wentonline immediately?

You no doubt guessed right.Almost all Bay Area privateschools went online withintwo days of the March 17 lock-down. One daughter has a fullday of school, 8:30 a.m. to 3p.m., including physical educa-tion and art. The other daugh-ter’s public school initiallygave us a list of things to do—mostly a list of websites, in-cluding GoNoodle (which isexcellent for getting kids tojump up and down).

It’s not mainly a problem ofresources. The private schoolwent online in two days withZoom. I’m teaching all mylaw-school classes online. NewYork, the country’s biggest

school system, is going online.Why not Berkeley? Oneteacher wrote a parent I knowthat Berkeley isn’t moving on-line “because of equity is-sues.” Ann Marie Callegari,the district’s supervisor offamily engagement and equity,confirmed that in an email to

me: “The answer to your ques-tion of course is Yes! Thereare existing inequities in oureducational system and righthere in Berkeley that will onlybe exacerbated by going fullyonline.”

Let me rephrase that: Dis-trict officials feel that somestudents may not have com-puters to access online ser-vices, so they’d rather let ev-eryone drown than save asmany as possible and fulfilltheir educational mission.Starting next week Berkeley

plans to post limited lessonplans online and offer stu-dents two 90-minute office-hour sessions a week.

Berkeley isn’t alone. Dis-tricts in Kentucky and Wash-ington state have also chosennot to go online because ofequity issues. The Philadel-phia school system, with en-rollment over 200,000, or-dered its teachers not to offer“instruction to some studentsunless all students can accessit.”

The Berkeley district al-ready had equity issues. It isone of the worst-performingin America in educating mi-nority students. A Stanfordstudy found it had the nation’swidest black-white achieve-ment gap. But leaving all chil-dren behind will only makematters worse.

Most of my law-school col-leagues send their kids to pri-vate schools. They’ll continueto pull ahead. Public-schoolparents who have the meansand resources to educatetheir kids will do so. The kidswho need it most—those who

supposedly lack access—willfall further behind. That’strue elsewhere as well: Afflu-ent suburban school districtsnear Philadelphia already of-fer online access.

The federal government canhelp. It should push districtsto go fully online. Teachersunion contracts should bemodified to permit true onlinelearning. Charter schools,many of which have alreadygone online, should be ex-panded. And parents shoulddemand that their schools liveup to state constitutions thatguarantee an appropriate pub-lic education.

We’ve loved our experienceat Berkeley schools, whereteachers are caring and de-voted. But the districtshouldn’t let everyone drownto satisfy abstract notions ofequality. My daughter shouldn’tbe denied a full opportunity tolearn. Nor should any otherchild.

Mr. Solomon is a law pro-fessor at the University of Cal-ifornia, Berkeley.

By Steven DavidoffSolomon

My daughter is beingdenied an educationin the name of ‘equity.’

OPINION

Coming in BOOKS this weekendThe American conservative tradition • One family’s battlewith schizophrenia •Malcolm X and Martin Luther King Jr.• The film scores of Max Steiner • Anne Tyler’s new novel •Sam Sacks on European fiction in translation •& more

Crises have away of sepa-rating thel e a d e r l i k ewheat fromthe opportu-nistic chaff.Coronavirusis the crisisof our time,and the polit-ical winnow-

ing is something to behold.Example: The Trump ad-

ministration spent this weekdistributing ventilators,standing up small-businessloans, dispatching hospitalships, erecting alternate carefacilities, explaining virusmodeling, revamping regula-tions to keep truckers on theroad, and plastering the air-waves with information abouthygiene and social distancing.Speaker Nancy Pelosi spentthis week setting up a newHouse committee to investi-gate Donald Trump.

Nothing separates theshallow from the seriousfaster than high-stakes mo-ments. At the federal level,Americans are seeing the se-rious in the White House taskforce briefings that providedaily updates on the govern-ment’s actions. When this isall over, we will find that thefederal response was far fromperfect. But we’ll also seethat once the executivebranch grasped the enormityof the problem, it moved withsoberness, speed and a spiritof cooperation.

Mr. Trump is at the head ofthis operation, and while hisleadership style isn’t for ev-eryone, he’s certainly leading.

Pols Face a Coronavirus TestHe addresses the virus instark terms but also insists onoptimism—something that’simportant from leaders intough times. While punchingback at some critics, he’s alsoreached across the aisle. Heembraced Democratic calls formore-stringent corporaterules in Congress’s relief bill.Asked about the $25 millionDemocrats slipped in for theKennedy Center, he defendedit: “I really believe that we’vehad a very good back andforth.” He’s rushed to the aidof blue-state governors, andhas praised Democratic stateleaders, including New YorkGov. Andrew Cuomo and Cali-fornia Gov. Gavin Newsom, fortheir efforts.

And at least some of thoseDemocratic state leaders arereciprocating, proving nei-ther party has a monopolyon character. CNN’s JakeTapper this week practicallybegged Mr. Newsom to re-cant his recent praise for thepresident, suggesting theDemocrat had given it onlyout of fear that Mr. Trumpwould “punish” his state’scitizens. Mr. Newsom washaving none of it. “The factis, every time I’ve called thepresident he’s quickly gottenon the line,” he said.“There’s just too manyAmericans—40 million thatlive in this state—that de-serve us to get together andget along.” Mr. Cuomo hastaken the same approach,saying of president: “Histeam is on it. They’ve beenresponsive.” He added: “Iwant to say thank you.” Thisweek he chided partisans:

“Not now,” he said. “The vi-rus doesn’t attack and killred Americans or blue Amer-icans—it attacks and kills allAmericans.”

Contrast this with Mrs.Pelosi, who seems to view thepandemic as one big politicalopportunity. She held up lastweek’s relief bill for days, at-tempting to cram into it un-related election and climate

provisions. She used a Sun-day CNN appearance to ac-cuse Mr. Trump of killingAmericans. This week she an-nounced a new special Housecommittee that will “examineall aspects of the federal re-sponse to the coronavirus”and will have subpoenapower. This is yet the latestDemocratic machinery for in-vestigating Trump and gin-ning up scandals.

Or contrast the governorswith the guy carping fromhis Delaware basement. JoeBiden might have used thismoment to buttress hisclaims to be the more digni-fied candidate by throwinghis support behind the fed-eral effort and making clearhe’d save his policy disputesfor later. He instead spreadthe false claim that the pres-ident had called the virus a“hoax.” Mr. Biden has bashedMr. Trump on testing and on

the use of the Defense Pro-duction Act. He’s accused thepresident of “failing to pre-pare our nation” for a pan-demic (never mind theObama-Biden role in anysuch failure). He even blamesMr. Trump for soaring unem-ployment numbers.

Or contrast the governorswho are leading with the onewho is using today’s crisis asan audition to be Mr. Biden’srunning mate. For every Mr.Cuomo there is a GretchenWhitmer. The Michigan Dem-ocrat has spent weeks accus-ing the administration of fail-ing to have a “nationalstrategy,” and of “cuts to theCDC” that put us “behind theeight ball.” She’s insisted“we’re still not getting whatwe need from the federalgovernment,” and even insin-uated the administration wasdirecting suppliers to with-hold equipment to her state—a ludicrous suggestion.

Democratic partisans areplaying a risky game here.Mr. Trump is currently clock-ing the best approval ratingsof his presidency, and a lateMarch Gallup poll found 60%of respondents approve of hisvirus response. Americanshave traditionally lookeddimly on those who undercutpresidents and other electedleaders in time of crisis.Some on the left are makingit easy to separate the politi-cians who are fighting fortheir people from the politi-cians who are fighting fortheir self-interest. That maycome back to haunt them inNovember.

Write to kim@wsj.com.

Who’s leading andwho’s seekingpolitical advantage?Here are the answers.

POTOMACWATCHBy KimberleyA. Strassel

In the springof 1820, ateenage boywent intothe upstateNew York

woods to ask God whichchurch he should join. JosephSmith, in his telling, wasshocked by the response. Abrilliant pillar of light re-vealed “two personages.” Onepointed to the other and iden-tified him as “My BelovedSon.” Jesus Christ then toldSmith that he should not joinany church, “for they were allwrong.”

The Church of Jesus Christof Latter-day Saints holds itssemiannual conference thisweekend, though it will be anall-digital affair. The crowdsand even the Tabernacle Choirwill be absent thanks to thepandemic. But the church stillwill celebrate the 200th anni-versary of Smith’s vision. ForMormons, that vision marksthe restoration of Christ’s truechurch. Each year, thousandsof church members make apilgrimage to the “sacredgrove” on the old Smith fam-ily farmstead. On sunny days,light streams through the thinwoods and reminds visitors ofthe brilliance Smith saw.

But Mormonism didn’t re-ally begin this way. Smithburst onto the American reli-gious scene not as a vision-ary teenager but as theyoung man who publishedthe Book of Mormon in 1830.As time passed Smith beganspeaking of an initial vision.

The Mormons Convene OnlineHe narrated it in differentways, and one of those ac-counts became scripture.

Over the past two centuries,Smith’s First Vision has steadilygrown in importance for churchmembers. It is central to mis-sionary lessons, artwork andthe sermons of church leaders.It became the Mormon equiva-lent of Moses and the burningbush, or Muhammad in thecave of Hira, marking exactlywhen God intervened in humanhistory. After centuries of apos-tasy, God called together a peo-ple out of churches that hadlost truth, godliness and spiri-tual power.

As the church set asidesome of Smith’s teachings—including polygamy—it in-stead tethered itself to thefounding prophet’s first reve-lation. The First Vision but-tresses many of the church’sclaims, namely that God stillspeaks to human beings andcalls men as prophets.Through the figure of JesusChrist, the vision connects theLatter-day Saints to Christian-ity while insisting that theirsis the one true church.

“Our entire case as mem-bers of The Church of JesusChrist of Latter-day Saintsrests on the validity of thisglorious First Vision,” GordonB. Hinckley, then the church’spresident, asserted in 1998.On another occasion he ob-served, “If it’s false, we’re en-gaged in a great fraud. If it’strue, it’s the most importantthing in the world.” Yetthere’s no way for anyone to

study Smith’s religious experi-ence directly.

Mormon leaders are com-memorating this foundationalmoment at a time of challengeand uncertainty. Like theirProtestant and Catholic coun-terparts, they have beenroiled by conflicts over sexualorientation and the role ofwomen. The coronavirus pan-demic threatens the church’sglobal proselytizing mission,

not to mention basic commu-nal worship. After rapidgrowth in the second half ofthe 20th century, conversionsare slowing. Mormon parentsfret about whether their chil-dren will remain with thechurch.

Mormons today are led bya former heart surgeon, Rus-sell M. Nelson. When thechurch’s president dies, he issucceeded by the longest-serving member of thechurch’s Quorum of theTwelve Apostles. The ar-rangement means that a newpresident is already very old.But even in a system that val-ues seniority, Mr. Nelsonstands out: He took the helmat 93. Most church watchersexpected a pair of steadyhands, but Mr. Nelson is no

caretaker prophet.The church still regards

same-sex relationships as sin-ful. Yet gay and lesbian cou-ples are no longer consideredapostates, and the churchmade it easier for the childrenof such couples to be bap-tized. Latter-day Saints nowspend two hours in church onSundays rather than three,and the church recently endedits longstanding relationshipwith the Boy Scouts. Perhapsmost noteworthy: Mr. Nelson’sguidance that church mem-bers should refer to them-selves as “members of theChurch of Jesus Christ,” or“Latter-day Saints,” instead of“Mormons.”

Mr. Nelson is a throwbackto 19th century Mormon lead-ers, who wrote or dictatedrevelations from God. Hiswife, Wendy, explained in aninterview last year she some-times finds her husband “atthe side of the bed, writing”in the middle of the night. Hesays he’s taking down mes-sages from the Lord.

The church president hastold members that this week-end’s gathering “will be differ-ent from any previous confer-ence.” Who knows what aprophet might see or hearwhen he steps into the light?

Mr. Turner, a professor ofreligious studies at GeorgeMason University, is author of“They Knew They Were Pil-grims: Plymouth Colony andthe Contest for American Lib-erty” (Yale, 2020).

But the church’spresident, 95, is athrowback to its19th-century roots.

HOUSES OFWORSHIPBy John G.Turner

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A16 | Friday, April 3, 2020 THEWALL STREET JOURNAL.

Keynes on Pandemics and Coverage by MediaAllison Schrager’s “Risk, Uncer-

tainty and Coronavirus” (op-ed,March 24) provides one of the clear-est explanations to date regardingwhat is needed to handle theCovid-19 outbreak. Without greaterquantitative insights into the medicalrisks associated with the virus, andwith the economic risks associatedwith the various remedial policies be-ing advocated and introduced, it willtake much longer to contain and sub-sequently eliminate the pandemic andwill also cost more.

But there is also a related issue.How should the media communicateand comment on the continuing situ-ation and any intended policy ac-tions? Here an economist, John May-nard Keynes, offers some sage advice:“If I set forth a concrete proposal inall its particulars, I expose myself toa hundred criticisms on points notessential to the principle of the plan.

If I go further in the use of figuresfor illustration, I am involved moreand more in guesswork; and I run therisk of getting the reader bogged indetails which may be inaccurate andcould certainly be amended withoutinjury to the main fabric. Yet if I re-strict myself to generalities, I don’tgive the reader enough to bite on;and am in fact shirking the issue,since the size, the order of magni-tude, of the factors involved isn’t anirrelevant detail.”

The medical community has majorchallenges on its hands, but so havethe media with responsibilities forkeeping the public informed and thelimitations of what we actually knowand can do. Both groups have in gen-eral responded remarkably well sofar.

PROF. KENNETH BUTTONGeorge Mason University

Arlington, Va.

LETTERS TO THE EDITOR

Letters intended for publication shouldbe addressed to: The Editor, 1211 Avenueof the Americas, New York, NY 10036,or emailed to wsj.ltrs@wsj.com. Pleaseinclude your city and state. All lettersare subject to editing, and unpublishedletters can be neither acknowledged norreturned. “Who’s a good boy?

You’re a good boy.”

THEWALL STREET JOURNAL

Where Are Clinical Labs in the Virus Plan?While the U.S. has made progress

to counter the spread of Covid-19,there is broad awareness that westill have a lot of work ahead of us(“New Backlog Hits Some Places asDemand for Testing Surges,” TheCoronavirus Pandemic, March 26).Many Americans are trying to ac-cess tests, and commercial labs aredoing everything we can to scale upcapacity as quickly as possible. Injust over three weeks, members ofthe American Clinical LaboratoryAssociation performed more than480,000 tests and continue to buildcapacity. But what we have seenfrom the front lines of this pan-demic demands the administrationand Congress’s attention and imme-diate response.

America’s clinical laboratoriesare running low on swabs, reagentsand personal protective equipment,and we also need more high-throughput machines to increasecapacity. These persistent supplychallenges are preventing tests

from reaching the patients whoneed them. We must immediatelyprovide labs with the resourcesthey need and help hospitals andphysicians prioritize who getstested.

The continued lack of fundingand payments to labs doesn’t helpthis cause and could ultimatelylead to significant reductions intesting. Labs are seeing a substan-tial decline in non-Covid-19 testing,as patient visits to physiciansplummet and elective surgeries,screenings and routine care ser-vices are postponed.

Congress has failed to designateemergency funding for laboratoriesresponding to the Covid-19 pan-demic. It’s time for policy makersto step up and do their part tomeet this need.

JULIE KHANIPresident

American ClinicalLaboratory Association

Burke, Va.

Public Order, the Coronavirus and Jail PolicyRegarding your editorial “Corona-

virus and Public Order” (March 21): Iam president of the Georgia Associa-tion of Criminal Defense Lawyers(1,700 members). We aren’t a pres-sure group. We are here to advocatefor the rights of our citizens andtheir constitutional rights. We haveacted quickly to identify those stuckin jail unable to pay bond or thosewho should be out of jail quickly.Most judges and prosecutors havebeen quick to help, even the mostconservative ones; Georgia isn’t aprogressive state although we havebeen on the forefront of criminal-jus-tice reform. To facilitate this, we arealso making sure those released havea place to live on their release.

You fail to recognize that the truepublic disorder will come when theguards get sick and nobody canwatch the inmates. Reducing the jailpopulation, which is typically thoseawaiting trial, is key so when the vi-rus strikes the jail it will be manage-able. Additionally, not arresting non-violent offenders such as thoseaccused of shoplifting and simpledrug possession, while giving them acourt notice, isn’t a threat to thepublic. Most offenders will receive abond upon initial appearance. Itdoesn’t make sense to keep them inthe jail solely because they cannot af-ford it.

LAWRENCE ZIMMERMANAtlanta

Pepper ...And Salt

Wisdom About Venezuela Beats Feeling GoodNicolás Maduro is a dictator and

a kleptocrat who has run his coun-try into the ground (“Indicting theCaracas Mob,” Review & Outlook,March 27). Yet indicting Maduro isstill an unwise course of action andcould have a severe humanitarian

and diplomatic impact.In the business of foreign policy,

Washington should always take thebig picture into account and weighthe costs and benefits with sobereyes and a clear head.

There are American citizens lan-guishing in Venezuela’s detentionsystem as we speak. Now that Ma-duro is a wanted man, Caracas ishighly likely to leverage them inits retaliation and prevent their re-lease. The Venezuelan migrationproblem will worsen as desperatepeople continue to stream intoneighboring Colombia, a U.S. part-ner already struggling to managethe tide. Getting Maduro and theVenezuelan opposition to the nego-tiating table will become evenmore complicated as the opposingsides choose confrontation overcompromise.

U.S. national security interestsare best served by a diplomatic res-olution to Venezuela’s crisis. Wash-ington can best accomplish this goalby allowing its partners in LatinAmerica to resolve problems intheir own neighborhood.

DANIEL R. DEPETRISNew York

Pro-Life Democrats MustLook Outside Their Party

I’m a constituent of Rep. Dan Lip-inski and it’s long been clear that hisown party would work to unseat himbecause of consistent pro-life posi-tions as expressed in “No Compro-mise on Life” (op-ed, March 26). Sen.Bernie Sanders recently and correctlypointed out that “there is no room” intoday’s Democratic Party for anyonewho adheres to a pro-life position. Toassure that Bernie’s message was re-ceived, the Democratic governor of Il-linois insisted on holding a primaryelection in the midst of a contagionthat otherwise kept citizens shelteredin place. Deprived of the support ofthe vulnerable seniors who supportedhim most strongly, Mr. Lipinski lostnarrowly. He is now being replaced byan acolyte of Alexandria Ocasio-Cor-tez who has accomplished little inlife, but who gained Democratic Partysupport because she opposes any re-strictions on abortion.

I regret that Mr. Lipinski didn’t seethe inevitable outcome sooner; hewould have fared better by running asan independent or a Republican. Heremained loyal to a party that has ex-iled faithful Catholics, even those whoare incumbent legislators with distin-guished records of service.

MARK ROTERTLa Grange, Ill.

Trump’s Oil Summit

U .S. crude oil prices jumped 25% Thurs-day to $25.32 a barrel after PresidentTrump suggested that Saudi Arabia

and Russia could soon settletheir destructive price war.This is all the more reason toresist calls from the U.S.shale patch for domestic pro-duction quotas or import du-ties when he meets with oilexecutives on Friday.

A one-two punch to demand and supplythreatens to bankrupt many American shaleproducers. Some experts now predict that oildemand could fall by a quarter this year at thesame time as Russia and Saudi Arabia areopening their spigots in a game of chicken. Buttariffs or quotas would do more harm thangood.

Start with quotas, which aren’t likely to befollowed. States during the Great Depressioncreated an Interstate Oil Compact to limit pro-duction and raise prices. But some states in-cluding Illinois and Louisiana produced beyondtheir quota, which caused Texas to limit its pro-duction to support higher prices. Even the Or-ganization of the Petroleum Exporting Coun-tries has struggled to enforce quotas.

And howwould quotas be allocated?Wouldall producers have to reduce their productionby a certain percentage or a specific numberof barrels? Any quota system would invite po-litical arbitrage, invariably propping up high-cost producers while hamstringing the moreefficient. A future Democratic President mightdouble down on quotas to advance the left’scampaign against fossil fuels.

As for anti-dumping duties on foreign oil,Saudi Arabia accounts for a mere 6% of U.S.crude imports. Most comes from Canada, andthe U.S. doesn’t need to start another tradebrawl with a top ally. In any case, U.S. refineriesneed to import heavier crude tomixwith lighter,sweet shale oil. Tariffs would raise refiner costswithout boosting shale oil prices.

Large American producers have opposedthese ideas, and no doubt have stronger bal-

ance sheets to ride out the crisis. In any caseSaudi Arabia and Russia may agree to cuts outof mutual self-interest. “I expect [and] hope

that they will be cutting backapproximately 10 Million Bar-rels, and maybe substantiallymore,” Mr. Trump tweetedThursday.

Russian private oil execu-tives have begged the Kremlin

to settle its Saudi stand-off, which Lukoil VicePresident for Strategic Development Leonid Fe-dun predicted theU.S.wouldwin. Experts predicta severe recession in Russia if oil prices remainbelow$30 per barrel. Lowprices are also raisingthe economic and political price for the Kremlinof propping up theMaduro regime in Venezuela.Saudi Arabia can pump oil at a lower cost thanalmost anywhere, but Crown PrinceMohammedbin Salman needs a price of about $80 a barrelto balance the Kingdom’s budget.

The Crown Prince is further eroding supportfor his country in the U.S. Congress, which hasalready suffered sinceWashington Post colum-nist Jamal Khashoggi’s killing in Turkey twoyears ago. President Trump lent military sup-port after Iran’s drone attacks on Saudi oilfields last year as well as to the Kingdom’sproxy war against Iran-backed Houthi rebelsin Yemen. To be blunt about it, Saudi Arabiawould be a province of Iran without U.S. sup-port, and its production surge is no way to re-pay the favor.

Some of our friends are cheering low oilprices, and they are a short-term gift to con-sumers. But oil at $20 for any extended periodhas no hope of meeting normal global demand.Oil at $20 does not represent free-market sup-ply-demand price discovery. It is the result ofa once-a-century pandemic-caused demandshock and the Saudis picking the worst momentto flood the market for political reasons.

Media reports Thursday said Saudi Arabiahas called an emergency meeting of OPECmembers. U.S. diplomacy is a better responseto the double-barreled oil shock than are tariffsor quotas.

Tariffs and quotas won’tsolve a pandemic andpolitical price shock.

Coronavirus Recriminations Come First

W hile most Americans under corona-virus lockdown are worrying abouttheir jobs, their groceries, and their

local doctors and nurses, con-gressional Democrats haveother priorities. To wit, pinblame on the Trump Adminis-tration before the Novemberelection.

Speaker Nancy Pelosi saidThursday that she will appoint a House SelectCommittee on the Coronavirus Crisis. Its taskwill be to oversee—meaning investigate—thegovernment’s aid efforts, which so far run tomore than $2 trillion. “Where there’s moneythere’s also frequently mischief,” Mrs. Pelosisaid. “We want to make sure there are not ex-ploiters out there.”

SomeMembers of Mrs. Pelosi’s caucus thinkthat every corporation is an “exploiter” of onekind or another. Their goal will not be to pro-tect federal dollars but to highlight unpopularcompanies that get a grant or loan and thenclaim it’s the result of political favoritism. Theonly question is which ones will become thenext Halliburton (Dick Cheney during Iraq) orKoch brothers (all-purpose villains).

First the government denies businessestheir customers and revenues by lockingdown most of the country. Then Congress patsitself on the back for throwing companies alifeline that it calls a “bailout.” And then itwill investigate recipients to see if they reallyneeded it or happened to know someone ingovernment.

The committee isn’t necessary because the

law passed last week already included mecha-nisms for accountability. It set up a Congres-sional Oversight Commission, with five mem-

bers, to keep an eye on a $500billion fund that was allo-cated to help stabilize theeconomy. That money willalso be watched by an inde-pendent inspector general.The overall $2 trillion pack-

age will be scrutinized and audited by a newPandemic Response Accountability Committee,made up of other inspectors general.

But those bodies might not deliver politicaltargets in time for the presidential campaign,and they had to be negotiated with Republi-cans, who resisted giving the commission sub-poena power. The special Pelosi committee willhave that power, and you can be sure that wit-nesses will be summoned before the TV cam-eras between Labor Day and Election Day.

Congressman Adam Schiff, separately, saidhe is working on a bill to create a pandemicreview modeled after the 9/11 Commission.“After Pearl Harbor and 9/11,” he wrote in aWednesday tweet, “we looked at what wentwrong to learn from our mistakes.”Mr. Schiff’sconceit seems to be that the U.S. was uniquelyblindsided by a novel virus that has hit hardin many countries, including Italy, Spain andthe United Kingdom.

It’s an election year, so politics was alwaysgoing to fill up that space in congressionalbrains where the frontal lobe is supposed tobe. But couldn’t Democrats at least wait for theintensive-care units to empty?

House Democrats tee upnew investigationsbefore the election.

Faster Internet Is on the Way

B roadband demand is surging as moreAmericans use the internet during thepandemic to shop, stream video, work

remotely and consult tela-docs. The good news is thatthe internet is holding upwell, and now Federal Com-munications CommissionChairman Ajit Pai is takingsteps to boost Wi-Fi acrossthe country.

Mr. Pai on Wednesday proposed to make1,200 megahertz of the 6 GHz mid-band spec-trum available for unlicensed use. This will ef-fectively increase Wi-Fi spectrum capacity bya factor of five, enabling more inter-operable5G devices such as smart appliances not tomention faster speeds so Americans can domore things online.

Cisco has projected that nearly 60% of globalmobile data traffic will be off-loaded to Wi-Fiby 2022. AT&T CEO Randall Stephenson re-cently noted that mobile voice calls had in-creased 40% during the coronavirus shutdownwhile Wi-Fi calls had doubled.

Thanks to technological advances, the FCChas now found a way to repurpose 6 GHz spec-trum that was licensed to government agenciesand utilities for safety purposes without inter-fering with or limiting their services. Wirelesscompanies wanted the FCC to auction off li-censes to 6 GHz spectrum so they could expand5G service.

This idea has somemerit, but Mr. Pai’s planwill boost 5G for Americans regardless of their

wireless provider. Mr. Pai earlier this year alsomoved to repurpose vast chunks of C-Bandspectrum from satellite operators for wireless

providers. This mid-bandspectrum provides coveragesimilar to the 6 GHz band.

In other non-coronavirusnews, the T-Mobile-Sprintmerger closed on Wednesdayfollowing two years of politi-

cal interference from state Attorneys Generaland the Justice Department. The deal will in-crease wireless competition and accelerate5G, enabling more artificial intelligence, dis-tance education, telemedicine and even re-mote surgery.

One point of irony is that the Justice Depart-ment required T-Mobile to give Dish Networkaccess to its network in order to jerry-rig afourth competitor. Yet during the pandemic theFCC is letting T-Mobile temporarily use Dish’shoarded spectrum licenses to ensure uninter-rupted service to its customers.

Americans perhaps take for granted thattheir internet hasn’t slowed during the corona-virus pandemic, unlike in Europe where speedsand streaming quality have been reduced sonetworks don’t collapse. Credit America’slarger private business investment and lighterregulation. Europe regulates broadband provid-ers like public utilities similar to the Obama-eranet neutrality rule that Mr. Pai rescinded.Americans working at homewould be in amuchworse position in this pandemic if the Obamarules were still in place.

Americans working athome should thank AjitPai and Trump’s FCC.

REVIEW & OUTLOOK

OPINION

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OPINION

Delhi Isn’t Buying Beijing’s Coronavirus Hero ActIt’s not often thaticonic Bollywood ac-tor Amitabh Bach-chan tweets about acontentious geopo-litical issue to hisnearly 41 millionfollowers. Last weekhe shared a memedoing the rounds inIndia—an illustra-tion that showed

World Health Organization chiefTedros Ghebreyesus blindfoldedwith a Chinese flag.

The picture, which Mr. Bachchanlater deleted, alludes to widespreadallegations that the WHO, wary ofupsetting Beijing, was slow to soundthe alarm about the coronavirusthat originated late last year in Wu-han. The actor’s tweet also high-lights something else: China’s ef-forts to use the coronavirus crisis toboost its image are falling flat in In-dia. In the midst of an unprece-dented 21-day national lockdown an-nounced by Prime MinisterNarendra Modi, Indians are in nomood to forgive their neighbor,which many people see as thesource of their troubles.

“The Chinese are very good atmanufacturing,” says Samir Saran,Delhi-based president of the Observer

Research Foundation, in a phone in-terview. “They’re not very good atmanufacturing consent.”

Friction between India and Chinaisn’t new. Three years ago, theirtroops engaged in a tense 10-weekstandoff in the Himalayas afterChina attempted to build a road onterritory also claimed by Bhutan.But since authorities reported In-dia’s first case of coronavirus onJan. 30—a student who returnedfrom Wuhan to the southern Indianstate of Kerala—anti-Chinese senti-ment in India has spiked. So far In-dia has only 2,032 coronavirus in-fections and 58 deaths, but manyexperts expect those numbers tosoar in the coming weeks.

Television news anchors, politicalcartoonists and policy wonks haveall pointed out Beijing’s role insparking the global health crisis.

“Can we forgive China?” asked theheadline of an essay by prominentstrategic affairs expert Brahma Chel-laney. (Short answer: No.) VijayGokhale, who earlier this year retiredas foreign secretary, argued in an op-ed that the coronavirus “has dispelledthe myths around the Beijing consen-sus. Try as the Chinese authoritiesmight to showcase their system ashaving efficiently tackled a nationalemergency, even the remotest nation

on earth has learned about their fail-ure.”

On WhatsApp and social media,many Indians are even blunter.Twitter has sprouted hashtags like#ChinaLiedAndPeopleDied, #Make-ChinaPay and #BoycottChina. Youdon’t have to search hard to find In-dians who refer to the coronavirusas the Chinese virus. A widespreadmeme borrowed from the Danish

newspaper Jyllands-Posten showsthe five stars on the Chinese flag re-placed by the spherical virus. A pop-ular joke on WhatsApp: “China cre-ated group ‘Covid-19.’ China addedyou. China added rest of the world.China left.” Many of the more than690,000 people who as of publica-tion Thursday had signed aChange.org petition calling on Mr.Tedros to resign as head of WHOhave Indian names.

In some places, Indian anger to-ward China has shaded into crude

cultural stereotypes. In a WhatsAppvideo in Hindi, a bearded young mansays, “We can’t even wish the Chi-nese ill by saying, ‘Let your mouthbe infested with bugs.’ For themthat’s dinner.” According to mediareports, some Indians in big citieshave attacked or insulted fellow citi-zens from the northeastern part ofIndia for their allegedly Chinese fea-tures.

China’s baldfaced attempt toscore propaganda points from thecrisis has not helped. By highlight-ing its own apparently successful ef-fort to slow the virus’s spread, andshowcasing medical assistance tobadly hit countries like Italy andSpain, Beijing comes across as thegeopolitical equivalent of the arson-ist who lives in a neighborhood witha well-run fire station.

China’s state-owned media hasmocked India’s chaotic attempt toenforce a national lockdown. “#Indiapolice were seen busy waving rattanto alert those who slinkingly comeoutside during the prevailing lock-down,” tweeted the English-lan-guage Global Times from its officialaccount along with an accompany-ing video. “Under similar circum-stances, #China using drones to helpspread awareness is seen as a betterway.” A Global Times illustration

meant to convey bilateral coopera-tion in the fight against the virusshows a flag-draped Chinese armreaching down to clasp an Indianone.

What do Indian anger and Chi-nese condescension mean for bilat-eral relations? Mr. Saran believesthat, notwithstanding popular rage,New Delhi will continue to maintaina relationship with Beijing markedby both competition and coopera-tion. Unlike the Trump administra-tion, the Indian government is un-likely to call China out bluntly forits calamitous handling of the earlystages of the outbreak. “Prime Min-ister Modi is not going to call it theChinese virus no matter what thestreet demands,” says Mr. Saran.

Tanvi Madan, an expert on India-China relations at the Brookings In-stitution, says many of the sharpestIndian attacks on Beijing have comefrom experts who are widely seen asChina skeptics. “This has reinforcedexisting beliefs,” she says.

Ultimately, though, the impact oftheir criticism will depend largelyon how India handles the coronavi-rus crisis at home. “If two weeksfrom now the government can’t slowthe virus’s growth, Indians won’t befocused on China’s mistakes,” saysMs. Madan.

Anti-Chinese sentimentis sweeping the countryamid fears that Covid-19will soon do the same.

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From Iraq to New York: Thank Those Who Keep on Truckin’

I ’m in the trucking business, andthe coronavirus pandemic hasme thinking back to my days in

Iraq as a tank platoon commander.In 2008 I was stationed with BravoCompany 2-6 Infantry at an air baseonce controlled by Saddam Husseinthat we repurposed as an outpostfor about 120 soldiers. Well-func-tioning supply chains helped keep ussafe and the local economy hum-ming. The same is true here athome.

One goal of Operation Iraqi Free-dom was to preserve freedom ofmovement and trade, essential forrebuilding the Iraqi economy. Thatmeant routine clearance of roadsand pathways. The U.S. and Iraqiforces worked together on coordi-nated security patrols, day andnight. The point was to make surelocals could move freely and supplychains could keep delivering goodsto the public.

Part of our mission was ensuringthat the 77,000 people in the districtof Al-Suwaira could trade along the

two routes in our area—one to Bagh-dad to the north, another toMahmudiya to the west. But our out-post relied on supply runs from Bagh-dad, 46 miles away, for food, fuel,water and ammunition. An enemydisruption of the route to Baghdadwould have substantially weakenedour ability to defend ourselves.

Being a trucker in Iraq during thewar was a dangerous vocation. KBR,formerly a division of Halliburton,had a program to supplement the lo-cal workforce with Americans will-ing to take on the risk of supplyingthe besieged nation with basicgoods. We relied on these truckersin more ways than one.

First, when a truck arrived, localsgained supplies to feed their live-stock, water their crops, and putfood on the table for their families.The resupply runs also provided re-inforcements for our company, fromprovisions to ammunition.

But less appreciated is the confi-dence this instilled in soldiers andthe community. Perception canquickly become reality. Fear thatshipments wouldn’t arrive could

have quickly eroded morale orspooked a fragile economy.

If the enemy had learned that wehad been cut off from supplies orthat the supply chain had been dis-rupted, we could have been in a life-or-death situation. That isn’t an ex-aggeration. As for the economy, adamaged supply artery could haveproduced hyperinflation and a runon remaining supplies. This experi-ence formed how I view truckingand running a supply chain.

As the novel coronavirus has in-vaded America, the country has hadto make special arrangements to en-sure that goods can move, much likein a war zone. Hours-of-service reg-ulations, which limit drivers to 11hours behind the wheel every 24,have been relaxed. The CoronavirusAid, Relief and Economic SecurityAct will provide assistance to smalland midsize motor carriers, whichmake up more than 90% of all

trucking companies. This cash infu-sion will help carriers meet payroll,which means they’ll be able to keepmoving goods. The government’s fi-nancial commitment to the supply

chain is similar to the one U.S.forces made during Operation IraqiFreedom.

No one knows how long this willlast, but freight will continue tomove. I have been thinking aboutthe drivers on the road across Amer-ica who are giving up so much tosupport the nation. These truckersand workers are away from family

for long periods. They work gruelinghours and risk exposure to Covid-19.But they’re willing to put theirhealth at risk so that millions ofpeople can have a semblance of nor-malcy in their lives.

Thanks to these sacrifices, gro-cery and pharmacy shelves will bestocked even amid a pandemic. Thatconsistency and reliability will giveconfidence to American consumersas the economy starts to rebound.As I learned in Iraq, the supplychain and the truckers who hold ittogether are vital to the health of anation. I salute America’s truckdrivers and thank them for theirservice.

Mr. Williams is director of opera-tions at Transfix, a digital market-place that connects freight shippersand carriers. He served as a tankplatoon leader and battalion battlecaptain in the U.S. Army.

By James Williams

I learned in the Army whysupply chains are so vital.There are lessons for thecurrent crisis.

F or now, social distancing isthe best America can do tocontain the Covid-19 pan-demic. But if the U.S. trulymobilizes, it can soon de-

ploy better weapons—advancedtests—that will allow the country toshift gradually to a protocol less dis-ruptive and more effective than alockdown.

Instead of ricocheting between anunsustainable shutdown and a danger-ous, uncertain return to normalcy, theU.S. could mount a sustainable strat-

egy with better tests and maintain astable course for as long as it takes todevelop a vaccine or cure. The countrywill once more be able to plan for thefuture, get back to work safely andavoid an economic depression. Thiswill require massive investment toramp up production and coordinatethe construction of test centers. Butthe alternatives are even more costly.

Two types of testing will be essen-tial. The first test, which relies on a

Testing Is Our Way Outtechnology known as the polymerasechain reaction, or PCR, can detectthe virus even before a person hassymptoms. It is the best way to iden-tify who is infected. The second testlooks not for the virus but for the an-tibodies that the immune systemproduces to fight it. This test isn’t soeffective during the early stages ofan infection, but since antibodies re-main even after the virus is gone, itreveals who has been infected in thepast.

Together, these two tests will givepolicy makers the data to makesmarter decisions about who needsto be isolated and where resourcesneed to be deployed. Instead of firingblindly, this data will let the countrytarget its efforts.

Here’s a simple illustration of howtest data can save lives. Every daymillions of health-care professionalsgo to work without knowing whetherthey are infectious and might spreadthe virus to their colleagues. We bothhave close relatives on the frontlines. As soon as one of them devel-oped a cough, she pulled herself outof service. But at that point she mayhave been infectious for several criti-cal days. If she and her colleagueshad all been tested every day, her in-fection would have been caught ear-lier and she would have isolated her-self sooner.

To be used as a screening mecha-nism at the beginning of a shift, thetest would need to be able to give a

result within minutes. Developersare making progress on speeding upthese PCR tests—so much so thatthe aforementioned physician re-ceived the results from her secondtest, conducted five days after thefirst, before those from the firsttest. Abbott and Roche, two phar-maceutical companies, are movingforward with tests that can de-crease reporting times from days orhours to minutes. Now that the doc-tor has recovered, an antibody testcould help determine when she canreturn to the frontlines of patientcare.

As testing capacity expands, thesame tests could be offered to all

essential workers, such as police of-ficers and emergency technicians,and then to other overlooked butcritical workers—pharmacists, gro-cery clerks, sanitation staff. Thenext step would be to test peoplethroughout the country at randomto get up-to-date information aboutwho is infected now and who hasever been infected.

For those who are currently in-fected, governments can provide im-mediate assistance to make sure theydon’t infect anyone else, especiallyfamily members. Those infected be-fore who now have antibodies maybe less susceptible to reinfection. Ifthat is proved in the weeks to come,

they could also return to work.Putting this system in place will

take resources, creativity and hardwork. Test developers will have to in-crease the production rate of kits byan order of magnitude. In his workfighting Ebola in West Africa, Dr.Shah saw how a virus can cause a30% reduction in economic output.Mr. Romer’s back-of-the-envelope cal-culation is that the recession causedby the coronavirus pandemic has al-ready caused a 20% reduction in U.S.output, which means the country islosing about $350 billion in produc-tion each month. If a $100 billion in-vestment in a crash program to makeantibody and PCR tests ubiquitousbrought a recovery one month sooner,it would more than pay for itself.

Building this testing system wouldbe complicated and require the bestof American science, business andphilanthropy working together. But itis the type of challenge that the U.S.has overcome before. It isn’t viableto wait a year or two for a vaccinebefore getting people back to worksafely. To save lives and prevent adepression, testing on a massivescale is essential.

Mr. Romer is a professor at NewYork University and a 2018 Nobellaureate in Economics. Dr. Shah ispresident of the Rockefeller Founda-tion and served as administrator ofthe U.S. Agency for International De-velopment, 2010-15.

By Paul RomerAnd Rajiv Shah

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Returning to normal is toodangerous. Lockdowns areunsustainable. Let’s savelives without a depression.

A health-care worker administers a coronavirus test Thursday.

Give Hospital Workers Hazard Pay

D octors, nurses and othermedical workers have beenjustly praised for their hero-

ism and courage. We owe them ourlives, we are told. What are we do-ing for them?

A reporter asked PresidentTrump the other day about “hazardpay” for frontline health workers.“I like it,” he said. “They’re likewarriors.” He’s right. Some of themare working in emergency roomsand intensive-care units withoutadequate protection, and they de-serve extra pay. We suggest $1,000a week for these doctors, nurses,phlebotomists, paramedics andother support staff.

No quibbling over whether thedoctor or the person who hauls thegurneys should get more or less.What they have in common is a jobthat demands constant exposure todanger. The chief medical officer at

a Brooklyn, N.Y., hospital singledout respiratory therapists: “They’reputting people on ventilators . . .where they might get some aero-solized particles. They are uniquelyskilled employees, and they’redropping like flies.” And skilledstaffers aren’t easy to replace.

The prospect of sickening othersis a heavy burden, too. Physiciansand their colleagues leave workeach day dreading that they’ll ex-pose their children, partners orparents. That can mean extra ex-pense: An ER doctor in Washingtonwho lives with his family put an ad

in the paper seeking a temporaryapartment—a major expense forhim and an unimaginable one forworkers lower down the pay scale.

Some hospitals are already mak-ing such payments. New York-Pres-byterian announced Wednesday thatall clinical employees, including sup-port staff, will receive a $1,250 bo-nus. But this is a national problem.Congress should authorize the U.S.Treasury to pay a fixed bonus to allER and ICU workers who work 30hours a week or more, at least untilthe risk of infection from inade-quate protective supplies is undercontrol.

Health-care professionals de-serve a reward for their heroicwork, and a little less stress intheir lives would help them deliverbetter care to everyone.

Dr. Satel, a psychiatrist, is a res-ident scholar at the American En-terprise Institute.

By Sally Satel

Extra money would be atangible show of gratitudeand would enable them tocare better for everyone.

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A18 | Friday, April 3, 2020 * * * * THEWALL STREET JOURNAL.

WORLD NEWS WORLD WATCH

HUMAN RIGHTS

Release Sought forReligious Minorities

The Trump administration iscalling on governments aroundthe world to immediately releasehundreds of thousands of pris-oners who have been jailed forpeacefully practicing their reli-gion.

The U.S. special envoy for re-ligious freedom, Sam Brownback,said on Thursday that the coro-navirus pandemic had made thesituation more urgent, particu-larly in authoritarian countriesknown for repression of religiousminorities. He cited China, Indo-nesia, Iran, Eritrea, North Korea,Russia and Vietnam as havingsignificant numbers of prisonersof religious conscience in jails.

“These are people who shouldnot be in jail on the first place,”Mr. Brownback said. “In this timeof pandemic, religious prisonersshould be released. It’s goodhealth practice and the rightthing to do.”

Mr. Brownback also called forgovernments to push back on al-legations that religious minori-ties are to blame for the spreadof the Covid-19 virus.

—Associated Press

AUSTRALIA

High Court to RuleOn Cardinal’s Case

Australia’s highest court willdeliver its ruling Tuesday onwhether to overturn the convic-tions of Cardinal George Pell, themost senior Catholic convictedof child sex abuse.

The 78-year-old is one yearinto a six-year sentence for mo-lesting two 13-year-old choirboysin Melbourne’s St. Patrick’s Ca-thedral while he was the city’sarchbishop in the late 1990s.

The High Court’s decisioncould be the last chance forPope Francis’ former financeminister to clear his name.

A Victoria state County Courtjury found the cardinal guilty onall charges in 2018. He waslargely convicted on the testi-mony of one of the choirboys,now in his 30s with a youngfamily. The man first went topolice in 2015 after the secondvictim died of a heroin overdoseat the age of 31.

—Associated Press

RUSSIA

Workers OrderedTo Stay Home Longer

President Vladimir Putin onThursday ordered most Russiansto stay off work until the end ofthe month as part of a partialeconomic shutdown to curb thespread of the coronavirus.

In a televised address to thenation, Mr. Putin said he was ex-tending the non-working policyhe ordered earlier for this weekuntil the end of April. He empha-sized that all employees shouldcontinue earning their regular sal-aries during the period.

The president said some es-sential industries would keep op-erating, and grocery stores andpharmacies would remain open.He noted that it would be up toregional authorities to decidewhich companies and organiza-tions could keep working.

“The threat remains, and ex-perts believe that the epidemichas yet to reach its peak in theworld, including our country,” Mr.Putin said.

—Associated Press

MIDEAST

Iranian, Israeli SeniorLeaders Get Virus

Iran’s parliament speaker hascontracted the new coronavirus,the country’s highest-rankinggovernment figure yet to catchthe disease, while in Israel, sev-eral top officials entered quaran-tine when the health ministertested positive on Thursday.

Iran’s parliament announcedAli Larijani’s illness on its website,saying he was receiving treat-ment in quarantine. Iran’s HealthMinistry said Thursday that thecountry’s death toll is 3,160.

As Israel’s case count rose tomore than 6,800, including 34deaths, the country was rattledby the diagnosis of its health min-ister, Yaakov Litzman, who hashad frequent contact with PrimeMinister Benjamin Netanyahu.

Shortly after the announce-ment, Mr. Netanyahu’s officesaid he returned to self-quaran-tine because of contact with Mr.Litzman.

Mr. Netanyahu, who hastested negative, previously hadbeen in isolation after a top aidecontracted the virus.

—Associated Press

A Pakistani court over-turned the 18-year-old murderconviction of a British nationalfor killing Wall Street Journalreporter Daniel Pearl and re-duced his death sentence toseven years for kidnapping.

Mr. Pearl was murdered inthe southern city of Karachi inJanuary 2002 while working ona story about religious extrem-ists in Pakistan in the aftermathof the Sept. 11, 2001, attacks.

The murder created inter-national headlines and placedenormous pressure on Paki-stan to find the killers andbring them to justice. OmarSaeed Sheikh, a British na-tional with a history of ex-tremism, was convicted onthree separate charges relatedto orchestrating the kidnap-ping and murder. He was sen-tenced to death for each.

The Karachi court, whichheard Mr. Sheikh’s appeal lastmonth, overturned convictionsfor murder and terrorism, the40-page ruling said Thursday.The third conviction, kidnap-ping for ransom, was down-graded to simple kidnapping,and Mr. Sheikh’s sentence wasreduced to seven years. He hasbeen imprisoned since 2002.

The court found discrepan-cies in much of the evidenceused to convict Mr. Sheikh andothers, including questionsabout who owned a computerfrom which ransom emailswere supposed to have beensent and the circumstances ofMr. Sheikh’s arrest. The courtalso said it didn’t find any evi-dence linking Mr. Sheikh or theothers to the actual murder.

“There are many missinglinks in the chain of evidencefrom the abduction of Pearl tohis ultimate murder,” thecourt ruled.

Three accomplices who weresentenced to life in prison atthe same 2002 trial had theirconvictions completely over-

turned on Thursday.Faiz Shah, the state prose-

cutor based in Karachi, toldthe Journal that an appealwould be filed to the SupremeCourt. The authorities also willrequest a stay order from theSupreme Court that wouldprevent Mr. Sheikh being freedfrom jail until that appeal isheard, according to Mr. Shah.

On Twitter, Judea Pearl, fa-ther of the slain journalist, de-cried the ruling as a “mockeryof justice” and urged prosecu-tors to pursue the appeal.

A senior official in the capi-tal, Islamabad, confirmed anapplication to immediatelystay the implementation of thecourt’s ruling, as well as anappeal, was expected from theprovincial authorities.

Mr. Sheikh’s lawyer, Mah-mood Sheikh, said that “natu-ral justice” required that hisclient at least be heard by theSupreme Court before any de-cision is taken on suspendingthe judgment from being car-ried out. He described the evi-dence against his client as“not only poor but pathetic.”

Alice Wells, the U.S. assistantsecretary of state for South and

vast jihadist underground inPakistan—international violentextremists from al Qaeda mix-ing with a menacing brew oflocal militant groups. Thatnexus of jihadists came intoaction in Mr. Pearl’s abductionand murder.

Mr. Sheikh was convictedwithin six months of the kill-ing. He was a longtime ex-tremist who apparently hadlaunched his activities while astudent at the London Schoolof Economics.

The court upheld part of the2002 trial, which found that hemet Mr. Pearl in the northerncity of Rawalpindi after learn-ing about a religious leader thereporter wanted to interviewfor an article. Mr. Sheikhpromised to arrange an intro-duction, and later suggestedthe journalist visit Karachi tosee the cleric there.

Outside a restaurant whereMr. Pearl was told to meet, hegot into a car in which Mr.Sheikh was seated, the appealruling said. That was the lasttime Mr. Pearl was seen, thecourt said Thursday.

Days later, Mr. Pearl wasbeheaded.

BY SAEED SHAH

Conviction in Pearl Murder TossedPakistan appeals courtoverturns two verdictsagainst British nationalin killing of journalist

Omar Saeed Sheikh, seen outside a Karachi court in 2002, had been given three death sentences.

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Central Asian Affairs, sharplycriticized the court’s decisionand applauded the govern-ment’s decision to appeal.

“The overturning of theconvictions for Daniel Pearl’smurder is an affront to victimsof terrorism everywhere. Wewelcome Pakistan’s decision toappeal the verdict. Those re-sponsible for Daniel’s heinouskidnapping and murder must

face the full measure of jus-tice,” she said on Twitter.

Dow Jones, the Journal’spublisher, said: “We continueto seek justice for the murderof Daniel Pearl. Danny was acherished colleague and wewill always honor his memoryand service.”

Mr. Pearl’s murder, a video-tape of which was released onthe internet, cast light on a

TheKarachi courtfound discrepanciesin much of theevidence presented.

Bringing New Life to Senior Living® brookdale.com

The can-doersThe make-it-greatersThe above and beyonders

Before the world was threatened by the COVID-19 outbreak, we created the Everyday

Heroes program for associates who excelled in serving our residents and patients.

They embody our selfless spirit.

And now, more than ever, our associates continue to raise the bar. They are on the

front lines helping to maintain the health and safety of our residents and patients.

And we’re so proud of you all.

These are Brookdale’s Everyday Heroes.

To Our Frontline Associates

©2020 Brookdale Senior Living Inc. All rights reserved. BROOKDALE SENIOR LIVING and BRINGINGNEW LIFE TO SENIOR LIVING are the registered trademarks of Brookdale Senior Living Inc.

P2JW094000-4-A01800-1--------XA

© 2020 Dow Jones & Company. All Rights Reserved. * * * * * THEWALL STREET JOURNAL. Friday, April 3, 2020 | B1

The stock market is gyratingwildly but the Securities and Ex-change Commission might nothave a complete picture of whatis going on.

A decade ago, a “flash crash”in the stock market shocked in-vestors and drove the SEC totry to improve its ability tomonitor unexpected swings intrading.

That effort has producedsome disappointing results.Regulators spent millions of dol-lars on an interim database thathas failed to provide accurateand timely data during some pe-riods of turmoil, according toSEC documents obtained undera public-records request. Alarger, more-detailed database

BY SEBASTIAN HERRERA

AmazonAdds80,000Workers

PERSONAL TECHNOLOGY: HOW TO VIDEOCONFERENCE LIKE A PROFESSIONAL B4

S&P 2526.90 À 2.28% S&PFIN À 2.47% S&P IT À 2.28% DJTRANS À 1.27% WSJ$ IDX À 0.35% LIBOR3M 1.373 NIKKEI (Midday) 17873.35 À 0.31% Seemore atWSJ.com/Markets

BUSINESS&FINANCE

Sources: Refinitiv (flows); Citigroup (separately-managed accounts); Federal Reserve (ETFs and mutual funds)*2020 data as of March 25. Funds represented are the largest high-yield muni mutual funds of the three biggest muni high-yield managers.

High-yieldmunimutual fundflows* Assets ofmuni-bond funds andseparatelymanaged accounts$1.5

0 Annual data

0.5

1.0

trillion

2013 ’19

Mutual funds

Separately-managedaccounts

Exchange-traded funds

$4

–2

0

2

billion

2010 ’10 ’20 ’10 ’20

NuveenHighYield MunicipalBondFund

InvescoHighYieldMunicipal Fund

GoldmanSachsHighYieldMunicipal Fund

BY HEATHER GILLERSAND GUNJAN BANERJI

Municipal Bonds’ VulnerabilityIs Exposed in Market Breakdown

With U.S. car factories idledbecause of the new coronavi-rus, the disruptions are fallinghard on the nation’s auto-partssuppliers, some of which are

BY BEN FOLDY

already showing signs of dis-tress.

Unlike the bigger, well-capi-talized car companies, thethousands of parts firms thatfeed the industry’s global sup-ply chain operate closer to theedge with less of a cash cush-ion and with contract ordersthat still need to be filled, sayexecutives, consultants and in-dustry lawyers.

Within the past three weeks,auto suppliers have laid off or

furloughed more than 3,000workers in Michigan, accordingto government notices. Somesuppliers are delaying pay-ments to vendors and askinglenders to adjust terms. Othersare trying to preserve businessby keeping some manufactur-ing lines running, knowingthey need to be ready whenthe car companies resume pro-duction.

Many supply contracts re-quire auto-parts firms to de-

liver on time or risk fines of upto $50,000 for every minutedelay, industry attorneys say.

“It doesn’t take as much tosend them under becausethey’re already stretched,” saidJeremy Rice, who works withauto suppliers at accountingfirm Mazars USA. “This is justanother giant weight on a verythin sheet of ice.”

Clarence Martin, presidentof Detroit-area auto supplierEypex Corp., thought he could

sidestep the temporary car fac-tory closures in Michigan thatbegan in March by filling partsorders coming from China,which has begun restartingmanufacturing lines.

Then, Michigan ordered athree-week lockdown of allnonessential businesses, lead-ing him to close one facilitycompletely and send workershome. Another one is operat-ing with minimal production.

PleaseturntopageB5

Car Makers’ Halt Hurts SuppliersClosed assembly linesduring pandemic leaveparts producers toweigh survival options

ConfusionVeils LoanPlan forBusinesses

Bonds for amusement park and mall American Dream in New Jersey plunged in March amid coronavirus concerns.

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AL

Amazon.com Inc. has filled80,000 jobs in the span of afew weeks, part of a hiringspree to add 100,000 workersto meet soaring demand amidthe coronavirus pandemic.

The technology giant alsounveiled a raft of worker pro-tections, including plans tocheck employees’ tempera-tures at its facilities in the U.S.and Europe and at WholeFoods Market locations byearly next week. The companyis checking the temperaturesof 100,000 employees dailyand plans to provide masks toall facilities by next week, ac-cording to Dave Clark, Ama-zon’s senior vice president ofworld-wide operations. Anyemployee found to have a tem-perature above 100.4 degreesFahrenheit will be asked to gohome and not return until af-ter having gone three dayswithout a fever, Mr. Clark said.

Amazon warehouse workersand other hourly employeeshave called on the company todo more to protect them asthe coronavirus has spread.Employees in at least 15 ware-houses in the U.S. have testedpositive for Covid-19 or en-tered quarantine because ofsymptoms, Amazon said thisweek. That list has grown al-most daily in recent weeks.

Amazon employs more than500,000 people in the U.S.,making it the country’s sec-ond-largest private employer.Walmart Inc.—the nation’slargest private employer, withabout 1.5 million workers—re-cently announced similarplans to provide masks to em-ployees and take temperaturesat the start of each shift. Thecompany has hired 65,000workers since March 19 andsaid it would add 150,000 tomanage the shopping surgesparked by the pandemic.

About 15 employees at awarehouse in Staten Island,N.Y., walked out of work Mon-day, according to Amazon. Thewalkout was followed by simi-lar actions at facilities in Chi-cago and the Detroit area, aswell as a “sick out” on Tues-day by workers at WholeFoods, which is owned by Am-azon.

As the virus spread acrossthe U.S., Amazon has facedoverwhelming demand andmass employee absences at itswarehouses, The Wall StreetJournal reported this week.Some workers have said Ama-zon hasn’t provided enoughcleaning supplies at facilitiesor properly enforced social-distancing measures. Orga-nized employees have calledon Amazon to shut down anywarehouse where at least oneconfirmed case of Covid-19 isidentified.

Amazon has taken severalsteps to keep employees safeat warehouses, including sepa-rating tables and chairs inbreak rooms and eliminatingmeetings between workers

PleaseturntopageB2

Hours before small busi-nesses can apply for forgivableloans from the $2 trillion fi-nancial relief package, some ofthe biggest U.S. banks aren’t

ready to handle an expectedflood of applications from po-tential borrowers.

JPMorgan Chase & Co. toldits small-business customersThursday that it doesn’t expectto start accepting loan applica-tions on Friday. Bank of Amer-ica Corp. plans to limit theloans to customers with exist-ing deposit accounts and loansat the bank as of mid-February,according to people familiarwith the matter.

Under the Small BusinessAdministration’s Paycheck Pro-tection Program, part of thestimulus package signed intolaw last week in response tothe Covid-19 pandemic, lenderswould make available as muchas $350 billion in government-guaranteed loans to cover eightweeks of payroll and other ex-penses. Business owners canbegin applying on Friday forthe loans, which are forgivableif businesses keep their work-force largely intact and use theloans for eligible expenses suchas rent and utilities.

Many details of the programremain unclear, which is com-plicating efforts by lenders togear up for what is expected tobe an onslaught of prospectiveborrowers at the end of thisweek. Among what lenders sayare the unanswered questionsare how much due diligence ofborrowers is required andwhether they will be able tosell these loans to create li-quidity.

JPMorgan said in a state-ment that it is still awaitingguidance from the SBA andTreasury Department beforemaking loans. A Bank of Amer-ica spokeswoman said the bankcould move fastest with itsnearly one million small-busi-ness borrowing clients.

“We know for these busi-nesses speed is of the essence,”the spokeswoman said in astatement, adding that existingcustomers are Bank of Amer-ica’s “near-term priority.”

PleaseturntopageB2

By Ruth Simon,Peter Rudegeair

and Amara Omeokwe

that was originally supposed tobe completed in November 2019has been delayed until 2022.

The interim system, knownas Midas, short for Market In-formation Data Analytics Sys-tem, was designed to give theagency “the same speed, ease,and reliability of data collectionand analysis that is available tosophisticated market partici-pants,” the SEC stated in a 2012contract procuring Midas froman outside vendor. The servicegives regulators access to abouta billion records Midas collectseach day via proprietary datafeeds from each of the 13 na-tional stock exchanges, as wellas consolidated feeds of bestbids and offers across markets.

Internal SEC emails from thesystem’s administrator show

that Midas has broken down attimes when trading volumessurged or unusual trading roiledmarkets.

On Aug. 24, 2015, anomaloustrading caused huge priceswings in markets. As SEC stafftried to understand what hadhappened, Midas’s data collec-tion slowed to a trickle. Twodays later, the SEC’s Midas ad-ministrator said of the system’svendors: “They have yet to pro-vide confirmation the data is100% accurate. I continue topress them on this important is-sue.”

On Feb. 27, 2018, Midas be-gan to “intermittently drop”trading data from one of themajor stock exchanges becauseof an issue “somewhere within

PleaseturntopageB5

BY CEZARY PODKUL

SEC’s Trade-Analysis Tools Still Lag

The coronavirus triggered aliquidity crisis in municipalbonds, but the volatility thatresulted has been brewing for adecade.

Desperate sellers acrossmost markets sold assets atdeep discounts last month asthe spreading coronavirus leftinvestors fearful and hungry forcash. Perhaps no investmentflipped from coveted haven tospurned hot potato as quicklyas municipal bonds.

Prices have started to re-cover as U.S. lawmakers autho-rized the Federal Reserve toprop up a wide swath of stateand local government debt. Butthe marketwide breakdown ex-posed a new vulnerability inthe nearly $4 trillion municipalmarket: a concentration ofpower and risk resulting from afundamental shift in how munibonds are bought and sold onWall Street and on Main Street.

More money than ever ismanaged by a few financial be-hemoths that can swallow largechunks of debt at premiumprices and don’t shy away fromrisk. Meanwhile, the banks andbrokers that trade munis havebecome less inclined to ware-house debt.

That shift left the market

susceptible to extreme volatil-ity when worried investors fledbond funds, triggering waves offorced selling with few otherbuyers willing to pay top dollar.Yields on 10-year bonds dou-bled in three days, a price dropnever seen before, according toRefinitiv, and the S&P Munici-

pal Bond Index gave up morethan a year’s worth of gains.State and local governmentswere locked out of the debtmarket for days and investorswho cashed out likely sufferedtens of millions of dollars inlosses. Yields rise as bondprices fall.

Powerful participants in mu-nicipal funds such as NuveenLLC, BlackRock Inc., GoldmanSachs Group Inc. and Invescohelped the sector’s record runlast year. Now, outflows fromthose same funds helped fuel arecord selloff in the historically

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$1.0

0

0.2

0.4

0.6

0.8

million

2014 ’15 ’16 ’17 ’18 ’19

SEC'smonthly cost foraccessing granular marketdata viaMidas

Source: Monthly Midas invoices from SEC

Notes: Invoices consolidated by month;Data as of August 2019

February 2019spike reflectspurchase of newservices andcapabilities.

INSIDE

BUSINESS NEWSDisney is furloughing employees

across all divisions in its domestic operationsas it struggles with fallout fromthe coronavirus pandemic. B3

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B2 | Friday, April 3, 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

Airbus..........................B5Alphabet......................R8Amazon.com...............B1American CenturyInvestments..............B9

American Express.......R8

B

Bank of America.........B1BlackRock....................B1Blue Tractor Group.....B9Boeing....................A2,B5

C

Chevron.......................B9

D

Deutsche Bank............B5

E

Exxon Mobil ................B9Eypex...........................B1

F

Fidelity Investments..B9

G

General Electric.....A1,B5General Motors...........A6Goldman Sachs Group.....................................B1

H

Hill-Rom Holdings......A1

I

Invesco........................B1

J

JPMorgan Chase.......................... B1,B3,B9

K

Koninklijke Philips......A1

L

Laboratory of AmericaHoldings....................A7

Legg Mason.................B9Luckin Coffee..............B3

M

MayStreet...................B5Medtronic....................A1

N

Natixis InvestmentManagers..................B9

Nuveen........................B1

P - Q

PG&E...........................A2Precidian Investments.....................................B9Quest Diagnostics......A7

R

ResMed.......................A1

Restaurant BrandsInternational.............B9

S

SoftBank Group..........B4

T

Tenet Healthcare........B9

Tesla............................B3

Thesys Technologies...B5

3M...............................A1

TIAA............................B2

TransDigm Group........B9

T. Rowe Price Group...B9

V

Valiant CapitalManagement ............A1

Vyaire Medical............A1

W

Walgreens BootsAlliance..............B2,B10

Walmart......................B1

Walt Disney................B3

WeWork ......................B4

Y

Yum! Brands ...............B9

INDEX TO PEOPLE

BUSINESS & FINANCE

and managers that typicallybegin before each shift, ac-cording to workers. The com-pany said warehouses withconfirmed cases can be closedtemporarily for deep cleaningand reopen once that processis over.

Amazon has secured an ad-ditional 450,000 canisters ofdisinfectant wipes and morethan 50,000 hand sanitizersfor its warehouse staff, ac-cording to a memo reviewedby the Journal.

Mr. Clark of Amazon said ina blog post that the companyis in the process of distribut-ing masks to workers, whichwill be available as soon asThursday in some locations,with all facilities having masksby early next week. The com-pany will donate any N95masks it receives to health-care workers or will sell them

ContinuedfrompageB1

B

Beller, Mike.................B5Brackeen, Dennis.......M3Brett, Patrick..............B2Brigati, Chris...............B2

C

Callahan, Bill...............B9Clark, Dave..................B1

D

Dimon, James.............B3

G

Gellasch, Tyler ............B5Grant, Danny...............A6

H

Hansen, Chris .............A1

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Mahaffy, Edward........B2Marshall, Edward .....A10McAlinden, Barry........B9Miller, John.................B2Morrison, Laura..........B9Musk, Elon..................B3

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at cost, he said.Amazon has rolled out sev-

eral new policies in recentweeks. The company said em-ployees who show symptomsor are diagnosed withCovid-19, or are in quarantine,are eligible for up to twoweeks of paid sick leave. Thecompany has also raisedhourly pay for employees inthe U.S. and Canada by $2through the end of April andallowed employees to take anunlimited amount of unpaidtime off through the end ofthe month. Mr. Clark said Am-azon expects to “go well be-yond our initial $350 millioninvestment in additional pay,and we will do so happily.”

The company is planning toconduct daily audits of thenew health-and-safety mea-sures, using cameras in its fa-cilities and machine learningto monitor social distancing.

“With over 1,000 sitesaround the world, and somany measures and precau-tions rapidly rolled out overthe past several weeks, theremay be instances where wedon’t get it perfect, but I canassure you that’s just whatthey’ll be—exceptions,” hesaid in the post.

AmazonHires80,000

Walgreens said it is well-positioned to ride out the pandemic, though uncertainty grows if lockdowns continue. A store in Brooklyn, N.Y., last week.NIYIF

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the past decade, according toMunicipal Securities Rulemak-ing Board data. Since the lastfinancial crisis, major brokershave also significantly reducedthe maximum amount of mu-nicipal debt they are willing tohold in inventory until newbuyers materialize.

“There’s nothing any dealerbalance sheet can do when themutual funds are getting $12billion of redemptions a week,”said Patrick Brett, head of mu-nicipal debt capital markets atCitigroup.

The plummeting prices hadripple effects in the thinlytraded muni market, wheremanagers revise the value oftheir portfolios based on tradesof similar securities. ChrisBrigati, head of municipal trad-ing at Advisors Asset Manage-ment, said his firm markeddown the value of its holdingsfor more than a week duringthe recent tumult.

Calmed by Congress, muniselling has slowed for now, ac-cording to MSRB data. But witha vast chunk of the market sit-ting in mutual and exchange-traded funds that investors caneasily exit, another shock couldprovoke further outflows, caus-ing prices to plummet again,analysts and money managerssaid.

“If they’re gobbling up thebonds on the way up, it’s a two-edged sword,” said Little Rock,Ark., investment adviser Ed-ward Mahaffy, who has beenmanaging municipal-bond port-folios for 35 years. “When peo-ple want to exit, the reverse isgoing to happen.”

Orlando, Fla., to Miami—knownas Virgin Trains USA, or Bright-line—about a third the totaldeal. The firm has accumulatedabout $1.8 billion of city andschool bonds issued by Chicago,which Moody’s Investors Ser-vice rates as speculative grade.

When investors rattled bythe spread of the coronavirusbegan pulling their money frommuni mutual and exchange-traded funds in mid-March,high-yield funds lost 8% oftheir holdings to redemptionsin two weeks.

Nuveen had net outflows of$5.4 billion in March throughthe 25th, more than any otherfund. The level of redemptions

surprised even Nuveen’s Mr.Miller. He acknowledged thatthe accumulation of money inmutual funds contributed to theselloff but said the shift in sen-timent was the paramount rea-son for the selloff. He said hestill has confidence in his high-yield investments.

“The way people viewed thesecurities switched…in theblink of an eye,” he said.

These outflows hit a marketthat has already condensed inrecent years, as the number ofbanks and brokerage firms thattrade munis fell by 37% over

The number ofbanks and brokeragefirms trading munisfell 37% in 10 years.

The company plans to conduct daily audits of safety measures,using cameras and machine learning to monitor social distancing.

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“As a community bank, wewant to support all of the smallbusinesses in our communi-ties,” said Ms. Hulit. “But weneed to wait for the lender ap-plication forms so we knowwhat we have to provide interms of documentation andprocedures,” she added. “Untilwe get that guidance from theSBA, we are on hold.”

The Treasury Departmentand Small Business Adminis-tration, which are both work-ing on the new program, didn’timmediately respond to re-quests for comment onwhether lenders would be re-quired to collect credit memosor other kinds of credit infor-mation from borrowers. LateThursday, the Treasury Depart-ment provided more instruc-tions to lenders, but final ver-

sions of many forms needed toparticipate in the programweren’t immediately available.

Megan Flynn, co-owner of MFlynn Jewelry in Boston, saidshe had inquired about thePaycheck Protection Programwith two SBA-approved lend-ers, and was gathering docu-mentation she might need toapply, such as payroll state-ments.

“We’re prepared to reallyfight for it,” said Ms. Flynn re-garding the loan-applicationprocess. She hopes to use thefunds to rehire three full-timeworkers and one part-time em-ployee. “I don’t think anyone isgoing to make [the process]easy for us,” she added.

The new program includes atwo-page borrower applicationthat asks businesses to provide

their average monthly payroll,number of employees andother basic information.

In addition to the borrowerapplication, the SBA requireslenders to fill out an applica-tion when making a traditionalSBA-backed loan. As of Thurs-day afternoon, the Trump ad-ministration hadn’t issued a fi-nal version of the additionallender application form for thenew program. An SBA spokes-woman said the agency is re-vising the form.

A draft copy of the lenderapplication asks for a “creditmemo” that will support infor-mation about payroll, health-insurance costs and other keyexpenses. It also asks lendersto certify that “loan proceedswill be used for an eligible pur-pose.”

Smaller banks also are un-sure how to navigate the pro-cess. Maine Community Bankin Biddeford, Maine, hasfielded inquiries about the loanprogram from more than 300small businesses. Chief Execu-tive Jeanne Hulit said thebank, which has about $950million in assets, doesn’t havethe information it needs fromthe government to ramp uplending.

ContinuedfrompageB1

SBA LoanProgramConfuses

high-yield assets under man-agement by muni mutual andexchange-traded funds morethan doubled over the past de-cade to $136 billion, Nuveen’sholdings grew sixfold, Morning-star data show, making it thebiggest high-yield muni moneymanager.

Nuveen, a subsidiary of assetmanager TIAA, controls about1-in-4 dollars in high-yield munimutual and exchange-tradedfunds as of February, Morning-star data show. In 2018, Nuveennamed John Miller, who ranone of the firm’s first high-yieldmuni portfolios 20 years ago,as its new head of municipals.

When backers of a plannedNew Jersey amusement parkand mall, American Dream,wanted to raise money aboutthree years ago, Nuveen pur-chased $105 million of theamusement-park bonds withindays. Prices on the unratedbonds rose by about 10% overthe next three months as Nu-veen, flush with investors’ cash,bought up more than half ofthe entire $500 million ofbonds. A far cry from the high-way and high-school construc-tion bonds that make up thetypical muni portfolio, the at-traction includes one of thelargest indoor ski hills in theWestern Hemisphere. It openedlast October, but its bondsplummeted in mid-March amidcoronavirus concerns. The pan-demic has led to the indefiniteclosure of the amusement parkand mall.

Nuveen also reports holdingat least a $1 billion stake in anunrated train line connecting

safe corner of the market.Municipal-bond funds hem-

orrhaged $28 billion last monththrough March 25, with morethan half of that money flowingout of funds managed by thosefour asset managers, accordingto Refinitiv. Nuveen attemptedto unload roughly $700 millionin munis in a single day, shock-ing a market where the major-ity of trades are $50,000 orless, according to Municipal Se-curities Rulemaking Board data.

Those muni holdings hadbuilt up over the past decade asit got easier for investors tobuy and sell munis. Moneymanagers now control nearly$1.6 trillion in munis throughmutual funds, separately man-aged accounts and exchange-traded funds, according to datafrom the Federal Reserve andCitigroup.

To help satisfy investors’hunger for yield, some fundspiled into risky debt, financingprojects such as charter schoolsand nursing homes. As of Feb-ruary, five money managerscontrol more than half of theassets in high-yield funds, ac-cording to Morningstar data.

But no manager dominatedthe competition for junk bondslike Chicago-based Nuveen. As

ContinuedfrompageB1

Munis’WeaknessExposed

nancial results for the quarterended Feb. 29, a period thatpreceded the start of wide-spread consumer stockpilingof food and other goods.

“The full impact of Covid-19won’t be known for months,”Walgreens finance chief JamesKehoe said in a call with ana-lysts, referring to the diseasecaused by the virus. “The situ-ation is quite fluid and we ex-pect volatility.”

Walgreens’s shares fell6.3%, to $40.32 on Thursday,their lowest close since March2013.

The Deerfield, Ill.-basedchain generated stronger-than-expected sales during itslatest quarter. It reported$35.82 billion in sales for thequarter, up from $34.53 billiona year earlier. Operating in-

come fell 19% to $1.2 billion, inpart because of reimburse-ment pressure on prescriptiondrugs.

Earnings dropped to $946million, or $1.07 a share, from$1.16 billion, or $1.24 a share,a year earlier. The companysaid it earned an adjustedprofit of $1.52 a share for thelatest period, 6 cents morethan analysts forecast.

In March, executives said,the end-of-month drop-off wasmost pronounced in communi-ties where residents have beendirected to stay home. Sales ofbeauty products and so-calledseasonal items such as holidaydecorations fell sharply, whilesales rose for health-relatedproducts and staples.

Walgreens, in the midst of arestructuring program, is di-

verting funds intended to en-able cost cutting to insteadmanage the coronavirus crisis.The company is paying bo-nuses to workers, increasinghome delivery and shorteningstore hours. In the U.K., whereWalgreens operates the drug-store chain Boots, the com-pany has shut down most ofits 600 optician centers.

Executives said the com-pany is well-positioned to rideout the pandemic, though un-certainty grows if mass lock-downs continue beyond May. Aplanned share-buyback pro-gram will proceed as planned.

“We are confident this is atemporary situation,” Mr. Ke-hoe said.

Pharmacy chain WalgreensBoots Alliance Inc. said U.S.store sales fell sharply in thefinal week of March, offsettinggains from an initial surge indemand as Americans rushedto stock up amid the spread ofcoronavirus.

The drop-off could havebroader implications for U.S.retailers given that drugstoresare among the few businessespermitted to operate even inplaces with the tightest re-strictions, and the chain sellsstaples and medications ingreat demand amid the pan-demic.

Walgreens provided an up-date on the pandemic’s impacton business as it disclosed fi-

BY SHARON TERLEPAND MICAH MAIDENBERG

Walgreens Sales Drop OffAfter Early Coronavirus Surge

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BUSINESS NEWS

Luckin’s founding, the companywas minted as a unicorn with a$1 billion private valuation af-ter raising funds from venture-capital investors. Its marketcapitalization topped $12 bil-lion in January this year, eventhough the company had yet toturn a profit.

Using mostly cash from ven-ture-capital firms and other in-vestors, Luckin expanded rap-idly, opening more than 4,500stores across China in a shortspan of time and overtakingStarbucks, which had 4,292stores in the country as of De-cember. Luckin used low pricesand cheap delivery to sell cof-fee to millions of Chinese con-sumers, situating many of itsstores close to Starbucks out-lets in a fierce battle for marketdominance.

The company’s early backersincluded Singapore’s sovereign-wealth fund GIC, BlackRock Inc.and state-backed investmentbank China International CapitalCorp., or CICC. However,Luckin’s breakneck growth andmounting losses also drew skep-

tics, who questioned the sus-tainability of its business model.

Luckin went public in May2019, raising a total of $645million in a U.S. initial publicoffering arranged by CreditSuisse, Morgan Stanley, CICCand other investment banks.Earlier this year the companyraised another $865 million byselling convertible bonds andadditional stock. Some ofLuckin’s early investors soldout of their stakes when thecompany went public last year.

The company’s American de-positary shares climbed above$50 apiece in January, not longafter Luckin said it planned toroll out scores of branded cof-fee-vending machines at officebuildings, airports, bus termi-nals and other locations.

On Thursday, those sameshares finished at $6.40, down$19.80 on the day.

Luckin said it has suspendedChief Operating Officer Jing Liuand several employees who re-ported to him, after findingthey had engaged in miscon-duct beginning in the second

quarter of last year that in-cluded “fabricating certaintransactions” and substantiallyinflating certain costs and ex-penses.

The company said it hasformed a special committee tolook into the matter.

Luckin previously reportedthat net revenue for the ninemonths ended September 2019totaled 2.93 billion yuan ($413million), up sharply from 375million yuan for the same pe-riod in 2018. It had also previ-ously forecast fourth-quartersales of between 2.1 billionyuan and 2.2 billion yuan.

The company said Thursdaythat the 2019 figures could nolonger be relied upon, and it isalso reviewing other prior fi-nancial disclosures.

Earlier this year, U.S. shortseller Muddy Waters said itwas betting against Luckin’sshares and circulated an anony-mous report that alleged thecompany was inflating sales.

Luckin’s auditors, Ernst &Young, didn’t reply to a requestfor comment.

Luckin Coffee Inc., an up-start rival to Starbucks Corp. inChina that touted itself as thecountry’s largest coffee chainby stores, said several employ-ees fabricated much of its re-ported sales in 2019, the yearthe company went public onthe Nasdaq Stock Market.

The Xiamen-based companyon Thursday said an internalinvestigation found that itschief operating officer and sev-eral others fabricated transac-tions amounting to 2.2 billionyuan ($310 million) from thesecond quarter to the fourthquarter of last year.

The disclosure marks a stun-ning comedown for Luckin,which was started by a Chineseentrepreneur in 2017 and wentfrom startup to publicly listedcompany in less than twoyears, a rare accomplishmentglobally. The news erased morethan $5 billion, or 75%, fromthe company’s market value onThursday.

Barely one year after

BY JING YANG

Rival to Starbucks in ChinaSays Staff Fabricated Sales

Disclosure of the inflated numbers erased $5 billion, or 75%, of Luckin Coffee Inc.’s value on Thursday. One of its 4,500 stores.

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number for the first quarter.“We believe that these con-

sensus numbers are artificiallyhigh/stale given the Covid-19outbreak mid-quarter, and thusmany of our peers have not re-duced numbers yet to reflectthe ensuing demand dynamicsand the Fremont shutdown,”Daniel Ives, an analyst for Wed-bush Securities, warned inves-tors on Monday. He expectedTesla to deliver 82,000 vehiclesduring the period.

As with most major automakers, the first three monthsof the year are historicallyTesla’s worst. Last year’s firstquarter was especially trouble-some, as the company struggledto begin delivering the Model 3overseas for the first time.

Once those hiccups wereovercome, the new sedanhelped fuel a record 367,500sales globally in 2019, and thecompany seemed headed for abanner year, with analysts pre-dicting it could turn its first an-nual profit in 2020.

Before the global pandemic,Mr. Musk promised the sharprise in deliveries, betting thearrival of the new Model Ycompact sport-utility vehicleand opening of an assemblyplant in China would continueto stoke growth. Deliveriesfrom the China plant began latelast year and first Model Y cus-tomer deliveries took place lastmonth in the U.S.

On Thursday, Tesla said ithad delivered a combined76,200 Model 3s and Model Yscompared with 50,900 Model3s a year ago. The combinedsales of the larger Model S se-dan and Model X SUV rose to12,200 from 12,100.

While targeting dramaticgrowth, Tesla in January cau-tioned that the effects of com-bating the coronavirus in Chinamight hinder the first-quarterresults. That was before the vi-rus began rocking financialmarkets globally and countriesbegan shutting down daily life.

Tesla Inc. said first-quarterdeliveries of its electric vehi-cles rose 40% compared with ayear ago, while not addressinghow the coronavirus pandemicmight hurt future sales.

Investors are eager to betterunderstand how the Silicon Val-ley electric-car maker expectsthe global slowdown to affectChief Executive Elon Musk’sgrowth plans, which have calledfor deliveries to increase morethan 36% this year comparedwith last.

Those ambitions to delivermore than 500,000 cars look tobe in jeopardy as Tesla’s loneU.S. factory in Fremont, Calif.,sits temporarily idled becausethe local government has de-manded nonessential busi-nesses remain closed into nextmonth.

The company on Thursdaysaid it delivered 88,400 vehi-cles compared with 63,000 dur-ing the year-ago quarter whenModel 3 compact-car deliverieswere ramping up overseas.

Analysts surveyed by FactSeton average had predicted 89,000vehicle deliveries during the pe-riod, a figure that was scaledback in recent weeks from106,000 projected in January.

Tesla shares rose around 13%after it posted delivery figures.

Some analysts had been low-ering their expectations for thefirst and second quarter. Still,several have questioned if overallexpectations by Wall Street hadremained too lofty, saying thatsome investors were privatelywhispering about a much lower

BY TIM HIGGINS

Tesla Posts DeliverySurge but Is SilentOn Virus’s Impact

Investors want tolearn howElonMuskplans to deal withthe global slowdown.

The company said last week that its domestic parks, including in Orlando, Fla., are closed indefinitely.

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insurance through Disney willretain it.

Nearly every corner of Dis-ney has been rocked by thepandemic’s impact, but itsprofitable parks division haseffectively shut down amidcalls to socially distance fromother people.

In a statement on Thursday,a Disney spokesman said thecompany had “no clear indica-tion of when we can restartour businesses.”

Park locations in Shanghaiand Hong Kong were closedfor weeks before the virusspread to the U.S. and forcedthe company last month toshut Walt Disney World in Or-lando, Fla., and Disneyland inAnaheim, Calif.

Last week, Disney said itwould keep its domestic parksclosed indefinitely.

Outside its theme parks,Disney’s other businesses havetaken a severe hit.

With movie theaters aroundthe world closed, would-beblockbusters like the com-pany’s “Mulan” and “BlackWidow” have been postponed,and production of currentmovies has been shut down.The suspension of the NationalBasketball Association seasonhas thrown plans at its ESPNsports network into flux. Dis-ney stores have closed.

Disney stock, which wastrading at about $142 a sharesix weeks ago, has plummetedand closed Thursday at $96.97.

LOS ANGELES—Walt Dis-ney Co. is furloughing employ-ees across all divisions in itsdomestic operations, as theworld’s largest entertainmentcompany struggles with con-tinued fallout from the spreadof the coronavirus.

The company said only U.S.employees would be fur-loughed at this point butdidn’t say how many. Disneyhas more than 223,000 work-ers world-wide.

Nonessential workers willbe furloughed beginning onApril 19, making them eligi-ble for compensation passedin the recent stimulus pack-age. Those who have health

BY ERICH SCHWARTZEL

Disney to Furlough EmployeesAcross All of Its U.S. Divisions

“I have been recuperatingwell and getting stronger everyday,” he said.

Mr. Dimon has been gonefrom the nation’s largest bankat a particularly tumultuoustime in the markets and for theglobal economy.

On March 5, he was gettingready for work when he felt apain in his chest and immedi-ately went to the hospital. Heunderwent a procedure to re-pair an acute aortic dissection,an often fatal separation of tis-sues in the wall of the aorta,

the large blood vessel that car-ries blood from the heart to therest of the body.

Mr. Dimon was releasedfrom the hospital the followingweek, the day before his 64thbirthday. While he was recover-ing, Mr. Dimon kept close tabson JPMorgan, according to peo-ple familiar with the matter.

On Wednesday, he joined acall with industry peers whohave been coordinating on theirresponses to the market andeconomic turmoil, according topeople familiar with the matter.

JPMorgan Chase & Co.Chief Executive James Dimonreturned to work this week, amonth after undergoing emer-gency heart surgery.

In a memo to employees, Mr.Dimon thanked Co-PresidentsDaniel Pinto and Gordon Smithfor running the bank in his ab-sence. He is working remotely,along with most of the bank’sexecutives, as the coronaviruspandemic sweeps through NewYork City.

BY DAVID BENOIT

JPMorgan CEO Goes Back to Work

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which anyone with yourunique 10-digit numbercould join at any time. Andalways require a meetingpasscode.

Very important: Makesure you are the only personwho can share your screen.In the meeting, tap the ShareScreen button and select Ad-vanced Sharing Options.

Once the meeting hasstarted and everybody youinvited is in, you can lockthe room from the Moremenu.

Why do I look terrible onthese calls? It’s probably be-cause you haven’t gotten ahaircut or put on makeup ina few weeks.(Me neither!)For a quick fix, enable TouchUp My Appearance, whichgives your video a silky, softskin-smoothing focus.

How do I hide my messyhouse from co-workers?Easy: When you’re in a meet-ing, click on the down arrownext to the Start/Stop Videoicon and select Choose Vir-tual Background. Downloadsome fun meme-inspiredbackdrops at zoommeeting-backgrounds.com or beauti-ful naturescapes from Un-splash. Just be aware, itdoesn’t work with all com-

browser,” in tiny letters be-low. Zoom’s web product isnot compatible with Safarifor Macs.

Zoom via web browsergives you access to themeeting, but you don’t getall of the bells and whistles.You can’t turn on virtualbackgrounds, for example.

For many with a corporateGoogle account (includingus), the Hangout has becomea meeting-room staple. Now,during the work-from-homemandate, it’s been a go-tooption.

Wait a minute: What’s thedifference between GoogleHangouts, Hangouts Meetand Duo? Google has a con-fusing slate of video optionsright now. For regular Gmailusers, there’s Google Hang-outs, which can be used tomessage and video chat otherGoogle users. Duo is an en-tirely separate video-chat appthat’s end-to-end encryptedand intended for friends andfamily to catch up.

For companies andschools, there’s HangoutsMeet, which is Google’s su-percharged, enterprise-onlyversion of Hangouts.

Do you need a Google ac-count? You need a Google

PERSONAL TECHNOLOGY | By Nicole Nguyen

Videoconference Like a ProfessionalDuring the

coronaviruscrisis, thoseof us who canwork fromhome are

video chatting, a lot. Ifyou’ve got questions, I’ve gotanswers.

General TipsIf your laptop gets loud

or hot while chatting, un-plug accessories and closeapplications. Try discon-necting external displays orcharger. On some devices,they can cause temperaturesto rise, prompting internalfans to spin.

Video chatting can be pro-cessor intensive. It’s good toclose any unnecessarybrowser tabs. I sometimesclose Slack.

Can’t hear anyone? Youmight be muted so unmuteyourself. (No shame, I’vemade this mistake manytimes.) If you have a wirelessheadset or Bluetooth ear-buds, make sure they’returned on and paired.

Elevate your laptop. Chindown isn’t a good look. Propup your laptop on books or acookbook stand. Drink wine?Use two corks to lift the backcorners of your computer.

Face the light. Make sureyour window or lamp is infront of your face.

The hottest video-chatapp right now is Zoom, butwith popularity comes abuse.

What is Zoombombingand how do I stop it? Re-ports of video-chat crashers,or “Zoombombers,” are onthe rise. On March 30, theFBIissued a warning forvideo-teleconferencing hi-jacking, where intruders dis-rupt Zoom chats with exple-tives and pornographicimages. There are a few ef-fective ways for a host toavoid interruptions. First, inSettings or when you createa new meeting, opt to Gener-ate Automatically. Don’t useyour Personal Meeting ID,

account to video chat onHangouts and Duo. If youhost a Hangouts Meet, how-ever, you can invite anyone,even if they’re outside ofyour organization and don’thave a Google account. Justsend them the link.

How do you start orschedule a Hangouts Meet?

If you have a corporateaccount, go tomeet.google.com to start ameeting right away, or go toGoogle Calendar, create anevent and choose Add Con-ferencing to auto-create aMeet link.

Can’t hear? If you’re hav-ing audio difficulties, just callin. You can dial into any Meetmeeting using your phone.From the Meet or Google Cal-endar app, tap the phonenumber under “Join byphone.” The same is generallytrue for Zoom meetings.

There are many optionsfor video chatting—too manyto cover here.

One app that’s quicklygaining popularity is House-party, a confusing-but-funvideo-chatting platform thatallows for more fluidity thanthe rest. When you openHouseparty, you’re “in thehouse.” Once you’re in, any-one who is your friend canimmediately start videochatting with you. And then,anyone of your friends—oryour friend’s friends—can“join” your room. Up toeight people can fit in oneroom.

It can get a little chaotic.Think co-workers suddenlymingling with exes. To pre-vent anyone else from join-ing, tap the lock icon at thebottom of the screen.

Houseparty can be a lot offun, but the amount of noti-fications is dizzying. To turnthem off, tap the smiley faceon the top left of the screen,then Manage Notifications.Disable “Send out my notifi-cations when I open House-party” and Get My Friendsnotifications.

A Zoom meeting this week with Britain’s prime minister and his cabinet.

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SoftBank Group Corp. ter-minated an offer to pay up to$3 billion for shares in office-space provider WeWork, de-priving co-founder Adam Neu-mann of a potential windfall ofnearly a billion dollars.

Tokyo-based SoftBank saidThursday its move wouldn’t af-fect operations of the troubledshared-office company. Soft-Bank said it has committed$5.45 billion in capital to We-Work since October 2019.

Mr. Neumann, former chiefexecutive of WeWork parentWe Co., had the right to sell upto $970 million in stock to Soft-Bank as part of the Octoberdeal that led to his ouster fromthe company’s board.

But SoftBank said conditionsfor completing the stock saleweren’t met by the April 1deadline. It cited “multiple, newand significant pending crimi-nal and civil investigations”that began after the Octoberdeal in which authorities re-quested information about We-Work’s financing activities andits business dealings with Mr.Neumann. SoftBank didn’t saywhich authorities were investi-gating.

The WeWork board’s com-mittee of independent directorssaid it was “surprised and dis-appointed” by SoftBank’s moveand would “evaluate all of itslegal options, including litiga-tion.”

WeWork’s business of sup-plying office space has taken ahit during the coronavirus pan-demic, which has led many peo-ple to work from home. Soft-Bank cited the pandemic as oneof its reasons for terminatingthe share acquisition.

“SoftBank remains fullycommitted to the success ofWeWork,” said Rob Townsend,the Japanese company’s seniorvice president and chief legalofficer.

BY KOSAKU NARIOKA

SoftBankTerminatesWeWorkStock Offer

puters and operating-systemversions.

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THEWALL STREET JOURNAL. * * Friday, April 3, 2020 | B5

which supply materials andsmaller components.

Justin Whitmire, presidentof Southeastern Tool & DesignInc., a machine-maker nearVolkswagen AG’s assemblyplant in Tennessee, said hiscompany is still open and mak-ing equipment, but because theVW plant is temporarily closed,he isn’t able to finish somework and receive payment.

He said he would have toconsider laying off some of his28 employees if work doesn’tresume this summer.

The biggest threat facing

the car companies now is therisk that smaller parts-suppli-ers go under, said Mark Fields,Ford’s former chief executiveand a senior adviser at private-equity firm TPG Capital.

“The industry should proba-bly be having that discussionwith the government now toexplain, ‘If we’re shut down be-yond this date, it will be aproblem for the supply base,which means it will be a prob-lem for us,’ ” he said.

The average car consists ofroughly 30,000 individualparts sourced to hundreds of

suppliers.A disruption at even one

firm could have a cascading ef-fect, ultimately having an im-pact on production at multipleassembly factories, industryanalysts say.

Auto makers, includingFord, Toyota and Nissan MotorCo., say they are working withparts suppliers to ensure theycan support them when theirNorth American factories re-sume production.

A small number of suppliershave been able to land con-tracts to produce parts for

General Motors Co. and Fordas they rush to establish pro-duction of ventilators andother medical equipment.Fewer than 100 of GM’s thou-sands of suppliers are involvedin the ventilator effort, andsome of those say the work hasreplaced only a sliver of thelost automotive business.

Some firms are workingwith lenders to adjust financ-ing terms and borrow againstfuture payments they expect toreceive from customers.

—Mike Coliascontributed to this article.

The average car consists of 30,000 parts sourced to suppliers.KA

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world brands who toured thisincredible hotel once this pan-demic is behind us,” he said.

The family had hoped to raiseas much as $500 million in asale, according to people famil-iar with their thinking. But at$350million, the deal still wouldhave been the most-expensivehotel sale in Washington on aper room basis. People familiarwith the sale process say a dealis unlikely until the impact of thepandemic becomes clearer.

“As we have done from dayone, we are weighing all of ouroptions,” Eric Trump, who runsthe organization with his

ing a deal with two potentialbuyers for between $320 mil-lion and $350 million, accord-ing to people briefed on thematter, but those talks havestalled. At least one of the po-tential buyers was a consortiumand both were hotel investors.

JLL Hotels & Hospitality’sJeffrey Davis, a senior manag-ing director at the firm market-ing the Washington hotel, said“preliminary offers” for theproperty ranged between $300million and $400 million. “BothThe Trump Organization andJLL look forward to re-engagingwith all investors and the many

The coronavirus outbreak iscosting Trump Organizationproperties more than a milliondollars in lost revenue daily andmay have hurt the firm’schances of earning a record

price on the sale of its Washing-ton hotel, according to an anal-ysis of industry data and peoplefamiliar with the deal talks.

The majority of revenues forPresident Trump’s family busi-ness comes from travel and lei-sure, which have been hit hardby the forced closures and eco-nomic downturn caused by thepandemic. The situation couldworsen because golf accountsfor about half of the roughly$440 million of income Mr.Trump reported in his latestgovernment financial disclosure.

More than 500 staff at Trumpproperties in New York, Wash-ington, Las Vegas and Floridahave been laid off or furloughed,say people familiar with the

By Brian Spegele,Craig Karmin

and Jenny Strasburg

brother Donald Trump Jr., saidin a statement. “Our main focusright now is to keep our amaz-ing teams healthy and safe.”

The Trumps’ failure to close adeal could prove costly in otherways. The property, a short walkdown Pennsylvania Avenue fromtheWhite House, is a hub of so-cial activity among Republicans.If Mr. Trump isn’t re-elected thisfall, much of that business coulddry up quickly, and the Trumpname on the hotel could keepother potential customers away.

Trump properties in Florida,including Mar-a-Lago and theTrump National Doral Miami, aswell as in Las Vegas are closed.“It’s like a ghost town here,”said Whitney Schneider, a PalmBeach, Fla., resident and mem-ber of Mar-a-Lago.

Mr. Trump’s businesses areexplicitly barred from takingany part in the roughly $2 tril-lion rescue package.

The Doral is likely losingmore than $200,000 each daythe resort is closed. Even the ho-tels that remain open, such as inWashington and New York, ap-pear to be taking big losses, withthose two properties togetherforgoing around $300,000 ormore in revenues each day.

—Justin Scheckand Caitlin Ostroff

contributed to this article.

matter and federal disclosures.Several Trump hotels have beenclosed, and those still runninghave experienced dwindling oc-cupancies. One day inMarch, thefamily’s flagship Trump Interna-tional Hotel in Washington hadjust 11 guests in its 263 rooms,according to an employee.

Officials from the Trump Or-ganization and longtime lenderDeutsche Bank AG have had in-formal discussions in recentweeks about easing or delayingloan payments by the companyto the bank, according to a per-son briefed on the matter. Thesteps could be taken in the nextthree to six months and thetalks included provisions in theloan agreements relating to ex-ceptional situations. The talkswere earlier reported by theNew York Times.

The discussions are ongoingand have been part of a seriesof talks the Trump Organizationsought with business partners,the person briefed on the mat-ter said.

The outbreak also has de-railed the organization’s effortto sell its long-term lease onthe Washington hotel, which isin the former Old Post Officebuilding. With extensions, thelease from the federal govern-ment runs close to 100 years.The organization was negotiat-

BUSINESS NEWS

Trump Sites Lose $1 Million a DayPandemic emptiesfamily’s resorts, castsdoubt on lucrative saleof Washington hotel

Minimum income reported

$435 million

Trump revenue sources in 2018

Source: WSJ analysis of federal financial disclosuresNote: The minimum income was used for sources where a revenue range was reported.

Golf

Real estate

Hotels

Other

Aircraft

Licensing

$238.4million

93.5

74.2

27.2

1.1

0.5

General Electric Co. is fur-loughing half of the U.S. man-ufacturing workers in its jet-engine business for fourweeks, citing growing pressureon the global aviation industryfrom the coronavirus pan-demic.

The move, covering thou-sands of workers, comes just10 days after the division saidit would lay off about 10% ofits U.S. workforce, or about2,500 employees, in one of thefirst major job cuts by a largeAmerican manufacturer. Atthat time, GE also said the di-vision would furlough up tohalf of its maintenance and re-pair employees for threemonths.

“We appreciate the commit-ment of all our employees dur-ing this difficult time, and weregret having to take this ac-tion,” GE said Thursday. Thefurloughed workers, who workon commercial engines, willcontinue to get company-paidhealth benefits. The exactnumber of people affectedwasn’t disclosed.

The aviation division is GE’slargest and most profitable. Itmakes and maintains enginesfor planes built by Boeing Co.and Airbus SE. In early March,GE said it froze hiring, can-celed merit-based raises,trimmed nonessential spend-ing and made cuts to its con-tingent workforce.

Thus far, GE’s moves tolower labor costs in the avia-tion division have only been inthe U.S., but additional movescould be coming in its over-seas operations.

Last week, GE Chief Execu-tive Larry Culp hinted at morecuts to come, saying the avia-tion division is working “withthe appropriate parties toproperly address its globalworkforce.”

GE had about $36 billion incash at the end of 2019, alongwith $35 billion in untappedcredit lines, according to itsannual report. Earlier thisweek, GE closed the sale of itsbiopharma division to DanaherCorp. for proceeds of morethan $20 billion.

GE had been restructuringits operations and trying topull out of a slump caused byweak demand for its power-generation equipment andtroubles in its GE Capital unit.In recent years, GE hadslashed its quarterly dividendto a token penny a share.

BY THOMAS GRYTA

Half of GEAviationWorkersFurloughed

Some manufacturing in Michi-gan is deemed essential.

Figuring out how to navi-gate the uncertainty is like“trying to hit a curveball in thedark,” Mr. Martin said. “Ifwe’re in this situation a monthor two from now, it will bebedlam,” he added.

So far, 42 of the 44 auto-as-sembly plants in the U.S. havebeen idled because of the virusoutbreak, according to the Alli-ance for Automotive Innova-tion, a trade group.

Ford Motor Co. said Tues-day that it would extend itstemporary plant closures inNorth American indefinitely,reversing an earlier plan to re-start some by mid-April. FiatChrysler Automobiles NV andToyota Motor Corp. also haveextended their work stoppagesinto April.

Halting work at a major carplant almost immediately setsoff a chain reaction, affectinghundreds of auto-parts suppli-ers and in turn their vendors,

ContinuedfrompageB1

Car PartsSuppliersSuffering

with billions of trade and quotemessages from multiple tradingvenues to enforce the securitieslaws and inform policy-making.”She didn’t describe how thedata-analysis tool has fared re-cently, though the agency’sTrading and Markets divisionhas relied on Midas to monitorthe historic market halts and re-openings of recent weeks.

Midas isn’t the only tool atthe SEC’s disposal. The SECspokeswoman said the agencyhas also adopted measures tohelp prevent future flashcrashes, such as marketwide cir-cuit breakers, limits to preventstocks from trading outsidespecified price bands and rulesrequiring exchanges tostrengthen the technology infra-structure of U.S. markets.

In 2012 the SEC hired a NewJersey-based technology andtrading firm, Tradeworx Inc., todeliver the Midas system. Thatsame year, the SEC also orderedstock and options exchanges tocreate the more-comprehensiveConsolidated Audit Trail. Trade-worx, now known as ThesysTechnologies LLC, later wonthat contract, too.

Eight years later, Thesys isnowhere to be seen on eithercontract. In January 2019, ex-changes setting up the Consoli-dated Audit Trail notified The-sys they would fire the firmafter it fell behind schedule de-livering the project. By April,the firm had laid off 76 employ-ees in its New York and SouthCarolina offices, state layoff no-tices show. In November, theSEC transferred its Midas con-tract from Thesys to anotherdata provider, New York-basedMayStreet LLC.

Thesys Chief Executive MikeBeller said the company “re-mains proud of the excellentwork that went into creatingand supporting the ground-breaking Midas system.”

the Midas infrastructure,” re-peating a similar problem thathad occurred two weeks earlier.Then, on March 1, the systemsuffered a hardware failurewhich “led to corrupt data inMidas,” the administratorwrote.

Similar issues continuedthrough last year, emails show.On Feb. 19, 2019, for instance,the collection of direct feedsfrom the New York Stock Ex-change was delayed due to anetworking issue.

Midas was born out of theinfamous May 6, 2010, flashcrash in U.S. stocks. The SECalso ordered the creation of aneven more-detailed databasethat would help the agencyzoom in on individual tradesand trace them through WallStreet’s plumbing. But that sys-tem, known as the ConsolidatedAudit Trail, has also faced chal-lenges. Years later, it remainsunfinished after missing its No-vember target for completionand is now facing backlash inWashington and on Wall Street.

The result is that “the SECstill doesn’t have a comprehen-sive view of the markets,” saidTyler Gellasch, executive direc-tor of the Healthy Markets As-sociation, a group of institu-tional investors and financialfirms that has advocated for thecompletion of the ConsolidatedAudit Trail.

A spokeswoman for the SECsaid Midas is a “unique tool”that enables more than 300agency staff to “interact daily

ContinuedfrompageB1

Regulator’sAnalysisTools Lag

Change fromprevious year in scheduled vehicle production inNorthAmerica for the second quarter

Source: Wards Intelligence

–50% 20–40 –30 –20 –10 0 10MercedesMazda*NissanHyundaiKiaFiat ChryslerBMWHondaFordVolkswagenGMSubaruVolvoToyotaTesla

EXTRACT OF THE AMENDMENT TO THE NOTICE OF CALL OF THESHAREHOLDERS’ MEETING(pursuant to Article 125-bis, paragraph 1, of Legislative Decree 58/1998)

The Board of Directors of Intesa Sanpaolo, at its meeting on 31 March 2020, in compliance withthe recommendation of the European Central Bank dated 27 March 2020 on dividend policy inthe aftermath of the COVID-19 epidemic, decided to suspend the proposal regarding the dividenddistribution to shareholders and passed a resolution to propose the allocation to reserves of netincome for the financial year 2019 at the Ordinary Shareholders’ Meeting convened for 27 April 2020,without prejudice to the proposed amount to be assigned to the Allowance for charitable, social andcultural contributions.

Item 1 of the Ordinary part on the Agenda is therefore amended as follows.

1. 2019 financial statements:a) Approval of the Parent Company’s 2019 financial statementsb) Allocation of net income for the year

All the remaining items of the Ordinary and Extraordinary parts as well as any further instruction andinformation are confirmed and reference is made to the supplement to the notice of call available on thewebsite group.intesasanpaolo.com (“Governance”/“Shareholders’ Meeting”).

This amendment is published in the daily newspapers “Il Sole 24 Ore”, “La Stampa”, “Corriere della Sera”,“Financial Times” and “The Wall Street Journal”.

for the Board of DirectorsThe Chairman - Gian Maria Gros-Pietro

Intesa Sanpaolo S.p.A. Registered Office: Piazza S. Carlo, 156 10121 Torino Italy Secondary Registered Office: ViaMonte di Pietà, 8 20121 Milano Italy Share Capital Euro 9,085,663,010.32 Torino Company Register and Fiscal CodeNo. 00799960158 “Intesa Sanpaolo” VAT Group representative Vat Code No. 11991500015 (IT11991500015) Includedin the National Register of Banks No. 5361 ABI Code 3069.2 Member of the National Interbank Deposit GuaranteeFund and of the National Guarantee Fund and Parent Company of the banking group “Intesa Sanpaolo” included inthe National Register of Banking Groups

P2JW094000-2-B00500-1--------XA

B6 | Friday, April 3, 2020 THEWALL STREET JOURNAL.

ConsumerRates andReturns to Investor

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com

U.S. consumer ratesA consumer rate against itsbenchmark over the past year

0.00

0.50

1.00

1.50

2.00%

A2019

M J J A S O N D J2020

F M A

t

Money marketaccount yields

t

Federal-fundstarget rate

Selected ratesMoneymarket accounts

Bankrate.comavg†: 0.34%ableBanking, a division ofNortheastBank 1.70%Lewiston,ME 877-505-1933

AmericanExpressNational Bank 1.70%NewYork, NY 866-215-8754

CitizensAccess 1.70%Westwood,MA 888-201-6505

GoldmanSachsBankUSA 1.70%NewYork, NY 855-730-7283

TABBank 1.70%Ogden, UT 800-355-3063

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 1.00 l 2.25 -0.75Prime rate* 3.25 3.25 3.25 l 5.50 -0.75Libor, 3-month 1.37 1.37 0.74 l 2.60 0.22Moneymarket, annual yield 0.34 0.36 0.34 l 0.78 0.02Five-year CD, annual yield 0.91 0.97 0.91 l 2.02 -0.3830-yearmortgage, fixed† 3.88 3.77 3.52 l 4.34 -0.2515-yearmortgage, fixed† 3.38 3.34 2.95 l 3.73 0.06Jumbomortgages, $510,400-plus† 4.00 3.83 3.54 l 4.71 -0.70Five-year adjmortgage (ARM)† 3.29 3.52 3.29 l 4.78 -0.10New-car loan, 48-month 4.40 4.38 4.38 l 4.81 1.04Bankrate.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

–0.50

0.00

0.50

1.00

1.50

2.00

2.50

3.00%

1

month(s)3 6 1

years2 3 5 710 30

maturity

tTradeweb ICE Thursday Close

tOne 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 2399.95 31.36 1.32 –26.2DJGlobal Index 327.94 3.55 1.09 –24.4DJGlobal exU.S. 194.42 –0.17 –0.09 –26.2

Americas DJAmericas 579.62 11.90 2.10 –23.8Brazil SaoPauloBovespa 72253.46 1286.76 1.81 –37.5Canada S&P/TSXComp 13097.84 221.47 1.72 –23.2Mexico S&P/BMV IPC 33590.62 –101.26 –0.30 –22.9Chile Santiago IPSA 2514.90 97.42 4.03 –24.6

EMEA StoxxEurope600 312.08 1.31 0.42 –25.0Eurozone EuroStoxx 293.75 1.33 0.46 –27.3Belgium Bel-20 2895.40 55.98 1.97 –26.8Denmark OMXCopenhagen20 1064.83 –9.22 –0.86 –6.2France CAC40 4220.96 13.72 0.33 –29.4Germany DAX 9570.82 26.07 0.27 –27.8Israel TelAviv 1268.93 –15.22 –1.19 –24.6Italy FTSEMIB 16834.03 289.06 1.75 –28.4Netherlands AEX 478.28 6.98 1.48 –20.9Russia RTS Index 1034.06 46.31 4.69 –33.2SouthAfrica FTSE/JSEAll-Share 45060.69 1328.25 3.04 –21.1Spain IBEX35 6574.10 –5.30 –0.08 –31.2Sweden OMXStockholm 536.48 –0.19 –0.04 –21.2Switzerland SwissMarket 9270.96 101.98 1.11 –12.7Turkey BIST 100 89510.88 425.75 0.48 –21.8U.K. FTSE 100 5480.22 25.65 0.47 –27.3U.K. FTSE250 14436.80 –110.40 –0.76 –34.0

Asia-PacificAustralia S&P/ASX200 5154.30 –104.34 –1.98 –22.9China Shanghai Composite 2780.64 46.12 1.69 –8.8HongKong HangSeng 23280.06 194.27 0.84 –17.4India S&PBSESensex 28265.31 … Closed –31.5Japan Nikkei StockAvg 17818.72 –246.69 –1.37 –24.7Singapore Straits Times 2453.03 12.76 0.52 –23.9SouthKorea Kospi 1724.86 39.40 2.34 –21.5Taiwan TAIEX 9663.63 … Closed –19.5Thailand SET 1138.27 32.76 2.96 –28.0Sources: FactSet; DowJonesMarketData

MajorU.S. Stock-Market IndexesLatest 52-Week % chg

High Low Close Net chg % chg High Low %chg YTD 3-yr. ann.

DowJones

Industrial Average 21477.77 20735.02 21413.44 469.93 2.24 29551.42 18591.93 -18.8 -25.0 1.2TransportationAvg 7465.97 7209.95 7445.71 93.13 1.27 11304.97 6703.63 -30.3 -31.7 -6.5UtilityAverage 734.00 697.90 729.36 21.32 3.01 960.89 610.89 -5.6 -17.0 1.5Total StockMarket 25408.91 24620.53 25286.96 512.39 2.07 34631.28 22462.76 -14.7 -23.5 1.0Barron's 400 518.67 500.14 512.15 8.22 1.63 746.64 455.11 -27.3 -30.1 -6.6

NasdaqStockMarketNasdaqComposite 7501.70 7307.95 7487.31 126.73 1.72 9817.18 6860.67 -5.1 -16.6 8.2Nasdaq 100 7641.86 7432.28 7635.66 149.37 2.00 9718.73 6978.02 1.3 -12.6 12.0

S&P500 Index 2533.22 2455.79 2526.90 56.40 2.28 3386.15 2237.40 -12.2 -21.8 2.3MidCap400 1404.16 1341.57 1375.35 14.14 1.04 2106.12 1218.55 -28.9 -33.3 -7.2SmallCap600 657.06 627.26 645.29 9.63 1.52 1041.03 595.67 -32.6 -36.8 -8.6

Other IndexesRussell 2000 1102.36 1055.60 1085.81 13.81 1.29 1705.22 991.16 -30.7 -34.9 -7.8NYSEComposite 10142.01 9813.51 10062.37 217.52 2.21 14183.20 8777.38 -21.8 -27.7 -4.3Value Line 344.83 328.78 336.10 3.57 1.07 562.05 305.71 -38.2 -39.1 -13.6NYSEArcaBiotech 4467.63 4293.88 4466.88 134.67 3.11 5313.05 3855.67 -13.3 -11.9 7.8NYSEArcaPharma 581.51 560.20 580.21 14.33 2.53 670.32 494.36 -2.5 -11.2 4.5KBWBank 63.47 60.19 62.33 1.40 2.29 114.12 56.19 -36.3 -45.0 -12.2PHLX§Gold/Silver 86.71 82.07 84.50 3.56 4.40 111.51 66.14 9.6 -21.0 0.3PHLX§Oil Service 26.37 23.66 24.77 1.44 6.19 102.39 21.47 -74.5 -68.4 -47.4PHLX§Semiconductor 1476.67 1416.56 1474.61 46.88 3.28 1979.50 1286.84 0.6 -20.3 13.4CboeVolatility 57.24 50.45 50.91 -6.15 -10.78 82.69 11.54 274.9 269.4 60.3

§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 11,738.9 252.15 0.32 0.13 259.14 249.45T-MobileUS TMUS 6,819.8 85.70 1.29 1.53 86.00 84.41iSh iBoxx $ InvtGr CpBd LQD 5,940.9 121.73 ... ... 122.62 121.73Carrier Global CARR.WI 5,673.3 13.89 0.61 4.59 14.00 13.49

TEGNA TGNA 4,623.7 11.00 -0.32 -2.83 11.49 11.00AlerianMLPETF AMLP 4,477.5 3.60 0.05 1.41 3.66 3.55INGGroepADR ING 4,256.9 5.14 0.04 0.78 5.15 5.10Caesars Entertainment CZR 3,757.7 6.45 -0.01 -0.15 6.59 6.33

Percentage gainers…FateTherapeutics FATE 114.3 25.09 4.02 19.08 27.94 21.98Tesla TSLA 3,571.8 532.00 77.53 17.06 547.99 451.76TwoHarbors Investment TWO 286.6 3.70 0.33 9.79 3.75 3.37Dave Buster's Ent PLAY 510.4 10.85 0.80 7.96 12.16 9.90Spirit Airlines SAVE 74.9 11.35 0.82 7.79 11.50 10.50

...And losersImmunogen IMGN 64.2 3.26 -0.21 -6.05 3.50 3.26Abercrombie Fitch ANF 189.4 7.57 -0.40 -5.02 7.97 7.43IONGeophysical IO 198.7 2.14 -0.11 -4.89 2.34 2.00Invitae NVTA 129.9 12.10 -0.55 -4.35 12.69 12.10Tallgrass Energy TGE 100.4 16.00 -0.60 -3.61 16.60 16.00

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume*1,344,733,288 18,020,887Adv. volume* 839,672,831 10,495,256Decl. volume* 484,632,662 7,160,543Issues traded 3,024 278Advances 1,759 142Declines 1,198 121Unchanged 67 15Newhighs 2 0New lows 117 12ClosingArms† 0.88 0.77Block trades* 6,903 136

Nasdaq NYSEArca

Total volume*3,630,362,367 556,633,839Adv. volume*1,967,705,429 431,435,445Decl. volume*1,632,991,819 124,655,342Issues traded 3,324 1,538Advances 1,850 1,240Declines 1,376 287Unchanged 98 11Newhighs 4 2New lows 138 12ClosingArms† 1.12 1.37Block trades* 17,886 3,669

* 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

Carnival CCL 261,535 914.5 7.97 -9.43 56.04 7.80Luckin CoffeeADR LK 261,177 1521.1 6.40 -75.57 51.38 4.90Velocity 3x LgCrudeETN UWT 242,564 271.2 0.16 -1.27 24.32 0.16PSUlt BloombergCrude UCO 175,771 1183.5 2.25 33.14 26.20 1.43SPDRS&P500 SPY 175,444 17.2 251.83 2.31 339.08 218.26

ChesapeakeEnergy CHK 102,963 6.6 0.17 13.20 3.57 0.12ProShUltraProShrtQQQ SQQQ 101,185 102.6 20.65 -5.92 48.08 15.89General Electric GE 96,686 15.8 6.90 -1.99 13.26 5.90FordMotor F 90,707 6.4 4.36 -0.91 10.56 3.96MarathonOil MRO 86,350 223.8 3.47 11.22 18.93 3.02* 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

OtisWorldwide OTIS.WI 9,264 4690 44.00 -5.78 50.00 38.00Carrier Global CARR.WI 15,966 3554 13.28 -11.76 17.25 11.50iSh CurrencyHdgMSCIUK HEWU 536 2393 17.95 2.51 24.97 16.27Franklin FTSEAsia xJapan FLAX 145 2085 17.90 1.93 23.47 16.37AwareUltShtDur Enh Incm AWTM 797 1694 47.53 0.09 51.05 46.25

Luckin CoffeeADR LK 261,177 1521 6.40 -75.57 51.38 4.90DirexionS&POil Gas GUSH 9,866 1376 16.30 17.01 5528.00 12.28Invsc S&P500Downside PHDG 171 1366 30.46 3.54 39.61 24.00InvescoRussell 1000EW EQAL 1,312 1264 23.41 1.74 34.95 20.338i EntsAcqn JFK 206 1205 10.10 0.00 13.00 7.36* 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 Index7487.31 s 126.73, or 1.72%

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:

23.25 24.63

19.75 21.63

1.15 1.06

9817.18, 02/19/20

6000

6750

7500

8250

9000

9750

10500

Dec. Jan. Feb. Mar.

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 2476.400 0.550 0.660 2.530 0.550 14.16 5.99

U.S. Treasury Long, Barclays4953.110 1.210 1.360 2.940 0.980 36.78 14.15

Aggregate, Barclays 2198.830 1.610 1.710 3.060 1.320 9.43 4.88

Fixed-RateMBS, Barclays 2211.230 1.410 1.360 3.250 0.930 7.42 4.10

HighYield 100, ICEBofA 2729.927 8.804 8.960 10.740 4.516 –9.329 –0.288

MuniMaster, ICEBofA 552.537 2.197 1.743 3.441 0.959 2.110 2.983

EMBIGlobal, J.P.Morgan 770.257 6.701 6.386 7.480 4.523 –6.383 0.102

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

EuroDry EDRY 5.58 1.48 36.10 9.10 3.57 -35.8Ampco-Pittsburgh AP 3.25 0.84 34.85 4.92 1.94 3.2PennVirginia PVAC 2.95 0.69 30.53 46.40 0.99 -93.2WPXEnergy WPX 3.49 0.74 26.91 15.33 1.94 -73.3ProPetroHolding PUMP 2.81 0.58 26.01 25.38 1.36 -87.4

PDCEnergy PDCE 7.88 1.59 25.28 47.29 4.51 -81.6Parsley EnergyCl A PE 6.91 1.36 24.50 22.11 3.92 -61.3NeuroBoPharmaceuticals NRBO 14.27 2.77 24.09 36.22 5.95 -57.7Scholar RockHolding SRRK 12.79 2.42 23.34 23.35 6.95 -31.7MatadorResources MTDR 2.66 0.50 23.15 22.25 1.11 -85.6

FalconMinerals FLMN 2.47 0.46 22.89 9.53 1.60 -72.8Orgenesis ORGS 4.39 0.79 21.94 6.49 2.35 -12.2RAPTTherapeutics RAPT 18.68 3.27 21.22 51.21 10.52 ...Occidental Petroleum OXY 12.77 2.03 18.90 68.83 9.00 -80.8Ovintiv OVV 3.16 0.50 18.80 38.50 2.10 -90.9

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

Luckin CoffeeADR LK 6.40 -19.80 -75.57 51.38 4.90 ...ProShUlt BloomCrudeOil SCO 26.46 -19.90 -42.92 67.35 11.17 67.6DBCrudeOil Double Shrt DTO 91.51 -57.98 -38.79 162.40 42.00 81.3Safe-TGroupADR SFET 1.35 -0.83 -38.07 78.00 0.93 -97.4OneSpaWorldHoldings OSW 2.54 -1.19 -31.90 17.25 2.45 -81.4

Athersys ATHX 2.74 -1.24 -31.16 4.38 1.13 80.3RedwoodTrust RWT 3.00 -1.34 -30.88 18.01 2.59 -81.3SonnetBioTherapeutics SONN 6.32 -2.45 -27.95 76.70 5.60 -86.4MicSecUSBigOil 3X InLv NRGD 95.35 -35.97 -27.39 304.72 34.70 ...Velocity Financial VEL 3.60 -1.22 -25.31 14.90 3.03 ...

Exantas Capital XAN 1.61 -0.49 -23.33 12.51 1.23 -85.0TeekayTankers TNK 17.80 -5.30 -22.94 25.74 7.46 136.7Annovis Bio ANVS 2.50 -0.69 -21.63 10.61 2.42 ...MalibuBoats Cl A MBUU 19.40 -5.20 -21.14 52.13 19.17 -52.0AGMortgage Invt Trust MITT 1.82 -0.48 -20.87 17.32 1.80 -89.3

VolumeMovers Ranked by change from65-day average*

Track the MarketsCompare the performance of selectedglobal stock indexes, bond ETFs,currencies and commodities atWSJ.com/TrackTheMarkets

CommoditiesPricing trends on some rawmaterials, or commodities

Thursday 52-Week YTDClose Net chg %Chg High Low %Chg % chg

DJCommodity 471.02 15.59 3.42 647.86 451.81 -25.29 -26.67TR/CCCRB Index 124.84 6.34 5.35 189.66 118.50 -33.26 -32.81Crude oil,$per barrel 25.32 5.01 24.67 66.30 20.09 -59.23 -58.53Natural gas,$/MMBtu 1.552 -0.035 -2.21 2.862 1.552 -41.28 -29.10Gold,$per troy oz. 1625.70 47.50 3.01 1674.50 1269.30 26.12 6.99

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Thurs YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0155 64.7222 8.1Brazil real .1903 5.2542 30.7Canada dollar .7073 1.4138 8.8Chile peso .001160 862.10 16.6Colombiapeso .000244 4090.00 24.6EcuadorUSdollar 1 1 unchMexico peso .0413 24.2260 28.0Uruguay peso .02263 44.1900 19.0Asia-PacificAustralian dollar .6059 1.6504 15.8China yuan .1412 7.0842 1.7HongKong dollar .1290 7.7513 –0.5India rupee .01313 76.145 6.7Indonesia rupiah .0000607 16475 18.7Japan yen .009269 107.89 –0.7Kazakhstan tenge .002221 450.20 17.9Macau pataca .1247 8.0193 0.02Malaysia ringgit .2295 4.3580 6.5NewZealand dollar .5916 1.6903 13.8Pakistan rupee .00600 166.550 7.5Philippines peso .0197 50.710 unchSingapore dollar .6993 1.4300 6.2SouthKoreawon .0008144 1227.85 6.3Sri Lanka rupee .0052538 190.34 5.0Taiwan dollar .03311 30.201 1.0Thailand baht .03040 32.900 10.6

US$vs,Thurs YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004231 23633 2.0EuropeCzechRep. koruna .03946 25.343 11.8Denmark krone .1454 6.8775 3.2Euro area euro 1.0857 .9211 3.3Hungary forint .002985 334.97 13.4Iceland krona .006974 143.39 18.4Norway krone .0962 10.3913 18.4Poland zloty .2375 4.2113 11.0Russia ruble .01295 77.212 24.4Sweden krona .0990 10.1001 7.8Switzerland franc 1.0272 .9735 0.6Turkey lira .1512 6.6153 11.2Ukraine hryvnia .0361 27.6754 16.9UK pound 1.2395 .8068 7.0Middle East/AfricaBahrain dinar 2.6523 .3770 ...Egypt pound .0635 15.7559 –1.8Israel shekel .2742 3.6472 5.6Kuwait dinar 3.2101 .3115 2.8Oman sul rial 2.5973 .3850 ...Qatar rial .2750 3.636 –0.2SaudiArabia riyal .2658 3.7627 0.3SouthAfrica rand .0542 18.4669 31.9

Close Net Chg %Chg YTD%Chg

WSJDollar Index 94.41 0.33 0.35 5.41

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average21413.44 s469.93, or 2.24%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

16.67 18.40

15.12 15.89

3.05 2.17

29551.42, 02/12/20

15000

17500

20000

22500

25000

27500

30000

Dec. Jan. Feb. Mar.

Current divisor 0.14744568353097

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 Index2526.90 s56.40, or 2.28%

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

20.11 21.24

15.82 17.03

2.41 1.96

3386.15, 02/19/20

2000

2250

2500

2750

3000

3250

3500

Dec. Jan. Feb. Mar.

65-day moving average

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

P2JW094000-0-B00600-1--------XA

THEWALL STREET JOURNAL. Friday, April 3, 2020 | B7

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interest

Copper-High (CMX)-25,000 lbs.; $ per lb.April 2.1900 2.2340 2.1900 2.2330 0.0410 2,658May 2.1720 2.2360 2.1505 2.2185 0.0440 86,509Gold (CMX)-100 troy oz.; $ per troy oz.April 1590.90 1624.50 1586.00 1625.70 47.50 4,697June 1602.40 1642.00 1595.20 1637.70 46.30 358,837Aug 1602.90 1641.70 1596.50 1637.70 46.00 55,405Oct 1607.10 1639.30 1597.00 1638.80 46.10 12,171Dec 1607.00 1642.70 1596.70 1638.90 46.40 40,449Feb'21 1627.00 1642.60 1624.20 1639.70 46.20 9,597Palladium (NYM) - 50 troy oz.; $ per troy oz.April ... ... ... 2150.20 –19.10 4June 2126.00 2235.00 2039.90 2121.70 –19.10 6,637Sept 2194.20 2206.40 2049.00 2109.20 –18.00 605Platinum (NYM)-50 troy oz.; $ per troy oz.April 721.00 721.00 720.90 726.00 13.70 13July 719.20 734.90 712.80 730.00 12.20 48,670Silver (CMX)-5,000 troy oz.; $ per troy oz.April 14.180 14.490 14.155 14.596 0.670 56May 14.055 14.720 13.990 14.654 0.670 77,336CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.May 21.22 27.39 20.76 25.32 5.01 628,603June 24.19 30.16 23.92 28.05 4.31 321,138July 26.62 32.42 26.25 29.92 3.50 201,990Aug 28.11 32.98 28.11 30.91 2.60 100,355Sept 29.34 33.66 29.29 31.50 1.95 129,165Dec 31.62 36.00 31.50 33.05 0.91 247,028NYHarborULSD (NYM)-42,000gal.; $ per gal.May .9483 1.1384 .9382 .9951 .0628 100,048June .9636 1.1602 .9598 1.0204 .0676 48,547Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.May .5809 .7574 .5671 .6628 .1163 109,126June .6286 .8019 .6286 .7236 .1103 61,164Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.May 1.591 1.624 t 1.521 1.552 –.035 350,367June 1.715 1.746 t 1.649 1.672 –.040 98,199July 1.891 1.919 1.829 1.847 –.039 128,547Sept 1.991 2.019 1.932 1.952 –.038 101,619Oct 2.063 2.088 2.009 2.023 –.036 101,626Jan'21 2.743 2.766 s 2.713 2.755 .007 66,539

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

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.May 335.00 343.25 333.00 333.50 –1.25 444,324July 339.00 346.75 t 337.50 338.50 –.25 399,423Oats (CBT)-5,000bu.; cents per bu.May 261.50 264.50 259.00 264.50 4.25 2,193July 264.00 264.00 260.50 263.00 –.25 1,082Soybeans (CBT)-5,000bu.; cents per bu.May 864.75 870.00 857.00 858.75 –4.00 251,277July 868.75 874.00 861.75 864.00 –3.25 192,642SoybeanMeal (CBT)-100 tons; $ per ton.May 315.50 317.10 308.50 309.10 –5.80 126,044July 312.50 313.60 307.30 307.80 –4.40 98,925SoybeanOil (CBT)-60,000 lbs.; cents per lb.May 26.05 26.83 25.82 26.24 .19 143,431July 26.41 27.18 26.17 26.59 .18 106,347RoughRice (CBT)-2,000 cwt.; $ per cwt.May 1406.50 1433.00 1405.50 1424.50 19.00 6,584July 1398.50 1416.00 t 1398.50 1413.00 14.00 2,085Wheat (CBT)-5,000bu.; cents per bu.May 550.25 553.25 538.25 541.75 –8.50 135,324July 547.25 550.25 535.00 538.75 –9.00 106,000Wheat (KC)-5,000bu.; cents per bu.May 475.25 478.00 460.50 464.00 –11.00 93,412July 482.00 484.75 467.75 471.25 –11.25 72,592Cattle-Feeder (CME)-50,000 lbs.; cents per lb.April 116.275 116.275 110.675 110.675 –6.750 3,265May 116.675 116.700 111.650 111.650 –6.750 14,515Cattle-Live (CME)-40,000 lbs.; cents per lb.April 96.500 96.500 92.825 92.825 –4.500 21,875June 87.225 87.250 t 83.075 83.075 –4.500 122,338Hogs-Lean (CME)-40,000 lbs.; cents per lb.April 48.000 48.200 t 44.700 44.700 –4.500 20,424June 52.825 54.000 t 52.825 52.825 –4.500 76,112Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.May 260.40 277.00 258.20 264.10 4.30 1,384July 287.00 301.80 285.20 286.60 –.90 883Milk (CME)-200,000 lbs., cents per lb.April 14.57 14.57 t 14.26 14.27 –.18 2,928June 13.67 13.72 13.33 13.60 .04 3,890Cocoa (ICE-US)-10metric tons; $ per ton.May 2,253 2,289 2,229 2,285 58 55,469July 2,251 2,282 2,236 2,278 41 58,076Coffee (ICE-US)-37,500 lbs.; cents per lb.May 116.85 120.10 116.60 119.35 3.35 61,500

July 117.95 121.40 117.90 120.70 3.35 52,014Sugar-World (ICE-US)-112,000 lbs.; cents per lb.May 10.17 10.86 10.05 10.29 .25 301,032July 10.21 10.85 10.07 10.32 .24 252,722Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.May 26.20 26.20 t 26.00 26.25 .15 308July 26.01 26.30 t 26.00 26.30 .15 2,850Cotton (ICE-US)-50,000 lbs.; cents per lb.May 48.95 51.48 48.58 49.99 1.58 75,667July 48.26 51.05 48.25 49.76 1.54 55,379Orange Juice (ICE-US)-15,000 lbs.; cents per lb.May 119.05 119.80 110.95 116.00 –2.85 5,777July 119.85 119.90 111.60 116.45 –2.85 4,611

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%June 227-240 228-210 225-110 226-000 1-01.0 1,055,693TreasuryBonds (CBT)-$100,000; pts 32nds of 100%June 182-130 182-260 181-100 181-170 13.0 1,009,952Sept 180-310 181-010 180-100 180-010 13.0 131TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 139-095 139-145 138-250 138-285 –3.0 3,257,202Sept 138-315 138-315 138-255 138-165 –3.0 685Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 125-142 125-177 125-082 125-100 –2.5 3,789,5592Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%June 110-070 110-077 110-056 110-063 0.8 2,758,472Sept 110-109 110-109 110-084 110-095 1.7 230DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.April 99.9250 99.9350 s 99.9250 99.9300 .0000 226,756May 99.9300 99.9300 99.9200 99.9200 –.0100 243,66310Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%June 105-245 105-290 105-155 105-185 3.0 64,497Eurodollar (CME)-$1,000,000; pts of 100%April 98.8100 98.8650 98.7825 98.8275 .0425 644,432June 99.4800 99.5200 99.4550 99.5100 .0600 1,652,159Sept 99.6450 99.6600 99.6300 99.6550 .0200 1,474,884Dec 99.6650 99.6750 99.6450 99.6650 .0100 1,103,012

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥April .9318 .9344 .9255 .9274 –.0056 983June .9358 .9366 .9272 .9293 –.0060 120,569

CanadianDollar (CME)-CAD 100,000; $ per CADApril .7065 .7101 .7000 .7048 .0015 1,386June .7050 .7107 .6998 .7054 .0017 112,063BritishPound (CME)-£62,500; $ per£April 1.2405 1.2472 1.2348 1.2395 .0023 1,358June 1.2396 1.2485 1.2356 1.2404 .0020 159,996Swiss Franc (CME)-CHF 125,000; $ per CHFJune 1.0383 1.0389 1.0285 1.0302 –.0073 29,048Sept 1.0409 1.0417 1.0327 1.0336 –.0073 64AustralianDollar (CME)-AUD 100,000; $ perAUDApril .6066 .6116 .6014 .6047 –.0026 832June .6069 .6121 .6008 .6049 –.0025 126,911MexicanPeso (CME)-MXN500,000; $ perMXNApril .04160 .04192 .04080 .04110 .00019 43June .04069 .04158 .04033 .04069 .00018 102,949Euro (CME)-€125,000; $ per €April 1.0942 1.0963 1.0826 1.0852 –.0080 4,216June 1.0979 1.0991 1.0844 1.0873 –.0084 538,833

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexJune 20819 21374 20500 21273 533 54,102Sept 20832 21307 20466 21222 522 161S&P500 Index (CME)-$250 x indexJune 2458.80 2522.10 2425.30 2516.40 68.40 78,070Sept … … … 2513.10 68.10 11Mini S&P500 (CME)-$50 x indexJune 2459.00 2525.00 2424.75 2516.50 68.50 3,506,159Sept 2454.00 2521.50 2422.25 2513.00 68.00 18,181Mini S&PMidcap400 (CME)-$100 x indexJune 1355.60 1402.30 1333.50 1369.50 18.20 81,974Sept 1434.70 1392.80 1346.80 1379.00 17.70 1MiniNasdaq 100 (CME)-$20 x indexJune 7473.50 7656.25 7376.00 7627.25 188.50 186,302Sept 7485.00 7653.00 7378.00 7626.50 188.00 1,048Mini Russell 2000 (CME)-$50 x indexJune 1070.20 1108.20 1049.80 1081.70 14.10 556,069Sept 1083.00 1103.40 1049.80 1080.70 14.80 40Mini Russell 1000 (CME)-$50 x indexJune 1355.20 1380.60 1338.40 1376.00 29.00 8,308U.S. Dollar Index (ICE-US)-$1,000 x indexJune 99.63 100.50 99.45 100.27 .52 28,466Sept 99.75 100.37 99.68 100.27 .52 565

Source: FactSet

Thursday

Aluminum, LME, $ permetric ton *1463.5Copper,Comex spot 2.2330IronOre, 62%FeCFRChina-s 83.5ShreddedScrap, USMidwest-s,m 280Steel, HRCUSA, FOBMidwestMill-s 533

Fibers andTextiles

Burlap,10-oz,40-inchNYyd-n,w 0.5700Cotton,1 1/16 std lw-mdMphs-u 0.4624Cotlook 'A' Index-t *61.50Hides,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 90Corn,No. 2 yellow,Cent IL-bp,u 3.1900Corn gluten feed,Midwest-u,w 117.8Corn glutenmeal,Midwest-u,w 497.2Cottonseedmeal-u,w 290Hominy feed,Cent IL-u,w 100Meat-bonemeal,50%proMnpls-u,w 228Oats,No.2milling,Mnpls-u 2.9900Rice, LongGrainMilled, No. 2AR-u,w 26.50Sorghum,(Milo)No.2Gulf-u 7.5175SoybeanMeal,Cent IL,rail,ton48%-u 310.60Soybeans,No.1 yllw IL-bp,u 8.4700Wheat,Spring14%-proMnpls-u 6.3400Wheat,No.2 soft red,St.Louis-bp,u 5.5700Wheat -Hard - KC (USDA) $ per bu-u 4.6550

Thursday

Wheat,No.1softwhite,Portld,OR-u 6.0500

Food

Beef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 197.75select 1-3,600-900 lbs.-u 186.04Broilers, National compwtd. avg.-u,w 0.8368Butter,AAChicago 1.3100Cheddar cheese,bbl,Chicago 117.50Cheddar cheese,blk,Chicago 127.00Milk,Nonfat dry,Chicago lb. 87.50Coffee,Brazilian,Comp 1.1294Coffee,Colombian, NY 1.6195Eggs,largewhite,Chicago-u 2.9250Flour,hardwinter KC 14.65Hams,17-20 lbs,Mid-US fob-u 0.32Hogs,Iowa-So.Minnesota-u 58.20Pork bellies,12-14 lbMidUS-u n.a.Pork loins,13-19 lbMidUS-u 1.4335Steers,Tex.-Okla. Choice-u 112.00Steers,feeder,Okla. City-u,w 144.50

Fats andOils

Corn oil,crudewet/drymill wtd. avg.-u,w 38.7500Grease,choicewhite,Chicago-h 0.2300Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u 0.2607Tallow,bleach;Chicago-h 0.2800Tallow,edible,Chicago-u n.a.

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co;M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA;W=weekly, Z=not quoted. *Data as of 4/1

Source: Dow JonesMarket Data

CashPrices Thursday, April 2, 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.

Thursday

Energy

Coal,C.Aplc.,12500Btu,1.2SO2-r,w 53.550Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600

Metals

Gold, per troy ozEngelhard industrial 1605.00Handy&Harmanbase 1616.80Handy&Harman fabricated 1794.65LBMAGold PriceAM *1594.25LBMAGold Price PM *1576.55Krugerrand,wholesale-e 1690.21Maple Leaf-e 1706.46AmericanEagle-e 1706.46Mexican peso-e 1967.50Austria crown-e 1596.02Austria phil-e 1706.46Silver, troy oz.Engelhard industrial 14.4500Handy&Harmanbase 14.4020Handy&Harman fabricated 18.0030LBMAspot price *£11.3200(U.S.$ equivalent) *14.0150Coins,wholesale $1,000 face-a 13658OthermetalsLBMAPlatinumPrice PM *714.0Platinum,Engelhard industrial 730.0Palladium,Engelhard industrial 2133.0

WSJ.com/commodities

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

0.375 U.S. 2 0.237 s l 0.210 0.911 2.3061.500 10 0.614 s l 0.582 1.167 2.472

2.000 Australia 2 0.222 s l 0.196 0.467 1.451 -1.6 -1.4 -85.52.500 10 0.768 s l 0.678 0.806 1.820 15.4 9.6 -65.2

0.000 France 2 -0.515 s l -0.554 -0.739 -0.525 -75.2 -76.4 -283.10.000 10 0.046 s l 0.005 -0.291 0.356 -56.8 -57.7 -211.6

0.000 Germany 2 -0.655 s l -0.665 -0.815 -0.611 -89.2 -87.5 -291.70.000 10 -0.435 s l -0.460 -0.620 -0.047 -104.9 -104.2 -251.9

1.200 Italy 2 0.341 t l 0.359 -0.016 0.504 10.4 14.9 -180.31.350 10 1.483 t l 1.539 1.157 2.538 86.9 95.7 6.6

0.100 Japan 2 -0.134 t l -0.132 -0.258 -0.158 -37.2 -34.2 -246.40.100 10 -0.011 t l 0.007 -0.136 -0.067 -62.5 -57.4 -254.0

0.400 Spain 2 -0.123 s l -0.146 -0.436 -0.303 -36.0 -35.6 -260.90.500 10 0.721 s l 0.699 0.290 1.109 10.7 11.8 -136.3

0.500 U.K. 2 0.111 t l 0.115 0.273 0.661 -12.6 -9.5 -164.54.750 10 0.331 s l 0.314 0.412 1.006 -28.3 -26.8 -146.7

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

MarathonOil MRO 4.400 July 15, ’27 1001 –159 1054 3.47 11.22MPLX MPLX 4.250 Dec. 1, ’27 583 –141 n.a. 11.78 3.33Expedia EXPE 4.500 Aug. 15, ’24 625 –87 976 47.86 –7.96Williams WMB 4.550 June 24, ’24 497 –80 740 14.38 7.88

CitizensBank … 3.700 March 29, ’23 190 –66 n.a. … …HSBCHoldings HSBC 6.250 March 23, ’49 812 –53 1196 24.53 –2.43CanadianNatural Resources CNQCN 7.200 Jan. 15, ’32 895 –47 n.a. ... ...

…Andspreads thatwidened themostAircastle AYR 5.000 April 1, ’23 731 199 n.a. ... ...GeneralMotors Financial … 3.550 July 8, ’22 717 95 753 … …Sysco SYY 3.550 March 15, ’25 484 91 n.a. 41.29 –0.31Total Capital Canada TOTAL 2.750 July 15, ’23 226 91 365 ... ...

BPCE BPCEGP 4.000 April 15, ’24 276 77 364 ... ...Nordstrom JWN 4.375 April 1, ’30 768 77 601 13.18 –0.83TysonFoods TSN 3.950 Aug. 15, ’24 250 76 n.a. 54.15 –2.15BPCapitalMarketsAmerica BPLN 3.790 Feb. 6, ’24 305 66 400 ... ...

High-yield issueswith thebiggest price increases…BondPrice as%of face value Stock Performance

Issuer Symbol Coupon (%) Maturity Current One-day change Lastweek Close ($) % chg

Intelsat Connect Finance INTEL 9.500 Feb. 15, ’23 100.000 70.00 37.750 ... ...WesternMidstreamOperating … 4.750 Aug. 15, ’28 56.000 8.44 46.000 … …Nabors Industries NBR 5.500 Jan. 15, ’23 43.000 8.39 n.a. 0.39 12.56Occidental Petroleum OXY 4.850 March 15, ’21 87.000 5.50 82.500 12.77 18.90

HessMidstreamOperations … 5.625 Feb. 15, ’26 75.000 5.00 69.250 … …Parsley Energy PARSLY 5.625 Oct. 15, ’27 74.000 4.75 68.750 ... ...USACompressionPartners USAC 6.875 April 1, ’26 70.030 4.53 60.000 5.05 6.77CGGHolding CGGFP 9.000 May1, ’23 92.000 4.50 84.470 ... ...

…Andwith thebiggest price decreasesTransDigmUKHoldings … 6.875 May15, ’26 83.250 –9.75 80.000 … …Koppers KOP 6.000 Feb. 15, ’25 77.000 –6.25 79.151 9.47 –5.96Venator FinanceSARL … 5.750 July 15, ’25 70.000 –5.00 77.750 … …Realogy RLGY 9.375 April 1, ’27 75.125 –4.88 81.000 2.62 –2.96

Hertz … 7.125 Aug. 1, ’26 43.500 –4.25 59.000 … …BeazerHomesUSA BZH 7.250 Oct. 15, ’29 74.000 –4.00 n.a. 5.01 –7.90AMCNetworks AMCX 5.000 April 1, ’24 92.125 –3.75 86.937 22.30 –0.62

*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

2198.83 3.3 U.S. Aggregate 1.610 1.320 3.060

U.S. Corporate IndexesBloombergBarclays

3014.47 -3.9 U.S. Corporate 3.460 2.220 4.580

2792.20 -3.3 Intermediate 3.210 1.760 4.400

4315.71 -5.0 Long term 3.920 2.950 4.930

643.89 0.9 Double-A-rated 2.340 1.670 3.360

762.22 -7.4 Triple-B-rated 4.280 2.570 5.350

HighYieldBonds ICEBofA

399.19 -14.5 HighYield Constrained 9.641 5.151 11.400

334.29 -23.6 Triple-C-rated 17.933 10.558 19.071

2729.93 -14.5 HighYield 100 8.804 4.516 10.740

360.24 -14.5 Global HighYield Constrained 9.693 4.893 11.310

280.66 -14.6 EuropeHighYield Constrained 6.996 2.464 8.183

U.SAgencyBloombergBarclays

1846.38 4.3 U.SAgency 0.890 0.730 2.630

1608.04 3.0 10-20 years 0.750 0.640 2.520

4245.62 11.3 20-plus years 1.560 1.170 3.120

2651.43 -2.7 Yankee 2.860 1.920 3.500

Bonds | WSJ.com/bonds

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

2211.23 3.0 Mortgage-Backed 1.410 0.930 3.250

2165.39 3.1 GinnieMae (GNMA) 1.150 0.490 3.200

1303.58 2.9 Fanniemae (FNMA) 1.510 1.110 3.270

2003.00 2.9 FreddieMac (FHLMC) 1.490 1.080 3.270

552.54 -2.4 MuniMaster 2.197 0.959 3.441

387.99 -2.8 7-12 year 2.179 0.924 3.447

438.31 -3.2 12-22 year 2.642 1.224 3.690

418.60 -5.0 22-plus year 3.351 1.765 4.123

Global Government J.P.Morgan†

610.24 4.7 Global Government 0.600 0.390 1.470

853.63 6.2 Canada 0.930 0.590 1.910

400.69 0.1 EMU§ 0.541 0.109 1.023

762.72 0.5 France 0.290 -0.160 0.660

546.34 2.0 Germany -0.320 -0.740 0.200

298.03 -0.03 Japan 0.190 -0.070 0.270

603.80 1.3 Netherlands -0.120 -0.540 0.310

1080.70 7.5 U.K. 0.620 0.390 1.540

770.26 -12.7 EmergingMarkets ** 6.701 4.523 7.480

Borrowing Benchmarks | WSJ.com/bonds

MoneyRates April 2, 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.

InflationFeb. index ChgFrom (%)

level Jan. '20 Feb. '19

U.S. consumer price indexAll items 258.678 0.27 2.3Core 267.268 0.48 2.4

International rates

Week 52-WeekLatest ago High Low

Prime ratesU.S. 3.25 3.25 5.50 3.25Canada 2.45 2.95 3.95 2.45Japan 1.475 1.475 1.475 1.475

PolicyRatesEuro zone 0.00 0.00 0.00 0.00Switzerland 0.50 0.50 0.50 0.50Britain 0.10 0.10 0.75 0.10Australia 0.25 0.25 1.50 0.25

Overnight repurchaseU.S. 0.05 0.04 3.40 -0.07

U.S. government rates

Discount0.25 0.25 3.00 0.25

Notes ondata:U.S. prime rate is the base rate on corporate loans posted by at least 70%of the 10 largestU.S. banks, and is effectiveMarch 16, 2020.Other prime ratesaren’t directly comparable; lending practices varywidely by location; Discount rate is effectiveMarch 16, 2020.DTCCGCFRepo Index is Depository Trust&Clearing Corp.'sweighted average for overnight trades in applicable CUSIPs. Value traded is in billions ofU.S. dollars.Federal-funds rates are TullettPrebon rates as of 5:30 p.m. ET.Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

Federal fundsEffective rate 0.0900 0.2000 2.4800 0.0900High 0.2000 0.5000 3.0000 0.2000Low 0.0300 0.0500 2.4400 0.0200Bid 0.0300 0.0500 2.4400 0.0100Offer 0.1200 0.1200 2.5000 0.0500

Treasury bill auction4weeks 0.090 0.000 2.400 0.00013weeks 0.085 0.000 2.400 0.00026weeks 0.100 0.080 2.400 0.080

Secondarymarket

FannieMae30-yearmortgage yields

30days 2.507 2.440 3.857 2.28160days 2.551 2.500 3.884 2.341

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 4.25 2.00

Commercial paper (AA financial)90days n.a. 2.53 2.58 0.58

Week —52-WEEK—Latest ago High Low

LiborOnemonth 0.98163 0.94088 2.48738 0.61163Threemonth 1.37300 1.37463 2.60350 0.74050Sixmonth 1.20488 1.05763 2.64588 0.73538One year 1.06013 0.97275 2.76188 0.74350

Euro LiborOnemonth -0.389 -0.417 -0.388 -0.621Threemonth -0.241 -0.296 -0.241 -0.539Sixmonth -0.178 -0.246 -0.178 -0.491One year -0.164 -0.184 -0.164 -0.441

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.089 57.076 6.007 0.002MBS 0.080 60.450 6.699 0.011

Weekly surveyLatest Week ago Year ago

FreddieMac30-year fixed 3.33 3.50 4.0815-year fixed 2.82 2.92 3.56Five-yearARM 3.40 3.34 3.66

Week —52-WEEK—Latest ago High Low

iShMSCI EAFESC SCZ 43.45 1.40 –30.2iShMSCIEmgMarkets EEM 33.77 3.37 –24.7iShMSCIJapan EWJ 47.64 1.28 –19.6iShNatlMuniBd MUB 110.07 0.01 –3.4iShPfd&Incm PFF 30.29 0.63 –19.4iShRussell1000Gwth IWF 146.86 1.87 –16.5iShRussell1000 IWB 138.10 2.07 –22.6iShRussell1000Val IWD 96.81 2.42 –29.1iShRussell2000 IWM 107.67 0.95 –35.0iShRussell3000 IWV 144.16 2.00 –23.5iShRussellMid-Cap IWR 41.48 1.05 –30.4iShRussellMCValue IWS 61.23 0.96 –35.4iShS&P500Growth IVW 161.36 2.13 –16.7iShS&P500Value IVE 94.17 2.43 –27.6iShShortCpBd IGSB 52.04 0.15 –3.0iShShortTreaBd SHV 110.92 ... 0.4iShTIPSBondETF TIP 120.27 1.53 3.2iSh1-3YTreasuryBd SHY 86.64 0.02 2.4iSh7-10YTreasuryBd IEF 121.85 0.02 10.6iSh20+YTreasuryBd TLT 168.10 0.63 24.1iShRussellMCGrowth IWP 117.31 1.05 –23.1iShUSTreasuryBdETF GOVT 28.10 ... 8.3JPMUltShtIncm JPST 49.62 ... –1.6PIMCOEnhShMaturity MINT 99.12 0.12 –2.4SPDRBlmBarcHYBd JNK 92.35 0.68 –15.7SPDRBloomBar1-3MTB BIL 91.58 0.01 0.2SPDRGold GLD 151.90 1.64 6.3SchwabIntEquity SCHF 25.15 2.15 –25.2SchwabUSAggrBd SCHZ 54.35 –0.06 1.7SchwabUSBrdMkt SCHB 58.86 2.06 –23.4SchwabUSDiv SCHD 44.78 2.80 –22.7SchwabUSLC SCHX 59.73 2.10 –22.2SchwabUSLCGrw SCHG 77.31 1.74 –16.8

Closing Chg YTDETF Symbol Price (%) (%)

CnsmrDiscSelSector XLY 94.05 0.37 –25.0CnsStapleSelSector XLP 54.92 2.56 –12.8FinSelSectorSPDR XLF 20.04 2.51 –34.9FTValDivFd FVD 26.85 1.67 –25.5HealthCareSelSect XLV 87.57 2.77 –14.0InvscQQQI QQQ 186.01 2.03 –12.5InvscS&P500EW RSP 81.14 1.58 –29.9InvscS&P500LowVol SPLV 45.53 1.93 –22.0iSh3-7YTreasuryBd IEI 133.19 –0.07 5.9iShCoreDivGrowth DGRO 32.04 2.82 –23.8iShCoreMSCIEAFE IEFA 48.50 1.91 –25.7iShCoreMSCIEM IEMG 40.12 3.32 –25.4iShCoreMSCITotInt IXUS 45.87 2.39 –25.9iShCoreS&P500 IVV 252.59 2.35 –21.9iShCoreS&PMC IJH 136.88 1.07 –33.5iShCoreS&PSC IJR 52.92 1.40 –36.9iShS&PTotlUSStkMkt ITOT 55.71 2.24 –23.4iShCoreUSAggBd AGG 114.90 0.15 2.3iShSelectDividend DVY 71.04 1.92 –32.8iShEdgeMSCIMinEAFE EFAV 60.64 1.51 –18.6iShEdgeMSCIMinUSA USMV 53.10 2.23 –19.1iShEdgeMSCIUSAMom MTUM 102.91 1.60 –18.0iShEdgeMSCIUSAQual QUAL 79.49 2.36 –21.3iShFloatingRateBd FLOT 48.86 0.25 –4.0iShGoldTr IAU 15.42 1.65 6.3iShiBoxx$InvGrCpBd LQD 121.73 0.26 –4.9iShiBoxx$HYCpBd HYG 75.16 0.78 –14.5iShIntermCorpBd IGIB 54.55 0.33 –5.9iShJPMUSDEmgBd EMB 95.77 2.05 –16.4iShMBSETF MBB 110.16 0.31 1.9iShMSCIACWI ACWI 60.90 2.01 –23.2iShMSCI EAFE EFA 52.09 1.96 –25.0

Closing Chg YTDETF Symbol Price (%) (%)

Thursday, April 2, 2020 SchwabUSTIPs SCHP 58.48 1.37 3.3SPDRDJIATr DIA 213.96 2.19 –25.0SPDRS&PMdCpTr MDY 249.80 1.13 –33.5SPDRS&P500 SPY 251.83 2.31 –21.8SPDRS&PDiv SDY 77.78 2.14 –27.7TechSelectSector XLK 78.33 2.34 –14.6UtilitiesSelSector XLU 53.71 3.13 –16.9VanEckGoldMiner GDX 25.04 4.20 –14.5VangdInfoTech VGT 205.83 1.96 –15.9VangdSCVal VBR 83.92 0.88 –38.8VangdSCGrwth VBK 143.00 0.96 –28.0VangdDivApp VIG 101.90 2.61 –18.3VangdFTSEDevMk VEA 32.47 1.91 –26.3VangdFTSEEM VWO 33.31 2.94 –25.1VangdFTSEEurope VGK 42.17 1.91 –28.0VangdFTSEAWxUS VEU 40.16 2.24 –25.3VangdGrowth VUG 152.34 1.80 –16.4VangdHlthCr VHT 163.97 2.74 –14.5VangdHiDiv VYM 70.04 3.32 –25.3VangdIntermBd BIV 89.09 0.04 2.1VangdIntrCorpBd VCIT 86.47 0.26 –5.3VangdLC VV 115.75 2.22 –21.7VangdMC VO 126.70 1.13 –28.9VangdMBS VMBS 54.43 0.29 2.4VangdRealEst VNQ 65.48 0.34 –29.4VangdS&P500ETF VOO 231.44 2.34 –21.8VangdSTBond BSV 81.97 0.15 1.7VangdSTCpBd VCSH 78.58 0.19 –3.0VangdSC VB 109.19 0.70 –34.1VangdTotalBd BND 86.00 0.47 2.6VangdTotIntlBd BNDX 56.26 0.25 –0.6VangdTotIntlStk VXUS 41.29 2.30 –25.9VangdTotalStk VTI 125.52 2.08 –23.3VangdTotlWrld VT 61.26 2.05 –24.4VangdValue VTV 87.44 2.59 –27.0

Closing Chg YTDETF Symbol Price (%) (%)

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session

WSJ.com/commoditiesCOMMODITIES

P2JW094000-0-B00700-1--------XA

B8 | Friday, April 3, 2020 THEWALL STREET JOURNAL.

DividendChangesDividend announcements fromApril 2.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

IncreasedBankOZK OZK 6.3 .27 /.26 Q Apr20 /Apr13Watsco WSO 4.0 1.775 /1.60 Q Apr30 /Apr15WatscoB WSOB 4.1 1.775 /1.60 Q Apr30 /Apr15

ReducedAmerican Finance Tr Cl A AFIN 20.8 .0708 /.09167 M Apr15 /Apr13Global Net Lease GNL 18.1 .40 /.5325 Q Apr15 /Apr13

StocksSonnet BioTherapeutics SONN 1:26 /Apr02

ForeignAtlas ATCO 7.2 .125 Q Apr30 /Apr20Atlas 7.95%Pfd. D ATCOpD 12.9 .49687 Q Apr30 /Apr29Atlas 8.2%Pfd. G ATCOpG 13.3 .5125 Q Apr30 /Apr29Atlas Perp. Pfd. I ATCOpI 14.1 .50 Q Apr30 /Apr29Atlas Pfd. Series E ATCOpE 13.0 .51563 Q Apr30 /Apr29Atlas Pfd. SeriesH ATCOpH 13.5 .49219 Q Apr30 /Apr29Costamare CMRE 9.6 .10 Q May07 /Apr21Costamare 8.875%Pfd. E CMREpE 13.7 .55469 Q Apr15 /Apr14Costamare Pfd. B CMREpB 12.8 .47656 Q Apr15 /Apr14Costamare Pfd. C CMREpC 13.9 .53125 Q Apr15 /Apr14Costamare Pfd. D CMREpD 13.9 .54688 Q Apr15 /Apr14PetroleoBrasileiroADR PBR 3.3 .0931 Q Dec22 /Apr29

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:spin-off.

NetStock SymClose Chg

A B CABB ABB 16.88 0.29ACADIA Pharm ACAD 41.68 2.42AECOM ACM 27.53 0.34AES AES 13.04 0.24Aflac AFL 31.83 -0.07AGNC Invt AGNC 9.80 0.31Ansys ANSS 216.20 4.95ASETech ASX 3.58 0.05ASML ASML 247.28 -1.73AT&T T 28.76 0.71AbbottLabs ABT 79.44 2.87AbbVie ABBV 75.13 1.71Abiomed ABMD 143.28 -1.20AcceleronPharma XLRN 83.60 -0.41Accenture ACN 156.27 1.59ActivisionBliz ATVI 60.78 3.28Adobe ADBE 303.96 2.75AdvanceAuto AAP 88.41 -0.76AdvMicroDevicesAMD 44.49 0.83Aegon AEG 2.29 -0.07AgilentTechs A 72.29 3.37AgnicoEagle AEM 43.63 2.04AirProducts APD 194.50 5.22AkamaiTech AKAM 93.12 1.52Albemarle ALB 53.66 -1.18Alcon ALC 49.53 0.08AlexandriaRlEstARE 131.38 0.14AlexionPharm ALXN 90.35 0.42Alibaba BABA 188.90 1.34AlignTech ALGN 152.07 -5.13Alleghany Y 529.95 15.25Allegion ALLE 84.42 -0.17Allergan AGN 177.54 2.64AlliantEnergy LNT 46.92 1.95Allstate ALL 85.79 -0.61AllyFinancial ALLY 12.95 0.02AlnylamPharmALNY 104.21 -0.33Alphabet A GOOGL 1117.03 14.93Alphabet C GOOG 1120.84 15.22Alteryx AYX 83.50 -5.06AlticeUSA ATUS 22.29 0.34Altria MO 36.22 -1.39Amazon.com AMZN 1918.83 11.13Ambev ABEV 2.31 0.06Amcor AMCR 8.18 0.32Amdocs DOX 54.66 1.28Amedisys AMED 178.93 6.01Amerco UHAL 263.30 -6.70Ameren AEE 71.67 3.94AmericaMovil AMX 11.34 0.07

t AmerAirlines AAL 10.06 -0.63AEP AEP 76.79 2.22AmerExpress AXP 76.66 -0.75AmericanFin AFG 66.35 1.24AmHomes4RentAMH 21.21 -0.62AIG AIG 21.25 -0.36AmerTowerREIT AMT 220.75 13.78AmerWaterWorksAWK 117.64 4.84AmericoldRealty COLD 33.42 0.39Ameriprise AMP 94.05 -0.26AmerisourceBrgnABC 83.89 -2.34Ametek AME 71.09 1.28Amgen AMGN 208.88 11.07Amphenol APH 68.76 -0.76AnalogDevicesADI 87.70 3.61

t Anaplan PLAN 28.20 -0.19AngloGoldAsh AU 17.72 0.97AB InBev BUD 43.97 0.92AnnalyCap NLY 4.56 0.19Anthem ANTM 211.39 -2.91Aon AON 157.26 3.58ApartmtInv AIV 31.22 -1.10ApolloGlbMgmtAPO 30.97 1.01Apple AAPL 244.93 4.02ApplMaterials AMAT 43.24 -0.06Aptargroup ATR 96.15 -0.06Aptiv APTV 45.59 -0.33Aramark ARMK 17.95 -0.51ArcelorMittal MT 8.63 0.05ArchCapital ACGL 26.32 0.30ArcherDaniels ADM 34.33 0.46arGEN-X ARGX 133.31 5.87AristaNetworksANET 194.10 1.33ArrowElec ARW 51.16 0.99AscendisPharma ASND 110.87 -2.13AspenTech AZPN 89.38 0.11Assurant AIZ 100.06 -2.06AstraZeneca AZN 43.76 -0.02Athene ATH 22.28 0.43Atlassian TEAM 129.01 -5.04AtmosEnergy ATO 97.37 2.73Autodesk ADSK 137.05 -2.17Autohome ATHM 71.36 0.80Autoliv ALV 42.06 -1.28ADP ADP 131.55 1.83AutoZone AZO 794.65 17.79Avalara AVLR 65.57 -0.69Avalonbay AVB 135.34 -2.68Avangrid AGR 42.43 1.23Avantor AVTR 12.36 0.58AveryDennisonAVY 95.90 -0.03AxaltaCoating AXTA 16.38 0.11AxonEnterprise AAXN 62.64 -2.08BCE BCE 40.41 1.53BHP Group BHP 37.90 2.03BHP Group BBL 31.10 1.71BP BP 26.03 1.66BWX Tech BWXT 50.23 2.24Baidu BIDU 99.59 1.91BakerHughes BKR 10.36 0.56

Ball BLL 64.56 0.39BancoBilbaoViz BBVA 2.85 -0.05BancoBradesco BBDO 3.45 0.06BancodeChile BCH 17.37 1.46BancSanBrasil BSBR 4.84 0.16BcoSantChile BSAC 16.51 1.26BancoSantander SAN 2.29 0.04BankofAmerica BAC 20.57 0.80BankofMontreal BMO 47.94 0.69BankNY Mellon BK 33.64 0.94BkNovaScotia BNS 38.84 0.54Barclays BCS 4.01 -0.04BarrickGold GOLD 19.85 0.98BauschHealth BHC 13.58 -0.17BaxterIntl BAX 82.22 3.56BectonDicknsn BDX 233.28 7.88BeiGene BGNE 136.36 12.46Berkley WRB 50.68 0.44BerkHathwy B BRK.B 179.73 3.78BerkHathwy A BRK.A 271475 10225BerryGlobal BERY 33.79 0.71BestBuy BBY 52.76 -1.14BeyondMeat BYND 57.95 -6.23Bilibili BILI 24.42 0.36Bio-Techne TECH 190.82 5.39Bio-RadLab A BIO 360.74 25.87Bio-RadLab B BIO.B 344.70 -6.62Biogen BIIB 304.47 11.20BioMarinPharm BMRN 86.06 2.47BioNTech BNTX 56.91 3.99BlackKnight BKI 59.50 1.42BlackRock BLK 426.53 16.99Blackstone BX 41.19 0.39Boeing BA 123.27 -7.43BookingHldgs BKNG 1260.00 -11.63BoozAllen BAH 70.48 0.88BorgWarner BWA 22.28 -0.38BostonBeer SAM 363.83 -0.56BostonProps BXP 82.69 -2.56BostonSci BSX 31.05 0.86BrightHorizons BFAM 96.02 3.02Bristol-Myers BMY 55.21 0.84BritishAmTob BTI 36.90 1.83Broadcom AVGO 237.06 13.43BroadridgeFinl BR 92.10 0.78BrookfieldMgt BAM 28.96 1.21BrookfieldInfr BIP 36.58 2.19Brown&Brown BRO 34.86 0.42Brown-Forman B BF.B 54.64 1.17Brown-Forman A BF.A 51.94 0.86

t Bruker BRKR 33.61 2.05Bunge BG 39.08 0.71BurlingtonStrs BURL 145.44 -0.56CACI Intl CACI 206.39 2.12CBRE Group CBRE 36.67 0.93CDW CDW 87.97 -0.86CF Industries CF 25.70 -0.15CGI GIB 54.19 0.85CH Robinson CHRW 68.92 2.35CME Group CME 168.57 2.37CMS Energy CMS 56.86 1.15CNA Fin CNA 27.82 -0.47CNH Indl CNHI 5.77 0.08CNOOC CEO 114.20 13.27CRH CRH 26.25 0.35CSX CSX 56.86 2.01CVS Health CVS 55.41 -2.93CableOne CABO 1605.04 64.12CabotOil COG 16.70 0.06CadenceDesign CDNS 65.93 0.69CaesarsEnt CZR 6.46 -0.17CamdenProperty CPT 72.31 -2.66CampbellSoup CPB 47.45 1.47CIBC CM 55.67 0.78CanNtlRlwy CNI 76.65 1.81CanNaturalRes CNQ 13.97 0.96CanPacRlwy CP 214.78 5.38Canon CAJ 20.29 -0.29CanopyGrowth CGC 13.80 0.22CapitalOne COF 43.93 -0.75CardinalHealth CAH 46.42 -1.29Carlisle CSL 118.02 0.90Carlyle CG 20.19 0.48CarMax KMX 50.20 -2.16

t Carnival CCL 7.97 -0.83CarrierGlobal CARRw 13.28 -1.77CaseysGenStores CASY 126.05 -1.27Catalent CTLT 49.94 1.92Caterpillar CAT 116.74 5.39Celanese CE 68.60 0.55Centene CNC 56.36 0.24CenterPointEner CNP 14.13 0.01CentraisElBras EBR 4.36 0.07CenturyLink CTL 8.80 0.01CeridianHCM CDAY 43.28 -2.72Cerner CERN 61.96 1.43CharlesRiverLabs CRL 121.58 1.97CharterComms CHTR 435.66 11.63CheckPoint CHKP 98.74 0.46Chegg CHGG 33.96 -0.17Chemed CHE 427.72 27.14CheniereEnergy LNG 33.92 1.92CheniereEnerPtrs CQP 27.99 2.58Chevron CVX 76.12 7.56Chewy CHWY 35.06 -0.92ChinaBiologic CBPO102.20 -4.89ChinaEastrnAir CEA 17.11 0.65ChinaLifeIns LFC 9.72 0.28ChinaMobile CHL 38.06 1.93ChinaPetrol SNP 52.41 4.88ChinaSoAirlines ZNH 21.08 0.69ChinaTelecom CHA 31.07 1.61ChinaUnicom CHU 5.90 0.25

Chipotle CMG 630.16 10.80Chubb CB 105.93 1.76ChunghwaTel CHT 35.63 0.24Church&Dwight CHD 66.27 2.47Ciena CIEN 40.62 0.65Cigna CI 168.81 -4.26CincinnatiFin CINF 72.92 -0.65Cintas CTAS 165.19 2.50CiscoSystems CSCO 39.80 1.83Citigroup C 39.23 0.72CitizensFin CFG 17.42 0.12CitrixSystems CTXS 142.52 3.38ClarivateAnaly CCC 21.13 1.16Clorox CLX 179.70 5.04Cloudflare NET 23.06 -1.06Coca-Cola KO 43.95 1.83Coca-Cola Euro CCEP 37.42 0.41CogentComm CCOI 83.64 2.77Cognex CGNX 41.77 0.80CognizantTech CTSH 44.29 1.78ColgatePalm CL 68.17 2.62ColumbiaSportswr COLM 65.88 -0.30Comcast A CMCSA 34.37 1.95Comerica CMA 27.79 0.62CommerceBcshrs CBSH 51.58 2.04SABESP SBS 6.71 -0.20ConagraBrands CAG 29.93 0.17ConchoRscs CXO 46.68 5.04ConocoPhillips COP 33.86 4.24ConEd ED 78.93 1.32ConstBrands A STZ 131.22 -5.66ConstBrands B STZ.B 129.00 -9.22Cooper COO 283.83 10.78Copart CPRT 64.41 -0.38Coresite COR 114.80 1.24Corning GLW 18.70 -0.41Corteva CTVA 22.24 -0.27CoStar CSGP 537.70 -1.90Costco COST 291.48 4.70CoupaSoftware COUP 132.70 1.11CousinsProperties CUZ 27.80 0.30Credicorp BAP 136.64 2.76CreditAcceptance CACC 236.75 -1.24CreditSuisse CS 7.89 0.22CrowdStrike CRWD 56.69 2.11CrownCastle CCI 146.37 8.78CrownHoldings CCK 55.00 -0.10CubeSmart CUBE 25.27 -0.30Cummins CMI 132.76 2.37CypressSemi CY 23.31 -0.09CyrusOne CONE 61.83 0.42

D E FDISH NetworkDISH 18.96 0.26DTE Energy DTE 89.17 1.09Danaher DHR 136.43 7.73Darden DRI 44.31 -1.71Datadog DDOG 34.60 -0.28DaVita DVA 70.30 -2.30Deere DE 139.38 5.71DellTechC DELL 37.14 0.24DeltaAir DAL 22.68 -1.19DentsplySirona XRAY 37.47 0.16DeutscheBankDB 6.02 0.06DexCom DXCM 266.38 11.57Diageo DEO 123.69 2.18DiamondbkEner FANG 29.05 3.98DigitalRealty DLR 135.01 0.53DiscoverFinSvcsDFS 30.99 -0.54DiscoveryA DISCA 18.68 -0.77DiscoveryC DISCK 17.07 -0.57Disney DIS 96.97 2.05DocuSign DOCU 84.04 -8.05DolbyLab DLB 52.98 0.62DollarGeneral DG 159.70 6.54DollarTree DLTR 70.46 -2.48DominionEner D 71.06 1.13Domino's DPZ 333.45 -0.32Donaldson DCI 37.29 1.21DouglasEmmettDEI 27.92 0.12Dover DOV 80.60 0.62Dow DOW 28.03 0.99DrReddy'sLab RDY 40.46 0.91Dropbox DBX 18.23 0.35DukeEnergy DUK 79.39 1.82DukeRealty DRE 30.03 -0.15Dunkin' DNKN 48.55 -2.70DuPont DD 32.51 -0.01Dynatrace DT 21.38 -1.14ENI E 21.57 1.60EOG Rscs EOG 38.30 3.70EPAM Systems EPAM 172.02 -4.14E*TRADE ETFC 34.25 2.27EastmanChem EMN 45.38 -0.13Eaton ETN 73.59 0.45eBay EBAY 29.19 0.41Ecolab ECL 152.16 5.46Ecopetrol EC 10.24 1.23EdisonInt EIX 51.53 0.26EdwardsLife EW 184.86 12.23ElancoAnimal ELAN 20.77 0.62Elastic ESTC 48.59 -3.10ElbitSystems ESLT 121.82 -0.19ElectronicArts EA 102.29 4.76EmersonElec EMR 47.73 2.03Enbridge ENB 27.49 0.28EncompassHealth EHC 62.09 1.40EnelAmericas ENIA 5.79 0.04EnelChile ENIC 3.44 0.16EnergyTransfer ET 5.22 0.19Entegris ENTG 42.03 0.62Entergy ETR 88.20 2.62EnterpriseProd EPD 14.41 0.62

NetStock SymClose Chg

NetStock SymClose Chg

Equifax EFX 109.31 -4.16Equinix EQIX 626.15 30.69Equinor EQNR 13.70 1.29Equitable EQH 13.39 0.03EquityCommnwlth EQC 32.00 -0.09EquityLife ELS 52.55 -0.60EquityResdntl EQR 54.57 -3.13ErieIndemnity A ERIE 161.42 8.47EssentialUtil WTRG 40.10 1.48EssexProp ESS 194.47 -5.85EsteeLauder EL 149.21 -4.17Etsy ETSY 34.80 -0.65EuronetWorldwide EEFT 77.33 1.35EverestRe RE 187.67 6.43Evergy EVRG 53.48 1.73EversourceEner ES 79.29 3.30ExactSciences EXAS 57.60 1.72Exelixis EXEL 16.65 0.19Exelon EXC 34.68 1.20Expedia EXPE 47.86 -4.14ExpeditorsIntl EXPD 67.70 2.22ExtraSpaceSt EXR 95.96 1.96ExxonMobil XOM 40.40 2.87F5Networks FFIV 107.12 3.39FMC FMC 74.18 -2.79FTI Consulting FCN 120.53 0.62Facebook FB 158.19 -1.41FactSet FDS 262.31 6.77FairIsaac FICO 282.92 -5.90Fastenal FAST 30.65 0.04

t FederalRealty FRT 66.40 -3.01FedEx FDX 116.64 3.16Ferrari RACE 141.85 -6.60FiatChrysler FCAU 6.81 -0.01FidNatlFin FNF 24.02 -1.05FidNatlInfo FIS 117.11 2.55FifthThirdBncp FITB 14.28 0.8258.com WUBA 52.76 6.0651job JOBS 66.44 2.58FirstAmerFin FAF 41.06 0.07FirstIndRlty FR 31.06 0.54FirstRepBank FRC 83.96 2.30FirstEnergy FE 40.00 1.14Fiserv FISV 88.75 0.74Five9 FIVN 75.56 1.82FleetCorTech FLT 181.52 8.30Flex FLEX 7.93 0.07FlirSystems FLIR 32.59 1.91FlowersFoods FLO 21.23 0.48FomentoEconMex FMX 58.48 -0.32FordMotor F 4.36 -0.04Fortinet FTNT 100.92 0.45Fortis FTS 36.38 0.47Fortive FTV 56.00 1.03FortBrandsHome FBHS 38.46 -0.92FortySeven FTSV 95.43 -0.01FoxA FOXA 22.67 0.33FoxB FOX 21.84 0.27Franco-Nevada FNV 107.89 5.16FranklinRscs BEN 16.06 0.20FreeportMcM FCX 6.39 0.08FreseniusMed FMS 32.33 -0.14

G H IGCI LibertyA GLIBA 52.14 -1.29GDS Holdings GDS 57.05 -0.44

t GFLEnvironmentalGFL 13.14 -0.60GSXTechedu GSX 38.98 -2.36Galapagos GLPG 190.01 4.49Gallagher AJG 78.76 1.76Gaming&LeisureGLPI 24.53 -0.57Garmin GRMN 73.46 2.05Gartner IT 94.10 0.81Generac GNRC 86.48 3.45GeneralDynamicsGD 127.92 0.52GeneralElec GE 6.90 -0.14GeneralMills GIS 54.88 1.76GeneralMotors GM 18.19 -1.07Genmab GMAB 20.30 0.25Genpact G 27.08 0.30Gentex GNTX 21.01 0.26GenuineParts GPC 61.40 -1.34GileadSciences GILD 76.98 4.47GSK GSK 37.70 0.48GlobalPaymentsGPN 130.69 -2.42GlobeLife GL 66.96 1.13GlobusMedical GMED 40.47 0.54GoDaddy GDDY 56.24 3.38GoldFields GFI 5.12 0.22GoldmanSachsGS 149.93 4.64Graco GGG 46.47 0.96Grainger GWW 239.69 3.17Grifols GRFS 19.79 0.36GuardantHealthGH 65.12 -1.58Guidewire GWRE 73.98 -1.60HCA HealthcareHCA 83.90 0.17HDFC Bank HDB 37.57 1.51HD Supply HDS 26.21 0.51HP HPQ 15.49 0.65

t HSBC HSBC 24.53 -0.61Haemonetic HAE 99.80 8.18Halliburton HAL 7.52 0.92HartfordFinl HIG 33.27 -0.19Hasbro HAS 70.43 0.35HawaiianElec HE 41.24 0.90HealthcareAmerHTA 22.76 0.87HealthpeakProp PEAK 20.41 -0.88Heico HEI 70.69 1.86Heico A HEI.A 63.69 0.78HenrySchein HSIC 48.44 -0.13Herbalife HLF 28.34 0.88Hershey HSY 135.73 4.07Hess HES 35.30 3.32HewlettPackardHPE 9.38 -0.20Hill-Rom HRC 107.83 3.71Hilton HLT 57.86 -5.18Hologic HOLX 34.06 1.36HomeDepot HD 181.31 2.68HondaMotor HMC 20.88 -0.20Honeywell HON 132.81 3.10HorizonTherap HZNP 31.85 1.66HormelFoods HRL 47.58 1.23DR Horton DHI 32.60 -0.08HostHotels HST 9.55 -0.73HowmetAerospace HWM 12.50 -0.70HuanengPowerHNP 13.78 0.54Huazhu HTHT 29.17 1.04Hubbell HUBB 112.59 2.34HubSpot HUBS 116.86 -8.24Humana HUM 300.11 1.36JBHunt JBHT 90.88 0.38HuntingtonBcshs HBAN 7.37 -0.08HuntingIngallsHII 180.64 7.50HyattHotels H 40.15 -3.49IAC/InterActive IAC 169.77 1.98

NetStock SymClose Chg

ICICI Bank IBN 7.87 0.15ICU Medical ICUI 204.83 2.28IDACORP IDA 88.10 2.57IdexxLab IDXX 239.70 9.04IHS Markit INFO 60.63 2.33ING Groep ING 5.10 ...IPG Photonics IPGP 102.92 -2.88IQVIA IQV 104.78 4.74ITT ITT 44.65 0.68IcahnEnterprises IEP 47.94 2.09Icon ICLR 129.79 -2.41IDEX IEX 136.38 3.18IllinoisToolWks ITW 141.60 4.33Illumina ILMN 272.99 16.53ImperialOil IMO 12.25 1.24Incyte INCY 77.07 2.89Infosys INFY 7.91 0.13IngersollRand IR 23.04 -0.75Ingredion INGR 77.10 1.56Insulet PODD 167.04 7.87Intel INTC 54.35 2.47ICE ICE 81.14 1.83InterContinentl IHG 37.13 -0.74IBM IBM 110.00 4.86IntlFlavors IFF 99.18 -1.55IntlPaper IP 30.48 0.33Interpublic IPG 14.37 -0.17Intuit INTU 225.22 7.10IntuitiveSurgical ISRG 467.72 9.46InvitatHomes INVH 20.45 0.17IonisPharma IONS 49.01 2.16iQIYI IQ 17.90 -0.28

t IronMountain IRM 21.52 -0.70IsraelChemicals ICL 2.90 -0.05ItauUnibanco ITUB 4.10 0.02

J K LJBG SMITH Prop JBGS 29.03 -0.28JD.com JD 40.08 -0.83JPMorganChase JPM 87.51 3.15JackHenry JKHY 151.16 4.08JacobsEngg J 81.18 1.96JamesHardie JHX 12.15 0.39JazzPharma JAZZ 99.53 3.85J&J JNJ 133.15 4.34JohnsonControls JCI 26.05 0.89JonesLang JLL 92.12 -2.24JuniperNetworks JNPR 19.66 0.44KB Fin KB 25.52 0.70KKR KKR 21.96 0.04KLA KLAC 132.44 0.83KSCitySouthernKSU 121.00 -1.13Kellogg K 61.32 0.23Kemper KMPR 69.09 -2.30KeurigDrPepperKDP 23.86 0.35KeyCorp KEY 9.48 0.03KeysightTechs KEYS 83.75 2.86KilroyRealty KRC 59.58 -0.61KimberlyClark KMB 129.28 3.62KinderMorgan KMI 13.45 0.72KinrossGold KGC 4.84 0.42KirklandLakeGold KL 31.52 2.29Knight-Swift KNX 30.88 -0.31KoninklijkePhil PHG 39.20 0.58KoreaElcPwr KEP 7.84 0.31KraftHeinz KHC 24.64 0.96Kroger KR 31.60 1.10LHC Group LHCG 128.56 0.16Line LN 48.05 0.03LKQ LKQ 18.51 -0.62LPL Financial LPLA 51.39 -0.54L3HarrisTech LHX 183.52 6.35LabCpAm LH 116.01 -0.16LamResearch LRCX 220.57 -2.76LamarAdv LAMR 39.67 -5.18LambWeston LW 49.88 -1.12LasVegasSands LVS 40.27 -0.03Lear LEA 72.22 1.26LeggMason LM 48.95 0.20Leidos LDOS 88.63 1.48Lennar A LEN 33.42 -1.31Lennar B LEN.B 25.23 -0.77LennoxIntl LII 176.93 1.15

t LeviStrauss LEVI 10.07 -0.58LibertyBroadbandA LBRDA 106.24 3.71LibertyBroadbandC LBRDK 110.54 3.66LibertyGlobal C LBTYK 15.24 0.13LibertyGlobal A LBTYA 16.19 0.14LibertyFormOne C FWONK 24.54 0.18LibertyFormOne A FWONA 23.21 0.16LibertySirius A LSXMA 30.20 0.28LibertySirius C LSXMK 30.02 0.04LifeStorage LSI 92.07 0.12EliLilly LLY 142.18 5.76LincolnElectric LECO 66.41 2.18LincolnNational LNC 23.53 -0.32Linde LIN 164.09 3.22LiveNationEnt LYV 33.95 -4.93LloydsBanking LYG 1.37 0.06LockheedMartin LMT 353.96 15.44Loews L 33.18 0.55LogitechIntl LOGI 42.69 0.10LogMeIn LOGM 83.46 0.56Lowe's LOW 82.86 2.44lululemon LULU 185.49 1.99Lumentum LITE 70.16 1.55Lyft LYFT 22.45 -1.05LyondellBasell LYB 45.92 0.89

M NM&T Bank MTB 95.74 -0.12MDU Rscs MDU 20.80 0.20MGM ResortsMGM 11.51 -0.26MKS Instrum MKSI 77.80 0.64MPLX MPLX 11.78 0.38MSCI MSCI 286.99 15.71MadisonSquGardenMSG 206.17 -2.10MagellanMid MMP 35.37 0.61MagnaIntl MGA 29.60 -0.42ManulifeFin MFC 11.57 -0.26MarathonPetrolMPC 21.22 0.35Markel MKL 909.35 23.63MarketAxess MKTX 347.29 13.30Marriott MAR 63.00 -6.15Marsh&McLenMMC 82.75 0.73MartinMariettaMLM 180.35 -5.77MarvellTech MRVL 22.65 1.07Masco MAS 33.01 -0.19Masimo MASI 183.82 5.33Mastercard MA 238.88 10.27MatchGroup MTCH 62.19 0.58MaximIntProductsMXIM 47.76 1.74McCormick MKC 145.21 6.59McCormickVtg MKC.V 145.00 8.25McDonalds MCD 161.50 3.33

NetStock SymClose Chg

McKesson MCK 129.20 -3.86MedicalProp MPW 15.03 -0.18Medtronic MDT 86.15 2.04MelcoResorts MLCO 11.60 -0.22MellanoxTech MLNX 119.88 -0.08MercadoLibre MELI 462.87 15.53Merck MRK 76.87 3.07MercurySystemsMRCY 69.03 0.77MetLife MET 28.05 0.15MettlerToledo MTD 655.57 -0.67MicrochipTechMCHP 64.98 2.19MicronTech MU 41.09 1.20Microsoft MSFT 155.26 3.15MidAmApt MAA 94.25 -4.49MitsubishiUFJ MUFG 3.60 ...MizuhoFin MFG 2.24 0.01MobileTeleSysMBT 7.58 ...Moderna MRNA 33.20 3.53MohawkInds MHK 64.86 -2.06MolinaHealthcareMOH 133.48 2.32MolsonCoorsB TAP 40.00 2.15Mondelez MDLZ 50.38 1.70MongoDB MDB 125.08 -1.06MonolithicPowerMPWR 157.52 -1.90MonsterBev MNST 55.06 1.96Moody's MCO 206.72 9.17MorganStanleyMS 33.90 2.28Morningstar MORN 112.50 -2.97Mosaic MOS 9.82 -0.29MotorolaSol MSI 130.40 4.31Mylan MYL 13.92 -0.34NICE NICE 144.12 3.24NRG Energy NRG 27.79 0.95NVR NVR 2369.97 -40.03NXP Semi NXPI 77.78 3.05Nasdaq NDAQ 93.96 1.69NationalGrid NGG 54.27 -1.38NatlInstruments NATI 32.90 1.68NatlRetailProp NNN 27.32 -0.93Natura&Co NTCO 9.04 0.29NetApp NTAP 39.53 ...Netease NTES 331.12 7.74Netflix NFLX 370.08 6.00Neurocrine NBIX 86.31 1.22NewOrientalEduc EDU 107.91 3.17

t NY CmntyBcpNYCB 8.49 -0.16NYTimes A NYT 28.94 0.50NewellBrands NWL 12.07 -0.32NewMarket NEU 397.00 12.07Newmont NEM 48.23 1.76

t NewsCorp A NWSA 8.20 -0.44t NewsCorp B NWS 8.17 -0.42NextEraEnergyNEE 226.45 8.22

t NielsenHoldingsNLSN 12.31 0.46Nike NKE 80.14 0.91NiSource NI 23.49 0.43Nokia NOK 3.04 0.07NomuraHoldingsNMR 3.91 -0.07Nordson NDSN 127.90 2.89NorfolkSouthernNSC 143.72 3.71NorthernTrust NTRS 76.92 3.92NorthropGrumNOC 314.29 7.30NortonLifeLockNLOK 18.47 -0.29Novartis NVS 83.60 2.67NovoNordisk NVO 59.31 -0.44Novocure NVCR 66.28 1.76NuanceComms NUAN 16.32 -0.02Nucor NUE 35.94 0.04Nutrien NTR 32.80 1.18NVIDIA NVDA 255.47 12.40

O P QOGE Energy OGE 29.12 0.04ONE Gas OGS 78.95 1.56ONEOK OKE 21.63 2.43OReillyAuto ORLY 303.49 16.24OccidentalPetrol OXY 12.77 2.03Okta OKTA 115.99 -3.58OldDomFreightODFL 124.21 1.88OldRepublic ORI 14.45 -0.10OmegaHealthcareOHI 24.17 -0.37Omnicom OMC 52.11 0.44ON Semi ON 11.27 0.27OneConnectFinTechOCFT 10.20 0.03OpenText OTEX 34.51 0.45Oracle ORCL 49.80 1.09Orange ORAN 12.04 0.23Orix IX 53.93 -3.86Oshkosh OSK 63.88 -0.24OwensCorningOC 36.73 -0.08PG&E PCG 8.28 -0.14PLDT PHI 21.41 0.81PNC Fin PNC 90.73 3.38POSCO PKX 31.95 0.86PPD PPD 16.77 0.19PPG Ind PPG 80.73 0.84PPL PPL 22.97 0.07PRA HealthSci PRAH 76.25 ...PTC PTC 54.88 -1.42Paccar PCAR 60.87 0.75PackagingCpAm PKG 83.96 0.06PagSeguroDig PAGS 18.90 0.40PaloAltoNtwks PANW 165.54 1.68ParkerHannifin PH 118.84 2.75Paychex PAYX 61.03 0.43

t PaycomSoftware PAYC 181.26 -6.18Paylocity PCTY 79.90 -2.43PayPal PYPL 93.52 2.14Pearson PSO 6.59 0.04Pegasystems PEGA 65.17 -1.15Peloton PTON 26.74 -1.22PembinaPipeline PBA 17.97 1.34Pentair PNR 27.74 0.38Penumbra PEN 161.83 8.22

t People'sUtdFin PBCT 10.19 -0.13PepsiCo PEP 123.86 5.74PerkinElmer PKI 72.31 1.48

t Perrigo PRGO 42.80 -2.31PetroChina PTR 40.62 5.27PetroleoBrasil PBR 5.81 0.40PetroleoBrasilA PBR.A 5.86 0.44Pfizer PFE 32.87 1.12PhilipMorris PM 74.34 3.22Phillips66 PSX 51.72 2.21PilgrimPride PPC 17.71 -0.04Pinduoduo PDD 36.28 0.38PinnacleWest PNW 71.77 0.93Pinterest PINS 13.70 -0.47PioneerNatRscs PXD 75.15 7.38PlainsAllAmPipe PAA 5.20 0.10Pool POOL 193.12 -1.89PortlandGenElec POR 48.48 1.31PostHoldings POST 85.57 3.16PrincipalFin PFG 26.60 -0.80Procter&Gamble PG 114.40 5.07

NetStock SymClose Chg

Progressive PGR 76.56 4.20Prologis PLD 75.51 2.25Proofpoint PFPT 101.55 0.71ProsperityBcshs PB 47.01 1.24PrudentialFin PRU 46.63 -0.37Prudential PUK 22.79 -0.12PublicServiceEnt PEG 45.28 2.49PublicStorage PSA 192.87 -3.75PulteGroup PHM 19.79 -1.01Qiagen QGEN 40.10 -0.12Qorvo QRVO 76.66 2.08Qualcomm QCOM 68.02 2.12QuantaServices PWR 30.82 0.03QuestDiag DGX 77.45 -1.32Quidel QDEL 95.07 -2.74

R SRELX RELX 20.44 -0.04RLI RLI 85.62 2.22RPM RPM 57.87 0.77RalphLauren RL 65.97 0.28RaymondJamesRJF 59.98 1.00Raytheon RTN 116.96 -5.47RealPage RP 51.38 2.62RealtyIncome O 45.62 -0.85ReataPharm RETA 135.37 2.60

t RegencyCtrs REG 33.20 -2.33RegenPharm REGN 498.75 2.10RegionsFin RF 8.39 0.09ReinsGrp RGA 81.48 0.45RelianceSteel RS 83.53 0.40RenaissanceReRNR 146.98 0.48Repligen RGEN 96.95 2.62RepublicSvcs RSG 75.23 2.52ResMed RMD 150.13 7.84RestaurantBrandsQSR 34.81 -1.68RexfordIndlRealty REXR 36.98 -0.26ReynoldsCnsmr REYN 29.21 0.91RingCentral RNG 220.03 9.36RioTinto RIO 46.01 1.84RobertHalf RHI 37.83 -0.34Rockwell ROK 149.71 6.03RogersComm BRCI 41.35 0.49Roku ROKU 82.53 0.11Rollins ROL 35.68 0.52RoperTech ROP 305.07 11.41RossStores ROST 79.40 -1.69RoyalBkCanadaRY 58.99 0.49RoyalBkScotlandRBS 2.59 0.01RoyalCaribbean RCL 24.82 -0.95RoyalDutchA RDS.A 38.96 3.65RoyalDutchB RDS.B 36.72 3.60RoyalGold RGLD 92.78 1.73Ryanair RYAAY 50.20 -0.37SAP SAP 104.99 -0.54S&P Global SPGI 241.34 7.01SBA Comm SBAC 274.94 14.47SEI Investments SEIC 45.58 1.40SINOPEC SHI 25.44 1.20SK Telecom SKM 16.46 0.89SS&C Tech SSNC 40.96 -0.41StoreCapital STOR 15.56 -0.69SVB Fin SIVB 142.95 2.94Salesforce.com CRM 134.32 0.26Sanofi SNY 43.51 0.60SantanderCons SC 12.83 0.46SareptaTherap SRPT 95.98 2.98Schlumberger SLB 13.88 1.29SchwabC SCHW 34.39 1.43ScienceApplicat SAIC 73.77 2.87ScottsMiracleGro SMG 103.42 2.67Sea SE 44.58 1.41Seagate STX 47.58 -0.28SealedAir SEE 24.35 -0.17SeattleGenetics SGEN 118.67 7.43SempraEnergy SRE 106.26 2.55SensataTechs ST 28.02 0.27ServiceCorp SCI 37.75 0.54ServiceNow NOW 259.00 -14.07ShawComm B SJR 15.82 0.41SherwinWilliams SHW 436.91 11.93ShinhanFin SHG 22.14 0.43Shopify SHOP 346.30 -38.37SignatureBank SBNY 73.80 1.83

t SimonProperty SPG 44.01 -3.03SiriusXM SIRI 4.75 0.11Skyworks SWKS 83.37 0.92SlackTech WORK 24.26 -1.49Smartsheet SMAR 39.34 -1.19SmithAO AOS 35.94 0.33Smith&Nephew SNN 34.10 0.77Smucker SJM 110.26 0.66

NetStock SymClose Chg

Snap SNAP 11.27 0.06SnapOn SNA 100.78 -3.48SolarEdgeTech SEDG 76.97 -1.85SolarWinds SWI 15.73 0.20SonocoProducts SON 45.86 0.38Sony SNE 58.91 2.06Southern SO 52.40 2.26SoCopper SCCO 27.34 0.80SouthwestAir LUV 31.50 -0.54Splunk SPLK 105.28 -4.41Spotify SPOT 121.91 0.30Square SQ 45.88 -0.93StanleyBlackDck SWK 95.69 3.56Starbucks SBUX 65.00 2.38StarsGroup TSG 19.00 -1.07StateStreet STT 52.42 2.02SteelDynamics STLD 21.29 -0.65Stericycle SRCL 44.83 -1.64Steris STE 139.55 1.85STMicroelec STM 19.99 -0.06StoneCo STNE 19.88 0.35Stryker SYK 149.58 4.91SumitomoMits SMFG 4.73 0.03SunComms SUI 111.96 -1.94SunLifeFinancial SLF 30.86 0.47SuncorEnergy SU 16.85 1.24Suzano SUZ 7.56 0.52SynchronyFin SYF 14.31 -0.20SyneosHealth SYNH 35.00 -1.18Synopsys SNPS 128.65 2.69Sysco SYY 41.29 -0.13

T U VTAL Education TAL 50.68 -0.89TC Energy TRP 42.21 1.40TD Ameritrade AMTD 35.58 1.57TE Connectivity TEL 58.99 -0.13Telus TU 15.86 0.42

t TFS Fin TFSL 13.78 -0.18TIM Part TSU 11.97 -0.14TJX TJX 43.79 -0.83T-MobileUS TMUS 84.41 -0.72TRowePrice TROW 97.14 3.27TaiwanSemi TSM 48.13 1.62TakeTwoSoftware TTWO 119.51 3.18TakedaPharm TAK 14.73 -0.05Target TGT 94.36 -0.91TechData TECD 131.53 3.37TeckRscsB TECK 7.27 0.19TeladocHealth TDOC 159.32 -3.21TeledyneTech TDY 292.47 15.36Teleflex TFX 295.30 15.50Ericsson ERIC 7.93 0.16TelefonicaBrasVIV 9.90 0.15Telefonica TEF 4.51 0.10TelekmIndonesia TLK 19.28 0.8310xGenomics TXG 59.74 1.35Tenaris TS 12.39 0.63TencentMusic TME 11.01 0.89Teradyne TER 53.43 1.29Tesla TSLA 454.47 -27.09TevaPharm TEVA 8.12 -0.35TexasInstruments TXN 102.02 5.13Textron TXT 24.50 -0.36ThermoFisherSci TMO 287.55 12.35ThomsonReuters TRI 66.73 1.223M MMM 137.91 4.77Tiffany TIF 129.77 0.43Toro TTC 63.56 1.99TorontoDomBk TD 40.19 0.17Total TOT 39.72 2.24ToyotaMotor TM 117.82 1.11TractorSupply TSCO 84.15 0.15TradeDesk TTD 164.78 -7.52Tradeweb TW 45.69 2.98TraneTech TT 82.86 1.97TransDigm TDG 284.47 11.93TransUnion TRU 61.85 -1.47Travelers TRV 97.19 1.99Trex TREX 75.85 4.18Trimble TRMB 29.89 0.79Trip.com TCOM 22.36 0.21TruistFinl TFC 28.48 0.01TurkcellIletism TKC 4.68 0.29Twilio TWLO 83.32 -1.61Twitter TWTR 23.02 -0.30TylerTech TYL 280.34 -11.24TysonFoods TSN 54.15 -1.19UBS Group UBS 9.00 0.10UDR UDR 31.95 -1.03UGI UGI 26.14 1.50

NetStock SymClose Chg

Uber UBER 23.68 -1.74Ubiquiti UI 139.57 5.23UltaBeauty ULTA 161.35 -0.15Unilever UN 48.53 1.35Unilever UL 50.77 1.59UnionPacific UNP 141.80 5.31UnitedAirlines UAL 23.42 -2.23UnitedMicro UMC 2.20 0.04UPS B UPS 93.04 2.65UnitedRentalsURI 96.16 0.18US Bancorp USB 32.67 0.74UnitedTech UTX 86.01 -5.36UnitedTherap UTHR 93.53 -0.37UnitedHealth UNH 240.44 3.12UnivDisplay OLED 122.65 -0.75UniversalHealthBUHS 88.71 0.79VEREIT VER 4.15 0.15VF VFC 49.12 0.44VICI Prop VICI 14.83 -0.21VailResorts MTN 139.36 -1.97Vale VALE 8.15 ...ValeroEnergy VLO 41.50 0.50VarianMed VAR 97.62 3.18VeevaSystems VEEV 156.16 2.65Ventas VTR 23.01 0.06VeriSign VRSN 181.80 6.34VeriskAnalytics VRSK 142.99 2.21Verizon VZ 55.25 2.33VertxPharm VRTX 242.16 16.68ViacomCBS A VIACA 16.86 0.62ViacomCBS B VIAC 12.76 -0.02Vipshop VIPS 15.04 -0.63Visa V 157.39 4.28VistraEnergy VST 15.98 0.65VMware VMW 118.20 2.20Vodafone VOD 13.61 0.25VornadoRealty VNO 31.36 -2.30VoyaFinancial VOYA 37.49 -0.31VulcanMatls VMC 107.30 0.18

W X Y ZWABCO WBC 134.81 -0.44WEC Energy WEC 88.01 4.49WEX WEX 95.32 2.15W.P.Carey WPC 54.56 -0.26WPP WPP 31.49 1.38Wabtec WAB 43.84 -2.28

t WalgreensBoots WBA 40.32 -2.71Walmart WMT 118.65 4.51WasteConnectionsWCN 76.38 1.57WasteMgt WM 91.14 2.71Waters WAT 186.03 3.72Watsco WSO 158.18 0.21Wayfair W 47.24 -0.96Weibo WB 32.33 0.33WellsFargo WFC 27.22 0.65Welltower WELL 38.79 -1.81WestPharmSvcsWST 155.68 5.88WesternDigitalWDC 38.40 0.23WesternUnionWU 17.85 0.25WestlakeChemWLK 35.20 -0.45WestpacBankingWBK 9.84 0.05WestRock WRK 26.79 0.08WeyerhaeuserWY 15.84 -0.28WheatonPrecMetWPM 28.43 1.00Whirlpool WHR 81.63 1.03Williams WMB 14.38 1.05WillisTowers WLTW 158.41 2.22Wipro WIT 3.02 ...Wix.com WIX 93.85 1.23WooriFin WF 18.16 0.85Workday WDAY 122.37 -3.91WynnResorts WYNN 52.67 -1.33XP XP 17.20 -0.73XPO Logistics XPO 46.86 0.66XcelEnergy XEL 60.42 2.34Xilinx XLNX 79.15 2.46Xylem XYL 63.40 3.63Yandex YNDX 32.61 0.18YumBrands YUM 66.05 -1.60YumChina YUMC 42.00 1.01ZTO Express ZTO 27.35 1.03ZebraTech ZBRA 174.24 -2.22Zendesk ZEN 58.94 -3.55Zillow C Z 30.13 -1.31Zillow A ZG 29.10 -0.94ZimmerBiomet ZBH 92.71 3.08ZionsBancorp ZION 25.39 0.07Zoetis ZTS 116.03 4.11ZoomVideo ZM 121.93 -15.07Zscaler ZS 61.18 -0.81Zynga ZNGA 6.68 -0.08

NetStock SymClose Chg

Thursday, April 2, 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.

BIGGEST 1,000 STOCKS

Net YTDFund NAV Chg %Ret

American Century InvUltra 43.72 +0.48-16.2American Funds Cl AAmcpA p 27.11 +0.52-19.2AMutlA p 34.99 +0.88-19.1BalA p 24.81 +0.36-12.6BondA p 13.52 +0.01 3.9CapIBA p 52.56 +0.97-16.2CapWGrA 40.65 +0.84-21.8EupacA p 41.94 +0.57-24.6FdInvA p 47.66 +0.90-22.9GwthA p 42.23 +0.62-17.4HI TrA p 8.48 -0.04-14.5ICAA p 31.31 +0.64-20.5IncoA p 19.08 +0.28-17.2N PerA p 37.54 +0.55-20.6NEcoA p 36.93 +0.43-19.2

Net YTDFund NAV Chg %Ret

NwWrldA 53.84 +0.95-23.7SmCpA p 43.86 +0.21-25.4TxExA p 12.77 -0.07 -3.6WshA p 36.88 +0.87-22.9Baird FundsAggBdInst 11.35 +0.01 1.9CorBdInst 11.52 +0.01 0.3BlackRock FundsHiYldBd Inst 6.53 ...-14.8BlackRock Funds AGlblAlloc p 16.60 +0.18-14.5BlackRock Funds InstMultiAstIncome 9.49 ...-12.6StratIncOpptyIns 9.31 ... -6.0StratMuniOppI 10.41 -0.11-11.1Bridge Builder TrustCoreBond 10.53 ... 1.8

Net YTDFund NAV Chg %Ret

CorePlusBond 10.07 +0.01 -0.2Intl Eq 9.14 +0.15-23.8Del Invest InstlValue 16.04 +0.30-27.9Dimensional Fds5GlbFxdInc 10.75 ... 0.2DFARlEst 29.43 +0.17-27.7EmgMktVa 19.57 +0.53-31.8EmMktCorEq 15.50 +0.38-28.6IntlCoreEq 9.74 +0.11-29.3IntSmCo 12.84 +0.08-32.1IntSmVa 12.48 +0.06-35.5TAUSCoreEq2 14.51 +0.27-27.7US CoreEq1 18.95 +0.36-26.5US CoreEq2 17.02 +0.32-27.8US Small 22.29 +0.32-36.1US SmCpVal 19.81 +0.21-42.3

Thursday, April 2, 2020

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.

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

US TgdVal 13.26 +0.14-42.5USLgVa 25.52 +0.55-33.5Dodge & CoxBalanced 77.14 +1.24-22.6Income 13.77 +0.02 -0.9Intl Stk 29.37 +0.51-32.6Stock 130.87 +3.08-31.1DoubleLine FundsCoreFxdIncmI NA ... NATotRetBdI NA ... NAEdgewood Growth InstitutiEdgewoodGrInst 33.20 +0.76-13.8Fidelity500IdxInstPrem 88.07 +1.98-21.4Contrafund K6 12.17 +0.20-15.9ExtMktIdxInstPre 44.36 +0.36-31.8IntlIdxInstPrem 32.33 +0.42-24.7MidCpInxInstPrem 16.55 +0.18-30.0SAIUSLgCpIndxFd 13.58 +0.31-21.5SeriesOverseas 8.38 +0.06-22.3SmCpIdxInstPrem 13.74 +0.17-34.7TMktIdxInstPrem 69.68 +1.43-23.1USBdIdxInstPrem 12.28 ... 3.8Fidelity Advisor INwInsghtI 26.18 +0.44-19.9Fidelity FreedomFF2020 14.05 +0.14-13.3FF2025 12.17 +0.13-15.0FF2030 14.74 +0.18-17.3Freedom2020 K 14.03 +0.13-13.4Freedom2025 K 12.16 +0.14-15.0Freedom2030 K 14.72 +0.17-17.3Freedom2035 K 11.93 +0.17-20.8Freedom2040 K 8.19 +0.12-22.6Fidelity InvestAMgr50% 16.21 +0.15-13.0

Balanc 20.72 +0.24-15.8BluCh 89.17 +0.86-17.2Contra 11.46 +0.18-15.8ContraK 11.48 +0.19-15.8CpInc r 8.14 -0.04-19.8GroCo 18.22 +0.29-14.7GrowCoK 18.25 +0.29-14.7InvGrBd 11.54 +0.03 0.5LowP r 34.58 +0.28-30.9Magin 8.58 +0.18-15.9OTC 10.72 +0.15-16.2Puritn 19.88 +0.25-12.6SrsEmrgMkt 15.39 +0.42-25.4SrsGlobal 9.90 +0.18-24.8SrsGroCoRetail 15.17 +0.23-14.5SrsIntlGrw 14.17 +0.22-19.1SrsIntlVal 6.99 +0.13-29.4TotalBond 10.78 +0.02 -0.5Fidelity SAITotalBd 10.30 +0.02 -1.2U.S.TreBdIdx 10.94 ... 8.9First Eagle FundsGlbA 46.44 +0.94-19.9FPA FundsFPACres NA ... NAFranklin A1CA TF A1 p 7.25 -0.04 NAIncomeA1 p 1.90 +0.01 NAFrankTemp/Frank AdvIncomeAdv 1.88 +0.01 NAFrankTemp/Franklin ARisDv A p 54.06 +1.20-22.1FrankTemp/Franklin CIncome C t 1.93 +0.01 NAFrankTemp/Temp AdvGlBondAdv p 10.08 -0.01 -4.2

Guggenheim Funds TruTotRtnBdFdClInst 27.81 +0.04 3.1Harbor FundsCapApInst 64.28 +0.61-15.1Harding LoevnerIntlEq 18.83 +0.41 NAInvesco Funds AEqIncA 8.02 +0.11-21.7Invesco Funds YDevMktY 34.78 +0.82-23.7JPMorgan I ClassCoreBond 12.05 +0.01 2.6EqInc 14.38 +0.37-25.6JPMorgan R ClassCoreBond 12.07 +0.01 2.6CorePlusBd 8.44 ... 0.6Lord Abbett AShtDurIncmA p 3.95 ... -5.4Lord Abbett FShtDurIncm 3.95 ... -5.4Lord Abbett IShtDurInc p 3.95 ... -5.4Metropolitan WestTotRetBd 11.12 +0.01 NATotRetBdI 11.12 +0.02 NATRBdPlan 10.46 +0.02 NAMFS Funds Class IValueI 33.19 +0.84-25.3MFS Funds InstlIntlEq 21.67 +0.25-22.2Nuveen Cl IHYMunBd 15.36 -0.20 NAOakmark Funds InvestOakmrkInt 14.91 +0.25-40.2Old Westbury FdsLrgCpStr 11.67 +0.21 NAPGIM Funds Cl Z

TotalReturnBond NA ... NAPIMCO Fds InstlAllAsset NA ... NATotRt 10.54 +0.02 NAPIMCO Funds AIncomeFd 10.91 ... NAPIMCO Funds I2Income 10.91 ... NAPIMCO Funds InstlIncomeFd 10.91 ... NAPrice FundsBlChip 104.34 +1.35-16.1DivGro 42.36 +0.99-20.3EqInc 22.18 +0.45-30.4EqIndex 67.12 +1.51-21.4Growth 60.23 +0.54-17.9HelSci 69.33 +1.73-14.9InstlCapG 36.51 +0.33 NAIntlStk 14.29 +0.21-23.3MidCap 71.04 +0.98-25.5N Inc 9.35 -0.01 NANHoriz 50.26 +0.41-15.3OverS SF r 8.26 +0.13-26.2R2020 18.67 +0.21 NAR2025 14.69 +0.19 NAR2030 20.96 +0.29 NAR2035 15.14 +0.22 NAR2040 21.24 +0.32 NAValue 27.32 +0.66-28.0PRIMECAP Odyssey FdsAggGrowth r 33.23 +0.35-26.0Growth r 30.11 +0.57-26.5Putnam Funds Class AStDurInc NA ... NASchwab FundsS&P Sel NA ... NA

TSM Sel r NA ... NATIAA/CREF FundsBdIdxInst 11.41 ... 3.3VANGUARD ADMIRAL500Adml 233.28 +5.25-21.4BalAdml 33.88 +0.42-12.9CAITAdml 11.70 -0.07 -2.6CapOpAdml r120.65 +2.27-23.5EMAdmr 27.81 +0.66-24.6EqIncAdml 59.90 +1.86-24.0ExplrAdml 67.66 +0.74-30.4ExtndAdml 65.07 +0.52-31.8GNMAAdml 10.83 +0.01 3.3GrwthAdml 78.49 +1.41-16.1HlthCareAdml r 74.61 +1.42-12.6HYCorAdml r 5.20 -0.01-11.6InfProAd 26.74 +0.31 3.4IntlGrAdml 84.62 +0.98-17.7ITBondAdml 12.10 ... 3.1ITIGradeAdml 9.85 ... -0.7LTGradeAdml 10.99 -0.05 1.9MidCpAdml 156.93 +1.75-28.5MuHYAdml 10.93 -0.08 -6.1MuIntAdml 13.99 -0.08 -2.7MuLTAdml 11.39 -0.07 -3.6MuLtdAdml 10.87 -0.03 -1.4MuShtAdml 15.70 -0.03 -0.5PrmcpAdml r111.88 +2.39-22.4RealEstatAdml 92.96 +0.44-28.8SmCapAdml 52.44 +0.47-33.7SmGthAdml 50.37 +0.51-27.8STBondAdml 10.75 ... 2.2STIGradeAdml 10.51 +0.01 -1.4TotBdAdml 11.37 +0.01 3.6TotIntBdIdxAdm 22.64 +0.03 0.3TotIntlAdmIdx r 22.17 +0.36-25.6TotStAdml 61.06 +1.23-23.0

TxMCapAdml128.81 +2.66-21.9TxMIn r 10.46 +0.14-25.7USGroAdml 94.38 +0.78-15.3ValAdml 34.15 +0.89-26.3WdsrllAdml 47.42 +1.02-26.6WellsIAdml 60.50 +0.65 -7.8WelltnAdml 63.29 +0.93-14.8WndsrAdml 49.89 +0.67-31.0VANGUARD FDSDivdGro 24.80 +0.58-18.8INSTTRF2020 21.30 +0.21-11.7INSTTRF2025 21.25 +0.24-14.1INSTTRF2030 21.10 +0.27-16.0INSTTRF2035 20.93 +0.29-17.9INSTTRF2040 20.76 +0.32-19.8INSTTRF2045 20.55 +0.35-21.5INSTTRF2050 20.58 +0.34-21.5IntlVal 27.09 +0.40-27.8LifeCon 19.11 +0.15 -8.7LifeGro 29.25 +0.44-19.1LifeMod 24.82 +0.28-14.0PrmcpCor 20.86 +0.41-25.3STAR 23.34 +0.21-14.6TgtRe2015 13.96 +0.10 -8.0TgtRe2020 28.74 +0.29-11.7TgtRe2025 17.05 +0.20-14.1TgtRe2030 30.61 +0.39-16.0TgtRe2035 18.49 +0.27-17.9TgtRe2040 31.40 +0.49-19.8TgtRe2045 19.39 +0.33-21.5TgtRe2050 31.23 +0.53-21.5TgtRet2055 33.91 +0.58-21.5TgtRetInc 13.10 +0.08 -6.4TotIntBdIxInv 11.32 +0.01 0.3WellsI 24.98 +0.27 -7.8Welltn 36.65 +0.54-14.8

WndsrII 26.73 +0.58-26.6VANGUARD INDEX FDSMdCpVlAdml 40.21 +0.38-34.4SmValAdml 36.07 +0.28-38.5TotBd2 11.29 ... 3.2TotIntl 13.26 +0.22-25.6TotSt 61.05 +1.24-23.0VANGUARD INSTL FDSBalInst 33.89 +0.42-12.9DevMktsIndInst 10.47 +0.14-25.7DevMktsInxInst 16.37 +0.22-25.7ExtndInst 65.07 +0.53-31.8GrwthInst 78.49 +1.41-16.1InPrSeIn 10.89 +0.12 3.4InstIdx 225.42 +5.07-21.4InstPlus 225.43 +5.07-21.4InstTStPlus 52.24 +1.06-23.0MidCpInst 34.67 +0.39-28.5MidCpIstPl 170.97 +1.91-28.5RealEstaInstl 14.39 +0.07-28.8SmCapInst 52.43 +0.46-33.7STIGradeInst 10.51 +0.01 -1.4STIPSIxins 24.69 +0.14 ...TotBdInst 11.37 +0.01 3.6TotBdInst2 11.29 ... 3.2TotBdInstPl 11.37 +0.01 3.6TotIntBdIdxInst 33.97 +0.04 0.3TotIntlInstIdx r 88.66 +1.43-25.6TotItlInstPlId r 88.68 +1.44-25.6TotStInst 61.07 +1.23-23.0ValueInst 34.15 +0.89-26.3WCM Focus FundsWCMFocIntlGrwIns 15.35 +0.16-18.8Western AssetCoreBondI NA ... NACorePlusBdI NA ... NACorePlusBdIS NA ... NA

Data provided by

NOTICE TO READERSDue to extreme market activity and delayed reporting of closing pricesfrom the sources, some NAVs may reflect previous day’s trading.

Up-to-date mutual-fund data can be found online atWSJMarkets.com.

HighsAdaptHealth AHCO 18.15 11.7BELLUS Health BLU 11.68 5.8Cytosorbents CTSO 8.10 1.9GrafIndustrial GRAF 10.49 1.0KBLMergerIV KBLM 10.77 7.7Tri-Cont Pfd TYp 56.81 4.2

LowsAG Mortgage MITT 1.80 -20.9AG Mortgage PfdB MITTpB 3.41 -25.1AHBeloA AHC 1.39 ...ALJ Regional ALJJ 0.49 -8.3Amcon DIT 60.85 -2.5Abercrombie&Fitch ANF 7.42 -2.4AcadiaRealty AKR 10.08 -5.1Adecoagro AGRO 3.41 0.3AeroCentury ACY 0.78 33.3AllegianceBcshs ABTX 21.79 3.5AllegroMergWt ALGRW 0.00 -20.0AltairEngg ALTR 23.04 -0.6AmerAirlines AAL 10.00 -5.9

52-Wk %Stock Sym Hi/Lo Chg

AmerEagle AEO 6.63 -3.3AmRltyInv ARL 5.99 -10.2AmesNational ATLO 17.80 -1.8Amrep AXR 4.34 -4.2Anaplan PLAN 26.04 -0.7AscenaRetail ASNA 1.00 -12.0AssocCapital AC 24.33 3.8AvalonHoldings AWX 1.22 -1.6BGC Partners BGCP 2.10 -4.3BOS BetterOnln BOSC 1.02 -11.8BancCalifornia BANC 6.71 3.6Bladex BLX 7.73 -3.0BankFinancial BFIN 7.17 -6.0BankwellFin BWFG 12.07 -0.2Barnes&NobleEduc BNED 1.19 -0.8BayCom BCML 10.94 -1.1BedBath BBBY 3.52 -6.1Big5SportingGds BGFV 0.67 -26.3Biolase BIOL 0.23 -3.6BionanoGenom BNGO 0.25 -33.6BlonderTongueLab BDR 0.48 -11.9BlueLinx BXC 3.81 -5.6BluerockResREIT BRG 4.48 -6.5BowlAmerica BWL.A 8.14 -3.8Briggs&Stratton BGG 1.50 -9.6

52-Wk %Stock Sym Hi/Lo Chg

BrixmorProp BRX 7.77 -7.7BrookfieldDTLAPf DTLAp 10.00 -10.7Bruker BRKR 30.78 6.5Buckle BKE 11.76 5.5CBL AssocPfdE CBLpE 0.49 -2.2CambridgeBncp CATC 47.19 2.5CamdenNational CAC 28.47 1.0Carnival CCL 7.80 -9.4Cato CATO 8.89 -4.3CedarRealty CDR 0.67 -10.8Celcuity CELC 5.15 -3.1CntlValCmntyBk CVCY 10.59 3.2CherryHillMtg CHMI 3.97 -15.2Chico'sFas CHS 1.00 -11.4ChinaSXTPharm SXTC 0.35 -12.2CitiTrends CTRN 7.14 ...CtznCmntyBcp CZWI 5.50 -5.5ClipperRealty CLPR 4.51 -4.8Coca-Cola Femsa KOF 37.87 3.3CommVehicle CVGI 1.33 -7.4CommFirstBcshs CFBI 5.36 -15.9ComtechTel CMTL 11.48 0.9Corts JCPen JBR JBR 1.33 ...CovenantTranspt CVTI 7.16 -3.3Crawford A CRD.A 6.06 -3.1

52-Wk %Stock Sym Hi/Lo Chg

Thursday, April 2, 2020

Culp CULP 6.06 -3.5DieboldNixdorf DBD 3.01 1.6Dillard's DDS 25.55 -8.2ENDRA LifeSci NDRA 0.61 -6.1EastWestBncp EWBC 23.76 -0.6ElevateCredit ELVT 0.90 -3.2ElmiraSvgsBank ESBK 11.04 -3.6EloxxPharm ELOX 1.53 -0.6EmeraldHldg EEX 2.08 -13.2Energous WATT 0.63 -4.5Entercom ETM 1.24 -7.8EpsilonEnergy EPSN 2.32 -0.8Escalade ESCA 4.99 6.4EthanAllen ETH 8.62 -5.7Eventbrite EB 5.77 -5.9ExperienceInvtWt EXPCW 0.48 -31.5Exterran EXTN 4.07 -1.6EyePointPharm EYPT 0.70 -7.6FederalRealty FRT 64.81 -4.3FirstHawaiian FHB 14.82 -0.2FirstNWBncp FNWB 9.11 0.7Flexsteel FLXS 9.81 4.5Forestar FOR 9.43 -0.7FoxFactory FOXF 34.58 -3.5Francesca's FRAN 1.77 -9.0Funko FNKO 3.44 -7.8GAMCO Investors GBL 9.03 -2.4GFLEnvironmental GFL 13.00 -4.4GP Strategies GPX 5.78 -0.5GameStop GME 2.85 -12.3Gannett GCI 0.95 -18.5Gap GPS 5.26 -6.6GasLogPfdA GLOGpA 13.52 2.7GenesisHealthcare GEN 0.69 -2.4

52-Wk %Stock Sym Hi/Lo Chg

GlobalIndemnity GBLI 23.05 -1.5GolarLNGPartners GMLP 1.30 -44.9GolubCapital GBDC 9.53 -19.6GoodTimesRest GTIM 0.51 -3.2GrupoSimec SIM 6.19 -2.5GuarFedBcsh GFED 12.89 -9.8GulfIslandFab GIFI 2.82 -2.0HF Foods HFFG 6.50 -5.1HSBC HSBC 23.95 -2.4HalladorEnergy HNRG 0.81 -4.7Hanesbrands HBI 7.06 -1.9HarteHanks HHS 1.11 -0.9HavertyFurn HVT 10.33 1.3HelixEnergy HLX 1.18 -5.6HemisphereMedia HMTV 8.03 0.2HoughtonMifflin HMHC 1.58 -4.0HowmetAeroPfd HWMp 67.00 -14.0HyreCar HYRE 1.08 -8.1IRSA Prop IRCP 6.09 -12.9iHeartMedia IHRT 5.41 -13.2Independence IHC 22.00 1.4InspiredEnt INSE 2.52 -7.0Intellicheck IDN 2.66 -11.5IntrepidPotash IPI 0.60 -4.9InvRlEst IRET 46.22 -3.4IronMountain IRM 21.00 -3.2J.Jill JILL 0.40 -18.0KLX Energy KLXE 0.51 6.1KimcoRealty KIM 7.45 -6.6KiteRealty KRG 7.38 -3.4Kohl's KSS 11.52 -9.5Lands'End LE 4.50 -5.7LendingTree TREE 148.63 -5.2LeviStrauss LEVI 10.00 -5.4

52-Wk %Stock Sym Hi/Lo Chg

Lightbridge LTBR 1.83 -5.2Lovesac LOVE 4.00 -6.1LuckinCoffee LK 4.90 -75.6MSG Networks MSGN 8.52 0.7Macerich MAC 4.85 -9.9MadrigalPharm MDGL 56.82 0.5MalibuBoats MBUU 19.17 -21.1MalvernBancorp MLVF 11.40 ...MasterCraftBoat MCFT 5.38 -7.3MedalistDivREIT MDRR 1.35 -21.1MediWound MDWD 1.48 ...Meredith MDP 10.55 -7.4Merus MRUS 10.80 -5.2MetenEdtechX METX 11.55 4.8MotorcarParts MPAA 10.55 -5.4MuscleMaker GRIL 1.58 -2.9MyoKardia MYOK 42.65 5.0Napco Security NSSC 13.33 -3.4NCS Multistage NCSM 0.51 5.6NN NNBR 1.44 -3.2NaviosMaritimPf NMpG 2.44 -10.0Neovasc NVCN 1.28 -2.9NetElement NETE 1.47 -12.8NE Realty NEN 42.00 -8.5NewProvidenceWt NPAWW 0.50 -2.0NewResidInvt NRZ 4.24 -2.3NY CmntyBcp NYCB 8.27 -1.8NewsCorp B NWS 7.88 -4.9NewsCorp A NWSA 7.90 -5.1NexaResources NEXA 2.57 -6.4NexPointResidentl NXRT 21.06 0.1NielsenHoldings NLSN 11.62 3.9Nordstrom JWN 12.76 -0.8NorwoodFin NWFL 23.21 -1.0

52-Wk %Stock Sym Hi/Lo Chg

OPKO Health OPK 1.14 -5.0OcwenFinancial OCN 0.32 -6.9Old2ndBcp OSBC 6.00 ...OrisunAcqnRt ORSNR 0.13 13.0OrisunAcqnWt ORSNW 0.05 -23.1OrrstownFinSvcs ORRF 11.90 -3.0PDLCommBncp PDLB 7.77 0.1PDS Biotech PDSB 0.62 -3.8PGT Innovations PGTI 7.14 0.8PRGX Global PRGX 1.77 4.7PacificDrilling PACD 0.35 3.6PacificMercBncp PMBC 3.44 -5.2PanhandleOil&Gas PHX 3.23 0.9ParkNational PRK 71.44 3.8PaycomSoftware PAYC 173.07 -3.3PenneyJC JCP 0.30 -9.3People'sUtdFin PBCT 10.02 -1.3PeoplesBncpNC PEBK 15.66 -1.7PeoplesFinSvcs PFIS 32.61 -1.5PerformantFin PFMT 0.69 -3.6Perma-PipeIntl PPIH 6.03 -6.2Perrigo PRGO 40.01 -5.1PhioPharm PHIO 1.60 -0.6PioneerBancorp PBFS 9.01 -3.5PioneerPwrSols PPSI 1.05 -14.4PitneyBowesNt43 PBIpB 8.16 -5.8PitneyBowes PBI 1.78 0.5Precipio PRPO 0.62 -6.9PrefApartment APTS 5.57 -7.1PropTechAcqnWt PTACW 0.21 -7.1ProSightGlobal PROS 8.51 -1.1ProspectCapital PSEC 3.92 3.6Puxin NEW 3.83 1.3PzenaInvtMgmt PZN 3.47 -2.6

52-Wk %Stock Sym Hi/Lo Chg

QCR Holdings QCRH 22.80 1.6QuadGraphics QUAD 2.06 -8.7RMG Acqn Wt RMG.WS 0.55 -3.5RPTRealty RPT 4.89 -9.4RTI Surgical RTIX 1.52 -2.5RaveRestaurant RAVE 0.66 -12.4RedLionHotels RLH 1.25 ...RegencyCtrs REG 32.20 -6.6Regis RGS 4.51 -6.8ReliantBancorp RBNC 9.57 -2.4RingEnergy REI 0.53 3.3RyderSystem R 23.21 -2.4SellasLifeSci SLS 1.47 -4.4SallyBeauty SBH 6.77 -3.9ScrippsEW SSP 6.28 -1.2SecooHolding SECO 2.95 -14.4SeelosTherap SEEL 0.42 -10.7SensientTech SXT 39.51 -1.8SharpSpring SHSP 5.02 -4.8SiebertFin SIEB 5.50 -6.7SimonProperty SPG 42.25 -6.4SleepNumber SNBR 16.87 -1.6SonnetBio SONN 5.60 -27.9SoMO Bancorp SMBC 20.00 -3.4SpartanEnerWt SPAQ.WS 0.30 -20.7SpiritofTexas STXB 8.98 2.0StageStores SSI 0.28 -9.4Startek SRT 2.95 -9.1SteelConnect STCN 0.70 -3.6SteelPartners SPLP 4.85 -6.2SundialGrowers SNDL 0.48 -13.4SunlandsTech STG 1.10 -13.5Sunworks SUNW 0.31 -4.2Synalloy SYNL 7.62 1.8

52-Wk %Stock Sym Hi/Lo Chg

TFS Fin TFSL 13.54 -1.3TalosEnergyWt TALO.WS 0.08 -5.0Tapestry TPR 10.18 -0.5TataMotors TTM 4.01 0.2Tecogen TGEN 0.91 -4.2TetraTech TTI 0.26 -1.2Tilly's TLYS 3.55 -2.4TItanIntl TWI 1.26 -7.9TransActTechs TACT 2.87 0.7TremontMortgage TRMT 1.75 -8.9Trevena TRVN 0.50 -5.9TrueCar TRUE 2.10 0.5TwinDisc TWIN 5.70 -7.6Ultralife ULBI 4.85 -2.3UnderArmour C UA 6.60 -7.5UnderArmour A UAA 7.50 -5.7UnitedBancshares UBOH 13.35 -17.7US NatGas UNG 11.53 -2.2UnitedTechWi UTXw 49.31 -4.4UnityBancorp UNTY 8.76 ...Vaccinex VCNX 3.56 -9.1VenatorMaterials VNTR 1.29 -12.8Vericity VERY 7.20 -4.5Visteon VC 38.69 -4.3WalgreensBoots WBA 39.41 -6.3Walker&Dunlop WD 30.45 -7.1WashingtonPrmPfI WPGpI 3.66 -19.5WashingtonPrmPfH WPGpH 3.78 -21.7WeingartenRealty WRI 12.21 -6.7WesternAssetMort WMC 1.61 -19.1WhitingPetrol WLL 0.25 -16.8WorldAcceptance WRLD 46.82 -3.9Yext YEXT 8.92 -5.7ZionsBancorpWt ZIONW 0.18 5.7

52-Wk %Stock Sym Hi/Lo Chg

New Highs and Lows | WSJ.com/newhighs

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Americanand Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latestsession. % CHG-Daily percentage change from the previous trading session.

P2JW094000-0-B00800-1--------XA

THEWALL STREET JOURNAL. * * * * * Friday, April 3, 2020 | B9

MARKETS

AUCTIONRESULTSHere are the results of Thursday'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.

FOUR-WEEKBILLSApplications $244,211,708,100Accepted bids $83,894,318,700" noncompetitively $934,008,000" foreign noncompetitively $0Auction price (rate) 99.993000

(0.090%)Coupon equivalent 0.091%Bids at clearing yield accepted 3.23%Cusip number 9127962K4

The bills, datedApril 7, 2020,mature onMay5, 2020.

EIGHT-WEEKBILLSApplications $173,824,556,300Accepted bids $62,920,956,300" noncompetitively $192,145,300" foreign noncompetitively $50,000,000Auction price (rate) 99.985222

(0.095%)Coupon equivalent 0.096%Bids at clearing yield accepted 2.00%Cusip number 9127962P3

The bills, datedApril 7, 2020,mature on June 2, 2020.

DANIELACK

ER/B

LOOMBE

RGNEW

S

Corporate bonds are beingdowngraded at breakneckspeeds, demonstrating thethreat posed to companies’ bal-ance sheets by the coronaviruscrisis.

The pace of downgradesover the last two weeks wasthe fastest on record in onemajor corporate-bond index go-ing back to 2002, according toBofA Global Research.

The index, known as the ICEBofAML U.S. Corporate Index,has suffered $569 billion indowngrades since March 16,said Bank of America.

Credit-ratings firms down-graded a net $560billion of invest-ment-grade corpo-rate bonds in the

index last month, the bankadded. While total downgradesremained lower than at thesame point during the financialcrisis, the pace accelerated inrecent weeks as ratings firmsand investors reassessed theability of borrowers to repaytheir debts.

Fears that the crisis willspur bankruptcies and a pro-longed recession have helpeddrive the Bloomberg BarclaysU.S. corporate investmentgrade index down 3.9% in thefirst quarter of 2020, the worstperformance since the end of2016. Analysts said there is stillroom for more companies tofall down the ratings ladder,with businesses closed and con-sumers stuck at home, despitethe Federal Reserve’s recent ex-traordinary efforts to supportthe corporate debt market.

“The Fed programs cannotstem the negative actions thatcredit rating agencies have al-ready taken and will continue totake,” said UBS senior creditstrategist Barry McAlinden.“Downgrades are a normal partof an economic down cycle, andthe anticipation for negative rat-ing actions is a reason why [in-vestment-grade bond] spreadsare where they currently stand.”

Investors are being compen-sated more to hold corporatebonds. Adjusted for options,the spread, or extra yield inves-tors demanded to hold invest-ment-grade U.S. corporatebonds in the Bloomberg Bar-clays index over Treasurybonds increased by 1.79 per-centage points during the firstquarter—a record, according toDow Jones Market Data.

Investors watch downgradesbecause it is one sign of deteri-orating conditions in the corpo-rate sector. Many funds alsocan’t hold debt below invest-ment-grade, so downgradescould put added pressure onthe debt market in an alreadydifficult trading environment.

“A wave of downgradeswould unquestionably causedisruption given the swell ofnew names into the high-yieldmarket,” said Mike Terwilliger,portfolio manager at ResourceAmerica. “The market wouldabsorb the paper, but it woulddefinitely bring a temporarydowndraft.”

Downgrades haven’t stoppeda deluge of new bonds beingsold by investment-grade com-panies. A record amount wasissued last week, and in recentdays, some speculative-gradecompanies have joined in. AfterYum Brands Inc. completed thefirst high-yield bond sale innearly a month on Monday,more have followed. Sales byaerospace manufacturer Trans-Digm Group Inc., fast-food op-erator Restaurant Brands In-ternational Inc. and TenetHealthcare Corp. were ex-pected to close this week.

—Sam Goldfarbcontributed to this article.

BY SEBASTIAN PELLEJERO

Pace ofRatingsReductionsSpeeds Up

CREDITMARKETS

tively.Their debuts produced trad-

ing volumes that were roughlyin line with those of many newETFs, said Laura Morrison,CBOE’s head of global listings.Both funds had an averagebid-ask spread, or the gap be-tween the price buyers arewilling to pay and what otherinvestors are willing to sell, of10 cents a share, according toEd Rosenberg, head of ETFs atAmerican Century.

Focused Dynamic Growth,whose ticker is FDG, closed at$38.43, up from $37.91 at itsopen. The fund invests pri-marily in technology and con-sumer-product companies. Fo-cused Large Cap Value, or FLV,rose to $39.41 from $38.38. It

focuses on large stocks trad-ing at a discount.

The funds both use a modeldevised by Precidian Invest-ments.

Precidian is one of a hand-ful of firms that had won se-curities regulators’ permissionto roll out its take on a prod-uct many active managershope will help reverse theflow of client money out ofstock-picking funds and intolow-cost investments thattrack popular market bench-marks, including the S&P 500index.

Investors’ interest in indexfunds surged in the past de-cade with the mounting popu-larity of the ETF, which tradeson exchanges like stocks but is

cheaper, more transparent andmore tax-advantageous thanmutual funds.

A handful of active manag-ers had sought for years towin approval to roll out fundsthat feature those same bene-fits while also shielding theirinvestors’ strategies fromother traders. They first brokethrough in May 2019, whenthe Securities and ExchangeCommission approved the Pre-cidian design.

Precidian has licensed itsmodel to a number of manag-ers, including American Cen-tury, a Kansas City-basedmanager controlled by theStowers Institute for MedicalResearch.

Other managers will soon

join American Century inlaunching similar ETFs. Secu-rities regulators have giventhe Cboe clearance to launch afund overseen by ClearBridgeInvestments, an asset managerowned by Legg Mason Inc.And last week JPMorganChase & Co. sought regulatoryapproval for its own activeETFs, Ms. Morrison said. Bothfirms also use the Precidianmodel.

Legg Mason also is an in-vestor in Precidian.

Fidelity Investments, T.Rowe Price Group Inc.,Natixis Investment Managersand Blue Tractor Group alsohave won approval to pursueactive ETFs based on theirown proprietary models.

American Century Invest-ments on Thursday launchedthe first of a new flavor of U.S.exchange-traded funds aimedat reviving investors’ interestin stock-picking managers.

American Century’s Fo-cused Dynamic Growth andFocused Large Cap ValueETFs, which pick stocks with-out disclosing their daily hold-ings to help protect their man-agers’ trading strategies,opened at 9:45 a.m. New Yorktime Thursday on Cboe GlobalMarkets’s electronic stock ex-change. They began tradingwithin minutes, and closed theday with nearly 4,100 and2,000 shares traded, respec-

BY JUSTIN BAER

The First U.S. Actively Managed ETF Begins Trading

cerns over the economic falloutfrom the new coronavirusswelled. The index is now down25% from its Feb. 19 high. De-clines some days have been sosharp that rarely used circuitbreakers have halted tradingacross the entire market.

Bond prices, on the otherhand, have surged as investorsscramble for haven assets. In-vestors have poured recordsums into bond funds in recent

weeks, while continuing to pullmoney from stocks, Bank ofAmerica data show. The yieldon the 10-year U.S. Treasurynote, which moves inversely toprices, recently plummeted to arecord low.

“I’ve been hearing for de-cades how returns in bondscan’t continue to be positivebecause of low interest rates,”said Kathy Jones, chief fixed-in-come strategist at the Schwab

Brent crude oil, the globalbenchmark, surged 21% in itslargest one-day percent gainon record, based on data go-ing back to June 1988.

Stock gains were broad,with all 11 sectors of the S&P500 ending the day in positiveterritory.

The energy group led therally, rising 9.1%. Exxon Mobilshares rose $2.87, or 7.6%, to$40.40, and Chevron sharesgained $7.56, or 11% to $76.12.

President Trump is meetingwith the heads of some of thelargest U.S. oil companies onFriday to discuss measures tohelp the industry, The WallStreet Journal reported.

Market sentiment was alsobuoyed by a report that Chinaplans to buy crude for its stra-tegic reserves, analysts said.

“The substantial decline inoil price set off by the Saudisramping up their production

and ending ties with Russiawas the black swan within thepandemic black swan whichfurther put pressure on theoverall market,” said JustinKelly, portfolio manager ofthe MainStay Winslow LargeCap Growth Fund. “The mar-ket is correct to rise on thattweet, because the economicdamage to the energy sectorhas been substantial.”

A combination of erodingdemand and a flood of newsupply recently pushed U.S.crude-oil prices close to theirlowest level since 2002. Evenwith Thursday’s surge, Brentis down 55% this year.

The rise in stocks came af-ter data showed a surge in thenumber of Americans filingjobless claims, a sign of thedeepening impact of the coro-navirus pandemic on the U.S.economy.

A record 6.6 million Ameri-

cans applied for unemploy-ment benefits last week,roughly double the numberfrom two weeks ago.

The American labor markethas been hit hard as measuresto contain the outbreak haverestricted business activity inlarge parts of the economy.

“The jobless numbers arecertainly bad, but everyonealready expected that,” saidBill Callahan, investmentstrategist at Schroders. “Atthis point there’s a lot of badnews already priced into manyof the stocks, so the newsflow from here will have toget much worse to see signifi-cant selling going forward.”

World-wide confirmedcases of the coronavirus sur-passed one million Thursday,with just under a quarter ofthe global total in the U.S., ac-cording to data compiled byJohns Hopkins University.

Stocks rose on signs of po-tential easing in the oil-pricewar between Saudi Arabia andRussia, raising hopes for thebattered energy sector.

Major indexes pushedhigher after President Trumpsuggested on Twitter thattalks between the two feudingnations could lead to a cut inoil production.

Saudi Arabia is willing toconsider massive oil-supplycurbs as long as other nationsjoin the effort, The WallStreet Journal reported.

The signsthat oil pricescould recoversome of their

recent declines bolstered en-ergy shares and the stockmarket more broadly, afterweeks of punishing losses asthe coronavirus pandemicslows economic activity.

The Dow Jones IndustrialAverage gained 469.93 points,or 2.2%, to 21413.44. The S&P500 added 56.40 points, or2.3%, to 2526.90, and the Nas-daq Composite rose 126.73points, or 1.7%, to 7487.31.

Crude prices leapt on hopesfor a truce in the dispute.

Hospitals across the countryare preparing for an influx ofpatients amid shortages ofsupplies including beds, venti-lators and masks.

Investors will continue tofocus on any new data show-ing the rate at which the coro-navirus is spreading. That willhelp shed light on the extentof the economic damage fromthe pandemic and the effortsto control it.

“We keep getting told thatthe next few weeks are goingto be really, really tough,” saidTom Stringfellow, presidentand chief investment officerat Frost Investment Advisors.“That doesn’t set the tone fora positive, sustainable market.It sets the tone for what willbe possibly a very volatilemarket.”

Overseas, the Stoxx Europe600 index edged up 0.4%. Atmidday Friday in Tokyo,Japan’s Nikkei was up 0.3%,while South Korea’s Kospi wasup 0.5%. S&P 500 and DowJones futures were both downabout 0.7%.

U.S. government bondswere little changed. The yieldon 10-year Treasury notesslipped to 0.624%, from0.630% Wednesday. Yieldsdrop when bond prices climb.Gold, which is also considereda haven, climbed 3%.

Energy Sector Kick-Starts Stocks

0% 2 4 6 8 10

Chevron

Royal Dutch Shell

S&P 500 energy sector

ExxonMobil

S&P 500

One daymoves, Thursday

Source: FactSet

THURSDAY’SMARKETS

Center for Financial Research.“But the truth is they just keepdelivering positive returns.”

“Not only is [this] a goodeye opener that bonds have de-livered better returns, but theyhave also done so with lowervolatility,” she added.

The coronavirus pandemichas turned life upside down inthe U.S., where states are onlockdown and millions of Amer-icans have been ordered to stayhome. Jobless claims havesoared and factories haveslashed output. Goldman SachsGroup Inc. this week issuednew estimates that the U.S.economy could shrink an annu-alized 34% in the second quar-ter—far more severely than itsestimate only weeks ago.

The projections mark a con-trast from just months agowhen economic growth was ex-pected to pick up and analystsprojected the long-running bullmarket had more room to con-tinue.

This time last year, the S&P500 had returned a cumulative183% since the start of the cen-tury. Meanwhile, the bench-mark bond index, which tracks

government debt, mortgagedebt and corporate debt,among other securities, re-turned 152% to investors.

To be sure, greater returnsfrom stock indexes have stillbeen possible lately: The Nas-daq Composite, as of Wednes-day, returned 377% since Sep-tember 2003, when total returndata for the index becameavailable, according to FactSet.The Dow Jones Industrial Aver-age has also fared better thanthe bond index in the centuryto date, offering returns ofnearly 196%.

A flight from stocks isn’tatypical during times of crisisas investors try to minimizetheir risk. The Bloomberg Bar-clays bond index outperformedthe S&P 500 over various trail-ing periods during the financialcrisis and other periods since2000.

“If you go back throughtime…I would say, yeah, typi-cally, the Agg will deliver posi-tive returns,” Ms. Jones said.“Anytime we get into a stockmarket that has hit a major de-cline…you would probably findthat is still the same trend.”

Bonds have pulled awayfrom stocks in the race for re-turns since the turn of the cen-tury.

Since the close of trading onDec. 31, 1999, the BloombergBarclays U.S. Aggregate BondIndex, known as the Agg, hasnetted investors a cumulativetotal return of 176% throughWednesday, according to Fact-Set.

The benchmark S&P 500stock index, in contrast, hasrisen 149% in the century todate on a total-return basis,which reflects price gains plusperiodic payments such as in-terest and dividends. While theS&P gained about 2% Thursday,that wouldn’t be enough toclose its 21st-Century gap withbonds.

The outperformance of theBloomberg Barclays index, con-sidered the leading bond-mar-ket investment benchmark, un-derscores the extent of therecent carnage in stocks. TheS&P 500 suffered its fastest-ever fall from a record to abear market last month as con-

BY CAITLIN MCCABE

Bonds Outperform in the Battle of ReturnsReturn including dividends

Source: FactSetNote: Through Wednesday

250

–50

0

50

100

150

200

%

2000 ’10 ’20

Bloomberg Barclays U.S. Aggregate Bond Index

176%S&P 500

149%

By Karen Langley,JoeWallace

and Chong Koh Ping

P2JW094000-5-B00900-1--------XA

B10 | Friday, April 3, 2020 * * THEWALL STREET JOURNAL.

Insurers Give Peek at FutureThe pandemic will change what society expects from companies

China Is Tiptoeing,Not Roaring Back,From Virus Crisis

The recovery will be tough because of lingeringdamage and fears of a secondary outbreak

As the U.S. and Europe confrontthe bitter toll of the new coronavi-rus, Chinese citizens are tiptoeingback to their normal lives. A re-turn to the precrisis economic sta-tus quo, however, remains far off.

As both the official purchasingmanagers index and a competingprivate one produced by Caixinshowed this week, China’s econ-omy began growing again inMarch. But the uptick is comingfrom a very low base and econo-mists still believe China’s economycontracted about 10% year overyear in the first quarter. Moreover,although the country appears tohave successfully slowed thespread of the virus through somedraconian measures that had a jar-ring impact on the domestic andworld economies, its impact is lin-gering in important ways—particu-larly for consumers and exporters.

It is important to understandthat the impressive “V-shape” ofthe PMIs doesn’t mean China is ex-periencing a V-shaped recoverywhere everything bounces rightback to normal and businessesmake up all of February’s lostground in March.

PMIs measure month-over-month changes, so what you haveis a catastrophic fall in Februaryfollowed by a very modest re-bound from the trough in March.

Change in cyclically adjusted primary fiscalbalance as a percentage of global GDP

Source: UBSNote: 2020 and 2021 are projections

3

–1

0

1

2

%

2006 ’09 ’12 ’15 ’18 ’21

U.S.EurozoneChinaU.K.

Rest ofWorld

Stability in commerce is hard tofind these days. At the moment,not even large pharmacy chainscan offer it, as Thursday’s businessupdate from Walgreens Boots Al-liance makes clear.

In the fiscal second quarter,which ended Feb. 29, Walgreensbooked $35.8 billion in sales andearned $1.52 a share on an ad-justed basis. Those results were up3.7% and down 7.3% from a yearago, respectively, topping analystexpectations. The company gener-ated $2.5 billion in free cash flowin the first six months of its fiscalyear.

That quarter predates the havocwrought by the coronavirus in theU.S. and U.K., of course. Walgreenssaid it is unable to forecast therest of the fiscal year’s resultsamid the turmoil.

The company’s prior guidancehad called for similar adjustedearnings as fiscal 2019, when itearned $5.99 a share. Shares fell6.3% Thursday.

Part of the reason is a topsy-turvy start to the third quarter.Comparable retail sales in the U.S.were up 26% in the first threeweeks of March and fell sharplyover the rest of the month.

Pharmacy sales followed a simi-lar pattern, as did the U.K. busi-ness as a whole.

Some high-performing stores,like those on the Las Vegas Strip,have experienced major declines infoot traffic.

There is uncertainty with thecost structure as well. Walgreenshas deferred its cost-managementprogram and postponed invest-ments such as a new software sys-tem in its stores.

The company has temporarilyexpanded benefits for some em-ployees and is offering free homedelivery for online purchases and

prescription refills.The good news for Walgreens

shareholders is the companyshould be able to find its footing.Such extreme sales volatility likelywon’t persist, even in an unprece-dented operating environment.The stock now trades at less thanseven times fiscal 2019’s adjustedearnings and less than 10 timesearnings, according to generallyaccepted accounting principles.

The shares also yield more than4%, and payouts this fiscal yearhave been fully covered by freecash flow.

Consumers will still buy essen-tial groceries and medication, nomatter how bad the economy gets.However, investors certainlyshould take notice of the sales vol-atility, whether or not they ownthe stock.

After all, if the local drugstorecan’t offer investors a reasonableprediction of what the comingmonths will look like, it is unlikelyany other retail establishment willbe able to do so either.

—Charley Grant

Walgreens BootsAllianceshare price

Source: FactSet

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The monstrous increase in job-less claims gives some sense ofhow hard the hit to the U.S. econ-omy from the coronavirus will be.Recognizing the depths of theproblem is important.

The Labor Department onThursday reported the number ofU.S. workers filing new claims forjobless benefits last week rose to6.6 million from 3.3 million a weekearlier. That dwarfed the 665,000hit in the worst week of 2009, aswell as economists’ median fore-cast of 3.1 million—not that fore-casts are what count most rightnow.

What counts most is knowing asmuch as is possible what is hap-pening on the ground. Weekly job-less claims are the highest-fre-quency comprehensive data thereis on the job market.

They also give some sense ofhow many businesses must haveshut their doors as a result of ef-

reverberating through supply net-works, and that, too, will translateinto lost jobs.

The other thing to watch will becontinuing claims—the total num-ber of people receiving regularbenefits—which are reported withan extra week’s lag. In the weekended March 21, these jumped to3.03 million from 1.78 million aweek before. In next Thursday’sreport, these will likely have ex-ceeded the May 2009 record of6.64 million.

When these continuing claimsfigures finally begin to decline, itwill be a sign that businesses arestarting to raise their gates againand call their employees back towork. It will be the surest signthat the recession is ending andthat a recovery is at hand. Whatsort of recovery it is will dependon how many of those businessesare left standing.

—Justin Lahart

Jobs Picture IsWorth an Entire Economy Outlookforts to halt the virus’s spread orhave laid employees off as demandfor products and services hasdried up. For policy makers andelected officials trying to craft aresponse to the economic crisisthe health crisis has set off,

that matters.The claims figures in the weeks

to come will be bad as well. Morebusinesses are shutting down op-erations, and more businesses thathave already shut down are layingoff workers to pay the bills. Theeffect of those shutdowns also are

What countsmost isknowing asmuch as ispossiblewhat ishappening on the ground.

As companies make claims against business-interruption policies, insurance firms are coming under the spotlight.

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FINANCIAL ANALYSIS & COMMENTARY

Among Covid-19’s many victimsis likely to be the already frail con-cept of shareholder supremacy. In-vestors are right to be nervousabout the insurance sector in par-ticular.

As companies of all sizes shuttheir doors and make claims againsttheir business interruption policies,insurers are coming under the spot-light. Unsurprisingly, few docu-ments explicitly detail how they willdeal with this unprecedented pan-demic, creating gray areas that in-surers and the policyholder willview differently. Claims will be inthe “many billions of dollars, if nottrillions,” according to Ben Lenhartof law firm Covington.

Over the coming months andyears these claims will work theirway through settlements, arbitra-tion or the courts. But governmentsare already getting involved. FourU.S. state legislators and a U.K. gov-ernment committee are all consid-ering both what type of financialsupport to offer insurers and howto compel or force the companies tobe generous with their customers.

Insurance has underperformed inthe current crisis. On both sides ofthe Atlantic the sector is downabout a third this year, comparedwith 24% for the S&P 500 index and25% for the Stoxx Europe 600.

Governments have committedtrillions of dollars to help busi-nesses and citizens cope with theeconomic fallout from the pan-

demic. Big companies with a role toplay in the recovery are expected todo more than just maximize share-holder returns. This week, Europeanbanks deferred billions of dollars individends, yielding to pressure fromtheir regulators. Unfortunately,most missed the public-relationsopportunity to voluntarily cut se-nior executives’ pay.

The old creed of profit maximi-zation was already on its way out.Last summer, 181 global chief execu-tives signed up to a new businessmodel that prioritizes more thanprofit and shareholder returns.Mainstream investors and custom-ers were increasingly asking compa-nies to consider, report and target

such things as climate action andsocial goals such as living wages.Decarbonization may fall down theto-do list in the face of the Covid-19death toll and oil at $20 a barrel,but social concerns will likely re-main in focus as economies lurch toa stop.

Serving customers and servingshareholders are corporate goalsthat should ideally be in long-termalignment. But it may not seem thatway in the months ahead, particu-larly for sectors like insurance. Af-ter a period of massive state inter-vention, many companies will needto temper their pursuit of share-holder returns or risk a damagingbacklash. —Rochelle Toplensky

Numbers above 50 indicate busi-ness expansion.

That said, there are grounds forlimited optimism.Importantly, the property marketis showing signs of life. After avery rough mid-March, averageproperty sales in 30 major citieshave moved back up to around40,000 to 50,000 square meters aday over the past several days, ac-cording to data from GoldmanSachs. That is roughly comparablewith 2018 and 2019 levels. Return-ing vigor in the property market iscritical both for global commoditymarkets and for China’s financialand social stability. Property de-velopers are among the most in-debted Chinese firms and con-struction companies employedmore than 50 million workers in2019.

Less encouraging are signalsfrom consumers more broadly,who now drive the majority ofChina’s growth. A Morgan Stanleyonline survey of 2019 consumersin 19 provinces last week foundthat while most respon-dents—86%—were leaving thehouse for work, most were still re-luctant to go out to shop, eat orsocialize. And 69% said they wouldgo out for essentials only, downfrom 75% in early March—still ex-tremely high.

That level of caution may behard to overcome as long as bothcitizens and the government re-main worried about a secondaryoutbreak.

Last Friday, Beijing ordered allof the nation’s movie theaters toclose again after a handful re-opened. And a small county inHenan province Tuesday found it-self locked down again due tofears about a renewed outbreak.

All of this comes as Chinese fac-tories—and their employees—willsoon be feeling the hit from fallingdemand overseas. China is back towork, but without a real end tothe epidemic, both at home andabroad, a return to normalcy mayremain elusive.

—Nathaniel Taplin

OVERHEARDIt could be you!The chances of winning a huge

national lottery payout are abys-mal, but the coronavirus pan-demic has made the gameslightly more interesting for thetime being. The Powerball ProductGroup, which administers thePowerball lottery in 45 statesplus Washington, Puerto Rico andthe U.S. Virgin Islands, said Thurs-day that stay-at-home measureshave reduced the number of peo-ple purchasing tickets, forcing itto eliminate guaranteed $10 mil-lion increases in each successivejackpot that isn’t won. Previouslythe group cut its minimum jack-pot from $40 million to just $20million.

But for a limited time only,prizes on offer reflect a prepan-demic world. The drawing sched-uled for Saturday is $180 millionand, if nobody wins, it will go upto $190 million on Wednesday.Normally large jackpots attractmore players and increase thechances of having to share theproceeds. The probability of thathappening is much lower now.

But then there are other con-siderations. Some have calculatedthat the odds of dying in a caraccident on the way to buy a sin-gle ticket may be higher thanchoosing the winning one. Add inthe chances of catching some-thing while at the store and it isprobably best to sit this one out.

Diagnosis Is Murky,Even for Walgreens

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ConstructionManufacturing

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THEWALL STREET JOURNAL. Friday, April 3, 2020 |M1

experiences for their residents, including watercolorlessons, behind-the-scenes gallery tours, and adviceon collecting and installing art. Some are even let-ting artists use high-price apartments as studios orliving space on a short-term basis.

Although some programs and amenities havebeen suspended in response to the Covid-19 pan-demic, developers plan to resume them once the vi-rus no longer poses a threat. Most are continuing tosupport the artists and art institutions they havepartnered with, and some are even looking at waysto offer virtual arts programs for their residents. Atthe Ritz-Carlton, the art studio is still open to resi-dents. “The kids can still paint on their own, it’s

PleaseturntopageM12

her brothers, Bronson, 7, and Colton, 5. “He has abunch of his art hanging up, so when I don’t knowwhat to paint I look at one of his paintings.”

Mr. Sodamin, 32, who creates vivid, oversizepaintings inspired by south Florida’s lush vegeta-tion, enjoyed working with the kids in the Ritz-Carlton’s Piero Lissoni-designed art studio untillate March, when he began staying home out ofconcern for the coronavirus. “It’s really clean, soit’s like, I had to practice being clean,” he said, ofthe 300-square-foot studio.

The newest weapon in luxury real estate’s ameni-ties arms race is a paint brush. Developers are forg-ing partnerships with art academies, art consultantsand working artists to provide a range of aesthetic

MANSIONLoretta LynnHer childhood inthe holler wasfodder for herfuture. M8

$3 MillionA renovation addsmodern luxe to atired Houstonestate. M3

HOMES | MARKETS | PEOPLE | REDOS | SALES

Aubrey Rosenhaus lives at the Ritz-Car-lton Residences, Miami Beach, in afour-bedroom duplex that her parentsbought for $2.81 million in September.The 13-year-old’s new home has lots

of fun features, including a rooftop pool deck, amovie theater and a 33-foot motorboat reservedfor residents. But her favorite amenity is the Ritz-Carlton’s gleaming art studio and its artist-in-resi-dence, painter Magnus Sodamin.

“We would schedule these amazing classes ev-ery Wednesday. Magnus would watercolor withus,” said Aubrey, who attended the classes with

BY AMY GAMERMAN

Staying Apart TogetherSome families are using vacation homes to quarantine

individual members of the family

Luxury Home SalesAmid the Pandemic

Some buyers pushed ahead with deals, while others lookedto pull out or renegotiate amid the pandemic and

stock-market plunge; ‘No guts. No glory.’

ON MARCH 16, as New York state’s coro-navirus response kicked into high gear,Angelo Acquista and his wife SvetlanaAcquista closed on a $19.5 million pent-house atop 252 East 57th Street, a luxurynew development.

The couple said they had no choice:They’d already sold their previous homeon Park Avenue and had placed a $2 mil-lion deposit on this one. Before the clos-ing, their agent Marina Bernshtein of Hal-stead Real Estate armed herself with amask and gloves to give Dr. Acquista,who specializes in pulmonary diseases, afinal walk-through of the apartment. Theclosing was done over teleconferencing.

Ms. Bernshtein said her buyers got agreat deal regardless of the pandemic,paying 48% off the apartment’s originallisting price of $37.5 million in 2017. Thesix-bedroom apartment has two sprawling

PleaseturntopageM5

BY KATHERINE CLARKE

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Top: Artist-in-residence Magnus Sodamin holding a workshop in his studio with the Rosenhaus siblings, Colton, Bronson and Aubrey, and, right, carrying his piece ‘Blood Banana.’ The wallpainting in the common area is by Feng Lianghong. Bottom: The Ritz-Carlton Residences, Miami Beach, and, right, Cassandra Hall with her children, the Rosenhauses.

Painting Is Drawing BuyersHomeowners are enjoying new works in their buildings, learning to paint and getting advice on their own art collections,

as luxury developers add a touch of glamour to their complexes by luring artists to live and work on site

Unitsrange from$2 million to$40 million.

Ritz-CarltonResidences, MiamiBeach, gave artist-in-residence MagnusSodamin use of a300-square-foot

studio.

OWNING A VACATION HOME has longbeen a way to bring families together.Now, in this unprecedented global crisis,it offers an unexpected benefit: keepingfamily members separated.

The spread of the new coronavirusacross the U.S. has forced many peopleto self-quarantine. Some-times it is to protect vul-nerable parents from chil-dren back from college oran overseas trip. A familymember who is alreadysick might need a separateroom, while partners infront-line jobs like healthcare stay on opposite ends ofthe house to avoid infectingeach other.

“I would love to be home, but I amnot comfortable going home,” saysZoe Beutel, 22, who lives inNew York City and works ininvestment banking at La-zard. Ms. Beutel’s par-ents live in Newton,

Mass., where their house only has 1½bathrooms. Her mother, Robin Kaplan, isa 58-year-old clinical social worker whohas asthma and just got over an upper-respiratory infection in February. Up untilMarch 16, Ms. Beutel was working at 30Rockefeller Plaza, a business and tourism

hub, eating takeout at work and ex-posed to too many variables to riskgoing to Newton, where she would be

afraid of touching therefrigerator.

Instead, Ms.Beutel is living for

now with her boyfriendin his family’s vacationhouse in Westhampton,N.Y. His parents, who arein their 50s, go back andforth between their house

in Great Neck, N.Y., and Westhampton.Even though she has been dating herboyfriend for two years, they weren’tliving together. Ms. Beutel had beenaway with his family before a coupleof times, and they get along well, butliving in someone else’s space has its

PleaseturntopageM4

BY NANCY KEATES

MARK

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M2 | Friday, April 3, 2020 THEWALL STREET JOURNAL.

Living on a vastWyoming ranch,where the clos-est sign of civi-lization is a

town with a population ofroughly 260, is a lot of nat-ural social distancing.

“We didn’t buy the ranchfor these unusual times, butit’s a good place to be,” saidowner Bob Kaplan, who livesyear-round on this nearly29,000-acre property withhis wife Laurence Kap-lan. “It’s pretty normalhere.” So while much of therest of the luxury real-estatemarket is in a deep freeze,the Kaplans are putting theirranch on the market now for$19.95 million.

With a population of un-der 600,000, Wyoming is theleast populous of all 50states. The state had about120 confirmed cases of coro-navirus as of Wednesday,and the governor has askedpeople to stay home. Aspokeswoman for the Wyo-ming Department of Healthsaid the state is asking peo-ple to abide by social-dis-tancing requirements; there

BY KATHERINE CLARKE

seat theater, a temperature-controlled wine cellar, threedining areas, a commercialkitchen, a bar and a greatroom with a huge wood-burning fireplace.

There are four guest-houses as well as barns andother houses for staff. Thereare also elaborate eques-trian facilities, including aroughly 22,000-square-footindoor riding arena.

While they originally en-visioned the ranch as beingfor their family, the Kaplansbegan allowing some guestson the property around2006, after their children(they have six between themfrom previous marriages)expressed little interest inspending a lot of time there.The guest ranch facility,which charges from roughly$550 to $850 a night perperson, became a profitableenterprise, and helps pay forthe costs of maintaining theranch, Mr. Kaplan said.

Mr. Kaplan worked in thefamily’s mattress businessuntil starting his own com-pany, baby products firmSassyBaby, which sold in2002 for $50 million. Heand Mrs. Kaplan met whenshe was running a compet-ing baby products firm, andthey married nearly two de-cades ago.

Around the same time,the couple grew weary ofthe crowds of tourists attheir property in JacksonHole, where Mr. Kaplan hadlived for over a decade.They decided to flee to theranch, where they couldhave the hiking trails tothemselves. Elk hunting wasalso more challenging in theJackson area, since elk cansmell humans from a longdistance, Mr. Kaplan said.

“Where you see people, youdon’t see elk,” he said.

At the ranch, which sits atthe foothills of the BighornMountains, Mr. Kaplan saidhe spends long days duringthe season in September outon the trails bowhunting elk,with no one but himself toscare the animals away. Onthese trips, he hikes about 6miles a day, dressed head-to-toe in camo. “I have beenalone, and from 300 yardsthe whole herd will smell meand leave,” he laughed. “Ibrush my teeth. It must bemy breath.”

The couple own 6,600acres of the property out-right and have ranching per-mits for the rest of the land,which is government-owned.

A few weeks ago, whilethe couple were preparingto sell, they had one poten-tial buyer come by: rapperKanye West. Mr. West, whohas been widely reported tobe buying up ranches in Wy-oming, came by to scope outthis one, though ultimatelyhe didn’t bite, Mr. Kaplansaid. “He’s a kid in a candystore with a five-dollar bill,”Mr. Kaplan quipped.

The couple said they areselling the ranch becausethey are retiring and wantto do more traveling. Mr.Kaplan, 77, said they envi-sion spending severalmonths in Europe once thepandemic has subsided andspending more time acrossthe country with their chil-dren, some of whom live inCalifornia.

James H. Taylor of Halland Hall has the listing.

A Cape Cod estate sellsfor $20 million, setting aprice record. M10

are no restrictions on show-ing properties in the state.

Aside from driving 40miles to the nearby city ofWorland for supplies, theKaplans, both licensed pilots,travel by plane. The ranchhas its own hangar and a5,000-foot lighted runwayfor their small Cessna.“When we do go to Billings,we usually stop at Costco,”Mr. Kaplan said.

Back home, the couple op-erate a chicken coop, a largeorganic garden and a green-house. They grow corn, let-tuce, tomatoes, squash, wa-termelon and cantaloupe,and have a small butcher’sshop where they preparemeat from cattle reared onthe ranch.

There are more than 30structures, all of which theKaplans built or remodeled.

Mr. Kaplan estimated theyhave plowed about $25 mil-lion into the property overthe years.

The main lodge, built in2008, is nearly 9,700 squarefeet and is contemporarywestern in style. The 3-storysteel building, designed tolook as though it was madeof wood, sits on a high ridgeoverlooking the ranch’smeadows. It includes a 12-

Owners estimate putting$25million into the

property over the years.

Over 30 structures on the property

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SELLING TO THE HIGHEST BIDDER.In cooperation with:

Listed by Betsy Fry (#BK3186857) of Sotheby’s International Realty

ConciergeAuctions.com | +1 646.760.7823

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THEWALL STREET JOURNAL. Friday, April 3, 2020 |M3

MANSION

It was the second marriage forthe newly engaged couple—intheir 40s and 50s—but theirfirst home together. Their resi-dence of choice: a five-bedroom,

eight-and-a-half-bath Italian Renais-sance-inspired mansion in the RiverOaks neighborhood of Houston.

The property sat vacant on the mar-ket for five years and, in its formerstate, featured beige-tinged rooms withthick Victorian moldings. To modernizethe interiors and create better flow be-tween the living spaces, it would needa complete overhaul. They enlistedHouston designer Dennis Brackeenwith one major caveat: The job had tobe finished in 15 months, so they couldmove in the week of Christmas the fol-lowing year.

Of his first visit, Mr. Brackeen, whoco-owns Moxie Interiors and has de-signed homes for professional athletesand musicians, was speechless. “Let’sjust say that the address and thehome’s exterior was the most impres-sive of the experience. I literallywalked through the house with myhand over my mouth,” he said.

What ensued was a 10,000-square-foot gut renovation where every sur-face was transformed with mirror-likelacquered walls, custom hand-craftedwallpapers, marble and onyx slab floorsand imported crystal quartz counter-tops. Structural changes were also nec-essary to update the space. In the en-tryway, a 1950s elevator was removed,redirecting the traffic pattern upstairs.

In the end, the 15-month deadlinewas met and the new owners movedin, taking only their clothing, he said.

Here are some design elements, andprices where available.

BY CHRISTINA POLETTO

ANNOTATED ROOM

Bringing a NewEraTo an Italianate Estate

Ameticulously modern redesign revives a dated Houston homestead

LIVING ROOMThe reflective blackwalls [1] serve as avisual anchor forthe furnishings andart, which includesan original AndyWarhol [2].Five coats ofFactory BlackHollandlac Brilliantpaint from FinePaints of Europecreated the walls’bold, lacquer-likeeffect.The 1970s GeorgesMathias brasscocktail table [3]was from JonVaccari in NewOrleans.‘The husband wasdefinitely reluctantof the color atfirst,’ said Mr.Brackeen. ‘Once hesaw the finishedproduct heunderstood.’Price for the paint,$155 per 2.5 liters.

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$2‑3MILLION

Renovation costs, notincluding furniture

FOYER The 1940s brass and antique mirrored center table [4]was acquired from the estate of cosmetics industry icon HelenaRubenstein through Caché in Los Angeles. The custom-madewater-jet cut white and Nero Marquina marble slabs [5] createda visual walkway on what was once a wood floor. The cast stonemolding around the doorway [6] came with the house. Price forthe floor, $100,000.

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OFFICE Grasscloth wallpaper in ‘Denim’ by Phillip Jeffries [7]lines the walls. Overhead, copper tiles by Maya Romanoff [8]cover the space above the ‘Mace’ Chandelier by Jane Hallworth[9], which is from Blackman Cruz in Los Angeles. On thewindows are custom drapes in Donghia ‘Hanoi, Ben Hai Blue’fabric [10]. The 1970s Cityscape desk by Paul Evans [11] waspurchased from Tishu in Hudson, N.Y. Price for the wallpaper,$78 per yard; copper tiles, $60 each; Donghia drapery fabric,$200 per yard.

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LIVINGROOMThe snowwhitetaxidermiedpeacock [12]—a presentfrom thehusband,who worksin energy, tohis wife—sits betweena pair ofFrenchNapoleon IIIBergerechairs circa1865 [13].

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KITCHEN Underneath an organic wood and ceramic art installation by Dallas artist Lucrecia Waggoner [14]is a custom-made leather button-tufted banquette, created by Moxie Interiors in Houston. It seats eightcomfortably. The floor was laser cut using white Thassos and Nero Marquina marble interlaced withCappucino onyx slabs [15]. The trestle table, dating to the early 20th century, was topped with a custom-made marble slab outfitted by Aria Stone in Dallas [16]. Off the kitchen, a first-floor bedroom wastransformed into a 2,000-bottle wine room [17] that is clad in solid marine-grade brass. It was designed byMr. Brackeen and his team and took over 3,000-man hours to finish. Price for the banquette, $15,000

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GUESTBEDROOM ‘Thewall color just makesme smile!’ said Mr.Brackeen of theadventurous green[18] from Fine Paintsof Europe, adding that‘it took about threeformulas to get theexact intensity ofcolor.’ An 18th-centurystarburst mirror [19]from Nick BrockAntiques in Dallashangs on the wallbehind the vintagebronze and mirroredposter bed [20], fromGreenwich Living &Antiques in Stamford,Conn. Price for themirror, $2,200

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M4 | Friday, April 3, 2020 THEWALL STREET JOURNAL.

MANSION

As small communities aroundthe country attempt to stemthe spread of the virus byadopting measures to preventtourists from visiting, somehave also tried to impede thearrival of second-home own-ers. Legally, if someone hastitle to a property, they havethe right to live there, absenta lockdown that specificallyforbids this, says MichaelGunderson, principal of theGunderson Law Firm in Chi-cago. However, “commonsense would suggest that ifyou go, you should make sureyour impact will be as mini-mal as possible,” he says. In-dividuals should considerwhether they can shelter inplace, abide by quarantineguidelines and not present anundue risk to the surroundingcommunity before going to asecond home, he says. AlanMorgan, the chief executiveofficer of the Washington-based National Rural HealthAssociation, advises thathomeowners understand thecapacity of hospitals andstores near a second home.“This is not vacation time,” hesays. More than half of ruralcommunities, about 1,300,only have “critical access facil-ities,” which have, on average,just one ventilator and limitedaccess to specialists.

Ask these questions beforegoing to a second home:

1. Is there any chance I aminfectious? Can I fully quar-antine in my second homeand not expose others?

2. What is the capacity ofthe hospital where I’m go-ing? How many beds, venti-lators, and specialists arethere per capita?

3. Do I have a good under-standing of the culture ofthe community and relation-ships with people who livethere, or will my presencegenerate push back?

4. How much infrastructurecapacity is there, includinggrocery stores, pharmaciesand other necessities?

5. Can I mitigate my presenceby bringing supplies, volun-teering or making donations?

6. Is access to medical carefaster and more advancednear my primary home?

What you need toconsider before decamping

to your second home

SHOULD I STAY ORSHOULD I GO NOW?

from their home in Hawaiito their apartment indowntown Houston inmid-March, where Ms.Johnson owns a technol-ogy company. At the lastminute, Mr. Johnson, a 79-year-old retired aerospaceengineer, decided to stayin Kauai because he wasuncomfortable flying dur-ing the pandemic due tohis age. Now, Hawaii hasmandated a 14-day quar-antine for all visitors andreturning residents, and

his wifeneeds to stayin Houstonfor familyand businessreasons.

Mr. John-son says thateven though

he feels isolated (“It’s get-ting to be like a ghosttown,” he says), and hemisses his wife, beingstuck in Hawaii isn’t sobad. Their three-bedroomtownhouse is on the coastin a resort called TimbersKauai, which has a restau-rant and staff to providefood, supplies and freshproduce from the gardenwhenever he needs it.There are miles of walkingtrails and he has beenworking on a digital modelfor a train project. “I feel alot more comfortable notbeing around family rightnow, for their safety andmine,” he says.

Worries about being tooclose to the 21 youngadults they have unoffi-cially adopted over theyears is what drove LosAngeles-based interior de-signer Thomas Ryan andhis husband Matthew Ryanto their country house inSolvang, Calif., 34 milesnorth of Santa Barbara.Since many of the couple’s“adoptees” live in the cou-ple’s houses in Seattle andLos Angeles while they at-tend college or work,Thomas Ryan, whose doc-

challenges. Still, she feelsfortunate to have such agood option.

Ms. Kaplan’s son, EliBeutel, 20, is also livingapart from the family fornow. A sophomore at TuftsUniversity, where a studenttested positive a few daysbefore the deadline tomove off campus, he is inthe Kaplan-Beutel familyvacationhouse in theBerkshires,along withtwo other col-lege students.They arelearning howto cook, hik-ing and doing onlineclasses as well as they can,given that there is no cellservice and spotty internet.“It’s fun—probably morefun here than back athome,” he says. Ms. Kaplanagrees. “I know he is safe. Iknow I am safe. And weare helping to flatten thecurve,” she says. Still, sep-aration is hard for her andher husband. “I don’t knowwhen we will see them.”

In times of crisis, deci-sions can result in longerseparations than antici-pated. Douglas Johnsonand his wife Sandy John-son were planning to travel

ContinuedfrompageM1

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had to return to theirhomes, and their reserva-tion was canceled. Ms.Condit put her daughter inquarantine instead in thework studio attached tothe house. Nasra isn’t al-lowed in the living roomand kitchen and eats hermeals in the studio, butshe has access directly tothe backyard outside.

As a nurse, she sayswhat she sees at the hospi-tal is terrifying enough tomake the necessity ofquarantining clear. “It’sstressful,” says Ms. Condit.“She was tearful when shecame home and saw whatwe are asking of her.” Butafter news came that aclassmate’s grandfatherhad died from Covid-19,she has taken it more seri-ously, says Ms. Condit.

Michael Kerin has threeplans in case his familymembers get sick. Plan 1:Mr. Kerin, 56, figures heand his wife, Lisa Kerin,who works from theirMontvale, N.J., house,could stay home and sendtheir children back to theirapartments near their col-leges. Plan 2: His wifecould stay home and heand the children could goto the three vacation rent-als he owns in Morris,Conn., with one person ineach house. Plan 3: Theyall stay home and everyoneretreats to their own room.“Whenever the four of usare home we all watch ourown TVs anyway,” he says.

tor advised him to stayaway from young peopleright now, thought itwould be safer to just stayaway. “It was always myrefuge from the kids any-way,” he says.

The couple are self-quarantining, havingstocked up on food andgardening materials, leav-ing only for walks anddrives. “It’s not horrible,”Mr. Ryan says, using hu-mor to acknowledge theirfortune in owning a placeto go in such a beautifulsetting. He is expectingthey will be there at leastthree months, until there ismore widespread testingfor the virus, before he willfeel safe venturing out.The situation reminds himof when he lived in NewYork City in the 1980s, dur-ing the AIDSepidemic. “Itscares me the

same way,”he says.

For JayMason, a 44-year-old com-pany founder, the possi-bility of exposing hisparents to the virus isone reason he decided todecamp from his home inWest Linn, Ore., wherehis parents live nearby,to his house in the 1,500-acre resort of PuntaMita, Mexico, about 15miles north of PuertoVallarta, with his wifeTonia Mason, their twodaughters and somefamily friends. Hismother has diabetes andhis father had to self-quarantine after a trip toEurope. “I couldn’t evenhug them goodbye,” says

Mr. Mason. Life at theirresort house, which isabout 20,000 square feet,is a little surreal, with al-most no one around andthe golf courses, hotelswimming pools andbeaches practically empty.

Mr. Mason says thefamily had planned to bethere for spring break andcould now end up stayingall summer. The nearbyhospital is state of the artand he is thinking of hir-ing a tutor for his daugh-ters, who are 13 and 15. Assomeone who travels ev-ery week for work nor-mally, he feels a littletrapped, but he says heknows he is fortunate.“We aren’t sure when wewill be back,” he says.

Families that don’t havethe luxury of owning a va-

cation house aredoing what theycan to separateat home. Whenit became neces-sary to bring herdaughter Nasrahome from col-lege in Switzer-land in March,

Brooke Condit, a nurse inPortland, Ore., encouragedher parents, who are intheir late 60s, to rent abeach house in the city ofManzanita on the Oregoncoast for two weeks. Ms.Condit lives with her par-ents in a three-bedroom,two-bathroom house andshe thought that the ar-rangement would give her

daughter time to self-quarantine.

That plan evaporatedwhen Manzanita issuedan order that all visitors

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THEWALL STREET JOURNAL. Friday, April 3, 2020 |M5

MANSION

Alexander of Douglas Elliman saidhe saw a flurry of deals rushedthrough last month, as clientslooked to relocate to Florida amidthe outbreak. His team has closedfour sizable deals since March 13,including a $13.8 million condo saleat the new Zaha Hadid-designedbuilding in Miami. Some buyersplanned to move in immediately.

“People were like, ‘I want toclose ASAP because this is a betterplace for me to be quarantined,’ ”Mr. Alexander said. “If you’recooped up in your apartmentsomewhere in Chicago or Detroityou think, ‘I wish I had a bighouse in Miami right now,’ whereI can sit out by my pool while stillbeing close to a major hospital.”

One homeowner in the Hamp-tons, speaking on the condition ofanonymity, said he had been of-fered $500,000 by a renter to takeover his nine-bedroom Watermillmansion through Memorial Day, buthe had to say no as he and his fam-ily had nowhere else to stay.

In Los Angeles, agents said theyhaven’t yet seen buyers try to re-nege, but sellers are already morewilling to negotiate on price.

Branden Williams of Hilton &Hyland said he had two dealsclose last week for around $10million apiece. One buyer wasable to renegotiate based on anappraisal last week, and got a 15%discount, he said.

Ben Bacal, an agent with Revel

Real Estate, said he’s receivedcalls from buyers looking for dis-counts on major listings. “Typi-cally, I would never approach mysellers with these offers, but nowa handful of my sellers are opento them,” he said.

While sellers aren’t taking list-ings off the market—Zillow re-ported 34,639 listings priced at $2million or above on the market asof March 22, just 1.78% less thanMarch 1—agents don’t expect activ-ity to last. Without the ability toshow, it is hard to sell, they said.

The numbers bear that out. Lastweek, there were just two contractssigned at $4 million and above inManhattan, according to Ms.

Olshan’s report.With cities across the country

shut down, showings were downby nearly 58% across the countryas of March 31 from the earlyMarch peak, according to datafrom ShowingTime, a showingmanagement technology provider.

McKenzie Ryan, an agent withCompass who sold a $7.2 milliontownhouse in the West Village twoweeks ago, said she heard fromthe seller after the closing. “Hesaid, ‘It looks like we sold just inthe nick of time,’ ” she said.

THE TOP*

51. 40 Gramercy Park NorthNeighborhood: GramercyTownhouse6 bedrooms7,200 square feetPrice: Went into contractlast asking $12.995 million

2. 601 Washington StreetNeighborhood: West VillageCondo3 bedrooms3,000 square feetPrice: Went into contractlast priced at $8.85 million

3. 421 Hudson StreetNeighborhood: West VillageCondo4 bedrooms5,517 square feetPrice: Went into contractlast priced at $8.65 million

4. 33 Vestry StreetNeighborhood: TribecaCondo3 bedrooms2,973 square feetPrice: Went into contractlast priced at $7.5 million

5. 225 West 17th StreetNeighborhood: ChelseaCondo5 bedrooms3,444 square feetPrice: Went into contractlast priced at $6.75 million

*Five biggest New York City contractssigned the week of March 22

This West Village townhouse sold for $7.2 million on March 19. After the dealclosed, the seller said he was relieved it was completed in the nick of time.

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A few buyers snapped up units at this new Zaha Hadid-designed building in Miami, above; Angelo Acquista andSvetlana Aquista, above left, said they had to buy as they’d already sold their previous home on Park Avenue.

years, backing out would risk los-ing deposits of 20% to 25% if theyreneged, said appraiser JonathanMiller. That is a departure fromthe last financial crisis, when buy-ers were generally required tomake only 10% deposits, makingwalking away a little easier.

Adam Leitman Bailey, a NewYork real-estate attorney whohelped buyers wriggle out of con-tracts in the last financial melt-down using an old federal statute,said he’s already faced a barrage of

calls from buyers looking toget out of condo con-tracts—and sellerslooking to enforcethem. It is early daysin figuring out howmany contracts willstand, he said.Agent Lisa Lipp-

man of Brown HarrisStevens said she was

working on three deals lastweek, including two where she al-ready has accepted offers. Theapartments are priced at between$2.5 million and $5 million.

“In all cases, the seller is takingless than they hoped to get, butthat’s not really a change from thepast few months anyway,” she said,referencing the recent softness inthe New York luxury market.

Then there are those in urbanareas rushing out to secure moredesirable quarantine destinations.In Miami, real-estate agent Oren

balconies and views from theGeorge Washington Bridge to thenorth to the Verrazzano Bridge tothe south.

“Corona or no corona, wewouldn’t have gotten a lowerprice,” Ms. Bernshtein said.

All over the country, moneyedbuyers continued to ink deals forreal estate through the middle ofMarch, even amid the uncertaintyof the pandemic and the stock-mar-ket plunge. Some attempted to cap-italize on the downturn by renego-tiating prices at the 11th hour, whilesellers sought to expedite closingsbefore the market tanked further.

Agents, realizing that the mar-ket would grind to a halt onceproperty showings were impossi-ble, sought to get as many in-progress deals across the finishline as they could.

In the week ended March 22, 14contracts on Manhattan unitspriced at $4 million and up weresigned, according to a report byOlshan Realty—relatively consis-tent with the number of weeklycontracts signed at that price pointin February.

“I have found in my 40-year ca-reer that the buyers who ventureout in the worst periods do thebest,” said Donna Olshan, the cre-ator of the report and an agent.“The recipe is cash andballs: Throw in a verylow offer and seewhat sticks. No guts.No glory.”

One buyer sign-ing a contract foran Upper West Sideco-op for about $5million moved to rene-gotiate, and scored an-other 4% off a deal that hadbeen agreed to 10 days previously,said real-estate attorney PierreDebbas of Romer Debbas.

“Honestly, [sellers] took the birdin the hand,” Mr. Debbas said. Forclients signing contracts today, Mr.Debbas said his firm is adding a“coronavirus clause” to contracts,mandating that if the pandemic getsin the way of the buyer obtaining fi-nancing, the deal can be nullified.

For buyers who signed con-tracts for new development unitsin New York over the past several

ContinuedfrompageM1

Pandemic

14CONTRACTSfor Manhattan unitspriced $4 million ormore were signedthe week ofMarch 22.

For thoseseeking an exceptional life

sothebysrealty.com©MMXXSotheby’s International Realty Affiliates LLC.All Rights Reserved. Sotheby’s International Realty Affiliates LLC fully supports theprinciples of the Fair Housing Act and the Equal Opportunity Act. Each Office is Independently Owned and Operated. Sotheby’s International Realtyand the Sotheby’s International Realty logo are registered (or unregistered) service marks licensed to Sotheby’s International Realty Affiliates LLC.

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M6 | Friday, April 3, 2020 THEWALL STREET JOURNAL.

Mr. Antin in Stuyvesant Town, thesprawling rental complex on Man-hattan’s East Side. He moved tothe West Coast in the early 1980sto start a health company with hisbrother, Robert. They laterlaunched VCA Inc., a chain of ani-mal hospitals that grew to be-come one of the largest in thecountry. The publicly traded com-pany was acquired by Mars Inc. in2017 for about $9.1 billion. Mr.Antin retired about a year ago, al-though he still consults for Mars.

Before buying this property in

1996, the Antins had been livingin nearby Venice but wanted toget their children into the SantaMonica school system. “We lookedin this area because it had a greatelementary school,” said Ms. An-tin, a former special-educationteacher.

After buying the house for$750,000, they added a deck offthe master bedroom to better cap-ture that sliver of the view.

It wasn’t until years later, withtheir children grown, that the An-tins approached Mr. Kovac about

renovating the house, which theyfelt was getting dated, said Mr.Antin.

Mr. Kovac, the founder of LosAngeles-based Kovac Design Stu-dio, specializes in contemporaryarchitecture. The Antins had be-friended Mr. Kovac and his wifeseveral years earlier through theirshared interest in cycling. Mr. An-tin had seen the house Mr. Kovacdesigned for himself and wastaken with it, Mr. Kovac said.

At first the Antins planned toremodel the house. But because of

INSIDE STORY

The Price of anOceanViewA Santa Monica couple tore down their longtime home and built a new one that let in the outdoors

round cutout, or oculus, in theceiling above the Jacuzzi.

The couple even got ridof their old furnitureand art, buying allnew pieces for therebuilt house.

Their addressmay be the same,said Mr. Antin, 73,

but “it was a new be-ginning.”The Antins are origi-

nally from New York, where Ms.Antin grew up on Long Island and

The California homewhere Art and Pat An-tin lived for 20 yearshad a panoramic viewof the Pacific Ocean

and the Santa Monica Mountains.The only problem? The vista washardly visible from inside the hill-side house.

In the 1960s home, the onlyway to see the ocean was to walkinto the Antins’ bedroom. “Youcould go to the house, you couldhave dinner, you could hang outin the living room, you could goto the pool and never know theyhad a view,” said the Antins’ ar-chitect, Michael Kovac.

So in 2015 the couple decidedto start over. They hired Mr. Ko-vac’s firm to demolish their exist-ing Santa Monica home and builda brand new, roughly 7,200-square-foot, four-bedroom houseon the site, this time with oceanviews from nearly every room.Completed in 2018, the projectcost about $9 million.

“Everything was backward inthe house,” said Ms. Antin,67. “We’ve made every-thing the right waynow.”

That wasn’t theonly thing theychanged. Their oldhouse was tradi-tional in appearance.The new one is con-temporary and playfullyintegrates a series ofcurves: a sculptural spiral stair-case, a semicircular library and a

BY CANDACE TAYLOR

$9MILLION

Cost to build the new7,200-sq.-ft. house over

three floors

MICHALCZ

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Paid $750,000 for the home in 1996.

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THEWALL STREET JOURNAL. Friday, April 3, 2020 |M7

the home’s position on the hill-side, he told them the existinghouse would “never take advan-tage of this ridiculously beautifulview.” They decided to build anew house.

But as they started designingthe home, the Antins—especially

Ms. Antin—were nervous abouthaving a contemporary home afteryears in a traditional house. “Wedidn’t want it to look really mod-ern-modern,” said Ms. Antin.

To soften the design and avoidthe appearance of stacked boxes,the Antins asked for the house toinclude some curves, Mr. Kovacsaid.

“All of the soft radius formsthat you see in the house are ourreaction to their desire,” he said,“which I think became a really in-teresting driver for the form, be-

cause we’re contrasting thesesmooth, sculptural cement-plasterforms with very crisp woodforms.”

Visitors approaching the now-completed house see two roundedwhite concrete structures linkedby the slender rectangle of themetal front door.

One double-height cylinderhouses the spiral staircase, whichhas elements of blackened steel. Itleads to the master suite from thesemicircular library, where Mr.Antin displays books autographedby the likes of Muhammad Ali andRingo Starr. “We had all theseamazing books we couldn’t dis-play before,” he said.

Another prominent circle is lo-cated off the master bathroom, inthe ceiling above a stone Jacuzzi.That room is three-sided, with thefourth side open to ocean.

The house spans three floors,each with floor-to-ceiling glass.To bring more natural light to thelower-floor terrace, Mr. Kovac’steam installed a glass bottom inthe swimming pool above. “It’s afun thing to look up and see,” saidMr. Kovac.

Despite their initial misgivingsabout the house feeling too con-temporary, the Antins’ sugges-tions pushed the house into amore unconventional direction.

“They became more interestedin materials, in forms, details,”said Mr. Kovac. “That drove thehouse to be as sophisticated as itis.”

The house design inspired theAntins to make other changes.During construction, they movedout of the house into a rental,taking much of the furniture withthem with the intent of moving itback in once the project was com-pleted. Instead, they jettisonednearly all of their old posses-sions, keeping only a few piecesof art.

“We gave everything away—even the dishes,” Mr. Antin said.

Still, the Antins said their fa-vorite part of the house is thenewly revealed mountain andocean views, which help them feelless cooped up amid the coronavi-rus crisis. “We have this expan-sive view,” said Mr. Antin. “Itfeels like it’s endless.”

Pat and Art Antin, below, in theirrebuilt home. It has a staircasewith elements of blackened steelthat leads to a library of books,some signed by the likes of RingoStarr and Muhammad Ali.

The interior has three levels ofglass walls. Above, a Jacuzzi roomhas an open side for daytime oceanviews and an opening in the ceilingfor nighttime views of the stars.

Glass walls allow optimal views.

A semicircular library

The pool above hasa glass bottom.

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(formerly NRT LLC)Madison, NJ 325,652 $170,082,408,000

3. eXp Realty Bellingham, WA 130,627 $36,233,976,5024. Hanna Holdings / Allen Tate Pittsburgh, PA 100,589 $22,475,825,2945. Compass New York, NY 84,732 $91,271,740,0006. Redfin Seattle, WA 53,235 $30,532,000,0007. HomeSmart Scottsdale, AZ 42,268 $13,447,121,5128. Keller Williams Realty,

GO Management OfficesArlington, TX 32,161 $9,454,884,792

9. West USA Realty, Inc. Phoenix, AZ 26,485 $4,119,024,23110. Crye-Leike Real Estate Services Memphis, TN 25,773 $5,814,099,90611. Douglas Elliman New York, NY 23,460 $28,773,794,49912. William Raveis Real Estate,

Mortgage and InsuranceShelton, CT 23,160 $12,178,620,897

13. RE/MAX Results Eden Prairie, MN 22,931 $6,700,483,90014. Real Estate One Southfield, MI 22,237 $5,606,837,19015. Keller Williams Realty Pinnacle

Partners GroupDuluth, GA 22,038 $5,917,545,651

16. @properties Chicago, IL 21,877 $10,752,946,76017. Coldwell Banker Seacoast /

AdvantageRaleigh, NC 19,839 $4,780,687,801

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GroupShorewood, IL 18,858 $3,752,517,572

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MANSIONNY

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M8 | Friday, April 3, 2020 THEWALL STREET JOURNAL.

running water and bathrooms.After the war, he bought a

Philco radio. An entire universeopened to us. We listened to theGrand Ole Opry and the “SqueakyDoor,” a scary drama show.

I was in awe of Opry singers. Inever dreamed I’d ever see one letalone sing there myself. Thosethings seemed impossible.

Mommy taught me everything Iknew. She taught me how to singall them old hill songs. She was agreat singer. She also taught me togarden. She was beautiful with ev-erything she did.

My parents were different. Mostpeople in those hollers were kindof lazy. They didn’t want to work.But my parents rolled up theirsleeves. Mommy could do anythingshe wanted to do.

One day in 1948, my one-room

school held what we called a piesocial. Boys bid on the pies of thegirls they liked best.

The boy who bid on my pie hadjust returned from fighting in

MANSION

HOUSE CALL | LORETTA LYNN

SheWas BornAHomemaker’s

DaughterThe country singer-songwriter learned everything

from her mother in Butcher Holler, Ky.

One of my chores whenI was 7 was to put myfour baby brothersand sisters to sleep. Idid this by holding

one of them at a time in my armswhile rocking back and forth onour porch bench swing.

While I rocked, I sang themsongs my mommy taught me, like“The Great Titanic.” Daddy wouldshout at me toshut my bigmouth. “Every-body all over theholler can hearyou,” he’d say.

I grew up inEastern Ken-tucky, in ButcherHoller, a handfulof cabins be-tween two hillsdivided by acreek. We wereabout a milefrom the mainroad. Membersof our familylived there.

I was the second of eight chil-dren and was known as Loretty. Mymother named me after the actressLoretta Young. Her picture ap-peared often in my mother’s moviemagazines.

When the wind picked up andwhistled through them log walls ofour one-room cabin, Mommy toreout pages and stuffed them in thewall’s gaps.

Times were hard during the De-pression, but hard times were

good, too. Everyone was close.My daddy, Melvin Webb, was

known as Ted and worked for Roo-sevelt’s WPA. Then he took a job inthe coal mines. My mommy, ClaraMarie, took care of all the kids andthe house. Of course, I helped.

My daddy’s cousin, Lee, likedthe sound of my voice. He had hiswhiskey still on the side of the hill.When I was 13, he came down to

our house andtold me to keepsinging. He alsourged Marie, mycousin, to singwith me. He’dsay, “Y’all keepsinging ’cause Ilove to hear youwhen my whis-key’s runningoff.”

Money wastight. ThankgoodnessMommy couldsew. She turnedburlap flour sacksinto dresses. I

didn’t see my first real dress until Iwas 7. Someone who worked onroads with Daddy for the WPA gavehim a blue dress with little pinkflowers.

Daddy was real bashful andmore easygoing than Mommy. Hewouldn’t talk much, but he alwayshad a smile on his face. When theDepression eased and he worked inthe mine, he bought a house inButcher Holler with four rooms.But it didn’t have electricity or

LORETTA ON PATSY CLINE

First Patsy Cline meeting? In thehospital, after she heard me sing hersongs on the radio.

Why there? In ’61, she was hit head-on by another car.

What did Cline hear in your voice?I’m not sure. Probably my soul.

Why was she special? She wasslicker and more modern than every-one else.

World War II. He won and had totry a slice. Turns out I used salt in-stead of sugar.

That didn’t matter. It was loveat first sight. That boy, DoolittleLynn, walked me home and kissedme good-night. The next day hecame to see me and we starteddating. I was just 14. A month later,we married.

Soon we moved to Washingtonstate so Doo could find work log-ging. I was pregnant with the firstof our six children. In Custer,Wash., in ’53, Doo bought me a gui-tar so I had something to playwhile singing to the babies.

Over the next three years I fig-ured out how to play. All my familyplayed fiddle, banjo or guitar. I hadbeen there watching when theydid.

Today, I live in a nice, little mod-ern house in Hurricane Mills,Tenn. We built it behind the planta-tion home that Doo and I lived in for40 years that’s now my museum.

Thinking back on things I did asa kid, I loved climbing trees.Mommy could hardly keep me outof them. I’d climb right to the verytop. Once I got up there, I couldsee everywhere, all around. That’show I figured out there was a bigworld out there.

—As told to Marc Myers

Loretta Lynn, 87, is a countrysinger-songwriter and a recipientof the Presidential Medal of Free-dom. She is the author of “CoalMiner’s Daughter” and, more re-cently, “Me and Patsy Kickin’ UpDust: My Friendship With PatsyCline” (Grand Central).

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Best Clinestage tip? Lookthe audience inthe eyes the en-tire time, and talk

to them.

How did you hear of her fatalplane crash? On the radio, when Iwas still in bed that Sunday morn-ing in ’63. I’m still in shock.

How close were you two? She wasthe greatest friend. She was the bigsister I never had.

Loretta Lynn in Nashville in 2017, above, and, left, at age 9.

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:69<#; 8;7.<5 ! $2"6 02./9- 176"85.

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P2JW094000-0-M00800-1--------XA

THEWALL STREET JOURNAL. Friday, April 3, 2020 |M9

Paradise is,Nassau,Bahamas | $39,500,000Paradise retreat with 300’ of spectacularbeachfront in ultra-exclusive golf community.Bahamas realty LimitedAndrea Brownrigg — +1 242 396 0044WEB ID: DWCK4

OsterviLLe, CaPe COd, ma | $16,500,000Oyster Harbors waterfront estate on 9.98 acw/pool and substantial deep water dock.robert Paul PropertiesRobert B. Kinlin — +1 508 648 2739WEB ID: DUYK4

Chatham, CaPe COd, ma | $14,900,000Private location! 10,350 sq. ft. residence, guesthouse, pool & 1,130’ of shoreline.robert Paul PropertiesRobert B. Kinlin — +1 508 648 2739WEB ID: VKYL4

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New seaBury, ma | $9,250,000Remarkable waterfront estate boasts spectacularocean & golf course views.robert Paul PropertiesPaul E. Grover — +1 508 364 3500WEB ID: YWAL4

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OsterviLLe, CaPe COd, ma | $8,500,000Sophisticated waterfront home with superbcraftsmanship, pool and private dock.robert Paul PropertiesRobert B. Kinlin — +1 508 648 2739WEB ID: THVZ4

Chatham, ma | $7,900,000Magnificent Georgian estate with perioddetail, manicured grounds, & water views.Robert Paul PropertiesPaul E. Grover — +1 508 364 3500WEB ID: BYLN4

sarasOta, FL | $6,899,000EPOCH. Just 23 bespoke residences wherethere is nothing between you and the view.michael saunders & CompanyAmy Drake — +1 941 893 1722WEB ID: TPGX4

NOrth PaLm BeaCh,FL | $6,500,0008,900 AC/SF unique Seminole Landing estate.5BR/5.2BA, new roof, steps to ocean.Lost tree realtyDenice M. Sexton — +1 561 662 8344WEB ID: MTJH4

hOBe sOuNd, FL | $5,900,000Spectacular 2.66 acre Jupiter Island lot withdeeded beach access just steps away.Lost tree realtyDenice M. Sexton — +1 561 662 8344WEB ID: VCWX4

NOrth PaLm BeaCh, FL | $5,850,000Custom 6 BR, 7.1 BA estate, bespoke details,steps to pristine beach, on 1+ acres.Lost tree realtyDenice M. Sexton — +1 561 662 8344WEB ID: IJQO4

saddLe river, NJ | $5,850,000Elegant gated estate in Chestnut Ridge sectionof Saddle River, NJ. Pool, cabana.terrie O’Connor realtorsTerrie O’Connor Realtors — +1 201 934 4900WEB ID: YNWM4

tequesta, FL | $5,295,000Bespoke estate home in Jupiter Hills Village.4BR, 5.1BA, extraordinary views.Lost tree realtyDenice M. Sexton — +1 561 662 8344WEB ID: ZNZA4

verO BeaCh, FL | $4,995,000Casually elegant oceanfront home on 1.25+ acresw/pool & tennis court – a must see!dale sorensen real estateMatilde Sorensen — +1 772 532 0010WEB ID: LEDS4

NOrth PaLm BeaCh, FL | $4,950,000Golf and water views on lushly landscaped lot,4 beds, 4.2 baths, close to Clubhouse.Lost tree realtyDenice M. Sexton — +1 561 662 8344WEB ID: EPON4

NOrth PaLm BeaCh, FL | $4,950,000Endless direct oceanfront views, 3 bed/3 bathcondo in private gated community.Lost tree realtyPeter B. Erdmann — +1 561 329 2383WEB ID: BCWA4

sarasOta, FL | $4,900,000The Ritz-Carlton Residences, Sarasota offersunrivaled views & services.michael saunders & CompanyJulia DeCastro — +1 941 702 2300WEB ID: SUOX4

westPOrt, Ct | $4,890,000Year-round waterfront retreat on SaugatuckRiver/LI Sound. Pool, boathouse, dock.william raveis real estate, mortgage & insuranceLeslie Clarke Homes — +1 203 984 1856WEB ID: ZQQX4

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CeNterviLLe, ma, ma | $3,500,000Cape Cod - Stunning Nantucket styledWaterfront Gambrel; terrific deepwater dock.Kinlin Grover real estateBernie Klotz — +1 508 737 5684WEB ID: XYOA4

CharLestON, sC | $3,450,000Desirable “South of Broad” brick Georgian,recently updated, 5BRs-3½BA, garage.Carriage PropertiesCharles Sullivan — +1 843 367 8807WEB ID: ZCVA4

PaLm BeaCh GardeNs, FL | $3,200,000Frenchman’s Creek. Golf & Beach Club.Exquisite 7,170 SF lakefront home.illustrated Properties real estate, inc.Debra Greenberg — +1 561 569 5503WEB ID: ZVQK4

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BradeNtON, FL | $2,600,000This residence has romantic water views & acountryside lifestyle beyond compare.michael saunders & CompanyStacy Haas — +1 941 587 4359WEB ID: ILWH4

iNdiaLaNtiC, FL | $2,400,0006 bedroom, 6.2 bath luxurious estate withover 8,900sf on the Indian River.dale sorensen real estateDewayneCarpenter&KirkKessel—+1321 2148400WEB ID: JHOB4

CharLestON, sC | $1,650,000Beautiful renovation has been completed.Private gated parking & garden. 3 BDs/4½ Bath.Carriage PropertiesJudy Tarleton — +1 843 729 2255WEB ID: UJGF4

BethLehem, Nh | $1,299,000Custom built Deck House with tremendousmountain views. A place to make memories.Peabody & smith realty, inc.Peabody & Smith Realty, Inc. — +1 603 444 1294WEB ID: BSUE4

BeauFOrt, sC | $1,150,000Beautiful, fully renovated downtown home.Separate guest house. Walk to everything.Lowcountry real estateEdward Dukes — +1 843 812 5000WEB ID: YYOS4

ChiCaGO, iL | $1,098,800Own this most desirable large 1 bed/2 bathhotel suite with stunning river views.@propertiesMargaret Baczkowski — +1 312 500 5178WEB ID: JLPI4

luxuryportfolio.com

©2020 Luxury Portfolio International® Equal HousingOpportunity. Offering is subject to errors, omissions, change of price, or withdrawal without notice.All information considered reliable; however, it has been supplied by third parties and should not be relied on as accurate or complete.

luxury HomES from

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P2JW094000-0-M00900-1--------NS

M10 | Friday, April 3, 2020 THEWALL STREET JOURNAL.

See more photos of notablehomes at WSJ.com/RealEstate.Email: privateproperties@wsj.com

Kerrie Marzot of Sotheby’s In-ternational Realty had the listing.

—Katherine Clarke

they told the Journal in December.Mr. Clark said he wasn’t sur-

prised that the property sold, evenamid a pandemic. “You have tolook past all this and say, what’ssomething I’d still like to own twoyears from now?” he said.

Clark’s father Jim Clark, a formerWall Street executive and a philan-thropist who championed cancerresearch causes. He died in 2015,at age 93. Jamie and Kathy Clarkhave another smaller home on thepeninsula, which they will keep,

FROM

LEFT

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NEHOMEMED

IA;H

AWKVISUA

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The house is surroundedbywater on three sides.

lion. The estate spansabout 9.6 acres on thePenzance Point peninsulaand is surrounded onthree sides by water. Itincludes a traditional-style main home as wellas a guesthouse, a 36-footswimming pool, a boat-house and a deep water

dock, according to the listing. Italso includes its own stretch ofprivate beach.

The main house has four bed-rooms, a circular entryway with

decorative windows,a library with re-claimed chestnutpaneling and a se-ries of large deckslooking out to thewater. There are twoadditional bedroomsin the guesthouse.

The sellers areTexas oil-and-gasinvestor JamieClark and his wifeKathy Clark. Theyinherited the prop-erty from Mr.

A well-known estate onCape Cod has sold forroughly $20 million, set-ting a price record for thepopular coastal summerdestination.

The deal tops the priorrecord set in 2013, whenbillionaire Bill Koch paid$19.5 million for a homeowned by philanthropist BunnyMellon, The Wall Street Journalreported.

The property came on the mar-ket last December asking $25 mil-

Cape Cod EstateSets Price Record

SOLD

$20MILLION

9.6 acres,36-ft.

swimming pool,private beach

The propertylisted for$25million.

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M12 | Friday, April 3, 2020 THEWALL STREET JOURNAL.

The ArtistAs Amenityjust way better with Magnus,” saidAubrey’s mother, Cassandra Hall,42, a former Miami Heat dancerand Dolphins cheerleader.

Mr. Sodamin, meanwhile, hasturned his bedroom into a paint-ing studio. “I’m actually enjoyinggetting to listen to all my vinyls,”he said.

For developers, bringing in art-ists is a relatively inexpensive wayto add a touch of glamour to luxurybuildings in a cooling condo mar-ket. For artists, the relationshipwith high-end developers can bemore complicated.

In exchange for free space andexposure to a pool of wealthy po-tential collectors, they are expectedto act as unofficial representativesfor their tony new address. Theymust create work that is engagingand noncontroversial while keepingpaint off costly finished floors—andputting up with interruptions fromcurious residents and brokersshowing apartments.

Galerie, a 182-unit tower thatopened in June 2019 in New York’sLong Island City, has sought tocapitalize on its location acrossthe street from the Museum ofModern Art’s PS1 to sell its units,priced from $590,000 to $2.595million. Galerie’s ArtBox—a glass-wall exhibition space off the frontentrance—features a show ofworks on paper by Israeli artistsDede and Nitzan Mintz that thecouple created while living rent-free in a Galerie apartment forthree months last fall.

“For us, it was relatively easyto do,” said Omri Sachs, co-founder of Adam America Real Es-tate and Galerie’s developer. “Youhave an empty apartment sittingthere; it’s easy to furnish.”

There are no plans to continuehousing artists at Galerie, but Mr.Sachs extended the residency pro-gram to another Adam Americadevelopment: Brooklyn Grove, a184-unit building that opened indowntown Brooklyn late last year,with apartments priced from$575,000 to $2.75 million.

In November, Matthew Brinstonand his wife, Marie Heléne Boone,moved from Texas into an$895,000, one-bedroom apartmentfor an open-ended residency. Thedeveloper also gave him unoccu-pied retail space on the groundfloor for a studio. In return, theartist will create large-scale figura-tive paintings to be installed inBrooklyn Grove and other AdamAmerica properties. His BrooklynGrove paintings steer clear of pro-vocative subject matter. He workson more experimental projects inhis own studio in the Bronx.

“I probably wouldn’t make a se-ries of nude paintings for thesepeople, just out of respect andknowledge of how these thingswork,” said Mr. Brinston, 27, whowas introduced to Adam Americaexecutives by one of his investors.

Mr. Brinston continues to liveand work at Brooklyn Grove, al-though his studio isn’t open toresidents. Mr. Brinston said pri-vate studio visits for residents are

ContinuedfrompageM1

Elad Group, made “a very signifi-cant donation” to the NYAA, ac-cording to Angharad Coates, theacademy’s communications direc-tor. In return, 108 Leonard resi-dents will get perks such as cu-rated art in the building’s publicspaces and sneak-peek tours of art-ist studios when the academy re-opens after the pandemic.

Tabitha Whitley, a 32-year-oldpainter and printmaker who ispresident of the NYAA’s alumniassociation, was tapped to be 108Leonard’s first artist-in-residencein January. Her experiences illus-trate the challenges of making artin a place where every square footis worth thousands of dollars.

Ms. Whitley, who lives in Brook-lyn and worked as a painting in-structor in Tribeca until New YorkCity’s coronavirus shutdown, firstset up her easels, paint brushes andsome partially finished paintings in108 Leonard’s marble room—a cav-ernous, windowless chamber off thelobby—only to be moved out a fewweeks later for construction on thespace, a future residents’ lounge.

In March, she was given studiospace in a two-bedroom apartmentwith chevron-patterned oak floors,a Scavolini kitchen and a masterbathroom walled in Calacatta mar-ble that is listed for sale at $4.3million. A dropcloth has beentaped over the floors in the centralliving space, where Ms. Whitley’sportraits of people wreathed withflowers and plants rest on easels.

Until the coronavirus shutdown,Ms. Whitley used the studio onmost weekdays, picking up thekey from a doorman and returningit by 6 p.m. Occasionally, she hadto tidy up when real-estate agentsshowed the 10th-floor apartmentto prospective buyers.

“I like to paint in shorts, sowhen I knew people were coming,I put on pants,” said Ms. Whitley,who left the city to ride out thepandemic with family in NorthCarolina. This month, she will leada virtual drawing class live on anInstagram account for residents.

Deb Clancy, 62, a retired man-agement consultant and art collec-tor based in San Francisco, boughta 1,600-square-foot, two-bedroomat 108 Leonard for just over $3 mil-lion in November. She said she islooking forward to visiting Ms.Whitley’s studio someday. “Tribecahas always had that artist vibe,”she said. “It’s only appropriate thatart should be incorporated.”

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Artist Tabitha Whitley, below right, is an artist-in-residence at 108 Leonard, below left, in Manhattan’s Tribeca neighborhood. She has the use of aluxury two-bedroom for a studio, above and below. The unit’s floors and counters are covered for protection.

MANSION

$4.3MILLION

List price of unit beingused as an artist’sstudio by Tabitha

Whitley

Residents of 108 Leonard in Manhattan willhave perks such as sneak-peek tours ofstudios at the New York Academy of Art.

tentatively planned for the future.The Ritz-Carlton doubled down

on the art factor in Miami Beach—a city that draws prominent artistsand collectors from around theworld for its annual Art Basel fair.

Mr. Sodamin’s studio is on theground floor of the complex of 111condominiums and 15 villas, pricedfrom $2 million to $40 million. Itis stocked with easels, sculptingsurfaces, paints, pencils and refer-ence books, and features a 19-by-10-foot light wall that simulatesnorthern light—the reflected, indi-rect light prized by painters. Theplan is to host a new artist-in-resi-

dence every three or four months.“Buyers are used to seeing very

nice amenities—spas, restau-rants—but this really wows thembecause it’s so unique,” said OphirSternberg, CEO and founder of Li-onheart Capital, the Ritz-Carlton’sdeveloper in Miami Beach. “I thinkthat room was maybe intended tobe a wine cellar, but so manyother projects have that.”

Mr. Sodamin, a Miami resident,was selected from a group of localartists by the developers, with in-put from in-house curator Mar-cella Novela, who also is chargedwith installing art throughout the

development. Mr. Sodamin’s paint-ings hang in the Ritz-Carlton’shallways and are all for sale.

“The idea is that as people aremoving in, they might see art theywant for their units,” he said.

108 Leonard, a luxury towerthat opened in August in NewYork’s Tribeca, is touting its part-nership with the nearby New YorkAcademy of Art to help sell itsapartments. The 167 residences inthe landmark Beaux-Arts building,designed by McKim, Mead &White, are priced from $1.775 mil-lion to more than $20 million.

The developers, managed by

Deb Clancy paid morethan $3 million for her

apartment at 108 Leonard.

Ms. Clancy, who is based in San Francisco, used digital prints and blue tape to map out where to hang some ofher own art collection, including photographs by Marilyn Minter, left, and a piece by Kurt Pio, right.

P2JW094000-0-M01200-1--------XA

A SPECIAL SECTION OF THEWALL STREET JOURNAL.

Q&A

Most people whocome downwithCovid-19won’t be

going to the hospital.They need to beready at home.

The first task is to isolate patients withtheir own stash of tissues, disinfectingwipes, paper towels, soap and warm water.Another key piece of equipment: masks.

Patients should wear a face mask anytimethey leave their room, and these excursionsshould be limited—in other words, bath-room trips only. Anyone entering the roomshould also wear a mask.A simple surgical mask is recommended

for home use, but given shortages, you canimprovise with a scarf tied securelyaround the face, says David Buchholz, se-nior medical director at Columbia Univer-sity Irving Medical Center. Even hardware-store face masks used for projects likepainting or sanding are better than goingbarefaced. The point is to keep the noseand mouth well-covered, because “if thesick person has a surprising cough orsneeze, you may not be able to turn awayfast enough,” he says.Tying a bandanna over the face outlaw-

style isn’t ideal because it will gape at thechin, says Audrey Chun, a doctor in geriat-rics and palliative medicine at Mount Sinai

Pleaseturntothenextpage

BY HILARY POTKEWITZ

What toPut in an

EmergencyHome-Care

Kit

hot-air and high-velocity air dryers.At home, cloth towels can be used because,

like paper towels, the mechanical action ofhand-drying removes germs. The cloth towelcan be reused if it is given time to fully dry be-tween uses, he says. (If out in public, avoiddrying hands on cloth roller towels becausewhen the roll comes to an end it can transferpathogens to clean hands.) If someone is sickor quarantined at home, a personal towelshould be used and laundered separately.Another important takeaway: Hands should

be completely dried—not even damp. “Thewetter the hands, the more likely you are tospread microorganisms,” he says. Wet handscan also lead to cracked, chapped skin. Left un-treated, sores or raw skin can invite and trans-mit harmful microorganisms.And, in case you’re wondering, drying your

hands on your pants is a waste of time. “By do-ing that, you’re nullifying the process of hand-washing in the first place,” Prof. Gammon says.“You are potentially recontaminating your handswith what’s on your clothes.” —Beth DeCarbo

NavigatingTheCoronavirus

ISSUE No.3

WSJEXTRA

Full-Time EverythingWhen the boundariesbetweenwork and familydisappear, balancebecomes impossible.R2

No CoverageWhen you lose a job,you also often losehealth insurance. Hereare someoptions.R4

Missing ConnectionsFor those seeking jobs orcustomers, the inabilityto network can bedevastating.R6

Who Is Safe?People struggle tomaintain infection-freecircles of family andfriends.R7

R1

4/032020

If you or a family member gets infectedwith the coronavirus, it is very likely thatyou’ll have to ride it out at home.Most Covid-19 cases don’t require

hospitalization, and as intensive-carebeds fill, all but the most critical casesare being sent home. So, people shouldbe prepared to care for themselves or

their loved ones under their own roof—andthat means having the right supplies tonurse the ill patient and keep the rest of thefamily healthy.We asked doctors at top hospitals all over

the country what they would include in theirideal Covid-19 home-care kit. We gatheredtheir best suggestions and advice to help youorganize your own.

Safety and cleaningISOLATION AND CLEANING SUPPLIES: bleach;face masks that cover nose and mouth (surgi-cal masks, home-improvement masks orscarfs); gloves for entering sick room and do-ing laundry (latex or nitrile rubber); hand sani-tizer; laundry detergent (wash everything onhot); nail brush; paper towels; soap; tissues.

+

HowTo

In the age of coronavirus, handwashing cansave lives. But proper hand-drying matters, too.“It might sound pedantic, but it’s actually

critical,” says John Gammon, professor of infec-tion prevention and control at Swansea Univer-sity in the U.K., and the lead author of a reviewof hand-drying research published in the Jour-nal of Infection Prevention. His paper, “The Ne-glected Element of Hand Hygiene,” examinedthe effectiveness of paper towels, cloth towelsand dryers that use hot air or high-velocity air.In a clinical situation, such as a hospital,

disposable paper towels are generally thequickest, most efficient and hygienic method ofhand drying. “The mechanical action of rubbingwith paper towels has an effect on reducingmicroorganisms on hands,” Prof. Gammon says.Paper towels are also less likely to spreadgerms into the surrounding environment than

The BestWay toDry Your Hands

EVERYDAY RISKS

Should we bewiping ourgroceries downafter we getback from thegrocery store?A: Doctors say gettingthe virus through the in-gestion of contaminatedfood seems unlikely, al-though scientists are stillstudying the virus. RandyWorobo, a professor offood microbiology at Cor-nell University, says in-stead of being preoccu-pied with wiping downpackaging and containers,focus on washing yourhands. “It’s much betterto treat your hands, washyour hands, rather thandealing with all the sur-faces,” says Dr. Worobo.

If you touch ahard surfacethat has thevirus on it,and then touchfood and eat it,can you exposeyourself to it?

A: No. Respiratory viruseslike the novel coronavirusare believed to enter thebody and reproducethrough the respiratorytract, not the digestivetract. Experts say it ispossible that if the virusrubs off from any objectto the inside of yourmouth, it could infect youif it goes into your respi-ratory system. But theredoesn’t appear to be anyrisk of infection via yourdigestive tract, accordingto the Centers for Dis-ease Control and Preven-tion and the U.S. Depart-ment of Agriculture.Scientists are still

studying the virus, sothere is always thechance they could findotherwise. But doctorssay getting the virusthrough ingestion of con-taminated food seemsunlikely. Gregory Poland,director of the MayoClinic’s Vaccine ResearchGroup in Rochester,Minn., speculates thatthe gastric acid in thestomach would kill it.“My own speculation isthat the GI route wouldbe very low likelihoodcompared to known andefficient methods of in-fection,” he says.To be extra cautious,

you could heat food inthe oven or microwave,though this hasn’t beenspecifically studied, soit’s unclear if there’s aparticular length of timeneeded.

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R2 | Friday, April 3, 2020 THEWALL STREET JOURNAL.

Full-Time Mom,Full-Time Work

What to Put in YourEmergency Home‑CareKit in Case You Get Sick

batteries (there is a pulse-oximeter appavailable for the iPhone, but none of thedoctors we spoke to recommended it); sa-line nasal spray; thermometer; Tylenol/ac-etaminophen (children’s or infant’s ver-sions if applicable).

Anyone who falls ill should keep in con-tact with their doctor and let them knowif symptoms worsen. To that end, a ther-mometer is helpful. Since Covid-19 can af-fect breathing, several doctors also recom-mended obtaining an at-home pulseoximeter: a device that clips onto the fin-ger and measures heart rate and blood ox-ygen levels, which are important indicatorsof how well the lungs are functioning, saysAndra Blomkalns, chair of emergency med-icine at Stanford School of Medicine. Oxi-meters are sold over the counter at phar-macies and retailers.Have your regular cold medicines on

hand and Tylenol or acetaminophen. If thepatient is under 18, make sure you havechildren’s or infant’s versions.“For the vast majority of kids, you can

just stick to the items you would normallyuse for influenza or other respiratory ail-ments,” says Danielle Zerr, chief of pediat-ric infectious diseases at Seattle Children’sHospital. It is difficult to get children to

SPECIAL REPORT | NAVIGATING THE CORONAVIRUS

Q&A

I’m writing this from my new office: thelower bunk of a bunk bed.My 7-year-old son, Gabe, is of course

home from his New York City publicschool, and I’m home from my Manhat-tan office. As we stay largely confined

to our house, I’m Gabe’s main playmate andhuman connection. He wants to be withme, near me, in the same room as me, ev-ery minute of the day.So I’ve set up my office in Gabe’s bunk

bed. I work on my laptop, with my phonenext to me, as he alternates between schoolassignments at his little desk, playing on the

floor near me, and climbing on top of me.I haven’t spent this much time with my

son since I returned to work when he was 5months old. He’s been in the full-time care ofothers—his day-care provider, then school-teachers and after-school counselors or, dur-ing summers, camp counselors—from 8 a.m.until 6 p.m. every weekday. I never wanted tobe a stay-at-home mother, and, financially, itwasn’t an option. I had my son on my own in2012, a single mother by choice.

Separate rolesFor years, I set up my life up in a way thatcompartmentalized parenthood and work.At my office, I was laser-focused. I rarelythought about my son even though photosof him hang on the sides of my computerscreens. At home after 6 p.m., I blocked outthoughts of work, trying to make up for thetime away from Gabe.

The fragile, intricate structure thathad made my hectic life workable hasnow collapsed. Sure, the boundary be-tween work and home life has beenblurring for years because of email andcellphones. But it has now truly van-ished, exposing how precarious ourwork-life “balance” was even before thevirus hit.Now I’m a stay-at-home mother and a

work-from-home mother at the sametime, trying to do both full-time jobs atonce, feeling totally overwhelmed. Mil-lions of parents are in the same positionthese days. I’m bombarded with well-meaning suggestions for online children’sactivities and learning resources. I haveno time to look at them, because everymoment when I’m not paralyzed withstress or indecision, there are three otherthings urgently needing my attention.

My colleague Rachel Feintzeig hastwo toddlers, and her husband is a doc-tor working long hours at the hospital.As she said recently, “This crisis hasshown how much we were already hang-ing on by a thread.” Another colleague,Tom Gryta, wrote to me in an email,“The adjustment to two people workingat home with three children is sort of ri-diculous and a bit unsolvable.”Gabe and I recently moved in with my

boyfriend and his 12-year-old son, who’swith us half the week. We’re among thelucky ones. As the virus ravages NewYork City and the economy nosedives,I’m watching with growing anxiety. Butwe’re healthy so far and so are our fami-lies. Friends who have been ill with thevirus are recovering. I can work fromhome, my income is stable, and we havea house with a backyard and more spacethan most New Yorkers.

We considered sending the boys toour parents, who live in Connecticut andNorth Carolina. But both of our fathershave heart conditions, and all our par-ents are in their 70s or 80s. They’d loveto see the boys, but it’s just too risky. Asis the case for thousands of families, thebackup help that makes our lives asworking parents possible is not available.In order to get my work done—and for

journalists, workloads have increased inthese times—my workday begins at 7:30a.m. when I check for emails and textsfrom editors and sources I’ve been des-perate to hear back from. It ends at 10 or11 p.m. Some days, my most productivehours come after Gabe’s 9 p.m. bedtime.During my 16 or so waking hours, I

work in 30- or 45-minute sprints, steal-ing time when Gabe is occupied withschoolwork, practicing guitar or watchingnature documentaries, which I’ve deemededucational programming. Even whenhe’s “occupied,” he keeps up a stream ofcommentary, directed at me or just intothe air. Silence isn’t his strong suit. Hewants constant interaction.During free reading time, he describes

to me the plots of his books and shareslittle facts. When he does his 30 minutesof reading practice on i-Ready, one of themany online teaching tools parents at hisschool have been asked to download,he converses aloud with the storycharacters or volubly complains to methat the exercises are too easy or toohard.

Endless tasksSchool does many things for children,but what I understand in high defini-tion now is that in addition to booklearning it provides children withready access to dozens of playmates.Playing, talking, arguing, working outdifferences, creating imaginary scenar-ios, having crushes and enemies andfrenemies: These are the mental andemotional calisthenics school provides.Gabe loves music, and these days

Bon Jovi, Ratt, Black Sabbath, AC/DCand Led Zeppelin are on heavy rota-tion on our Spotify account. Thank-fully, I’m used to working in a news-room, so I can tune out a lot of noise,even Twisted Sister.We try to take two walks a day in

our Brooklyn neighborhood to getsome fresh air and exercise. Some-times I need to take a work callwhile we stroll, so Gabe trots alongbeside me, chattering to himself orfighting imaginary sword battles.Early in the work-from-home days,

I started a 3,000-piece puzzle. It’stoo large for any of our tables, so it’s onthe floor near the front door. It was sup-posed to calm me down, but it’s becomeone more thing that taunts me with itsendless incompletion. Like cleaning thebathroom, it hangs over me as an un-done task. My family is eager for me togive up on the puzzle and put it away;it’s getting in everyone’s way. I keep an-nouncing that I’m surrendering. Then Ifind another piece that fits, feel a shotof satisfaction, and announce that I’msticking with it.As I wrote those last words, Gabe

put a song on Spotify that I hadn’theard before: Quiet Riot’s “Mama, We’reAll Crazy Now.” I’m afraid it’s true, orwill be soon.

Ms. Weber is a Wall Street Journalreporter in New York. She can bereached at lauren.weber@wsj.com.

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with water is that sugar can make diarrheaworse. Sugar-free beverages with artificialsweetener aren’t recommended either, be-cause that, too, can worsen gastrointestinalproblems, Dr. Chun says. She recommendspectin-rich foods like bananas and apples toease symptoms of diarrhea.Some patients tend to lose their appetite

when sick, especially children, so Dr. Zerr rec-ommends having on hand comforting, high-calorie but nutrient-dense foods like applesauce and avocados.A couple of doctors recommended a daily

multivitamin and vitamin C tablets. “Andnever underestimate the power of chickensoup,” says Mark Hyman, head of innovationat the Cleveland Clinic Center for FunctionalMedicine. “Protein is very important whenfighting viral illnesses.”He recommends adding dill, oregano and

ginger to soups for their antiviral properties.One of Dr. Hyman’s favorite home remediesis his “cold-buster tea”: a 2-inch chunk offresh ginger root, sliced thin, boiled in a potof water for several minutes. Add freshlemon juice, honey and cayenne pepper.Steep for five minutes. “It becomes this spicy,sweet and tangy thing,” he says. “It’s great.”

Ms. Potkewitz is a writer in New York.She can be reached at reports@wsj.com.

BY LAURENWEBER

The life/work balance hasalways been precarious. Now

it’s overwhelming.

wear a face mask, so the caregiver mustwear one at all times when interactingwith the sick child, she says. The child’sCovid-19 symptoms may be mild, but “it’sthe same virus, and it’ll be much worse inan adult,” she says.

Food and drinkNUTRITION SUPPLIES: chicken soup; dailymultivitamin and vitamin C tablets; elec-trolyte-replacement drinks (if using sportsdrinks, cut in half with water); fresh ginger,lemons, dill, fresh or dried oregano; high-calorie, nutrient-rich foods like avocados;honey for throat soothing; pectin-richfoods like bananas and apples.

As with any flulike virus, it is importantthat the patient drink plenty of fluids. Oc-casionally, Covid-19 can cause gastrointes-tinal distress and diarrhea, and replenish-ing fluids in those cases is especiallyimportant, as dehydration can worsen a fe-ver, Dr. Blomkalns says. Electrolyte-re-placement drinks are recommended, butpopular sports drinks like Gatorade tend tohave high amounts of sugar, so they shouldbe cut in half with water for both childrenand adults, she says.Another reason to cut sports drinks

+

EVERYDAY RISKS

Is it safe for ahousekeeper toclean the house?A: Experts are mixed onthis. Some say it is fine ifthe cleaner and no one inthe household is sick.Take precautions, such asmaintaining a 6-foot dis-tance, and have thecleaner wear disposablegloves, changing themmultiple times.But others, like James

Campbell, a professor ofpediatrics at the Univer-sity of Maryland Schoolof Medicine, say in areaswith Covid-19 outbreakswhere social distancing isbeing enforced, peopleshould avoid all unneces-sary personal interactions,which increase the risk ofspreading the disease.

What shouldwe do aboutroutine dentistappointments?A: In a statement issuedMarch 16, the AmericanDental Association calledon dentists nationwideto postpone nonurgentdental procedures forthree weeks to help slowthe spread of Covid-19.That time frame may beextended. The ADA has aguide that shows what isconsidered a dentalemergency and what canbe rescheduled for alater time.

How safe areswimming poolsand hot tubs?A: Currently, there is noevidence the virus can betransmitted to humansthrough pools or hot tubs,according to the CDC.Proper maintenance anddisinfection (through theuse of chlorine and bro-mine) should eliminatethe virus that causesCovid-19.

Hospital in New York City. “You want themask to catch the particles from asneeze, so it’s not spewing out the sidesor the bottom,” she says.You’ll also need gloves—rubber or la-

tex—when you enter the sickroom or whenyou clean. Stock up on cleaning supplies,because everything the sick persontouches—like cutlery, doorknobs or thebathroom sink—must be cleaned. You canmake a DIY bleach preparation by dilutingfive tablespoons of bleach per gallon ofwater. Regular hand soap is crucial, too.If the bathroom is shared, sick people

should use disposable paper towels, Dr.Buchholz says. Keep their bath towels sep-arate from everyone else’s. And healthyfamily members should remove their toi-letries from the shared space.

MedicineMEDICAL SUPPLIES: cough drops; over-the-counter cold medicines; pulse oximeter and

Continuedfromthepriorpage

For more questions and answers on the coronavirus, as well as continuing updates, go to wsj.com/livecoverage/coronavirus.Order copies of this special print section at wsjshop.com. For large quantity reprints of articles, visit djreprints.com.Download a free digital copy of this special report at WSJplus.com/coronavirus.?+

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39.9”

Smalldroplets

Largedroplets

AirborneDropletsSurgical masks are highlyeffective against largeairborne droplets. Thesetraditionalmasks are lesseffectivewith smalldroplets, as such dropletscan travel farther and inunpredictable pathsaffected bywind and othergusts. The droplets can beinhaled around the sides ofthemasks.

MaskEffectivenessHealth experts say that properly used, theN95 respiratormask can guard against thenew coronavirus. Frequently changingdisposablemasks, andwashing your handsafter, are important steps to avoidcontamination from pathogens that cling tothe outer surface. Experts say N95masksare designed for health-careworkers in thehospital, not the general public.

PPEGownsThese thin polymer robes are normallyall that stand between patientswithCovid-19 and health-care personnel.They are certified by the NationalInstitute for Occupational SafetyandHealth. If a hospital runs outof these certified gowns, theCenters for Disease Controland Preventionrecommends usingreusable patient gowns. N95masks offer

more protection.But they onlywork ifthey fit properly, andaren’t suitable forchildren or peoplewith facial hair.

Surgicalmasks don’toffer full protectionagainst airborne viruses.They don’t fully seal offthe nose andmouth.

Nonsterile gloves arerecommended for PPE.For added protection,two pairs of gloves canbeworn—one pair underPPE and one pair over it.

Gloves

A face shield is a thin clear plasticshield securedwith a visor-likedevice. Thismay not stop you fromcontracting the coronavirus, but itwill lessen the chances. It is good atblocking sprayed liquids thatmaycontain the respiratory pathogen.

Face Shields

Scrubs are fabric orfabric-blend clothingworn by health-carepersonnel for on-the-jobuse or in amannersimilar to street clothes.Most scrub tops haveshort sleeves, whichmakes them ill-suited forPPE, as PPEmust coverthe arms down to thewrists, to protect themfrom aerosols. They canbeworn under PPE andundergarments.

Scrubs

Fluid-resistant shoesare recommended bythe CDC, but shoecovers can also beworn for an addeddegree of protection.Shoe coverswere inuse during the Ebolacrisis in 2014.

Shoes

Hoodswererecommended for Ebolavirus health-carepersonnel in 2014, butnot for Covid-19health-careworkers.They can be used foradded protection.

PPEHoods

Sources: CDC, FDA, BMC Infectious Diseases, Journal of Hospital InfectionResearch: Lindsay HuthTaylor Umlauf and Kevin Hand Graphic: Kevin Hand andAlberto Cervantes/THEWALLSTREETJOURNAL

Personal Protective EquipmentWaging aVirusWar

The need for PPE is growingwhile stockpiles are precariously low.A look atwhat exactly is needed to protect our health-carepersonnelwhile all-important testing and treatment takes place.

SPECIAL REPORT | NAVIGATING THE CORONAVIRUS

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How Regular People Can Help FillThe Gap in Medical Supplies

If I have spare masks andother supplies at home,how do I donate them?The American Medical Association rec-ommends anyone who has personal pro-tective equipment to contact their localhospital or health department “to ensurethese resources are appropriate and canbe distributed based on need,” AMAPresident Dr. Patrice Harris said.You can also visit GetUsPPE.org for

instructions submitted by health-careworkers themselves, which include speci-fications for items they need most, aswell as how to get those items to dona-tion sites. The website is searchable byregion and state.If you have supplies to donate, but

you aren’t able to get them to a donationsite yourself, you can fill out a form atGetUsPPE.org/give to arrange pickup.

Can I donatehomemade masks?Health-care professionals are mixed on theefficacy of homemade face masks, and not

all hospitals and clinics accept them.Nurses shouldn’t wear cloth masks

because they don’t afford significant pro-tections, according to American NursesAssociation President Ernest Grant.Some doctors, however, encourage

people who have the means to sew theirown face masks to do so anyway. “Anyface mask is better than no facemask,” says Esther Choo, a Portland,Ore., emergency physician whostarted the trending hashtag#GetMePPE. Dr. Choo sug-gests members of the publiccheck their local hospitals orclinics about their individualpolicies toward donations ofhomemade mask donations.Another idea is to keep

the homemade face masksfor yourself and donate anysupply you may have of medi-cal-grade masks to your localhospital, says Andy Shin, the Chi-cago-based chief operating officerof the American Hospital Associa-tion’s Center for Health Innovation.“There is literature out there that sup-

ports the use of homemade face masks,”says Bryan Wolf, a Portland, Ore., radiolo-gist who created a guide to making facemasks after noticing a need in his com-munity.Even if hospitals don’t accept dona-

tions of homemade face masks, Dr. Wolfrecommends making them for workersat health-care facilities who might not

have ac-

cess to hospital-approved PPE, like hospi-tal receptionists and janitorial staff.“I think some people are forgotten,” he

says.People interested in Dr. Wolf’s guide for

homemade face masks and face shields,with additional background information,can find it at https://bit.ly/33WXX6i.

How can I help if I own amanufacturing business?

The Food and Drug Administration has re-leased new guidance that allows formore manufacturers to make ventila-tors. If you currently manufactureventilators or want to begin, youcan read their guidance at https://bit.ly/2Ut7IWJ.

Some states, like New York, areencouraging companies with theproper equipment or personnel tobegin to manufacture PPE. NewYork’s guidelines can be found athttps://on.ny.gov/2UJ05KS.The American Hospital Associa-

tion has also put out a call for manu-facturers to help their local hospitals

produce surgical masks and face shields.More information can be found at https://bit.ly/3dGP7hG.

—Michelle Ma

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R4 | Friday, April 3, 2020 THEWALL STREET JOURNAL.

The pros and cons of Medicaid,the ACA and other options

SPECIAL REPORT | NAVIGATING THE CORONAVIRUS

Q&AEVERYDAY RISKS

I am 70 years old,live alone and haveno nearby family orfriends. How will Iknow the differencebetween a severecold/flu and Covid-19before it is too lateto drive myself tothe doctor?A: If you feel ill, first call yourdoctor before going in. If youdon’t have your own doctor,consider calling a telehealthprovider.The primary symptoms of

Covid-19 are fever, cough andshortness of breath. TheCDC has set up a “selfchecker” questionnaire thatcan help you better under-stand symptoms you may beexperiencing.If you are feeling anxiety

around the coronavirus orabout getting sick, call thefederal government’s DisasterDistress Helpline(800-985-5990), or text Talk-WithUs to 66746.

THE MEDICAL EFFECTS

Is the virusmutating, particu-larly in a way thatwould make it morecontagious?A: While the virus has madesome genetic changes—asRNA viruses are prone todo—none have made it dead-lier or more contagious, ac-cording to experts.

If you contracted thevirus and survived,can you catch it asecond time?A: That isn’t yet known.Sometimes a person is im-mune to a disease after an in-fection, but not always. Bloodtests are being developed andlicensed that reveal how manyantibodies are present in peo-ple who have recovered. Thesetests will shed some light onthe prospects for immunity.

Agrowing number of Americans arelosing their jobs—and their health insur-ance—at a time when they are worriedabout the need for potentially costlytreatment for coronavirus infection.There are options for getting health-in-surance coverage. Here are some:

MedicaidIf you are eligible, Medicaid may be your best bet.The government program for lower-income and

disabled people expanded under the AffordableCare Act, and many now qualify. Yet the rules varyby state.In 36 states and the District of Columbia, adults

can get Medicaid if their income is 138%, or less, ofthe federal poverty level, which is generally $17,609 ayear for an individual.There is also the Children’s Health Insurance

Program, which can help kids even if their familiesmake too much for Medicaid.There are no out-of-pocket charges for enrollees

for most services, and the program covers thegamut of traditional health-care needs, includingdoctor visits, hospital stays and drugs. Not all doc-tors participate, but hospitals typically do.You can apply for Medicaid at any time.To figure out if you are eligible and apply, go to

the federal health insurance marketplace at Health-Care.gov. Or go to your state’s Medicaid agency di-rectly. For help finding out the name of yourstate’s Medicaid program along with a link to con-nect to its website, go to www.healthcare.gov/med-icaid-chip.To find the income cutoffs for coverage for

adults and for children in various states, go to thewebsite of the Kaiser Family Foundation atKFF.org, then, at the bottom of the page, chooseState Health Facts, then Medicaid and CHIP, thenMedicaid/CHIP eligibility limits.

What’s the accepted dress code when your office is video chat, as it has suddenlybecome for so many people?If getting dressed up makes you happy, stick to it. “People have to do things that

bring them a bit of joy,” says fashion designer Rachel Comey. “Getting dressed ispart of that—part of keeping our positivity and looking forward.”Ms. Comey recom-mends knitwear, particularly in calming, neutral colors, or sweatshirts—her brandhas sold more of these recently—as well as sweaters with varying necklines.“When the time comes, people might start wanting to experiment further,” she

says. “I don’t think we’re there yet, but I feel like there might be interest in explora-tion and creativity and trying things you never thought you’d try.” —Lane Florsheim

BY ANNAWILDEMATHEWS

What to Do if You LoseYour Health Insurance

Affordable Care ActIf you lose your health insurance,

a window opens to get health-insur-ance coverage immediately underthe federal Affordable Care Act.You can sign up right away for

ACA coverage, without waiting forthe annual enrollment period in thefall. You have 60 days after you losecoverage to do it. You will likelyneed to offer documentation provingthat you are losing health insurance.About a dozen states have also

said that people can sign up for ACAplans right away even if they didn’tjust lose other health insurance.Those openings are for a limitedtime, so you might want to checkquickly. Go to KFF.org and thensearch for “State Data and PolicyActions to Address Coronavirus.”In most states, you will use the

federal HealthCare.gov site to enrollin ACA plans. Other states havetheir own online ACA marketplaces.Go to HealthCare.gov and search for“The Marketplace in Your State.”ACA plans often have high premi-

ums, but many people can qualifyfor a federal subsidy based on theirincome. The subsidy can bring yourmonthly cost way down, sometimeseven to zero.Many ACA plans also have high

deductibles, so you pay a lot ofmoney before most coverage kicksin. Some people qualify for federalhelp with those out-of-pocket costsas well.For everyone with marketplace

plans, coronavirus tests and screen-ing visits will be covered withoutcharge to the consumer, under anew law. Also, a growing number ofinsurers are now saying they willwaive out-of-pocket fees on treat-ment for Covid-19, the illness causedby the coronavirus.

CobraCobra, which stands for the Con-

solidated Omnibus Budget Reconcili-ation Act, allows you to keep youremployer health-insurance plan foras long as 18 months after you leaveyour job. You have to sign up within60 days of losing your job-based cov-erage. For information about Cobrafrom the Labor Department, go toDOL.gov, choose Topics, then HealthPlans and Benefits, then Continua-tion of Health Coverage (Cobra).There are advantages to Cobra,

but also a huge downside: the cost.Cobra can cost up to 102% of the fullpremium on your employer plan.Most people don’t know how muchthat is, because employees generallyonly pay a fraction of that total eachmonth. The average annual familypremium for employer plans lastyear was $20,576, and for an indi-

vidual plan it was $7,188, according to aKaiser Family Foundation survey.An upside of Cobra is that you can

keep your current network of doctorsand other health-care providers. Thismay be especially valuable if you are inthe middle of treatment for somethingand changing would be disruptive.

A family member’s planYou may be able to jump into a fam-

ily member’s coverage.If you lose your job and your health

insurance, you should be able to joinyour spouse’s employer plan. But youmust do it within 30 days of losing yourown coverage. Call the employer to findout how. You can also learn about thisoption at DOL.gov: Choose Topics, thenHealth Plans and Benefits, then Portabil-ity of Health Coverage.If you haven’t just lost your own cov-

erage, you may need to wait until theemployer’s annual enrollment period.If you are under 26, you can be added

to your parents’ plan. Losing your healthinsurance should open up a special 30-day enrollment window for you to dothis. Your parents will have to contacttheir employer or insurer.

Short-term plansMany insurers sell short-term

health-insurance plans, though thelength of time and availability varies bystate. You should approach these op-tions cautiously, however. Researchers

with the USC-Brookings Schaeffer Ini-tiative for Health Policy recently foundthat some agents and salespeople exag-gerated the coverage such productswould offer for Covid-19 patients.Often, you can get these plans only if

you are healthy. Unlike ACA insurance,they can reject consumers who havepre-existing conditions. Also, they oftenwon’t cover care that stems from a pre-existing condition, including one thatyou didn’t know about when you signedup.Just as important, their coverage can

be very limited. They don’t have to in-clude the benefits required of ACAplans, so they may have huge gaps,such as lacking maternity and mental-health coverage.Some plans, known as “limited in-

demnity” products, will pay only a setsum toward care such as a hospitalstay, which can leave consumers on thehook for the difference between thatamount and the full charge.In the case of a serious Covid-19 ill-

ness, that could be many thousands ofdollars. Using data from 2018, the KaiserFamily Foundation estimates the totalcost of a hospital admission for pneumo-nia with major complications was morethan $20,000 on average for people cov-ered by employer plans. The same analy-sis found the total median cost of a hos-pital admission for a respiratorycondition requiring 96 hours or more ofventilation was $88,114. The chargescould be far more if you are enrolled ina limited plan, which may not include acontracted network of hospitals.

Ms. Mathews is a reporter for The WallStreet Journal in Los Angeles. She canbe reached at anna.mathews@wsj.com. FR

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You can sign up immediately for ACA coverage,without having to wait for the annualenrollment period in the fall.

The New Dress Code

Tips forVideo Chat #1

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SPECIAL REPORT | NAVIGATING THE CORONAVIRUS

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Who’s atRiskGovernment officials havewarned thatmillions of Americans could become infectedwith coronavirus this year.While the disease is serious formany patients,others experience few or no symptoms.What are the chances of having a serious or life-threatening case? Data from around theworld provide some clues.

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Up to 59 in age60 and above

Older patients account formostof the severe cases, despitemakingup a smaller share of all cases,data fromSouthKorea show

Underlyingmedical conditionsworsen the prognosis

Male Covid-19 patients aremore likley to be hospitalized and to die, a trend that increaseswith age

Percentage in each age group requiring hospitalization, in Spain Percentage of Spanish patientswho dieShare of U.S. Covid-19 patientsrequiring hospital stays

Most common pre-existing conditions inpatientswho died in Italy

Men Women

With underlying conditions

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Irregular heartbeat 24

Chronic kidney failure 22

Sources: Korea Centers for Disease Control and Prevention; Spain’s Ministry of Health; U.S. Centers for Disease Control and Prevention; Istituto Superiore di Sanità, Italy JOSH ULICK/THE WALL STREET JOURNAL

Tips forVideo Chat #2

Make GlassesLook Sharp

How do you avoid glassesglaring or looking fogged inwebcam light?Many brands offer antire-

flective coating on lenses,which reduces glasses’ glare.Clean lenses, of course, arekey. “Eyewear is such a partof your character, it goes onyour face,” says GarrettLeight, founder and CEO ofhis eponymous sunglassesand prescription-glassesbrand. “Be yourself, the sameperson you always were be-fore all this. I wouldn’t startwearing glasses…in the mid-dle of the coronavirus.”Eyeglass wearers who

have multiple pairs mightconsider opting for theframes that contrast mostwith their skin color; if youhave lighter skin, for example,pick darker tortoise or blackframes. Mr. Leight also rec-ommends considering glasseswith a blue-light filter sincethey help absorb the bluelight devices emit that’s beenfound to disrupt our sleeppatterns.

—Lane Florsheim

she quickly muted herself and shutoff her computer’s video camera;she says she was comforted to hearPana was dedicating resources tohelp people find other work.Sam Felsenthal, Pana’s chief op-

erating officer, says that deliveringthe news over Zoom was “the lastthing anybody wanted to do,” butmanagement had been advised tolimit the time between workershearing a layoff was coming andlearning they were part of thegroup being laid off.TripActions Inc., a corporate-

travel startup based in Palo Alto,Calif., grabbed headlines last weekas one of the first companies toenact a significant layoff—nearly300 employees, or 25% of itsstaff—over Zoom. Ariel Cohen, theco-founder and chief executive,

says there is no good way to letpeople go. He worried that talkingto employees individually wouldcreate a situation where the sadnews spread quickly and createdanxiety before management couldreach everyone.“Whether we do it over Zoom or

face-to-face, the actual act is horri-ble,” Mr. Cohen says of the layoff.The Society for Human Resource

Management estimates that 60% ofthe U.S. workforce is currentlyworking from home. As many busi-nesses enter the fourth week of ashutdown aimed at stopping thespread of the new coronavirus, sig-nificant layoffs and furloughs havebecome a reality at a time when itis impossible for many people tohave an in-person interaction withtheir manager.When possible, employees

should be notified of their termina-tion individually, says Brian Kropp,chief of HR research at Gartner, aresearch firm. But if it has to hap-pen in a group video or conferencecall, Mr. Kropp recommends turn-ing off cameras and microphonesof those dialing in and hiding thelist of people on the call.Tracy Cote, chief people officer

at human-resources-technologyfirm Zenefits, says if bad news hasto be delivered to somebody work-ing from home, managers shouldmake sure that person understandsa difficult conversation is coming

so they can find a space that is atleast semiprivate.“You don’t want to tell them

they’re laid off in the middle of thekitchen with the family around,”she says.Brad Barron had been working

from his Los Angeles home forabout a week when a scheduledphone call with the CEO of BeachHouse Group, his employer’s par-ent company, appeared on his cal-endar for the following morning.Mr. Barron, 31, says he wasn’t sur-prised to learn in the meeting that

his role as head ofmarketing at MoonOral Care had beeneliminated. But hesays he wishes ithad been done in aFaceTime call tohelp him read thesituation fully.“It’s really hard

to have that conver-sation without look-ing someone in theeyes,” says Mr. Bar-ron. The upside ofbeing laid off whileworking from home:He says he wasspared the suddenshock of no longergoing into the of-fice. “I alwaysimagine one of theworst parts is hav-ing to pack up yourstuff in front of abunch of people.”Beach House

Group didn’t re-spond to requestsfor comment.Though experts

recommend allow-ing employees to

decide whether they want to bevisible during a remote termina-tion, managers who communicatethe message through a videocon-ference should be on camera, sothat employees can pick up on sub-tle cues and recognize genuineemotion, says Amy Tilles, principalin the career business at MercerLLC, a consulting firm.Jesse Barnes, a 25-year-old for-

mer sales rep, found out he wasone of 90 employees being laid offat Foodsby, an office-lunch-deliv-ery startup, in a personal call fromthe Minneapolis-based company’schief revenue officer in late March.The following morning, the CEO,Ben Cattoor, announced the newsto the company’s 150 employees ona RingCentral video call.“As a leader, this is a situation

you hope you never have to en-counter,” Mr. Cattoor was quotedas saying later, in a company state-ment. “It’s never easy letting peo-ple go, but it is especially difficultwhen it is of this magnitude and inresponse to something that’s en-tirely out of everyone’s control.”On the video call, “he was tear-

ing up and having a visibly hardtime with this decision,” says Mr.Barnes. “That really hit me.”

Ms. Dill is a reporter for The WallStreet Journal in New York. Shecan be reached atkathryn.dill@wsj.com.

Significant layoffs have become a reality at a timewhen it is impossible for many people to have anin-person interaction with their manager.

First people were senthome to work. Now they’regetting laid off remotely.

The one-two punch of socialdistancing and economicdevastation is giving work-ers something new to worryabout: remote termination.From tech employees in

Silicon Valley to marketingand sales professionals in the Midwest,people are finding out en masse thatthey are losing their jobs on conferencecalls, Zoom video chats and via email.Some workers are calling out the prac-tice as particularly harsh, while othersconcede that many companies have littlechoice but to let people go by remote.Ruthie Townsend didn’t think any-

thing was amiss last week when shelogged into her company’s standing staffmeeting on Zoom, even though manage-ment at Pana, the business-travel-soft-ware startup where she worked, hadwarned the company might face seriouschallenges. But at the top of the video-conference call, employees at the Den-ver-based company were told they wouldsoon receive either an email indicatingthat they were still employed, or an in-vite to another Zoom call at which sev-erance details would be explained.Ms. Townsend, a 25-year-old sales

rep, began furiously refreshing her emailuntil the calendar invite appeared in herinbox. “I was already panicking,” shesays. “I forgot if this is the one where Iget laid off or I’m keeping my job.”When she logged into the next Zoom

call and realized she was being laid off,

BY KATHRYN DILL

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SPECIAL REPORT | NAVIGATING THE CORONAVIRUS

No MoreNetworks

Job seekers andentrepreneurs struggle

to make theconnections they need

In January, Magenta Freeman started anew life. Then came the new coronavi-rus.Ms. Freeman, who lives in Denver,

launched a consulting firm offeringtechnology and task-management ser-

vices, called Digi.Mark.PM, catering tostartups and small businesses. She wascounting on networking at Denver’smany co-working spaces and at small-business events, where she had alreadyfound her first two clients.One by one, the incubators and co-

working offices shut down, along withthe coffee shops, convention centers, barsand restaurants that host thousands ofbusiness meetings and events every day.The abrupt end to networking has beenone of the coronavirus’s brutal effects forjob seekers, entrepreneurs, sales profes-sionals and others who depend on face-to-face interactions with potential cli-ents, employers and customers.“For small-business people, this is

their baby. How many people would hiresomeone to take care of their child with-out seeing them?” says Ms. Freeman, 56,who honed her skills during a 20-year ca-

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FAMILY

Decision Fatigue:Why I Canceled My 60th Birthday

The growing spread of coronavirus hasforced some difficult decisions for familiesand individuals. This series explores how peo-ple are combating the decision fatigue andprocessing the choices forced upon them.

Marietta JonesRetired, Long Beach, Calif.

I don’t know if you’re familiar with themovie “Under the Tuscan Sun,” with DianeLane?I always wanted to go to Italy after I saw

that movie. I thought, “Hey, now that I’m go-ing to be turning 60, I don’t want a bigparty, but I want my family with me.” Myhusband and I got to talking about it, andwe settled on this villa that was just perfect.We started drafting our itinerary and an-other family was going to come with us, mybest friend and her husband.

We had a meeting in January andsaid, “Let’s wait and see. Let’s hold outand see how things are going to go.” Myhusband was saying, “We can still go,we can still go.” But I told him, “I justdon’t know.” I’m from a public-healthbackground and I worked with the swineflu, and I knew this wasn’t looking good.But we were still holding on.Just a week or two ago, my husband

finally canceled the villa. He would giveme little glimmers of hope, but as thenews kept bringing up things, I said,“That’s not looking good.” And when wewere looking at the CDC travel advisory,I said, “Listen, it’s on the third level andthere are only four levels.”I was kind of hoping someone else

would make the call. Everybody is prettyhealthy, so I didn’t worry so much about

that. It was more, what if we get stuckout there? How would we get back? Istarted thinking about Italy’s health-caresystem being overwhelmed. I thought,what if one of the kids got hurt?But I really wanted to go. We thought

of one night where someone comes to

the house and shows ushow to make pasta. We’rejust very fortunate thatthe people at Airbnb, theplaces we had to cancel—they were very accommo-dating. My husband saidwe have credit from theairlines, and we have up toa year to use it.

I am hoping we can go next year. Iwas the first one to turn 60. We can doit when we’re all 60—same time, nextyear! We’re all staying positive about it.This year is the staycation year.

—As told to The Wall StreetJournal’s Julia Carpenter

Marietta Jones andher husband.

reer working for major financial-servicesfirms.Without the opportunity to rub el-

bows at networking happy hours ormake small talk at conference lunches,many are turning to social media, textmessages and video calls to stay con-nected and try to drum up new oppor-tunities.Ms. Freeman is writing more posts

about small-business resources anddigital tools on LinkedIn, Facebook andInstagram. She’s reconfiguring a work-shop she planned to present in personto be virtual instead. And to earnmoney, she signed up to deliver foodthrough Postmates and is applying tolocal pizza joints and supermarkets.“It’s not ideal, but it’ll take care of

food and basics,” she says. “You do whatyou can till you can do what you want.”

Going onlineOne indication of how networkers areadapting to the freeze on in-personmeetings is an increase in activity onLinkedIn. Members’ interactions withtheir professional connections, such ascommenting on and resharing posts,jumped 55% in the week ended March24 from the year-earlier period, accord-ing to the networking site.Job seekers are wondering if the mor-

atorium on meetings will torpedo job of-fers. Peggy O’Connor was let go fromher job right before the coronavirus tookhold in the U.S. Her lastday at Aon PLC wasJan. 31, shortly beforethe insurance brokerageannounced that itwould acquire rival Wil-lis Towers Watson in a$30 billion deal.She has had some

phone interviews in re-cent weeks, but saysshe’s hearing of morecompanies puttingtheir hiring plans onhold. With her back-ground in change man-agement, she says shehopes her skills willremain in demand ascompanies adjust to anew economic and so-cial reality.Ms. O’Connor is part

of a weekly networkinggroup for job seekersthat ordinarily meetsonce a month in personand now holds meetings by phone. On acall in mid-March, one job seeker askedif the others would accept an offerwithout meeting their future managerin person.“That’s an underlying fear. Will I

have to? Will I be offered a job if I’venever met them?” says Ms. O’Connor,who is 62 and lives in Chicago.

Sorting packagesSteve Kinman of Burlington, Ky., hasbeen on the hunt for a new job sincehe was laid off in December after 23years as an underwriting manager withSafeco, an insurance company that ispart of Liberty Mutual.He has applied for 47 jobs and gone

out for networking lunches with formercolleagues and friends, he says. Now,

because of social distancing, he’s stick-ing to text messages and emails. In-per-son interviews seem unlikely, he says.“I can read people pretty well, read

the nonverbal cues that people giveoff,” he says. “I’m kind of behind theeight ball if I don’t have the opportu-nity to meet somebody face-to-face.”For now, Mr. Kinman, 52, has found

work at an Amazon sorting center load-ing and unloading packages onto trucks.The job is physical, and new safetymeasures—for example, workers are as-signed to trucks solo instead of tacklingpackages in pairs—have made some as-pects of the work harder, he says. Hispay recently rose $2 an hour to $17,thanks to a coronavirus-related raise.He estimates he has enough in sav-

ings, severance from his last role andAmazon wages to keep up with his billsthrough October. “That’s the stuff thatkeeps me up at night,” he says of his fi-nances.The struggle for survival is espe-

cially acute for those who depend onthe food and beverage industry, whichhas been especially hard hit.So Rachel Sutherland, 45, who owns

a small public-relations firm in Char-lotte, N.C. and works primarily withchefs and restaurateurs, has been onoverdrive adjusting clients’ social-me-dia marketing and helping them com-municate their updated hygiene mea-sures and delivery options. But herplans to develop new business havebeen thwarted by canceled food-indus-try events.“We rely primarily on being where

potential clients might be and then in-troducing ourselves, talking to themand building our client base that way,”she says. Two key events on her calen-dar for spring, the Atlanta Food andWine Festival and the Fab Workshop inCharleston, S.C., were postponed. Sherecently laid off an employee.The uncertainty surrounding the

pandemic complicates all business ex-pectations. “I keep feeling like if we canjust get past X, it’ll level out, and we’llfigure it out,” Ms. Sutherland says.“But I don’t know what the X is. If Iknew what to plan for, I could plan.”

Ms. Weber and Ms. Feintzeig areWall Street Journal reporters inNew York. They can be reached atlauren.weber@wsj.com andrachel.feintzeig@wsj.com.

Rachel Sutherland’s plans to build new business for herPR firm at food-industry events are at a standstill.

Magenta Freeman, hernew consulting firmstalled, is delivering foodthrough Postmates.

Tips forVideo Chat #3

The Right AmountOf Makeup

Is a full face of makeup toomuch on a video chat?“When you’re experiencing

stress, it does translate into theskin, of course,” says Gucci West-man, celebrity makeup artist andthe founder of beauty line West-man Atelier. To combat this sortof strain, Ms. Westman alternatescalming oils—marula oil, rose hipoil and camellia oil—she pressesinto her skin with a derma rollertwice a week. And she says yes toputting on makeup for video calls.“You might have some color,

some mascara, a little bit of lift,”she says. “I think all those thingsare nice and they don’t look over-done. You want to portray an ele-ment of yourself—and that you’renot falling apart because theworld is in dire straits. You stillfeel good about yourself.”

—Lane Florsheim

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When it comes to so-cializing in the corona-virus age, CharlotteGuy and a friend are inthe same boat. Literally.Ms. Guy, age 63,

lives on the Pascagoula River in Gautier,Miss., about 20 miles east of Biloxi. Tosocialize, Ms. Guy’s best friend picksher up from her dock. Ms. Guy climbs inthe back of a 21-foot boat, while herfriend pilots the boat closer to the bow.Ms. Guy brings her own glass of wineand disinfectant wipes to clean theparts of the boat she touches.Ms. Guy, who works in clothing sales,

doesn’t want to be a source of infectionfor her friend, who lives alone. Nor doesMs. Guy want to carry an infection home,where she lives with her adult son andhusband. So the friends made the toughdecision to abandon home visits and caroutings—but they felt safe meeting out-doors, at a distance. The compromise,Ms. Guy says, lets them “have an actualinteraction with a real person.”It is a yearning many are feeling—

and trying to satisfy, often with greatdifficulty. For those spared the severerestrictions that prohibit any socializ-ing, the stakes couldn’t be higher: Let-ting an infected person into your homecan affect the other people in yourhousehold and, in a worst-case scenario,put their lives at risk.As infections spread rapidly, many

Americans are creating closed circles offamily or select friends to form in-person“safety networks” where everyone seesonly the others in the same group, saysBenjamin Karney, professor of social psy-chology at the University of California,Los Angeles. But forming these networksis complicated, since everyone has a dif-ferent idea of who is trustworthy.Even members of a single household

may disagree on who should be part ofthe closed group. Prof. Karney sees par-allels between socializing during today’spandemic and the assumptions peoplehad to make about sexual partners atthe height of the 1980s AIDS crisis. “Wedon’t know enough to make an in-formed decision…so people are makingtheir own rules of thumb,” he says.As of this week, more than half of

the country is in lockdown mode, withstay-at-home orders minimizing any so-cializing with non-household members.But these stay-at-home orders varystate by state. Each poses differentchallenges.In Seattle, Jill Duffield is getting cre-

ative with how to expand her family’squarantine orbit without bending thestrict shelter-in-place rules too much. Ona recent afternoon, a neighbor came overto her sloped backyard to play on a dif-ferent level of the outdoor area with Ms.Duffield’s son, Aaron, who has asthma.The two were far enough away from eachother that they could use walkie-talkiesto communicate. Ms. Duffield, 45, and herhusband “were really struggling with try-ing to balance what’s important,” shesays, even asking a doctor for advice.“We debated for a long time.”Others under lockdown are preparing

for the day things ease up by planning

in advance. Kimberly Weiss, a 38-year-old attorney from the Chicago suburb ofLake Forest, Ill., and her husband, Mi-chael Weiss, hope to expand their orbitto one family that fits all the demandsfor a little bit of safe socializing.Ms. Weiss picked neighbors where the

children correspond in age to four out ofher five children. Online, she watched thewife doing at-home fitness classes and thehusband demonstrating his cooking, whileher children played online games with theother family’s children. All this behaviormade her believe her neighbors when theysaid the children weren’t leaving thehouse. She made sure with their mutualhousekeeper that the family also tempo-rarily paused their home cleaning. “Wereally have to be certain,” says Ms. Weiss.When it comes to such high-stakes

meetings, the gloves are off. “People arecertainly trying to police each other,”says Erin Vogel, a social psychologist atthe Stanford Prevention Research Centerin California. “It’s tough for people tofigure out what the boundaries are withthe people in their lives.”Those boundaries can surprise some

people when they run through their fami-lies. When a niece came to drop off handsanitizer outside the home of 65-year-oldAdelena Quevedo, she told her aunt theyneeded to stay 6 feet away. The niece worelatex gloves and carefully tossed the sani-tizer toward the Miami-based interior de-signer. While thankful, Ms. Quevedo wascaught off-guard by the social distancing.“They think we [seniors] should be lockedup,” she joked.

Some Americans think they are play-ing it safe by socializing only with famil-iar co-workers. Others, when they dinetogether, order delivery and opt for dis-posable silverware.The issue can be even more compli-

cated for multiple generations living un-der one roof. With six adults and twoyoung children, everyone has a differentidea of the quarantine in her household,says Malerie Holcomb-Botts who lives inKailua, Hawaii, with her husband, in-laws, brother and another friend. Whileshe is scheduling virtual play dates forher children and virtual hangouts forherself, her elderly mother-in-law hastaken a different view. Cheryl Botts, themother-in-law, says she isn’t changingher habits to live in total isolation. “I’mnot a worrying type of person,” says the74-year-old retired homemaker. She saysshe invited a friend to the backyard, butthe friend declined.For larger families, it’s important to es-

tablish rules for how the entire family willinteract with anyone outside of the house-hold, says Rebecca London, a sociologist atthe University of California, Santa Cruz.Otherwise socializing can breed resent-ment. Dr. London recently declined a book-club meetup in someone’s driveway be-cause it didn’t align with her own family’ssocial-distancing policy.In places where socializing is now for-

bidden, many are caught policing lovedones across state lines. New Yorker ScottStarrett, 48, was so shocked that his 79-year-old father was still playing tennis inSouth Carolina that he called almost dailyto ask him to stop. The composer for tele-vision, who isn’t leaving his own apart-ment, didn’t have to beg for long: “Thankgoodness they shut down the league, sonow he’s off the hook from me nagging.”

Ms. Dizik is a writer in Chicago. Emailher at reports@wsj.com.

In a series called “How I Cope,” we speakto people about the things they’re doingto relieve stress. Here’s our conversationwith Brené Brown, a research professorat the University of Houston who hasspent the past 20 years studying shame,vulnerability, courage and empathy. Her2010 TED talk, The Power of Vulnerabil-ity, has been watched over 45 milliontimes. She is also an author and host ofthe “Unlocking Us” podcast. Ms. Brownlives in Houston with her husband, Steve,and their two children.

BY ALINA DIZIK

Who Is Allowed inYour Social Orbit?People struggle tocreate a safe zone

best way possible. Some days I suck at it,but I’m trying to acknowledge that yes, sheloves us, but no longer having her freedomand autonomy—and the life that she’d builtfor herself—is a very real loss for her. Ouradult kids who have been forced to comehome need love, support and space.

Reality-checking my expectationsThere are going to be many frustrations inthe coming weeks, so I’m allowing myself tofeel a lot of tough stuff and not always getit right. It’s also important to be realistic.Like a lot of kids, my 14-year-old son is do-ing online learning for the first time. I can’texpect him to sit down in front of a screenfor three, four, five hours. Children can do 30minutes and then they need a break. Youcan be the best teacher—or parent—in theworld but attention spans don’t last muchlonger than that.

Practicing resilienceI’m doing everything I can to stay strong inall the areas of my life that I have controlover. I’m cooking a lot and trying to eathealthily. I’m exercising and praying. I’m alsovery aware of how kind we need to be atthe moment—both to ourselves and eachother—even though our capacity for kind-ness is probably lower than normal becausewe’re feeling so much hard stuff.I’ve been on so many Zoom calls for

work over the past week, and every time,at least one person has ended up cryingbecause their toddler is crawling up theirback or their partner is screaming at themnot to talk so loudly. Working from homerequires us to combine our personal andprofessional lives, and that comes withhuge challenges. We have to work on ourresilience in every way we can, but we alsohave to give ourselves permission to say,“This is my first global pandemic. I’m deal-ing with a lot, I’m feeling a lot of compli-cated stuff and that’s OK.”

—Ellie Austin FROM

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THE MEDICAL EFFECTS

Is taking common-cold remedies agood practice? Forexample, DayQuil?

A: Experts say this is helpfulfor controlling symptoms,which is the mainstay oftreating the new coronavi-rus. But it isn’t a cure andwon’t prevent you from in-fecting others.

When will it be safeto travel again?What are the oddsthat we’ll still behousebound thissummer?A: The short answer is: Itdepends on whom you ask.No one really knows forsure, and predictions varywildly.Based on reports that

China is slowly reopening,however, travel-industryleaders, such as Marriott In-ternational Chief ExecutiveArne Sorenson, have beencautiously optimistic that atleast some major hotel prop-erties will be up and runningagain by summer. In NewYork City, some hotels havesaid they may reopen in Mayor June. Others are only tak-ing reservations for July andbeyond.But those timelines could

shift. “We are in wait-and-see mode,” says Chris Hey-wood, executive vice presi-dent of NYC & Co., the city’sofficial tourism organization.

Q&A

Limit screen timeI allow myself a 30-minute Covid-19update from a reliable news sourceevery day, but other than that I workhard to add calm to my life. As some-one who has studied human naturefor 25 years, I wasn’t completelyshocked to see that “Contagion” [a 2011

film about a lethal airborne virus] was re-cently trending as the top film on Apple’siTunes, but we need to recognize that thethings we watch have the power to pourgasoline on our anxiety. We have to makethe choice to step away from screens—nowmore than ever. Feelings of boredom arebetter for us than spending the whole dayonline driving ourselves to panic.

Reading and listening to audiobooksI have a stack of books in my house, and I’mreading fiction that is beautiful, lyrical, posi-tive and about the human spirit. There’splenty of nonfiction too. I’ve just finished“Untamed” by Glennon Doyle and “The Artof Gathering” by Priya Parker. I’m a bigwalker, and I’ve been listening to the Cormo-ran Strike novels by Robert Galbraith [apseudonym of J.K. Rowling].

Respecting my children’s independenceI have a 20-year-old daughter who has hadto pack up her stuff and leave college as aresult of the pandemic. I know that she’sfeeling a lot of grief, loss and fear at the mo-ment, so I want to be there for her in the

How Author BrenéBrown Is RelievingStress During the Crisis

SPECIAL REPORT | NAVIGATING THE CORONAVIRUS

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R8 | Friday, April 3, 2020 THEWALL STREET JOURNAL.

Are you OK? Your co-worker wants toknow.Companies are training employees to

recognize when colleagues might be hav-ing mental-health struggles and to serveas a listening ear if needed. Some compa-

nies, such as Alphabet Inc.’s Google, are turning tothe Mental Health First Aid program, a sort of CPRprotocol for emotions. Others, like American ExpressCo. and consulting and accounting firm Deloitte, aredevising their own online courses and campaigns.The goal: break through stigma, catch issues like

depressive episodes early and keep workers happyand productive. Still, even executives acknowledgethat not everyone wants their colleagues—and po-tentially their human-resources department—in-volved in their mental health.Tending to employees’ emotions has taken on ex-

tra urgency as the novel coronavirus spreads acrossthe U.S., sowing fear and anxiety in its wake. Jobsecurity, pay, health and caregiving have been up-ended, and companies face a fresh challenge: rally-ing and keeping tabs on overwhelmed employees,often isolated at home.“The mental toll of it is adding up,” says Jaime-

Alexis Fowler, the founder and executive director ofEmpower Work, a San Francisco-based confidentialhotline for difficult job situations.More workers have been reaching out for help in

recent weeks, she says. Some talk of suffering fromanxiety intense enough to make them nauseous.

How Those WhoHave RecoveredCan Help Covid-19Researchers

People who have recovered fromCovid-19 can provide a potentially life-sav-ing service by helping with research intotreatments for the disease.The Wall Street Journal reported last

month that blood-sample shortages haveslowed down research for coronavirustreatments.Dr. James Crowe, director of the Van-

derbilt Vaccine Center in Nashville, Tenn.,says his lab has collected about 10 bloodsamples, including repeat samples fromthe same patient. The National Instituteof Allergy and Infectious Diseases’ Vac-cine Research Center has collected sam-ples from three recovered patients, andseveral more are scheduled to donate inthe near future, says Dr. Julie Ledger-wood, the center’s deputy director.“The challenge currently is to get any-

thing, because there’s so much activityaround the subjects and care that it’shard for research people to make con-tact,” says Dr. Crowe.Another challenge: Some of Dr. Crowe’s

initial samples have shown that the im-mune responses of people in the firstmonth are slower, so Vanderbilt is focus-ing on acquiring samples from people

who are two or more months out from in-fection. The ideal candidate would besomeone who was infected in December,which Dr. Crowe points out is “pretty un-usual” in the U.S.The NIAID is focusing on studying blood

samples from recovered patients who werehealthy to begin with, as they are morelikely to have a good immune response, ac-cording to Dr. Ledgerwood. They shouldalso be about two to eight weeks out ofthe infection.Both research teams are prioritizing

blood samples from cases confirmed by alab test. Volunteers who qualify can donatein two ways: either by visiting the facilityin-person, paid for by the researchers, or byshipping a blood sample if they are unableto travel.You can also contact the Vanderbilt Vac-

cine Center at info@vvcenter.org for addi-tional information on participating in novel-coronavirus drug research. —Michelle Ma

With millions of people stressedout and working from home,

mental health takes center stage

People who havefully recoveredfrom a confirmednovel coronavirusinfection and areinterested in do-nating blood cancontact theNational Instituteof Allergy andInfectiousDiseases at:

1-866-833-5433(TTY1-866-411-1010)or recoveredcovid@nih.gov.

They can alsolearn more atwww.niaid.nih.gov/about/vrc.

Colleagues BecomeConfidants80

companies havesigned on to offertheir employeesMental Health FirstAid training so farthis year, up from58 companies inall of last year

SPECIAL REPORT | NAVIGATING THE CORONAVIRUS

BY RACHEL FEINTZEIG

They fear getting sick at work, if theirjob is something they can’t do fromhome, or if the boss won’t let them logon remotely. Some fear exposing im-munocompromised family members.Those who had been trying to get newjobs worry about the hiring landscape.“A lot of times, employees just want

to feel heard,” Ms. Fowler says.“There’s a huge opportunity for em-ployers to be human and thoughtfuland supportive.”Graphika, a social-media-analysis firm

based in New York, recently introducedsomething called “Worry O’Clock,” atwice-weekly video call where folks canlog in and collectively “wring ourhands,” says Sarah Braver, vice presi-dent of people. The idea is to share is-sues in a supportive space designatedfor airing anxiety without fear of “killingthe vibe” of other meetings, she says.Companies have been paying more

attention to how employees feel for awhile. Younger workers, many ofwhom attended colleges with beefed-up counseling services, are alreadycomfortable talking about things liketherapy and workplace accommoda-tions, and expect their employers’ sup-port. An always-on culture has leftsome employees prone to burnout,while a hot job market led many em-

ployers to show they cared.The number of companies offering

Mental Health First Aid training fortheir employees is already at 80 thisyear, compared with 58 for all of lastyear, according to the nonprofit Na-tional Council for Behavioral Health,which administers the program. Thetraining explains signs and symptomsof such conditions as anxiety disordersand depression, noting examples like apunctual colleague who suddenlystarts missing deadlines, or a meticu-lous worker whose reports are now lit-tered with errors.Trainees are taught to express their

concern and to try to find out if theperson has contemplated suicide. If theissue seems serious, they are advisedto alert managers, human resources ordesignated peer-support contacts, saysTramaine EL-Amin, who helps createand conduct the training sessions,which last four or eight hours.The coronavirus outbreak has

prompted some companies to delay in-person training, says Betsy Schwartz,vice president of public education atthe council, but the organization isworking on shifting to online-videotraining.Meanwhile, nerves and stress are

creeping into workdays as employeesincreasingly deal with such regular oc-currences as working at home withoutchild care, or even just experiencingthe shock of seeing empty grocery-store shelves. Ms. Schwartz says indi-viduals need to be extra compassionateand learn to use their support skillsover the phone or in a video call.“All of that is more important now

than ever,” says Ms. Schwartz. “At thetime when we’re all really vigilantabout washing our hands constantly,we also need to be vigilant about tak-ing care of ourselves emotionally.”At Google, employees can take Mental

Health First Aid training or enroll in thecompany’s “blue dot” program, whereworkers affix a blue sticker to their em-ployee badge or laptop to show they areopen to talking about mental health.They can also take a 45-minute “com-passionate listening” course that certi-

fies them as someone their colleaguescan talk to about their problems.At marketing agency Rapp, seven

employees in the U.K. offices serve as“mental health first aiders.” The teamoffers an email address for questionsand concerns during this period witheverybody working from home.“We want the mental-health first-

aiders to help uncover, ‘Is this some-thing serious?’ ” says Leigh Ober,global chief talent officer at Rapp. “Wedon’t want to brush it under the rugor ignore it. We want to be a part ofhelping you work through it.”Rapp solicited volunteers for the po-

sitions and says it selected people itdeemed trustworthy, available and notprone to gossip.When employees first transitioned to

remote work, they were energized andmostly focused on logistical issues likewhether their Wi-Fi was strong enough.Weeks in, it is now hitting some thatthis could be the new normal for a longstretch, says Ursula Marchese, head oftalent for Rapp’s U.K. operations.Single people are starting to feel iso-

lated, parents are overwhelmed, andmany workers feel helpless and worriedabout older or immunocompromisedfamily members, Ms. Marchese says,adding that she’s concerned the Easter

holiday might further exacerbate feel-ings of loneliness for those who can’ttravel to see family and friends.“People are anxious. They don’t

know what to expect. They don’t knowwhat they should be feeling,” she says.Some workers would rather keep

their problems to themselves, or fearoverstepping when it comes to helpinga colleague. At Deloitte, where nearly2,000 employees have taken the onlineor in-person versions of a mental-health training that was first offeredlast May, some worry about the ramifi-cations of intervening, says Jen Fisher,chief well-being officer.The company recommends employ-

ees escalate more serious mental-healthissues to its human-resources depart-ment. People don’t want their directbosses to know what they are strug-gling with, Ms. Fisher says, adding,“There’s a fear they may be judged or itmight impact their long-term career.”Employers can direct workers to

keep an eye on colleagues without run-ning afoul of the law, but it is easy tooverstep, says Sharona Hoffman, a pro-fessor of law and bioethics at CaseWestern Reserve University’s School ofLaw. For example, if a boss tells aworker she knows a specific person isstruggling with a mental illness andasks him to watch for signs, that couldbe a privacy violation.Another risk is that colleagues try to

play doctor, says Jeffrey P. Kahn, aclinical professor of psychiatry at WeillCornell Medical College. Mental HealthFirst Aid leaders and corporate execu-tives say they are not teaching workersto diagnose mental-health disorders.But Dr. Kahn fears the temptation forarmchair psychiatry is still there. Healso doubts nonprofessionals can effec-tively identify colleagues who arestruggling with mental illness.“Significant emotional problems are

often hard to notice,” he says. “Peopletry to act professionally and hide theirproblems.”

Ms. Feintzeig is a reporter forThe Wall Street Journal in New York.Email at rachel.feintzeig@wsj.com. FR

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A New York firm recently introduced what it calls‘Worry O’Clock,’ a twice-weekly video call wherepeople can collectively ‘wring our hands.’

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