* * * * * WEDNESDAY, APRIL 8, 2020 ~ VOL. CCLXXV NO. 82 WSJ.com HHHH $4 .00

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THECORONAVIRUSPANDEMIC

In Detroit, poverty deepenspain as cases rise, A3

Firms offer FEMA suppliesit can’t buy, A8

Refugee camps faceheightened peril, A11

India lifts export ban ondrug many seek, A9

Pollard asked if they wouldleave some at her hospital,which had more than 400coronavirus patients, manyof them growing worse andothers still arriving.

She asked for 25 and got15. “We’ll take anything,” shesaid.

New York City hospitalsfaced the full force of thepandemic in recent days, asthe coronavirus diseasesurged through the city andon Monday claimed 731 lives,the highest number ofdeaths in a single day.

Hospital loudspeakers havesounded constant alarms fordoctors to aid patients in acrisis that has stretched thecapacity of New York’s medi-cal community and sparkedthe ingenuity and resource-fulness of its members

Within hours, Ms. Pollardhad used all of the new ven-tilators, leaving eight in re-serve. Twenty more arrivedMarch 29, and Ms. Pollardworked frantically to assem-ble the parts, as a biomedi-cal engineer tested them.Once finished, other workersran them to hospital floorswhere they were needed.

PleaseturntopageA6

Wisconsin Braves Infection to Vote

The New Cocktail Hour: YourGovernor’s Coronavirus Briefing

i i i

Pandemic updates become must-see TVand make unlikely stars of local officials

Bob Lear noticed his wifewas pouring herself a glass ofwine one recent afternoon, sohe asked her what was up.

“It’s almost 5 o’clock,” shesaid. “I’ve got my date withAndy.”

Andy is Andy Beshear, theyoung Democratic governor ofKentucky, who gives a briefingon the coronavirus pandemicevery day at that time.

“So yeah quarantine is go-ing well,” Mr. Lear, a 35-year-

old real-estate agent in Ver-sailles, Ky., quipped in a tweet.

While New York Gov. An-drew Cuomo, a Democrat, hascaptured a national audience,the coronavirus crisis is creat-ing its own brand of must-seeTV in the heartland. It’s acombination of C-Span, localaccess and a much-neededroutine that is bringing com-fort—and a few chuckles—tomany of the homebound in atime of national crisis.

Fans of Ohio Gov. Mike De-PleaseturntopageA8

BY JOE BARRETT

BY GORDON LUBOLDAND MICHAEL R. GORDON

Sharon Pollard, directorfor respiratory care at LongIsland Jewish Medical Centerin New Hyde Park, N.Y., hadeight ventilators left andneeded more. Overnight, atleast 17 new patients re-quired them.

Teams at the hospital un-loaded ventilators deliveredby the Federal EmergencyManagement Agency. Themachines were bound for acentral depot to distribute tomany other hospitals. Ms.

BY MELANIE EVANS

inbound and outbound travelfor healthy people, after eas-ing some residential restric-tions to revive a crippled localeconomy.

In the past few days, how-ever, it has tightened restric-tions on some housing com-plexes, and said others willremain in place, after confirm-ing dozens of new asymptom-atic cases. An official newspa-per said Monday there couldbe 10,000 to 20,000 such casesin Wuhan. The report wasswiftly deleted online.

Epidemiologists, U.S. intelli-gence sources and Wuhan resi-dents suspect that Chinese au-thorities substantiallyundercounted infections anddeaths over the past severalmonths, especially in Wuhan,in part to boost President XiJinping’s image. Such doubts,

PleaseturntopageA12

Fear LingersOn StreetsOf WuhanSuspicion of uncountedcases fuels worries ofsecond wave of virusas China reopens city

WUHAN—Chinese leadersand many medical expertshave held up this city as an ex-ample of what can be achievedthrough extreme efforts tocontain the coronavirus.

It’s now becoming clear thebattle in Wuhan is far fromover—and the human costmuch higher than officially ac-knowledged.

The city has announcedonly three new confirmedcases with symptoms sinceMarch 18. Authorities havejust formally ended the 77-daylockdown on the city, allowing

By Jeremy Page,Natasha Khan

and Warren P. Strobel

No Clear Path SeenTo Restart Economy

Chinese mogul who criticizedXi now faces probe.............. A12

WASHINGTON—ActingNavy Secretary Thomas Modlyresigned after an uproar overhis verbal attack on the for-mer captain of the coronavi-rus-stricken aircraft carrierTheodore Roosevelt, in a sagathat has dealt a new blow to aU.S. Navy beset by misstepsand clashes with the WhiteHouse in recent years.

Mr. Modly was under pres-sure to step down after an ex-traordinary chain of eventsover the past two weeks as theNavy and the U.S. militaryscramble to respond to theCovid-19 crisis, with morethan 230 cases of the respira-tory illness caused by the cor-onavirus on the aircraft car-rier among more than 1,500across the armed services.

Defense Secretary Mark Es-per accepted Mr. Modly’s resig-nation on Tuesday after top of-ficials held a series of meetingsat the Pentagon in the morning.

With President Trump’sblessing, Mr. Esper said, hetapped Undersecretary of theArmy James McPherson, a re-tired Navy rear admiral whoonce served on the USS Theo-dore Roosevelt, to succeed Mr.Modly, officials said. Mr. Modly

PleaseturntopageA7

Trump removes stimulus-spending monitor.................... A7

CONTENTSBanking & Finance B10Business News.. B3,5Crossword.............. A16Heard on Street. B12Life & Arts...... A13-15Markets..................... B11

Opinion.............. A17-19Property Report... B6Sports........................ A16Technology............... B4U.S. News............. A2-3Weather................... A16World News.......... A11

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

>

What’sNews

Suspicions that Chineseauthorities substantiallyundercounted coronavirusinfections and deaths, espe-cially in Wuhan, combinedwith reports of new asymp-tomatic cases in that city, aresparking fears of a potentialsecondwave of infections.A1 The U.S. death toll fromthe coronavirus rose sharply,with nearly 50% more peo-ple killed Tuesday thanany previous day in the ep-idemic, according to a WallStreet Journal analysis ofdata from Johns Hopkins. A7The actingNavy secretaryresigned after an uproarover his verbal attack on theex-captain of a coronavirus-stricken aircraft carrier. A1Trump replaced the Pen-tagon’s acting inspectorgeneral, who had beencharged with monitoring thepandemic stimulus law. A7 The Trump administra-tion and top lawmakers saidthey hope to move withindays to approve new fundingfor small-business loans. A4 The U.K. governmentsought to maintain a unitedfront in the face of the pan-demic while Johnson re-mained in intensive care. A10 The U.S. plans to blockIran’s requested $5 billionemergency loan from the IMFthat Tehran says it needs tofight its coronavirus crisis.A11 The Taliban broke offtalks with Afghanistan’sgovernment, creating afresh stumbling block forthe peace process. A11 Died: John Prine, 73,country-folk music icon. A13

U.S. government officialsand business leaders are

turning their attention to acoming challenge in thefight against the coronavi-rus pandemic: Reopening aneconomy that has been shutdown like never before. A1 A number of companiesare citing beefed-up unem-ployment benefits underthe stimulus package asthey furlough or lay offstaff amid the pandemic. A1 Nissan and Honda arefurloughing U.S. factoryworkers without pay, add-ing to joblessness in thehard-hit auto industry. B1 Exxon Mobil said itwould cut its 2020 capitalspending by 30% as thecoronavirus pandemic sapsdemand for oil. B1, B11 Amazon.com will halt adelivery service for non-Amazon packages as it re-evaluates the nascent offer-ing that competes directlywith FedEx and UPS. B1 ISS has urged share-holders to withhold votesfor the chairman of Williamsafter the pipeline operatoradopted a poison pill. B1 The Dow and S&P 500ended Tuesday’s sessiondown 0.1% and 0.2%, respec-tively, after relinquishingsubstantial early gains. B11Airbnb agreed to pay itsnew investors interest at arate of over 10% in their fund-ing deal, according to peoplefamiliar with the matter. B3 Two WeWork directorssued SoftBank on behalf ofthe co-working firm afterSoftBank dropped an offerto buy WeWork shares. B3

Business&Finance

World-Wide

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DEMOCRACY: Robert Williams, top, votes in Dunn, and a line forms outside a Milwaukee polling placeTuesday after a court blocked the governor from delaying the contest over public-health concerns. A3

NewYork CityFeels Full ForceOf Hospital CrisisThe pandemic has sparked the ingenuity

and grit of the medical community

Companies Cutting JobsCite New Aid for Workers

ment’s beefed-up unemploy-ment benefits as they furloughor lay off staff amid the coro-navirus pandemic. The stimu-lus package is changing thecalculus for some employers,which can now cut payrollcosts without feeling they areabandoning their employees.

“I’m getting a lot of callsfrom clients wondering whywouldn’t I do this if my em-ployee can make as much orsometimes more not working,and I don’t need them and cancut that cost,” said ChristineLamb, a Denver-based employ-ment attorney from Fortis LawPartners. “I’ve received a ton

of calls of clients wondering ifit’s a win-win.”

The new stimulus packagewill give employees who havebeen laid off or had their hourscut an extra $600 each weekfor up to four months on top oftheir state’s regular unemploy-ment payments. By itself, the$600 is the equivalent of work-ing 40 hours a week at $15 anhour. For people working fulltime and normally earning$7.25 an hour, that comes tomore than double their income

PleaseturntopageA4

When Equinox had to startfurloughing some employees atits chain of upscale fitnessclubs, Executive Chairman Har-vey Spevak had a surprisingmessage to stakeholders.

“We believe most will bebetter off receiving governmentassistance during our closure,”he wrote in an email. The com-pany said the majority of em-ployees remain on its payroll.

Equinox joins a number ofcompanies, including Macy’sInc. and Steelcase Inc., thatare citing the federal govern-

BY PATRICK THOMASAND CHIP CUTTER

A sharp reduction in newinfections is a critical firststep, but health experts saidother actions will be needed toprevent another outbreak thatfreezes activity all over again.That includes building testingand surveillance systems, anda readiness to reintroducesome social distancing andother mitigations to give peo-ple confidence that they canreturn to work without riskinginfection.

The Trump administration’scurrent social-distancingguidelines run through April.

“It isn’t like a light switchon and off,” Anthony Fauci, amember of President Trump’stask force on the pan-demic, told “The Journal,” aWall Street Journal podcast.“It’s a gradual pulling back oncertain of the restrictions totry and get society a bit back

PleaseturntopageA2

Government officials andbusiness leaders are turningtheir attention to a comingchallenge in the fight againstthe coronavirus pandemic: Re-opening a $22 trillion econ-omy that has been shut downlike never before.

With some preliminarysigns that infections from thevirus are slowing, the wholenation is hopeful to get backto business as soon as possi-ble. But there are a host ofquestions. Under what condi-tions should people be allowedback to work and stay-at-homeorders be lifted? How will peo-ple at work be monitored forreinfection or antibodies toprevent a resurgence of thedeadly virus? Does it all hap-pen at once or is it staggered?Who is in charge of the effort?

BY STEPHANIE ARMOURAND JON HILSENRATH

Acting NavyLeader QuitsAmid UproarOver Captain

More small-business loanspromised....................................... A4

Folk Music’s John Prine Dies

MASTER STORYTELLER: The singer-songwriter, who was 73,helped shape a generation of performers with his songs of loveand social commentary. He died from the coronavirus. A13

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A2 | Wednesday, April 8, 2020 * * THEWALL STREET JOURNAL.

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

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The S&P 500 index de-clined almost 27% from Feb.20 to the close of trading onApril 1. A Page One article onApril 2 about companies sus-pending 401(k) matching con-tributions incorrectly said itfell about 22%.

The median “optimistic”forecast for third-quartergrowth in nonfarm payrollswas 15,000 in a Wall StreetJournal survey of 34 econo-

mists taken March 18-19. Agraphic accompanying aMarch 23 Coronavirus Pan-demic article about U.S. eco-nomic prospects incorrectlyshowed a loss of 15,000.

Newell Brands Inc. contin-ues to work with GreensillCapital. A Business & Financearticle Monday about supply-chain finance quoted a NewellBrands spokeswoman whostated incorrectly that the

company no longer works withGreensill.

The S&P 500 index at mid-day March 20 was down morethan 27% from its Februaryhigh. A graphic with a March23 Business & Finance articleabout global markets incor-rectly said the S&P 500 wasdown 25%. Also, a footnotethat said data for 2020 werethrough midday March 20 ap-plied only to the chart titled

“S&P 500’s decline from peakto trough around previouseconomic downturns.” Thefootnote contained an asterisk,but the chart didn’t.

The first name of PascalLamy, a former EU trade com-missioner and former head ofthe World Trade Organization,was omitted in a CoronavirusPandemic article Mondayabout programs in the Euro-pean Union.

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

CORRECTIONS AMPLIFICATIONS

U.S.WATCH

WHITE HOUSE

Grisham Leaves JobOf Press Secretary

President Trump will add atrio of new public-relationshands to the West Wing, thelatest personnel changes insidethe White House as the admin-istration grapples with the coro-navirus outbreak.

Kayleigh McEnany will be-come the president’s fourthpress secretary in his 38months in office, according topeople briefed on the decisions.Alyssa Farah was set to join theWhite House as a senior ad-viser on communications, effec-tively becoming the seventhcommunications director of Mr.Trump’s tenure. Ben Williamsonwill also join the White Houseas senior communications ad-viser.

The trio will be the WhiteHouse’s senior leadership teamfor media relations, the peoplesaid. The changes are expectedto take effect within the nexttwo weeks, the people said.

Stephanie Grisham, presssecretary and communicationsdirector since July, steppeddown to rejoin first lady Mela-nia Trump’s office as chief ofstaff and communications direc-tor, Mrs. Trump said Tuesday.

Ms. Grisham never held apress briefing during her tenureas press secretary. She didn’trespond to a request for com-ment.

Ms. McEnany joins the WhiteHouse from Mr. Trump’s re-elec-tion campaign, where she held asimilar title. She is expected torestart regular news briefingsonce the coronavirus outbreakpasses and the need for dailyupdates from Mr. Trump andthe virus task force subsides,said one person familiar withthe plans.

—Michael C. Bender

TENNESSEE

Three Fatally Stabbed,Suspect Is Shot Dead

A man fatally stabbed threeemployees and wounded a cus-tomer at a Tennessee rest stopand travel center Tuesdaymorning before a deputy shotand killed him, authorities said.

The Knox County Sheriff’sOffice responded to a callaround 7 a.m. at a Pilot TravelCenter off Interstate 40 to finda person with stab wounds out-side the store and a man armedwith a knife in the parking lot,the Tennessee Bureau of Inves-tigation said.

Witnesses identified the manas the suspect and he refuseddeputies’ demands to drop theweapon, the bureau said.

At some point during the en-counter, a deputy fired, strikingand killing the suspect, the bu-reau said.

Three of the stabbing victimswere pronounced dead at thescene and the fourth was takento a hospital for treatment.

Knox County Sheriff TomSpangler said the deputy whofired the shot wasn’t hurt.

—Associated Press

CHICAGO

R. Kelly’s Bid to GetOut of Jail Rejected

A federal judge in New Yorkdenied R&B singer R. Kelly’s re-quest that he be released fromjail in Chicago because he wasconcerned he could contract thenew coronavirus behind bars.

“The defendant is currentlyin custody because of the risksthat he will flee or attempt toobstruct, threaten or intimidateprospective witnesses,” U.S. Dis-trict Judge Ann Donnelly ofBrooklyn wrote in her denial.“The defendant has not ex-plained how those risks havechanged.”

Mr. Kelly, 53 years old, hasbeen in custody in the Metro-politan Correctional Center indowntown Chicago since hewas indicted on federal childpornography, obstruction of jus-tice and racketeering charges.He has denied ever abusinganyone and has pleaded notguilty to all the charges againsthim.

Three staff members at thefederal lockup in Chicago havetested positive for the virus,but no inmates have been re-ported with infections.

—Associated Press

VIRGINIA

Governor DelaysSome New Initiatives

Gov. Ralph Northam plans todelay some long-sought Demo-cratic priorities until more isknown about the pandemic’s af-fect on the economy, pushingback decisions on whether togive teachers and state workersraises, freeze in-state college tu-ition and implement other newspending in a budget recentlypassed by lawmakers.

Clark Mercer, the governor’schief of staff, said Tuesday thattoo little is known about the im-pact of the coronavirus outbreakon state revenue to move aheadnow with billions of dollars innew spending, much of whichwould carry over into futureyears.

“We’ve got to wait for thefog to lift to make budget deci-sions informed by facts anddata,” Mr. Mercer said.

—Associated Press

UTAH

Bryce Canyon ParkIs Latest to Shut

Bryce Canyon National Parkin southern Utah became thelatest park to close its gates toprevent the spread of the coro-navirus.

The flow of visitors to thepark noted for its spire-shapedred rock formations known ashoodoos made it difficult tomaintain proper social distanc-ing, park superintendent LindaMazzu said.

Capitol Reef National Park re-mains the last of Utah’s five na-tional parks to stay open, but itsscenic drive and campgroundsare closed.

—Associated Press

it without testing,” New YorkGov. Andrew Cuomo, a Demo-crat, tweeted Tuesday.

Texas Lt. Gov. Dan Patricksaid he is forming a task forceon how to reopen the economyand Maryland Gov. Larry Ho-gan has created a responseteam to discuss measures thatmust be in place for openingthe state back up. Both officialsare Republicans.

Some governors talkedTuesday with Scott Gottlieb,the former head of the Foodand Drug Administration,about ways to work togetheror launch their own surveil-lance plans that would tracethe disease should it resurfaceand spread. One idea is to gal-vanize Congress to pass legis-lation setting up a U.S. surveil-lance system for the virus.

Dr. Gottlieb, who ran theFDA from 2017 to 2019, releaseda report on the “roadmap to re-opening” Tuesday with MarkMcClellan, who ran the FDA un-der President George W. Bush.

“I’m worried we don’t havethe systems in place to care-fully reopen the economy,” Dr.Gottlieb said in an interview.“You need to be able to iden-tify people who are sick andhave the tools to enforce theirisolation and [tracing of peoplethey contact]. You have to haveit at a scale we’ve never donebefore. We need leadership.”

Tensions are simmering insome states about how andwhen to reopen. Republicanlawmakers in Pennsylvaniahave proposed legislation toscale back Democratic Gov.Tom Wolf’s business closureorder from mid-March andcreate an emergency plan toallow businesses to reopen.

“Our governor is beingoverly aggressive on this, Ifeel,” said Matt Stuckey, presi-dent of Stuckey Automotive,which owns three dealershipsin Altoona, Pa.

Democrats said the Republi-can proposal in the statewould threaten public health.

Many states and countieslack resources to set up their

“It’s in the hands of the pri-vate sector.”

About one out of every 300people in the country is nowbeing tested, based on federaldata, compared with aboutone out of every 100 people inGermany.

Testing is hampered by de-lays and shortages that limitwho can get tested. It is un-likely that the problems willbe resolved by the end ofApril, according to one personfamiliar with the planning.

Some health experts saidany reopening scenario is likelyto work like an accordion. Anyeasing on social-distance proto-cols would be followed by atightening in areas where thevirus resurfaces. A vaccine isstill at least 12 to 18 monthsaway, and even that timetableis considered optimistic.

Federal Reserve officialshave cautioned that state andlocal efforts to lift restrictionscould be ineffective for theeconomy if they haven’t beenpaired with muscular mea-sures to beef up testing for in-fections and to provide treat-ments for those infected.

Most of the hardest-hit sec-tors—restaurants, hospitality,travel—require that workersand customers “not feel likethey’re taking their health atrisk,” said Boston Fed PresidentEric Rosengren in an interviewlast week. “How effective arewe at getting people tested sothat you feel comfortable hold-ing the subway pole?”

Some business executivesare starting to look beyond thecrisis to reopening. Movie-the-ater executives are talking toofficials at the CDC aboutwhen they might reopen audi-toriums, said John Fithian,chief executive of the NationalAssociation of Theatre Own-ers. The theater chains hopeto open around Memorial Day.

—Kris Maher, SarahNassauer, Doug Cameron,

Betsy McKay, Nick Timiraos,Erich Schwartzel

and Kate Linebaughcontributed to this article.

to normal.”Dr. Fauci said a first condi-

tion is a steep drop in thenumber of cases. “You’ve gotto make sure you are abso-lutely going in the right direc-tion.” Then, he said, “You grad-ually come back. You don’tjump into it with both feet.”

The federal government hasyet to put in place the kind ofnationwide testing, tracingand surveillance system thatpublic-health experts havesaid is needed to prevent an-other surge in coronaviruscases when social distancingeases. That includes identify-ing people who are asymptom-atic and can also spread coro-navirus, health experts said.

Mr. Trump, a Republican,said Saturday that he is con-sidering a second coronavirustask force focused on reopen-ing the country.

The federal government hasyet to release a detailed recov-ery strategy, so state and localleaders are scrambling to cre-ate their own approaches. As aresult, the recovery could un-fold in the same patchworkfashion as the shutdown.

San Miguel County in Colo-rado, using a test from UnitedBiomedical, has plans to checkall its residents for immunity.Massachusetts Gov. CharlieBaker, a Republican, spoke pub-licly last week about a coronavi-rus tracking initiative that willinvolve 1,000 people working ata virtual call center to tracepeople infected with the virus.

New York, the state with byfar the most virus cases, islooking to join with New Jer-sey and Connecticut on a uni-fied reopening approach. “Wecannot restart life as we knew

ContinuedfromPageOne

RestartingEconomyPoses Risks

U.S. NEWS

court’s majority said.“That settled rule allows

the state to restrict, for exam-ple, one’s right to peaceablyassemble, to publicly worship,to travel, and even to leaveone’s home. The right to abor-tion is no exception,” JudgeStuart Kyle Duncan, a Trumpappointee, wrote for the court.Joining him in the majoritywas Judge Jennifer Elrod, aGeorge W. Bush appointee.

The ruling relied upon ararely used judicial power toside with Texas, but the courtsaid its approach was justifiedbecause a judge in Austinreached a “patently errone-ous” result in blocking thestate from applying its corona-

virus restrictions to abortion.The decision was the first

to give the green light to stateabortion restrictions duringthe pandemic. Several otherrecent decisions from aroundthe country temporarilyblocked such measures.

In dissent, Judge JamesDennis, a Clinton appointee,said the court exposed women“to the risks of continuing anunwanted pregnancy, as wellas the risks of traveling toother states in search of time-sensitive medical care.”

If currently scheduled abor-tions are delayed, “manywomen will miss the smallwindow of opportunity theyhave to access a legal abor-

tion,” Judge Dennis wrote.The fast-moving litigation

is shaping up as the leadingtest case of whether states canuse a national health emer-gency to place sweeping re-strictions on abortion, despiteconstitutional protections forabortion rights previously es-tablished by the SupremeCourt.

Abortion providers whosued Texas have two remain-ing options: They could ask theappeals court to reconsider theissue with more judges partici-pating, or they could seekemergency intervention fromthe Supreme Court.

“We’ll use every tool at ourdisposal to fight this harmful

order and protect our patients’health care,” said Alexis McGillJohnson, acting president andchief executive of Planned Par-enthood Federation of America.

Texas issued a ban on non-essential medical proceduresin late March. State AttorneyGeneral Ken Paxton, a Republi-can, warned that the ban ap-plied to abortion, exceptwhere terminating a preg-nancy was necessary to pre-serve the life or health of themother. The state said its re-strictions apply to both surgi-cal abortions and ones per-formed by taking medication.

A growing number of con-servative-led states are at-tempting similar restrictions,

citing public health and theneed to preserve scarce pro-tective medical equipment forthe treatment of coronaviruspatients.

Texas’ approach “ensuresthat hospital beds remainavailable for coronavirus pa-tients and personal protectiveequipment reaches the hard-working medical professionalswho need it the most duringthis crisis,” Mr. Paxton said af-ter Tuesday’s ruling.

The Fifth Circuit’s rulingTuesday split from a decisionMonday by a different U.S. ap-peals court, which declined fornow to let the state of Ohioimpose restrictions on certainabortions.

A federal appeals court al-lowed Texas to suspend mostabortions in the state duringthe coronavirus public-healthcrisis, a move that couldquickly send the issue to theSupreme Court.

The U.S. Court of Appealsfor the Fifth Circuit, in a 2-to-1ruling Tuesday, lifted a trialjudge’s restraining order thatprevented the state from curb-ing abortions on the grounds itwould save medical resources.

In times of great emer-gency, states can reasonablyrestrict constitutional rightsto protect public safety, the

BY BRENT KENDALLAND ELIZABETH FINDELL

Court Lets Texas Restrict Abortions During the Crisis

State and local leaders are deciding on closure and stay-at-home orders on a patchwork basis. Closed stores in Palm Beach, Fla.

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own systems for identifyinginfected residents and peoplewho may have been exposed.

It is unclear what role thefederal government will take inrunning or coordinating a mon-itoring system once the worsteffects of the crisis have eased.It is only now starting to grap-ple with some of these issues.

The administration begancollecting key testing and epi-demiological data from hospi-tals in late March. In the com-ing weeks the federal Centers

for Disease Control and Pre-vention plans to deploy toolsknown as serology tests tofind people who have immu-nity to the disease, includingamong those who didn’t havesymptoms, to better assess itspresence in the population.

Dr. Fauci suggested the fed-eral government itself won’ttake the lead on testing.

“It isn’t up to the task forceor necessarily the federal gov-ernment to flood the countrywith testing,” Dr. Fauci said.

50

49

45

29

27

15

5

Statewide school closures

Stay-at-home orders

Business closures

Mask policies, recommendations

Travel restrictions

State, local curfews

All

Number of states that haveimplemented:

Source: National Governors Association

Without nationwidetesting, a secondsurge in coronaviruscases could come.

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U.S. NEWS

Democratic National Conven-tion in August, the traditional180 polling places were re-duced to five.

“There are massive, multi-hour lines in Milwaukee,” saidBen Wikler, the state’s Demo-cratic Party chairman. “There’salso just a huge amount of fearand confusion and anger acrossthe state.”

Mr. Wikler said election offi-cials estimated that 50,000people might try to vote inperson in Milwaukee alone.“That means 10,000 per pollingplace,” he said.

Vote totals won’t be re-leased until April 13, a date af-firmed by a court ruling thatwas meant to give voters moretime to return absentee ballotsamid the crisis.

Voters learned late Mondaythat they needed to mail theirabsentee ballots by the end ofTuesday if they want them tocount, following a last-minutecourt ruling.

Asked Tuesday at the WhiteHouse about the challenges ofholding an election during thecrisis, President Trump said itwas “crazy” to allow a week forabsentee ballots to come in af-ter an election. “Mail ballotsare a very dangerous thing forthis country,” he said

“They’re fraudulent in manycases,” Mr. Trump said.

Studies show that absenteevoter fraud is extremely rare,and states take various mea-sures to guard against it.

Polling in the state suggestsformer Vice President Joe Bi-den entered the balloting witha sizable lead over Sen. BernieSanders of Vermont. If Mr. Bi-den is deemed the winner, itcould provide an added nudgeto push Mr. Sanders from acontest where he has slimchances to win, given his dele-gate deficit.

The pandemic has injectedadded uncertainty into thesummer and fall campaign,with potentially altered voterturnout and brewing confron-tations over changes to votingpractices that could shift theoutcome of the election.

“I suspect we’ll see bothparties encourage their sup-porters to vote absentee thisfall in order to bank as manyvotes as possible in case thepandemic is still with us or re-surges in November,” said Da-vid Hopkins, a political-scienceprofessor at Boston College.

Wisconsin’s Republican-con-trolled Legislature rebuffedproposals by Democratic Gov.Tony Evers to switch to an all-mail election or reschedule theelection to June. Mr. Everscriticized the state Legislaturefor not taking action and calledthe court decisions backing theRepublicans disappointing.

Andrew Hitt, chairman ofthe Wisconsin GOP, criticizedDemocrats for the court activ-ity and last-minute actions.

Voters headed to Wiscon-sin’s polls Tuesday, many inmasks and gloves to guardagainst the new coronavirus, inan election that offered a win-dow into the logistical and po-litical challenges that could lieahead for November’s presi-dential balloting should thepandemic linger until then.

Chaos surrounded the finaldays before the state’s votersventured out to a significantlyreduced number of pollingplaces, following a dispute be-tween Republicans who wantedto hold the vote and Democratswho wanted to postpone thevote or extend absentee ballot-ing.

Court challenges went allthe way to the U.S. SupremeCourt, which ruled in favor ofthe Republican-led state Legis-lature. More than a dozenstates have postponed or oth-erwise extended their contestsbecause of the coronavirus cri-sis.

Mark Ketterhagen, a schoolprincipal, said he stood in linefor an hour and a half at a poll-ing location in a Milwaukeehigh school. Many voters werewearing masks or cloth cover-ings, he said, and most werefollowing social-distancingguidelines.

But there was also sometension. “Someone touchedsomeone else in line, and theystarted screaming at eachother,” said Mr. Ketterhagen,who wore a mask to vote andnoticed others trying to sellmasks and hand sanitizer out-side his polling place.

Wisconsin’s election plansincluded help from roughly2,500 non-uniformed members

of the National Guard, over amillion disposable pens andspecific social-distancing pro-tocols. The troops were calledout after thousands of electionworkers said they wouldn’tcover their shifts because ofthe coronavirus crisis.

In Milwaukee, the state’slargest city and home to the

BY JOHN MCCORMICKAND ALEXA CORSE

WisconsinSignals RiskIn November

DETROIT—Detroit, the cen-ter of one of the worst corona-virus outbreaks in the country,is forecast by public officialsto hit its peak of new casesthis week. Its neighborhoodsof poverty and populationswith poor health outcomes arecompounding the outbreak’sferocity.

In many ways, the MotorCity might seem like an un-likely hot spot. It lacks thepopulation density of othermajor U.S. cities and, withfewer public transit options,residents are heavily reliant onthe automobile to get around.

Some health experts say De-troit’s busy international air-port, which connects the re-gion’s auto industry to otherglobal car-manufacturing hubs,such as those in China andnorthern Italy, might have con-tributed to the virus arrivinghere early. Detroit’s auto mak-ers have factories in bothplaces. It is also harder formanufacturing workers towork from home.

Poverty, lack of access tohealth care and other basicneeds, and the prevalence ofpoor health conditions couldall contribute to the severity ofthe outbreak in the city andsurrounding counties, sayhealth experts and health-careworkers.

Abdul El-Sayed, the city’sformer health director, saidthe severity of the virus is de-termined by the people whobecome infected and their en-vironment. “The story is aboutthe host and the environment,and the environment here hasbeen beating up on the hostsfor a long time,” Dr. El-Sayedsaid.

As of Tuesday, the state hadrecorded nearly 19,000 posi-tive cases and 845 deaths,with nearly 90% of the fatali-

ties occurring in the Detroitmetro area, according to statefigures. There are about 4.3million people in metro Detroitand around 673,000 in the citylimits.

The outbreak has been par-ticularly lethal for the state’sblack residents, who make up40% of Michigan’s reporteddeaths but only 14% of thestate’s total population, ac-cording to state and federaldata. White people make up29% of the state’s reporteddeaths, while the racial identi-ties of 25% weren’t reported.

Virus-related deaths in theDetroit area have quickly out-paced everywhere else in thecountry but New York and NewJersey, according to data fromthe Covid Tracking Project.

“I can tell you without adoubt, it’s going to get worsebefore it gets better,” said De-nise Fair, the city’s chief pub-lic-health officer.

To prepare, the city’s con-vention center—long home tothe Detroit auto show, whichwas recently canceled for

June—is being converted intoa 1,000-bed field hospital forvirus-stricken patients.

With many in the city lack-ing health insurance and ac-cess to health care, the preva-lence of underlying healthconditions, such as diabetes,asthma and heart problems, ismuch higher here than else-where in the country. Thatmakes for a population morevulnerable to getting sickerfrom the virus, doctors andpublic-health officials say.

The city recently said itwould start using new teststhat deliver results within 15minutes. It is also participat-ing in a treatment experimentthat aims to use hydroxychlo-roquine, an antimalarial drug,to prevent infections amongfirst responders, Mayor MikeDuggan said.

“There is no evidence thatthis spreads more quicklyamong the poor than thewealthy,” he said, pushingback against the idea that thecity’s poverty is exacerbatingthe virus.

“It seems like the situationjust blew up all of sudden,” saidJ. Drew Sheard, a minister inDetroit, whose elderly parentshave been hospitalized aftertesting positive for the virus.

Central City IntegratedHealth, a primary-care clinicnear downtown, has struggledto provide protective gear forstaff, with suppliers focusingon orders from larger hospi-tals. The dearth has left theclinic to treat most patientsvirtually. The problem is thatnot all patients have regularaccess to phones and comput-ers, said Kimberly Farrow,chief executive of Central CityIntegrated Health. “We’ve hada major breakdown of our sys-tem.”

She had one asthmatic pa-tient go to the hospital com-plaining of symptoms but wasturned away because her casewasn’t deemed severe enoughfor a hospital bed. When Dr.Farrow tried to help her pa-tient by phone, the woman’sprepaid cellphone minutes hadrun out.

BY BEN FOLDY

In Detroit, Poverty Deepens PainAs Virus Cases Are Poised to Peak

There were few cars on Jefferson Avenue and a single passenger on a bus Monday in Detroit during a normally busy morning rush hour.

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wild adults and expanding ar-eas where the animals are re-leased. The wolves now mostlyinhabit a mountainous regionon the border of Arizona andNew Mexico, living in 42 dif-ferent packs.

“This is really encouragingnews at a time when we allneed some encouraging news,”said Bryan Bird, Southwestprogram director for Defendersof Wildlife, an environmentaladvocacy group.

But ranchers in the regionsay the wolves have decimatedtheir herds, taking down hun-dreds of calves and other live-

stock over the past two decades.“They have had a cata-

strophic impact on ranchers inthe wolf recovery zone,” saidCaren Cowan, executive direc-tor of the New Mexico CattleGrowers’ Association.

Ms. Cowan and other advo-cates for ranchers have ar-gued for limited hunts of thewolves and higher paymentsby the federal government forthe loss of a cow or calf.

“If they could hunt thewolf, it would change their be-havior,” Ms. Cowan said. Butenvironmentalists say theMexican gray wolf numbers

remain far too low for that.Mr. Bird said environmen-

talists have worked withranchers to come up with tech-niques to deter wolves, such ashaving hired riders chase themoff—but Ms. Cowan said manyof those are ineffective.

“Generally, the Mexicangray wolf has become identitypolitics,” Mr. Bird said. “Youget the entrenched camps onboth sides of the issue.”

The conflict reflects the ten-sions that have played out in thenorthern RockyMountains sincea related species, gray wolves,was reintroduced there in 1995.The predator’s population hasgrown to more than 1,500, ex-panded their range across muchof the Pacific Northwest andwreaked so much damage tolivestock that hunting seasonshave been opened in states in-cluding Idaho and Wyoming.

Even with their resurgence,the Mexican gray wolves arein a far more tenuous position,wildlife biologists say. Onethreat they face is inbreeding,Mr. Bird said. He and other ad-vocates are pushing for federalauthorities to relocate thewolves in more dispersed loca-tions, such as northern Ari-zona and the southern Rockiesof New Mexico.

The Mexican gray wolf hasrebounded to its highest num-bers in the American South-west since its near extinctiona half-century ago—to the de-light of environmentalists butangst of some ranchers.

Considered the most endan-gered of the world’s wolf spe-cies, the Mexican gray wolfdisappeared from its nativehabitat in the southwesternU.S. and northern Mexico inthe 1970s due largely to hunt-ing and trapping. It remainedout of the wild until 1998,when 11 wolves raised under acaptive breeding program runby the U.S. Fish and WildlifeService were released in themountains of eastern Arizona.

Since then, the Mexican graywolf has been on an upwardtrajectory—reaching a record163 in the Southwest in 2019,24% higher than the previousyear and the 10th straight yearof increases, according to theMexican Wolf Interagency FieldTeam, a task force of variousgovernment agencies.

Federal wildlife officials saythe higher numbers come afterrecovery efforts that have in-cluded placing captive-bornpups in dens to be raised by

BY JIM CARLTON

Wolf Species Rebounds in Southwest

The Mexican gray wolf was near extinction in the 1970s.

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the protocol, based on a singledose of the barbiturate pento-barbital, diverged too greatlyfrom execution proceduresused in the relevant states.

By a 2-1 vote, the U.S. Courtof Appeals for the District ofColumbia Circuit concludedthe federal protocol met con-gressional requirements.

“From the moment it an-nounced the protocol on July25, 2019, the government hasrushed the process in order tocarry out executions withoutmeaningful judicial review ofthe legality and constitutional-ity of the new execution proce-dures,” said Cate Stetson, anattorney for one of the inmates.

A Justice Departmentspokeswoman couldn’t bereached to comment.

Tuesday’s decision didn’tresolve all impediments to theexecutions, however. The D.C.Circuit asked the district courtto consider the inmates’ claimsthat the use of pentobarbitalwould violate the Food, Drugand Cosmetic Act and the Con-trolled Substances Act.

Ms. Stetson suggested an ap-peal to the full D.C. Circuit waspossible, and the matter couldland before the Supreme Court.

WASHINGTON—An appellatecourt said the Trump adminis-tration’s planned protocol forexecuting men on the federalgovernment’s death row was le-gally acceptable, but additionallegal questions, along with acoronavirus emergency that hasled several states to suspend ex-ecutions, left unclear when theinmates might be put to death.

In November, a federal dis-trict court in Washingtonblocked the first executionsscheduled by the Justice De-partment after a 16-year hiatus,finding the protocol approvedin July by Attorney GeneralWilliam Barr didn’t comply withthe Federal Death Penalty Act.

The 1994 law requires thatfederal executions be con-ducted “in the manner pre-scribed by the law of the Statein which the sentence is im-posed,” or an alternate stateselected by the Justice Depart-ment if the inmate was con-victed in a jurisdiction that hasabolished capital punishment.

Agreeing with the four in-mates who had been sched-uled to die beginning in De-cember 2019, the judge found

BY JESS BRAVIN

Appeals Court AllowsExecution Procedure

Lawmakers rebuffedGov. TonyEvers’s bidfor an all­mail orrescheduled election.

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In the scramble to containthe coronavirus financial fall-out, U.S. policy makers haveembraced an ambitious big-government agenda—fromnew worker protections to aguaranteed minimum income—that could redefine Washing-ton’s role in the economy.

The evolving emergency re-sponse playbook, adopted bythe White House and congres-sional leaders from both par-ties, draws from key elementsof the liberal activist platformhoned over the past decade.

These include: extending togig workers unemploymentbenefits; shielding hard-hitrenters from evictions; givingrelief to those with studentdebt; and creating guidelinesgoverning how private compa-nies pay their executives, re-ward shareholders, and inter-act with organized labor.

Most of these measures—asadopted over the past monththrough regulation, executiveorder and the roughly $2 tril-lion relief package and otherlegislation—are temporary andare being diluted in the imple-menting rules. Trump admin-istration officials and congres-sional Republicans portraythese actions as tailored to theunique circumstances of thisunusual economic shock, not alonger-term shift in governingprinciples.

Democrats see the policiesas just the beginning of amore ambitious overhaul to fixwhat they consider pre-exist-ing economic ailments ex-posed by the crisis.

These arguments will playout in the coming weeks, aslawmakers debate whether tocraft another relief packageand to extend any policies en-acted so far.

Even in limited form, thepolicies embraced in the pan-demic response are significantfor shifting the debate overgovernment intervention to fixperceived market failures. Thishas by no means been a sweep-ing New Deal-style overhaul.

before getting laid off.Steelcase Chief Executive

Jim Keane said he had nochoice but to temporarily layoff thousands of the company’shourly workers after the office-furniture maker last month hadto shut its Michigan factories.What softened the blow, hesaid, was that many of his em-ployees were actually going toreceive the same money asthey did in their paychecks be-cause of the recently passedfederal stimulus bill.

“The combination of stateunemployment benefits plusthe federal unemployment ben-efit is nearly a complete re-placement for our Michiganfactory workers who were laidoff. It made that part of the de-cision more palatable,” he said.

Macy’s Chief Executive JeffGennette said the new benefitsin the federal-stimulus pro-gram played a role in the com-pany’s decision to furlough125,000 workers this pastweek. The retailer’s leadershipteam decided that the extra$600 a week, plus the factthat Macy’s would continuepaying health benefits throughMay, provided enough of acushion to furloughed work-ers, he said.

Like Macy’s, Equinox is alsocontinuing to provide healthinsurance to all staffers alreadyenrolled, and the company saidit plans to welcome back fur-loughed employees when itsgyms reopen. A spokeswomansaid the company “has had tomake a number of difficult de-cisions that impact individualroles and payroll at all levels ofthe organization.”

Other parts of the stimuluspackage encourage companiesto keep people on the payroll.The Small Business Administra-tion’s Paycheck Protection Pro-gram allows companies to takeout loans that are forgivable ifthey keep their workforcelargely intact and use themoney for eligible expensessuch as rent and utilities.

Companies of all sizes risklosing their employees for goodif they opt to lay them off,which is why so many arechoosing to furlough people,Ms. Lamb said. A furlough gen-erally implies that an em-ployee’s hours are cut, oftencompletely, but that they willbe recalled back to work atsome point. Furloughed work-ers qualify to apply for unem-ployment benefits in the sameway that people who are fullylaid off do.

For companies that don’tqualify or are unwilling to take

ContinuedfromPageOne

But the pandemic may, like theGreat Depression, foster struc-tural policy change that out-lasts the calamity itself.

“It’s been shocking how cer-tain ideas that had been viewedas fringe and partisan havequickly come into the main-stream,” said Ed Mills, a Wash-ington policy analyst for Ray-mond James & Associates, aFlorida-based brokerage.“These tools are now in the toolkit. They will be used again.”

One big shift is in the raftof new labor policies.

The U.S. has historically fa-vored flexible labor markets,with the government leavingstruggling firms free to shedemployees, while helpingworkers find new jobs. By con-trast in Europe and Asia, offi-cials prioritize keeping work-ers in existing jobs.

Now, the U.S. government isencouraging and cajoling em-ployers to maintain theirworkforce.

The $800 billion in grantsand loans for companies comeswith incentives and mandatesto minimize layoffs. Congressalso has authorized funds sub-sidizing European-style work-sharing, in which distressedemployers avoid sheddingworkers by reducing workinghours for each employee.

For companies saying theystill need to cut payroll, newpolicies encourage furloughsover layoffs by widening ac-cess to unemployment insur-ance. Under a furlough, work-ers are ostensibly assured theirjobs back when the downturn

ends; and while they lose pay,they often keep benefits.

Organized labor has alsowon new protections. One newrule says that larger corporateaid recipients are required tohonor existing collective bar-gaining agreements for the du-ration of their federal loansand two years beyond.

That provision flows fromthe lingering political falloutfrom the bailouts during the2008 financial crisis. “Compa-nies that took bailout moneysaid, ‘Let’s share the sacrifice,we have to renegotiate ouragreements,’ ” said SharonBlock, executive director ofthe labor and worklife pro-gram at Harvard Law School.“Then shareholders benefitedquickly during the recovery,while it took workers—espe-cially auto workers—a longtime to get back to where theywere before,” said Ms. Block,who was a labor adviser in theObama White House.

Additionally, some compa-nies seeking federal funds arefacing restrictions on theirability to oppose attempts tounionize their workforce. Oneof the new laws states theyshould “remain neutral in anyunion organizing effort for theterm of the loan.”

“To tell companies theycan’t even do things that areotherwise lawful and legiti-mate—that’s a pretty huge re-striction,” said Joseph A. Hall,co-head of the corporate gov-ernance practice at Davis Polk& Wardwell LLP.

Beyond unions, labor advo-

cates have grown increasinglyvocal in recent years about twocauses: expanding paid sickleave to low-wage workers andextending benefits to manyworkers currently excludedfrom such programs. Amongthem are the so-called gigworkers, the growing workforceclassified as self-employed andindependent contractors.

Under the relief program,Congress requires companieswith 500 or fewer employeesto provide two weeks paid sickleave, although there are ex-emptions. Lawmakers createdan unemployment assistancefund, running through July, of-fering independent contrac-tors jobless benefits normallyavailable only to workers des-ignated full-time employees.

Washington has also alteredlongstanding conventions onincome-support policies, withits $1,200 payments comingsoon to most Americans.

Over the past three de-cades, those programs havecome with strings attached.They require recipients toearn a minimum amount be-fore they can get a govern-ment check, with paymentsstarting small and only gettingbigger, as recipients earnmore. The relief plan dropsthe earnings requirements, ex-panding eligibility and creat-ing a near-universal incomeguarantee, at least for the nextfew weeks.

Also in the response pro-gram is targeted relief for rent-ers and people with studentloans—precrisis causes forsome progressive politicians.

Some firms receiving publicmoney will be banned from re-turning cash to shareholdersthrough stock buybacks anddividend payments—not onlyfor the duration of their loans,but for an extra year beyond.

Businesses receiving aidface government limits on howmuch they can pay their execu-tives, and the new law saysthey shouldn’t “outsource oroffshore jobs for the term ofthe loan and 2 years after com-pleting repayment of the loan.”

BY JACOB M. SCHLESINGER

Crisis Expands Government RoleAs Liberal, Labor Goals Advance

on all the conditions of the fed-eral loans, there is some com-fort in the fact that their fur-loughed employees can getunemployment at a sustainablelevel, said Kathleen Anderson,a Fort Wayne, Ind., employ-ment attorney at Barnes &Thornburg.

Some of Ms. Anderson’s cli-ents are essential businessesthat have employees whowould make more in the shortterm under the federal benefitsprogram and, in some cases,have asked to be laid off. Someof those workers are fearful fortheir safety—and that of theirfamily members—during thepandemic, she said, and wouldrather take the federal benefitand not come into work.

Steelcase’s Mr. Keane saidhe made voluntary layoffsavailable for his salaried work-ers. He estimated that somewould take the newly expandedfederal unemployment benefits,which would allow him to usethe expected savings to curbpay cuts for some of the com-pany’s other salaried workers.

“We think this bill is goingto make voluntary layoffs moreattractive, so let’s find a way tomake that be possible for peo-ple for whom it’s a good choiceand then take the savings andshare that back,” he said.

Nick Mann, 30 years old,worked his last shift as a bar-tender at a Philadelphia sushirestaurant in mid-March. Hefiled for unemployment bene-fits, and expects to receive$341 a week from the state.The $600 federal unemploy-ment benefit has been delayed.

Mr. Mann is looking for jobsin other fields, such as sales orinformation technology. He

said he may dip into savings topay his $630 monthly rent.

“In general, I’m pretty opti-mistic,” Mr. Mann said. “Theonly thing I’m pessimisticabout is the amount of timethis is all going to last.”

While the new stimulusmeasures will boost unemploy-ment assistance, it won’t lastlong. Brenda Eaden, 67, wasfurloughed from her positionas a sales associate at a Macy’sstore near Seattle. Ms. Eadensaid that she is counting on un-employment payments and thatshe and many of her colleaguesare filled with uncertainty.

“We know how to plan forthe next four months, andthat’s about it because of theunemployment and the extrastimulus,” she said. “After that,we’re screwed.”

—Suzanne Kapnercontributed to this article.

THE CORONAVIRUS PANDEMIC

leaders about the package.“We’re going to be going

for, it looks like, a very sub-stantial increase in the num-ber, because we will be run-ning out of money prettyquickly—is a good thing, inthis case, not a bad thing,” Mr.Trump said.

Senate Majority LeaderMitch McConnell (R., Ky.) saidhe was aiming to pass a bill bythe end of this week. With law-makers out of town, Mr.McConnell will need agree-ment with Senate MinorityLeader Chuck Schumer (D.,N.Y.) to pass the measurethrough unanimous consent ora voice vote.

Lenders have been inun-dated with applications for thefunds since the programlaunched on Friday. The loans,capped at a maximum of $10million for businesses with 500or fewer employees, are in-tended to cover roughly twomonths of essential costs, and

the government will forgivedebt if businesses don’t lay offworkers. Many businesses havehad to shut down or sharplyreduce staffing amid the coro-navirus outbreak.

The Small Business Admin-istration has recorded 220,000loans totaling roughly $66 bil-lion as of Tuesday, accordingto a letter sent by the adminis-tration to congressional lead-ers to formally request the ad-ditional funding.

“Given the level of demandfor the program, the adminis-tration believes the funds ap-propriated for this programwill soon be exhausted,” act-ing Office of Management andBudget Director Russ Voughtwrote.

Still, very few small busi-nesses are reporting that theyhave received any money fromthe program. After the SBAapproves a loan, it is up to thebanks to actually provide thefunds.

“We are looking at layingoff 28 people if we don’t getthe PPP as promised by thegovernment,” said DavidLevinson of Dino’s Pizza Bur-bank, in Burbank, Calif., whosaid he had applied for a$220,000 loan on Friday whenthe program began. He said heclosed the restaurant onMarch 30.

The program is designed tokeep employees in small firmson company payrolls—or havethem rehired—rather than seethem added to burgeoningranks of the unemployed. Butit doesn’t provide money forthe firms to gear up to dobusiness once the pandemicfades.

House Speaker NancyPelosi (D., Calif.) said on CNNTuesday afternoon that shediscussed passing an “interimpackage” for small businesseswith Mr. Mnuchin. She saidHouse Democrats would lookto include measures aimed at

equitably distributing themoney.

While negotiations aren’tyet complete, House MajorityLeader Steny Hoyer (D., Md.),said that the House could ap-prove additional small busi-ness assistance this week.House Minority Leader KevinMcCarthy (R., Calif.) also saidthe House should move to ap-prove additional funding afterthe Senate has.

The bid to rapidly put intoplace more small-business re-lief could run into difficulty iflawmakers insist on includingother relief measures in thebill, rather than in a subse-quent one, or otherwise object-ing. Any individual lawmakercould stop an effort to pass thebill by unanimous consent.

Earlier Tuesday, SenateDemocrats sidestepped thequestion of whether theywould block more money forsmall businesses in a bid to en-sure that some of their priori-

ties, including higher pay foressential workers, are includedin the next aid package.

“This is one of our veryhighest priorities,” Mr.Schumer told reporters on acall Tuesday, talking about aproposal to boost compensa-tion for health-care workers,grocery clerks, transit employ-ees and other essential work-ers.

A spokesman for Mr.Schumer said Tuesday hehadn’t heard from Mr. McCon-nell about the small-businessplans.

On Monday, Mrs. Pelosi toldthe Democratic caucus in a callthat there must be more assis-tance for small businesses andfor those who rely on foodstamps in the next package, ac-cording to multiple Democraticaides. She saw this funding aspart of a new bill worth atleast another $1 trillion, on topof the $2.2 trillion bill signedinto law last month.

WASHINGTON—The Trumpadministration and top law-makers said they hope to movewithin days to approve hun-dreds of billions of dollars in

new funding for small-businessloans, citing widespread de-mand for assistance from firmshit by shutdowns related to thecoronavirus pandemic.

Heavy requests for the pre-viously approved $350 billionin loans are pushing Republi-can and Democratic lawmakersto consider augmenting thePaycheck Protection Programless than a week after itstarted accepting loan applica-tions. President Trump said hesupported providing an addi-tional $250 billion in fundingfor loans, and Treasury Secre-tary Steven Mnuchin said hehad spoken with congressional

By Andrew Duehren,Peter Rudegeairand Bob Davis

U.S. Seeks to Boost Small-Business Loans

People waited in long lines Tuesday to apply for unemployment benefits in Hialeah, Fla., as the state attempts to fix its website.

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NewDeal (1936)

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Firms CiteStimulusIn Layoffs

While the stimulusmeasures will boostassistance, it won’tlast long.

Macy’s has closed its stores and furloughed most of its employees.

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THEWALL STREET JOURNAL. Wednesday, April 8, 2020 | A5

We Have not Solved the$16 Trillion Small BusinessLiquidity Trap

An Open Letter to Governments and Central Banks

The world’s small and mid-sized businesses need our help.A solution is within our grasp.

The greatest financial relief we can give small and mid-sized businesses in this crisis isfaster payment of their outstanding invoices — liquidity. The lending programs beinglaunched by the world’s governments and central banks for small and mid-sizedbusinesses are extraordinary, but will fall short in dollars, and will not arrive soonenough for millions of businesses in dire need.

As the founder of a technology company that facilitates early payments of accountsreceivable, I am keenly aware that the average small business has only a few weeksof cash on hand. Yet many of them have significant accounts receivable, oftenrepresenting 60-90 days of sales. The World Bank estimates that the world’s 150million small and mid-sized businesses employ 60% of the working population andgenerate nearly 50% of the world’s GDP. We estimate that these businesses are owedmore than $16 trillion by their customers, half of which are large companies.

What if we created low-cost funding specifically for larger companies to paytheir small and mid-sized suppliers immediately?

We would eliminate the need to underwrite loans for tens of millions of businesses,which are already overwhelming traditional finance channels. Do this at scale andwe could create $8 trillion of immediate relief for the world’s small and mid-sizedbusinesses without causing them to borrow a penny.

A typical large company has thousands of suppliers, the majority being small andmid-sized businesses. One credit facility to a larger company with a sizable supplychain can advance funds to upwards of 1,000 small and mid-sized businesses, a1:1000 amplifier effect. If just 20,000 such facilities were created, early payment —liquidity, could immediately flow to over 20,000,000 small and mid-sized businesses.

Alexander “Sandy” KemperFounder and CEO, C2FO

Working Capital. Working for Everyone.

For further analysis of this pressingchallenge – and a workable solution,visit C2FO.com/liquidity

PAID ADVERTISEMENT

Paid for by: C2FO

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THE CORONAVIRUS PANDEMIC

for the devices, a spokes-woman said Tuesday. Theagency said it would allowemergency use if companiesapplied for it. A Philipsspokesman declined to say ifthe company had done so.

“This is an emergency,” Dr.Jarrett said Monday. “Weneed to do what we considersafe to keep patients alive.”

Nurse needsRosemarie Robinson, a

nurse, arrived last Monday atLong Island Jewish ForestHills and wondered how muchworse it would be. She man-ages the nursing staff in in-tensive care and worriedabout having enough help.

That day, close to 50 inten-sive-care beds on two floorswere nearly full with patientson ventilators and tethered tosix or more intravenous lines.Ms. Robinson needed enoughnurses to check IVs, oxygenlevels and blood pressure. Pa-tients also needed to beturned to help them breathe, ajob that requires as many aseight people.

Some Forest Hills nursescouldn’t work that day be-cause their exposure to the vi-rus forced them into quaran-tine. Others were alreadyworking 16-hour shifts. Nursesfrom Northwell hospitals ar-rived to help, including a teamfrom pediatric intensive care,but they needed training.There were a few new nursesfrom a temp agency.

Every wave of arrivals leftMs. Robinson at risk of beingunderstaffed. The hospital wastransferring patients to helpmake space. Ms. Robinsonidentified patients able to bemoved, knowing empty bedswould quickly fill.

She got a text from thehospital’s chief nurse execu-tive: “Where are you?” Herboss said the hospital neededto open a third ICU. Ms. Rob-inson wondered how that wasgoing to be possible.

Three days later, the hospi-tal opened a 12-bed intensive-care unit. Nurses from Califor-

nia, Minnesota and Floridaarrived to work there.

“I have never seen quitethis many of the worst of theworst,” said Helen Bloch, anemergency room doctor of 35years. Last Tuesday, shescoured medical records andvital signs to evaluate 40 pa-tients stable enough to safelytransfer from Long IslandJewish Forest Hills to otherhospitals. Over the previousthree days, the hospital had torelocate more than 90.

It was Dr. Bloch’s first dayat the Northwell Health Cen-ter for Emergency MedicalServices in Syosset, N.Y. Herimmediate task was to combthrough Forest Hills’ digitalmedical records, evaluatingdozens of critically ill patientsfor anyone who could besafely moved.

Ambulances had over threedays moved an entire hospi-tal’s worth of patients fromForest Hills and a second hos-pital to make room for more.

too, was afraid of dying.While poring over digital

medical records, Dr. Bloch ap-proved moving one patient.Two hours later, the patient’soxygen levels and vital signsdropped. Even a 15-minutedrive was too risky. She can-celed the transfer.

Then word came: Pleasefind another patient to trans-fer.

One win, pleaseAdey Tsegaye got to work

Thursday morning at Long Is-land Jewish New Hyde Park.Before she reached the eleva-tor, the loudspeaker blared acode for a patient in distress,summoning doctors at theNassau County, N.Y., hospital.

Before the pandemic, hos-pital loudspeakers blared suchcodes around 100 times amonth. Now, there are morethan 100 a week.

Dr. Tsegaye met with thedoctor who had worked over-night to review details abouteach patient. The unit had oneempty bed left. The other 21were occupied by patients onventilators.

One patient stood out. Doc-tors had put a woman back ona ventilator after taking heroff the device two days ear-lier. So many patients hadmade little progress, or hadgotten worse. Our one win,and we slid all the way back,she thought.

Dr. Tsegaye went to seeeach patient with a team ofdoctors and nurses, advancecare practitioners and a phar-macist. As she sat later thatday, recording informationabout her patients, her phonebuzzed with a text from an-other doctor: He believed apatient was well enough toget off a ventilator.

Dr. Tsegaye ran through theunit. Two doctors and a nursewaited for her at the patient’sbed. The doctors found in atest given daily to every venti-lated patient that the mancould breathe on his own. Dr.Tsegaye had seen only oneother patient in three weeks

pass the test.She peppered the doctors

and nurse with questions. “I’mtelling you, he’s going to beOK,” the nurse said. “We’vegot to try.”

“Let’s do it,” Dr. Tsegayesaid. Another doctor removedthe breathing tube from thepatient’s throat. Dr. Tsegayetold the patient where he wasand what had happened. Didhe understand? She asked.

He responded “OK,” andgave a weak cough.

The doctors watched hisbreath and oxygen levels. Min-utes passed. Both remainedstable. Dr. Tsegaye walkedback to her unit, hopeful of awin.

Sudden goodbyePhysician Darryl Adler

ended a 12-hour shift Satur-day at Long Island Jewish Val-ley Stream at the bedside ofyet another patient whoselungs had given out andneeded a ventilator. She was89 years old.

In a short span, he hadseen many patients die on aventilator, sedated and sepa-rated from family. Five haddied on Friday, five the daybefore; four on Wednesday;two on Tuesday; five Monday;three on Sunday.

Dr. Adler asked the medicalteam at the patient’s bedsideto give him a minute to callthe woman’s family. He toldNicole Mitchell that hermother, Victoria Gourdine,very likely wouldn’t survive,even with a ventilator.

Ms. Gourdine lived near herdaughter, but was indepen-dent. She drove to the storeand sang in the church choir.In August, Ms. Gourdine hadlost her husband of 50 years.

Ms. Mitchell tried to keepher distance during the pan-demic, and they mostly talkedby phone. She went to see hermother Thursday. Hermother’s breathing was heavy,but Ms. Gourdine refused togo to the hospital.

Ms. Mitchell returned Fri-day and called the ambulance.Her mother, who alwaysdressed well, left for the hos-pital wearing her jewelry.

On Saturday, Ms. Mitchelllearned her mother’s healthhad worsened. A nurse usedher cellphone so Ms.Gourdine, her daughter andgranddaughter could videochat.

“I am going to see yousoon,” Ms. Gourdine said.

“I love you,” Ms. Mitchelland her daughter said.

The hospital later called tosay Ms. Gourdine might needa ventilator and that Ms.Mitchell should prepare tomake a decision to use it or tojust keep her mother comfort-able.

Then Dr. Adler called. Yourmother needs breathing sup-port, he told Ms. Mitchell, andshe isn’t likely to survive. Wecan keep her comfortable, hesaid. Please just keep hercomfortable, Ms. Mitchellsaid.

Dr. Adler relayed Ms.Mitchell’s wishes to thenurses and headed off to theemergency room.

Ms. Mitchell stepped out-side to call a friend. “It’s toosoon,” she said. “It’s toosoon.” Her mother would bein a better place, she said, butthat didn’t make the decisioneasier. Ms. Gourdine diedhours later.

Dr. Rafael Barrera at Northwell Health's Long Island Jewish Medical Center. Below, Dr. Darryl Adler and critical-care nurse practitioner Christina Calgano.

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While they worked, Ms.Pollard’s cellphone rang fromone of the intensive-careunits. “I need one more,” thecaller said. No one ferryingthe finished ventilators hadreturned. “I got you,” Ms. Pol-lard said. She grabbed one ofthe new ventilators and ranfor the elevator.

As the elevator doorsopened on the fifth floor, awaiting respiratory therapisttook the machine from Ms.Pollard’s hands. “Thank you,”the therapist called out as sheran off.

When Ms. Pollard returnedto assemble the remainingventilators, she repeated aphrase, as she had many timesover the past days: “God isgood all the time. And all thetime God is good.”

At Northwell Health hospi-tals in and around Queens,N.Y., last week, the surge wasfelt by doctors, nurses andothers disoriented by thespeed and scale at which thepandemic became their sole,urgent focus.

They tried to stay a stepahead, tearful over deathsthey couldn’t prevent andfearing for their own health.By Monday afternoon, the in-tensive-care units at threeNorthwell hospitals had metor surpassed full occupancy.

Some signs point to NewYork reaching a plateau in thepandemic. The number of cor-onavirus patients needing in-tensive care and placed onventilators dropped Monday.“This is a projection,” Gov.Andrew Cuomo said Tuesdayof a possible plateau.

This account from threehospitals in the NorthwellHealth system in Queens andneighboring Nassau County,N.Y., is based on interviewswith doctors, nurses and fam-ily members over the pastseven days.

Breathing roomDr. Hugh Cassiere said he

jolted awake on March 25with the idea of modifyingbreathing machines using 3-Dprinted parts to convert themto ventilators.

He and his colleague Stan-ley John refined the idea forthe machines they pulled fromstorage the next day, confirm-ing that the devices came withsoftware to use them as venti-lators. Dr. Cassiere thoughtthe emergency use would helprelieve the ventilator short-age, but he didn’t know if doc-tors would use the devices.

The U.S. Food and Drug Ad-ministration approved suchuse of the devices, manufac-tured by Philips NV, but onlyfor less-critical patients, notthose with the worst symp-toms of coronavirus disease.The breathing machines—typ-ically used as bi-level positiveairway pressure devices,known as BiPAPs—are for pa-tients who can still breathe ontheir own. They work as aface mask to deliver oxygen.

While acutely ill coronavi-rus patients couldn’t usethem, Dr. Cassiere and Mr.John believed some patientscould be switched to thePhilips device.

The two men worked with abiomedical engineer to pro-duce 3-D printed parts thatconnected throat tubes to themachines. Soon, at least 50less-severely ill patients wereusing them.

Northwell wanted to see ifthe modified breathing ma-chines could be used for pa-tients who couldn’t breathe ontheir own. The wife of a venti-lated patient who wasn’t ex-pected to survive agreed totry the device on her husband,before his life support was re-moved. It worked.

Mark Jarrett, a doctor andNorthwell Health system’squality chief, announced onApril 1 the decision to expanduse of the Philips devices,which also were modified toprevent spread of the virusinto the air. He acknowledgedit could be used in an emer-gency for coronavirus pa-tients.

Within three days, doctorsat the Northwell hospitals hadused the machines for 70 cor-onavirus patients and another18 patients without the dis-ease. That helped to limit ven-tilator use at its 23 hospitals.

The FDA hasn’t issued anemergency-use authorization

ContinuedfromPageOne

City FeelsFull ForceOf Crisis

Across the room from Dr.Bloch, monitors flashed 911calls and a digital map trackedthe locations of about 70 am-bulances.

Emergency medical dis-patcher Kelly Walters fieldeda call for a man who had beento a hospital earlier in the

week and tested positive forcoronavirus. “We are sendingthe paramedics to help younow,” she said.

Dr. Bloch had worked mostof March in the emergencyroom of Long Island JewishMedical Center in New HydePark, and she was drained. Somany patients had died. She,

A doctor was joltedawake with an ideato use 3D parts tomake ventilators.

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fronting the Navy.Mr. Modly, a Naval Academy

graduate who once served as ahelicopter pilot, had broughtthe kind of private industry ex-pertise favored by the Trumpadministration, formerly work-ing for PricewaterhouseCoo-pers’ global government andpublic-services sector.

He became undersecretaryof the Navy in 2017 and lastyear succeeded former NavySecretary Richard Spencer,whom Mr. Esper dismissed af-ter a disagreement with theWhite House.

Mr. Trump pardoned NavySEAL Chief Petty Officer Ed-ward Gallagher, who had beencleared of war-crime charges inIraq in 2017 but convicted onlesser ones. Mr. Trump’s deci-sion led to the departure of Mr.Spencer.

Earlier, in 2017, there werefour serious accidents involv-ing Navy vessels, two of themdeadly, in which 17 sailorswere killed. Subsequent inves-tigations into the accidentsconcluded they pointed toreadiness, training and cul-tural shortcomings.

“The contrast in leadershipstability between the Army andthe Navy is dramatic,” saidMark Cancian, senior adviserwith the Center for Strategicand International Studies, athink tank, and a retired Ma-rine colonel. “The Army hashad very stable leadership andbeen able to implement a co-herent program as a result. TheNavy leadership has been inturmoil.”

is expected to depart in thenext day or two, officials said.

“He resigned on his own ac-cord, putting the Navy and thesailors above self,” Mr. Espersaid.

But Mr. Modly’s actions inthe past week angered sailorsand many U.S. lawmakers, whodemanded he resign.

“After mismanaging theCovid-19 outbreak on the USSTheodore Roosevelt, it becameobvious that Acting SecretaryModly had forfeited his abilityto lead the Navy,” said Rep.Adam Smith (D., Wash.), chair-man of the House Armed Ser-vices Committee.

Mr. Modly’s resignationcapped a month in which sail-ors on the Theodore Rooseveltwere stricken by coronavirusat sea, with the virus rapidlyspreading through the crew,leading Capt. Brett Crozier,the commander, to write anddistribute a memo last weekdemanding support in gettingsailors off the carrier. Afterthe memo was leaked to newsorganizations, Mr. Modly re-lieved him of duty, sayingCapt. Crozier went outside theNavy’s chain of command.

The removal of the captainwas controversial, but was seenby many people within the mil-itary and among some expertsand former officials as withinhis prerogative as the civilianhead of the Navy.

But Mr. Modly then took theunusual step over the weekendof traveling to the carrier,which now is at port in Guam,and addressing the crew overthe ship’s loudspeakers, angrilyand sometimes profanely criti-cizing the former commander.That move fueled widespreadanger on the ship, at the Pen-tagon and on Capitol Hill.

Mr. Modly issued a state-ment later Monday standingby his words. Later Monday,Mr. Trump, aware of the out-cry, called the remarks“rough” and pledged to get in-volved in the case.

Two hours later, Mr. Esper

ContinuedfromPageOne

THE CORONAVIRUS PANDEMIC

398,809U.S. cases

1,430,141World-wide cases

12,895U.S. deaths

82,119World-wide deaths

22,224U.S. recoveries

301,130World-wide recoveries

Coronavirus Daily UpdateAs of 10:45 p.m. EDT April 7

Workers and volunteers loaded supplies into vehicles that lined up Tuesday at a food bank drive-through in San Antonio, Texas.

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demanded that Mr. Modly is-sue a public apology, officialssaid, and Mr. Modly did so lateMonday.

In a sign that he harboredplans to continue making amark on the Navy, Mr. Modlyhad hoped to name one ormore of a new class of frig-ates, but was told thatwouldn’t be possible, peoplefamiliar with the matter said.

At a White House news brief-ing on coronavirus on Tuesday,Mr. Trump, answering questionsabout the carrier, said Mr.

Modly didn’t have to resign, andthat doing so was “unselfish.”

Capt. Crozier has declined todiscuss the coronavirus out-break on his former vessel, or toanswer questions about his ownhealth.

Chief of Naval OperationsAdm. Mike Gilday initiated aninternal investigation into theproblems on the carrier and thecommander’s conduct. Thosefindings, expected in comingweeks, will be used to deter-mine what ultimately mighthappen to Capt. Crozier.

The departure of Mr. Modlyand the impending shift in theleadership adds a new wrinklein a series of challenges con-

The resignationfollowed a surge incases on the USSTheodore Roosevelt.

Acting Navy Secretary Thomas Modly, shown in February, cameunder fire after he angrily criticized the Roosevelt’s former captain.

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NavyOfficialResigns

his fellow inspectors general.During a Tuesday evening

news conference, Mr. Trumpsaid it is his prerogative tochoose inspectors general,adding that Mr. Fine was nom-inated by a Democratic presi-dent. The president said hedoesn’t know Mr. Fine person-ally and didn’t offer an expla-nation for his decision.

Mr. Fine served as the Jus-tice Department’s inspectorgeneral beginning under BillClinton. His tenure stretchedthrough the Bush administra-tion and into the Obama ad-ministration. Mr. Obama latertapped him to serve as thePentagon’s inspector general.

an inspector general in recentdays. Last week, the presidentfired the intelligence commu-nity inspector general, MichaelAtkinson, who played a keyrole last year in the run-up toMr. Trump’s impeachment.

In replacing Mr. Fine, thepresident makes him ineligibleto serve as the head of the Pan-demic Response AccountabilityCommittee. The committee,which was created under thestimulus law, is charged withidentifying waste and abuse asthe government implements theprovisions of the coronavirus-response package. Mr. Fine wasappointed as the head of thecommittee late last month by

President Trump replacedthe Pentagon’s acting inspectorgeneral, who had been chargedwith monitoring the roughly$2 trillion pandemic stimuluslaw, administration officials

said, the latest shake-up in abid by Mr. Trump to exert in-creased control over personnel.

Mr. Trump’s removal ofGlenn Fine, a longtime federalwatchdog who has been at thePentagon since 2015, is thesecond high-profile ousting of

By Ben Kesling,Andrew Restucciaand Dustin Volz

drew Cuomo.New Jersey, Illinois and Lou-

isiana also recorded their high-est daily tolls from the virus onMonday, with 232, 73 and 70deaths, respectively

The higher number ofdeaths comes despite signs theoutbreak was slowing in NewYork, New Jersey and Louisianaas the impact of stringent so-cial-distancing measures beganto show. Still, the governorsurged residents to continue toheed the restrictions. Source: Johns Hopkins University Center for Systems Science and Engineering

The U.S. death toll from thenew coronavirus rose sharply,with nearly 50% more peoplekilled Tuesday than any previ-ous day in the epidemic, ac-cording to a Wall Street Jour-nal analysis of data from JohnsHopkins University.

Between 8 p.m. Monday andthe same time Tuesday, 1,939people in the U.S. died fromCovid-19, the respiratory dis-ease caused by the virus. Theprevious record was set Satur-day, when 1,320 died.

Contributing to the nationalrecord, New York, New Jersey,Louisiana and Illinois reportedtheir highest daily death tollsTuesday, even as officials insome of the hard-hit states cau-tiously advised their outbreakswere starting to slow.

Confirmed infections in theU.S. were more than doublethat of any other nation, at398,809, according to the JohnsHopkins data. American deathsfrom the virus rose to 12,895,

and 22,224 have recovered.Globally, the number of con-

firmed cases rose to over 1.4million, while deaths topped82,000, according to the JohnsHopkins data.

President Trump said Tues-day that his administrationwould look into withholdingmoney from the World HealthOrganization as the coronaviruscontinued to spread. He saidthe WHO had become “China-centric” and criticized thegroup for opposing his travelrestrictions on China.

The Trump administrationcan’t unilaterally withhold U.S.funding for the WHO, which isappropriated by Congress. Mr.Trump’s budget proposal forfiscal 2021, released in Febru-ary, called for reducing U.S.funding for the organization byhalf, but there is little indica-tion that congressional leaderswould agree to such cuts.

New York state, the centerof the crisis in the U.S., re-ported its highest number ofdeaths in a single day, with731 fatalities Monday. “A lot ofpain again today for manyNew Yorkers,” said Gov. An-

U.S. Death TollNears 13,000

By Jennifer Calfas,Chong Koh Ping

and Drew Hinshaw

identify political appointees atgovernment agencies who arethought to be opposed to thepresident’s agenda, adminis-tration officials said.

Presidents generally haveunilateral authority to removeinspectors general, but theyhave traditionally avoided do-ing so because they are seenas independent watchdogs.

“Basically, the message thathas now been sent very loudlyand clearly throughout theUnited States government, toinspectors general and every-body else, is don’t displeasethis guy because you’re liableto lose your job,” Sen. AngusKing (I., Maine) said.

visers have long accused offi-cials throughout the sprawlingfederal government, includingsome inspectors general, ofworking against Mr. Trumpand his team. After a bruisingimpeachment fight that sawseveral prominent administra-tion officials provide damag-ing testimony to Congress, thepresident’s advisers are eagerto install people in key posi-tions who are loyal to Mr.Trump, according to peopleclose to the president.

Earlier this year, Mr. Trumpnamed a trusted aide, JohnMcEntee, as the head of theWhite House’s personnel of-fice, where he has sought to

Mr. Fine was chosen to headthe pandemic oversight com-mittee by fellow inspectorsgeneral—through the Councilof the Inspectors General on

Integrity and Efficiency, or CI-GIE. CIGIE didn’t respond to arequest for comment.

The president and his ad-

Trump Removes Monitor Overseeing Stimulus Spending

The president haslong accusedofficials of workingagainst him.

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A8 | Wednesday, April 8, 2020 * * * * THEWALL STREET JOURNAL.

Kenneth,” she said. “If thatchart is not up there in twoseconds” after the governorasks for it, the darts quicklybegin to fly, like notes passedin a high-school class.

Later, when the governorcalls out someone for not fol-lowing his recommendations,the tweets will cheer him on.“You tell him, Andy,” she said.

The vibe in Ohio is a littlemore low-key.

Gov. DeWine kicked off arecent daily briefing by intro-ducing his wife, Fran, whotalked about a bean soup rec-ipe she’d made for the gover-nor the night before. She alsomentioned dropping off craftprojects for some of their 24grandchildren. “What is im-portant is the memories weare making with our kids,” shesaid.

Jessica Tyler of Versailles, Ky.,watching a coronavirus briefingby Gov. Andy Beshear.

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and education and universalbasic income.

Mr. Dorsey’s pledge is oneof the largest individual finan-cial commitments a chief exec-utive has announced duringthe coronavirus pandemic.

Mr. Dorsey, who owns

about 2% of Twitter stock, ac-cording to FactSet, said hewas donating shares fromSquare, because his holding inthe financial-services firm islarger. At current marketprices, Mr. Dorsey’s stake in

FEMA has requested prod-ucts ranging from body bags“suitable for burial or crema-tion” to protective eyewear,face shields and coveralls withhoods, its request for propos-als shows.

In some cases, companiesseeking to do business withFEMA have contacted JaredKushner, senior adviser andson-in-law to PresidentTrump. Mr. Kushner has re-ferred them to FEMA’s pro-curement department, peoplefamiliar with the matter said.

A spokesperson for Mr.Kushner and the White Housedidn’t respond to a request forcomment.

In a statement to The WallStreet Journal after a versionof this article published on-line, a FEMA spokespersonsaid “the business communityis a key partner” to the agencyand that it is critical that pro-posals be reviewed using theproper channels.

“Although this processtakes time, it is faster in thelong run than having to rec-ompete failed projects,” thespokesperson said.

FEMA is also working withthe Department of Health andHuman Services, its supplychain task force and “federalpartners” to tackle the sup-plies shortage, the spokesper-

son said.The supplier mismatch has

resulted partly from theagency’s facing its biggest-ever disaster, a global crisisthat has throttled many sup-ply chains. Since taking overpandemic response coordina-tion from HHS in mid-March,FEMA has been focusing onthe shortfall in supplies at thestate and local levels.

One challenge is thatFEMA’s expertise is largely indealing with disasters likehurricanes and wildfires,which usually are localized inone region. With the coronavi-rus pandemic, the agency isworking in unfamiliar territory

and grappling with how tomanage a crisis affecting allareas of the country.

There are few vendors thataren’t “already stretched ortapped out,” said Craig Fugate,the agency’s administrator un-der the Obama administration.

Never before has FEMAstruggled to find supplies insuch a way, say current andformer employees. Meanwhile,hospitals continue to faceshortages of critical suppliesand testing capabilities, ac-cording to a new report fromthe inspector general of theDepartment of Health and Hu-man Services.

President Trump said Mon-

THE CORONAVIRUS PANDEMIC

day that the governmentwould buy nearly 167 millionmasks from 3M Co. over thenext three months after invok-ing the Defense ProductionAct on the company. 3M isn’tworking with FEMA throughits request for proposals, theperson familiar with the mat-ter said.

The few companies thatlook like potential wins inFEMA’s call for help couldn’tbe learned. Those companiesare currently going throughFEMA’s fuller vetting process,one of the people said. How-ever, orders that might comefrom them are unlikely to belarge, the person said.

The agency has had moresuccess with its “air bridge”program, which has involvedMr. Kushner, some of the peo-ple said. In that program,FEMA has been covering thecost of flights from overseasfactories to the U.S. Theagency has said that processhas cut “the amount of time ittakes to ship supplies fromweeks to days.”

As of Monday, FEMA hadoverseen 13 flights bringing ingloves, gowns, goggles andmasks. Its first flight, onMarch 29, delivered 80 tons ofprotective equipment to NewYork, New Jersey and Con-necticut, FEMA said.

Additional flights brought83.5 million gloves, 5 millionsurgical masks and 1.2 milliongowns, according to the De-partment of Homeland Secu-rity.

Under the program, half ofthe supplies on each flight goto hot-spot areas, determinedby HHS and FEMA based ondata from the Centers for Dis-ease Control and Prevention.The remainder go into “dis-tributors’ normal supply chainand onto their customers inother areas across the U.S.,”FEMA has said.

More than 1,000 companiesresponded to the FederalEmergency ManagementAgency’s call about two weeksago to provide needed sup-plies to fight the coronaviruspandemic, according to a per-son familiar with the matter.

As of early Monday, onlythree companies had suppliesthe agency could actually buy.

Many of the offers, foritems ranging from protectivemedical gear to tests and bodybags, didn’t work out, accord-ing to people familiar with thematter, because some compa-nies have asked for paymentup front, something FEMAcan’t agree to. Another issue:Some companies have over-sold what they can actuallyget to FEMA.

“There’s a lot of disappoint-ment in how the businesscommunity is responding,” theperson said.

Inside FEMA, efforts to ac-quire supplies that fail to ma-terialize are known as “vapor-ware,” borrowing the termfrom the technology industryreferring to products that areannounced but never actuallymanufactured. Company offerscan require hours of vetting byFEMA’s procurement staff,costing the agency precioustime as the pandemic spreads.

Staffers are calling vendorsto find out what they have onoffer. But those discussions gofrom “ ‘I’ve got’ to ‘I can find’within three or four phonecalls,” the person familiar withthe matter said. The persondeclined to say which compa-nies would likely win out.

BY RACHAEL LEVY

Firms Offer FEMA Supplies It Can’t BuyMore than 1,000answered the agency’scall; only a few hadwhat it could purchase

they are going to need thissomeday in their life.”

Across the Ohio River inKentucky, Gov. Beshear, 42,has been called a clean-cut sexsymbol for the age of corona-virus in a Salon.com article.He also has a meme page dedi-cated to him, “Andy Beshearmemes for social distancingteens.” Even his sign languagetranslator, Virginia, and Ken-neth, the guy responsible forputting up slides, haveachieved one-name celebritystatus in the state.

Gov. Beshear has startedseveral recent briefings withhis key message, “We will getthrough this; we will getthrough this together,” hesaid, and then asked viewersat home to repeat it as well, asa kind of mantra for the wholestate.

On a recent day, he showeda video of teens juggling aroll of toilet paper like a soc-cer ball, and seeming to passit to each other, even thoughthey were in separate rooms,and a clip of a church ringingbells at 10 a.m., as he had re-quested everyone in the stateto do.

Mr. Lear and his wife, Jes-sica Tyler, have been tuning inalmost every day since Gov.Beshear started the dailybriefings.

“I look forward to listeningto his message,” said Ms. Ty-ler, 28, who drafts regulationsfor the state Department ofFish and Wildlife. But she es-pecially likes to follow thetweets and social-media postsof people watching along.

“They’ll talk about this guy,

The following day, Mr. De-Wine silently guffawed as heshowed video of the mascot ofthe Cincinnati Reds appear totoss a baseball to the mascotof the Cleveland Indians onwhat would have been openingday.

“He almost has a Mr. Rog-ers type of personality,” saidRepublican Ohio HouseSpeaker Larry Householder.“It’s very comforting to hearGov. DeWine speak.”

Katie Sterling, 24, worksfor a company that owns sev-eral concert venues in Cincin-nati and lives in Newport, Ky.So she usually watches bothgovernors’ briefings, and of-ten starts her day with Gov.Cuomo’s press conference.She compares the cast ofcharacters to her new TVfamily.

“I think Andy is the dad orthe fun uncle. Cuomo is theangry grandpa—he’s got goodreason now,” she said. “De-Wine is probably the brotherwho went away to some IvyLeague school and he’s justgot all this knowledge.”

For all his fun uncle status,Gov. Beshear also has a sternside. Several times he’sscolded people who weren’tcooperating with public-healthofficials or doing somethingrelatively safe like golfing, butthen gathering in groupsaround a green. “We can’t bedoing that” has emerged as acatchphrase.

“It’s become a joke with meand my fiancé,” she said.“Don’t upset Andy. Don’t dis-appoint Andy. He’ll call youout at 5.”

Wine have dubbed his daily 2p.m. briefing “Wine With De-Wine.” The 73-year-old Repub-lican offers anxious viewers afolksy dose of TikTok videos,straight talk and a rotatingcollection of Ohio-themedsports ties. A “Wine With De-Wine” T-shirt making therounds on social media has acaricature of the governor andthe tagline: “It’s 2 o’clocksomewhere.”

More than 100,000 peoplehave joined a Facebook fanclub for Ohio’s head of publichealth, Dr. Amy Acton. In acalm voice, she walks viewersthrough the latest virus num-bers as part of Gov. DeWine’sdaily debriefs and tells themhow much staying at home ishelping prevent health-careworkers from getting over-whelmed by the crisis. She hasher own hashtag, “Snackin’With Acton.”

“He’s adorable,” HeatherAnthony, 37, of Westerville,Ohio, said of the governor.“And she’s got this cult follow-ing of people who respect herand the decisions she’s beenmaking. I’m a high-schoolmath teacher so I kind of geekout when she starts talkingabout the math models, sinceI’m always telling kids that

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LocalBriefingsWin Fans

Illinois Air National Guard members assembled medical equipment this week at the McCormick Place Convention Center in Chicago.

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Square is valued at a little un-der $3 billion, based on theamount of class B shares hereported having in April 2019.

“The impact this moneywill have should benefit bothcompanies over the long-termbecause it’s helping the peoplewe want to serve,” he said in aseries of tweets. “I hope thisinspires others to do some-thing similar.”

The broader market slumpfrom the continuing health cri-sis has dented Mr. Dorsey’snet worth. Shares in bothTwitter and Square haveslumped in recent weeks.

Twitter last month warnedits financial performancewould fall short in the quarterbecause the spread of the coro-navirus has depressed advertis-ing spending, even as usershave flocked to the social-me-dia site. Twitter’s stock is down

around 20% in the last month.Square’s stock has slid

around 40% since the end ofFebruary. The payments com-pany said on March 24 thatthe volume of payments itprocessed for its small-busi-ness customers over the previ-ous 10 days fell 25% from ayear earlier, as it cited the im-pact of the coronavirus.

Mr. Dorsey has built a repu-tation for eccentricities. Lastyear, he said he would spendpart of this year working fromAfrica. Last month, amid abruising battle with activisthedge fund Elliott Manage-ment Corp. that was pushingfor his ouster at Twitter, hesaid he was reconsidering theplan because of the Covid-19outbreak. The two partiesstruck a truce days later thatallowed Mr. Dorsey to retainhis dual-CEO positions.

Twitter Inc. co-founder andChief Executive Jack Dorsey haspledged to set aside $1 billion tofund charitable causes startingwith relief efforts toward thenovel coronavirus pandemic.

Mr. Dorsey said Tuesdaythe money would come fromhis stake in financial-techcompany Square Inc., whichhe also co-founded and runs.The amount, he said via Twit-ter, represents about 28% ofhis wealth.

Mr. Dorsey said he wouldmove around 19.8 millionshares of Square to an entitycalled Start Small LLC, whichwould disburse the money. Af-ter focusing on dealing withthe Covid-19 outbreak, Mr.Dorsey said, his money will gotoward supporting othercauses such as girls’ health

BY PETER RUDEGEAIR

Twitter CEOPledges $1 Billion to Charity

KKR & Co. and its execu-tives have pledged $50 millionto support communities, port-folio company employees andfirst responders affected bythe coronavirus pandemic,while Apollo Global Manage-ment Inc. co-founder LeonBlack and his family have com-mitted up to $20 million to anew fund to help New YorkCity hospital workers.

The pandemic “is wreakinghavoc on every country, everyindustry, every household, andvirtually every single person.As such, our response as a firmmust be different,” accordingto a letter sent to investors byKKR founders Henry Kravisand George Roberts and co-Presidents and co-Chief Oper-

ating Officers Scott Nuttall andJoseph Bae that was viewed byWSJ Pro Private Equity.

KKR’s relief fund will befunded by contributions fromKKR’s executives and the firmitself. Also, Messrs. Kravis,Roberts, Nuttall and Bae willforgo their salaries and annualbonuses for 2020, according tothe letter.

The relief fund will supporta number of initiatives, includ-ing those that address imme-diate needs of first respondersand front-line medical workersand help ensure food securityfor vulnerable communities.

On Tuesday, Apollo saidothers from its ranks and thefirm itself have joined theBlack family in contributing tothe newly established NYCHealthcare Heroes program.

BY PREETI SINGH

Investment Firm KKRForms Relief Fund

Jack Dorsey said themove representsmore than a quarterof his wealth.

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THEWALL STREET JOURNAL. * * * * Wednesday, April 8, 2020 | A9

THE CORONAVIRUS PANDEMIC

cow excrement, which Hindusconsider sacred. “We all knowcow dung is very helpful,” saidSuman Haripriya, a legislatorin the northeastern Indianstate of Assam, according tothe Press Trust of India.

Chinese President Xi Jinping,meanwhile, has touted herbalmedicines like lianhua qingwen,used to treat the flu. Officialsalso promote such remedies atthe local level, where doctors onthe front line face performancereviews factoring in their use oftraditional remedies.

Western doctors are skepti-cal of the claims of traditionalmedicines and have warnedagainst purported cures. Butthe rush for treatments hasput some government leadersat odds with medical profes-sionals, and not only in the de-veloping world.

President Trump has facedcriticism from health groupsfor promoting antimalariamedications like chloroquineand hydroxychloroquine as a

ing with the World Health Or-ganization and has ramped upefforts to remove posts withdisinformation on Covid-19. Ina recent blog post, the com-pany said it had widened itsdefinition of harmful contentto prohibit posts that runcounter to public-health guide-lines, deny the outbreak orpropose either harmful or in-effective treatments.

On its website, the WHOhas compiled a list of myth-busting guidelines to stop thedissemination of unreliabletreatments, including somecalling for people to spraytheir body with alcohol, nasalsaline washes or to take a hotbath to kill the virus with heat.

Few world leaders findthemselves in a more precari-ous position than Mr. Maduroin Venezuela, where the publichealth-care system has col-lapsed. Infectious-disease ex-perts say the country is an in-cubator for diphtheria, measles,dengue and other contagions.

And because large numbersof Venezuelans have little ac-cess to information beyondstate propaganda, Mr. Ma-duro’s health advice may bethe only counsel many will get.

The leftist leader and hisaides have said the U.S. cre-ated the virus to harm China,which ranks among his top al-lies. On a recent night, Mr. Ma-duro read some anticoronavi-rus advice he said he receivedfrom a doctor: a tea made ofelderberry, black pepper,lemon rinds, ginger and honey.While Mr. Maduro’s subse-quent posts promoting therecipe were taken down fromTwitter, they remain accessibleon Venezuelan state media andpro-regime news sites.

“That virus has a remedy,”Mr. Maduro said, calling theconcoction a natural antibi-otic. “It’s easy. But the multi-national pharmaceutical com-panies will say it doesn’twork. It’s a remedy that ourancestors lived on.”

Venezuelan President Nico-lás Maduro said he was tappinginto ancestral wisdom when heshared on his official Twitteraccount the recipe for a ginger-lemon tea with purported anti-coronavirus benefits.

The strongman then fumedafter the social-media giantremoved his post as part of itseffort to censor content withfalse or misleading informa-tion on the global pandemic.

“My God, it’s a thing of mad-ness,” Mr. Maduro respondedon state television. “Who’s theimbecile, the stupid one whomade the decision to block anatural Venezuelan recipe?”

From animal urine to boiledgarlic to shots of vinegar, ev-eryone from government offi-cials to shamans to swindlersaround the world are touting ahost of unproven householdremedies as people desper-ately seek a cure for Covid-19,the respiratory disease causedby the new coronavirus.

For now, there are no vac-cines. But as drug firms re-search treatments that couldtake more than a year to de-velop, global health policy mak-ers and social-media companiesare immersed in a parallel bat-tle against phony antidotes.

“It’s a problem when they’resharing a false perception thatpeople are protected when theyare not,” said Jarbas Barbosa,assistant director of the Pan-American Health Organization.“Some of these recommenda-tions are in good faith. But thenthere are also people trying toget some profit from this.”

In Nigeria, authorities havetried to quash rumors that aspicy pepper soup will eliminatethe virus and that facial beardshelp transmit it. For his part,Belarus’s strongman leader, Al-exander Lukashenko, said thatvodka and a sauna should dothe job. In southern Brazil, po-lice said they were investigatingan Evangelical church after itpromised coronavirus immunityfor the faithful.

In India, Hindu nationalistpoliticians highlighted the per-ceived purifying qualities of

BY KEJAL VYAS

Desperation Feeds False Cure Claims

Venezuelan President Nicolás Maduro, in white, touched elbows with Russian Ambassador Sergey Melik-Bagdasarov, in Caracas on March 30.

MIRAFLORE

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NEW DELHI—India is endinga ban on the export of hydroxy-chloroquine, an antimalarialdrug that may help treat victimsof the new coronavirus. TheSouth Asian nation’s decisioncomes days after PresidentTrump urged India to releasesupplies of the medicine, as it isone of its biggest producers.

India is one of the world’slargest producers of all kindsof generic medicines and hadrestricted exports of severaldrugs in March to ensure ithad enough on hand to fightcoronavirus at home.

On Tuesday, India said it isnow willing to start exportinghydroxychloroquine again butwith some government restric-tions. It will export to neigh-boring countries that have fewalternatives to Indian suppliesas well as to countries and re-gions where the coronavirusoutbreaks are the worst, for-eign-ministry spokesmanAnurag Srivastava said.

“We will also be supplyingthese essential drugs to somenations who have been partic-ularly badly affected by thepandemic,” he said.

Mr. Trump and IndianPrime Minister Narendra Modispoke over the weekend todiscuss how the U.S. and Indiacould help each other fight thepandemic.

Some people, including Mr.Trump, have been hopeful thata combination of the antima-larial drug hydroxychloroquineand azithromycin, an antibac-terial drug, could lessen theworst effects of the virus.

A small number of earlystudies using only a limitednumber of patients in Franceand China have suggested thedrugs may help relieve symp-toms. However some health of-ficials and doctors warned thestudies were too small to provethe drugs are safe and effective.

BY RAJESH ROY

India LiftsExportBanOn DrugMany Seek

solution despite their still-un-determined efficacy in treatingCovid-19. The hype led to arush on the drug and short-ages in some countries, a con-cern for patients who usethem to treat ailments like lu-pus and rheumatoid arthritis,said Myron Cohen, an immu-

nology and epidemiology ex-pert at the University of NorthCarolina at Chapel Hill.

“It’s not surprising thatthere is a desperate search formedication,” Dr. Cohen said.“But unexpectedly, some thingscan prove not to be safe andcan make the illness worse.”

Twitter says it is coordinat-

Some governmentleaders have clashedwith medicalprofessionals.

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A10 | Wednesday, April 8, 2020 THEWALL STREET JOURNAL.

THE CORONAVIRUS PANDEMIC

ily to run the company. “If fac-tory production doesn’t startup next week, there are a lot ofcompanies that will go under.”

Employers’ association Con-findustria says Italy’s economywill shrink around 6% this

thing for a while becausehealth comes first, but if wedon’t open soon we risk losingclients because our competi-tors in other countries are stillworking,” says Attilio Brivio,the third generation of his fam-

Change in Italy's GDP fromfirst quarter of 2008

Sources: Eurostat (reported); Confindustria (forecasts for 2020)

0

–15

–12

–9

–6

–3

%

’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’202008

Alison Harding-Jones hasestablished a rule for her threechildren to live by as she worksfrom a home office during anational lockdown: “If you’remaking a cup of tea, you makeMommy one and bring it in.”

Ms. Harding-Jones, Citi-group Inc.’s head of mergersand acquisitions for Europe,Middle East and Africa, hasbeen holed up for 2½ weeks inAldworth, England, because ofthe pandemic. The village isabout a 90-minute drive andtrain journey from Citi’s Lon-don offices and the flat sheuses during the workweek.

She has traded in-personmeetings with clients and col-leagues for more time withfamily and 12-hour days in ahome office previously used byher husband, who accompaniesMs. Harding-Jones as they so-cially distance. Also presentare the children, four dogs andsix chickens, whose eggs areshared with other villagers.

“It sounds like somethingout of Dickens,” she said.

For 25 years Ms. Harding-Jones typically has spent threedays each week on the road. Inher current role since 2017, sheroutinely has jetted around theregion, advising corporate orprivate-equity clients buyingcompanies or selling their own.

These days, it’s a challengejust traveling around her ownhouse. One misstep, and she’ll

BY JULIE STEINBERG

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.

accidentally appear in her youn-gest daughter’s TikTok videos.

The days of face-to-facemeetings have stopped andthe steady flow of M&A activ-ity has slowed for now.

Such meetings are hard toreplace because they are essen-tial to striking deals, reviewingsensitive documents and pitch-ing for new business. But con-versations with clients con-tinue, Ms. Harding-Jones said.

The pandemic, in a way, haseased interaction, she said. “It’smuch easier to get hold of peo-ple and have a real conversationbecause everyone on a humanlevel is looking for interaction.”

Work on active deals hasslowed as companies assessthe impact of the crisis on theirbusinesses and performance.Bankers are trying to under-stand how the acute focus onfighting the spread of infectionwill affect regulatory approvalprocesses and the timing ofdeals already announced.

There will be Covid-19-re-lated adjustments in the fu-ture to companies’ numbers,she said, “but no one knowswhat that looks like” yet.

Ms. Harding-Jones, who isalso vice chairman of the re-gion’s corporate and invest-ment bank, says she has beensurprised at how efficient shecan be without having to com-mute. She is at her desk by7:45 a.m., and is on calls withclients and Citigroup col-leagues until around 7:30 p.m.

She tries to take quickbreaks to walk the dogs andhas found time to bake, mak-ing bread for the second timeever, she said.

Ms. Harding-Jones says sheis surprised positively by someof the changes. Still, she asks:“Can we really keep doing thisfor three, four, five, six,weeks? I don’t think it’s neces-sarily going to get easier.”

Citigroup ExecutiveLeaves City Behind

ers are working.”Most factories in Germany,

Italy’s main competitor for ex-port markets in many indus-trial sectors such as machinetools, are still operating.

Italy’s bars and restaurantswere the first businesses toshut down a month ago, andwill likely be the last to re-open. But many owners worrythat if the restrictions con-tinue for too long, they mightnot be able to reopen at all.

Even businesses thatweren’t forced to shut downare suffering. Among them arewine producers, who before thelockdown used to sell aroundhalf of their production to barsand restaurants. People aredrinking less at home than theywould if they went out, andthey are less willing to splurgeon expensive bottles. As the vi-rus sweeps the world, wine ex-ports to all regions are down.“There are no precedents forthis, even if you go way back intime,” says Ottavio Cagiano,who heads Italy’s association ofwine producers, Federvini. Somany wine bottles are goingunsold that some winemakersare considering using the alco-hol to produce hand sanitizerinstead. Some producers of li-queurs, such as Campari andRamazzotti, already are.

Italian agriculture is alsofacing a shortage of seasonalworkers, most of whom nor-mally come from Eastern Eu-rope. More than 200,000 areneeded this year, according toagricultural industry associa-tion Coldiretti. Strawberries,asparagus and radicchio aredue to be harvested now andrisk rotting in the fields. Thegrape harvest starts in Augustbut nobody knows whetherthe seasonal workforce will bewilling, or able, to come backby the summer.

95% of companies have fewerthan 10 employees. The econ-omy still hasn’t fully recoveredfrom the aftermath of the fi-nancial crisis. In recent years,the profitability of Italianbusinesses that survived thecrisis has improved, but it isstill 20% lower on averagethan in 2007, according to rat-ing agency Cerved.

To soften the blow from thelockdown, Italy’s governmenton Monday increased to €750billion ($810 billion) a programof guarantees for bank loansand liquidity that will be avail-able to companies and house-holds.

In March, the governmentlaunched a €25 billion emer-gency fiscal package, withmeasures ranging from vouch-ers to pay for babysitters tosubsidies of €600 for peoplecurrently without an income.More than three million peoplehave applied for that subsidyso far. The government hasalso introduced a moratoriumon some mortgages and otherloan repayments for familiesand businesses, and is distrib-uting emergency funds acrossthe country, including foodvouchers for families in need.

Companies say the immedi-ate financial help is vital forsurviving the shutdown, butthey say what they really needis to get back to work.

“If you are closed for threeweeks you can keep your cli-ents, because they know theseare exceptional times. Butmuch longer than that andthey will look elsewhere,” saidMassimo Carboniero, whosecompany makes machinery forthe automotive industry andother sectors. “There shouldhave been a decision acrossEurope to stop production fora certain period. It’s not fairfor us to be closed while oth-

year, provided the worst phaseof the coronavirus outbreakhas abated by May. The fore-cast assumes the economy canpartially bounce back laterthis year from a deep contrac-tion in the second quarter.

Italy’s government is consid-ering a gradual plan to reopenthe economy from mid-Aprilonward. After Easter, a limitednumber of industrial sectorscould be allowed to resumeproduction, depending on howthe fight against the virus is go-ing. But unwinding the lock-down could take several weeks.Service sectors such as restau-rants and bars could face a longwait until they can reopen. Con-tinuing hygiene and social-dis-tancing rules are likely to affectall workplaces until there is aneffective vaccine or treatment.

Italy faces a particularlygrave economic risk from thelockdown because of the prev-alence of small and midsizebusinesses, many of which arefamily-owned and have limitedfinancial flexibility. In Italy,

can then deploy to try to iso-late the virus. The U.K. gov-ernment is expected the re-view the lockdown measuresby early next week.

Britain won’t be completelybereft of leadership: The civilservice will likely play a keyrole in helping the governmentnavigate the next few weeks.There is also an establishedbody of scientists that haslargely crafted the govern-ment’s response so far to thecoronavirus. However, it is un-clear how a key decision-mak-ing body, the C-19, will be runduring Mr. Johnson’s absence.

“It will be a severe test forthe cabinet’s discipline, asthere are growing signs of ten-sion among ministers overtheir next big challenge—anexit strategy from the lock-down,” said Mujtaba Rahman,managing director at consult-ing firm Eurasia Group.

Business surveys indicatethat the U.K. economy shrank inMarch as the government im-posed restrictions on movementand social interaction. Surveysof purchasing managers at Brit-ish service providers and manu-facturers indicated that activitydeclined at the fastest pacesince records began in 1998,and economists estimate outputmay have been as much as 5%lower than during February.

and the British Department ofHealth, which is concernedabout the virus quicklyspreading again. That pits Mr.Sunak, the 39-year-old Trea-sury chief and a rising Conser-vative Party star, against MattHancock, a former candidatefor party leader who runs theDepartment of Health.

“The public will be very an-gry if there’s any sense thatministers are moving for posi-tions,” says David Lidington, aformer lawmaker who acted asex-Prime Minister TheresaMay’s de facto deputy.“There’s an awareness of thatamong members of the cabi-net—that if they are seen toput personal interest ahead ofthe national interest, that willbe met with anger.”

A plan is being formulatedto ease the country out oflockdown but it is still early.The national epidemic has yetto peak and Britain has yet toacquire a large stock of tests it

meanwhile, now finds himselfin a role akin to chairman ofthe board, albeit with no powerto remove or appoint ministers.Decisions on issues such as na-tional security will be made bythe cabinet as a whole, thegovernment said on Tuesday.The queen, who is normallybriefed weekly by the primeminister, will be updated by se-nior Downing Street officials.

Should Mr. Johnson die, Mr.Raab would take over thereins as interim prime minis-ter. If Mr. Raab became ill, themantle would pass to Treasurychief Rishi Sunak.

Either way, there would thenbe an accelerated contest tofind a new permanent leaderfor the Conservative Party, whowould automatically becomeprime minister given the party’slarge majority in Parliament.

Corralling the cabinet couldprove tricky. Less than ninemonths ago, many cabinetmembers were competing tolead the Conservative Party.Mr. Johnson won that contestby a large margin, but severalof those who fell by the way-side still see themselves as fu-ture leaders.

An immediate challenge willbe reconciling differing viewsbetween the Treasury, whichworries that the shutdowncould decimate the economy,

LONDON—The U.K. govern-ment sought to maintain aunited front in the face of anear-unprecedented health cri-sis while Prime Minister BorisJohnson remained in intensivecare, suffering from severesymptoms of the new corona-virus.

Following his admission tointensive care on Mondaynight, Mr. Johnson is in a sta-ble condition and breathingwithout the help of a ventila-tor, a government spokesmansaid. The 55-year-old hasn’tbeen diagnosed with pneumo-nia, one of the symptoms ofCovid-19—the respiratory dis-ease caused by the new coro-navirus—but is receiving oxy-gen, the spokesman added.

In a reminder of the furtherchallenges for the government,cabinet minister Michael Gove,one of Mr. Johnson’s closestcolleagues, said he was isolat-ing himself after a member ofhis family had suffered symp-toms of the virus. He said hehad no symptoms himself andwas continuing to work.

The admission of Mr. John-son into intensive care deliv-ered a shock to the country,fanning worries that his healthcould further deteriorate andhe could face weeks of recuper-ation. The situation risks leav-ing the country rudderless at akey time in the virus’s spread.

Britain’s informal code ofgovernment doesn’t designatea vice prime minister who au-tomatically takes charge whenthe leader is incapacitated. Mr.Johnson has delegated dutiesto Foreign Secretary DominicRaab. But it will be left to theremaining 24-member cabinetto unite behind the 46-year-old interim leader.

Mr. Raab addressed the na-tion on Tuesday, saying he wasconfident Mr. Johnson wouldrecover. “If there is one thingI know about the prime minis-ter, he’s a fighter,” he said.

Unless Mr. Johnson makes avery rapid recovery, cabinetmembers will have to come to-gether to make a momentousdecision: when to lift a gov-ernment lockdown aimed athalting the spread of Covid-19.

“The prime minister alwaysremains the prime minister,”Mr. Gove said. But it is unclearwhen and if he can return toDowning Street. Mr. Raab,

BY MAX COLCHESTERAND PAUL HANNON

U.K. Government Shifts GearsWith prime minister inintensive care, cabinetsteps in as challengesfrom outbreak mount

Flowers arrived at 10 Downing Street Tuesday, a day after Boris Johnson was moved to intensive care.

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Italy’s month-old lockdown isslowing the coronavirus, but theeconomy is gasping for breath.

Manufacturers in March hadtheir worst month since re-cords began, and are warningthe government that they couldlose customers to German andother foreign competitors un-less factories reopen soon. Res-taurants that have survivedworld wars are in danger ofnever opening again. Agricul-ture needs to find at least200,000 seasonal workers, whonormally come from abroad,before fruit and vegetablesstart rotting in the fields.

Italy’s economic pain showsthe sort of pressure that islikely to mount on other West-ern economies that are goingthrough similar lockdownslasting many weeks. Even af-ter lockdowns end, weak de-mand is expected to hold backa rapid recovery.

The country is making prog-ress in controlling its corona-virus outbreak. The number ofpeople in intensive care hasdeclined in recent days, afterpeaking late last week. Dailydeaths are trending down. Butthere is still a long way to goin suppressing new infections.As a result, it isn’t clear whenthe government will pull backon measures that have cur-tailed social interaction. Italy’slockdown is among the tough-est in Western countries.

Plywood producer Brivio,based in a town southwest ofMilan, has been caught up inthe forced closure of thosecompanies that aren’t consid-ered essential. Production,90% of which is exported andthe bulk going to Germany,halted on March 25.

“It was right to close every-

BY ERIC SYLVERSAND MARGHERITA STANCATI

Italy’s Economy Staggers as Country Waits Out Crisis

A patient suffering from Covid-19 wears a snorkeling mask while being treated at a Turin hospital.

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The civil service willlikely play a keyleadership role inthe next few weeks.

Executive Alison Harding-Jones with her daughter, Lettie Fenton,and two of the family’s four dogs at home in Aldworth, England.

ALISO

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THEWALL STREET JOURNAL. * * * * Wednesday, April 8, 2020 | A11

THE CORONAVIRUS PANDEMIC

High Court on Tuesday toquash his conviction bringsthis case to a close. But in thecourt of public opinion, fromchurch officials to governmentleaders and victims’ advocates,people remain bitterly divided.

For his detractors, CardinalPell is a symbol of the abusecrisis. To his supporters, he isa scapegoat who was targetedby enemies of the church.

He served more than 12months of a six-year prisonsentence after a jury found himguilty of assaulting two 13-year-old choirboys in a Melbournecathedral while he was thecity’s archbishop in the 1990s.

On Tuesday, Cardinal Pellsaid he had been vindicatedafter years of legal battles.

“I have consistently main-tained my innocence whilesuffering from a serious injus-tice,” he said.

The 78-year-old cardinalleft prison on Tuesday.

Archbishop Mark Coleridge,president of the AustralianCatholic Bishops Conference,noted that the “outcome willbe welcomed by many, includ-ing those who have believed inthe Cardinal’s innocence,” but“will be devastating for oth-ers. Many have sufferedgreatly through the process.”

Archbishop Anthony Fisherof Sydney was more forcefulwith his support: “I am pleasedthat the Cardinal will now bereleased and I ask that thepursuit of him that brought usto this point now cease.”

Daniel Andrews, the pre-mier of Victoria, the statewhere Cardinal Pell was con-victed, released an unusualstatement Tuesday in whichhe made no comment on theHigh Court decision, but sent amessage to victims and survi-vors of child sex abuse: “I seeyou. I hear you. I believe you.”

Pope Francis had reservedjudgment on the Pell case, but

he made a possible allusion tothe case Tuesday morning.

“In these days of #Lent,we’ve been witnessing thepersecution that Jesus under-went and how He was judgedferociously, even though Hewas innocent. Let us #PrayTo-gether today for all those per-sons who suffer due to an un-just sentence because of [sic]someone had it in for them,”the pope wrote on Twitter.

The Vatican later released astatement welcoming the deci-sion, adding that Cardinal Pell“has always maintained his in-nocence, and has waited forthe truth to be ascertained.”

The seven High Courtjudges concluded unanimouslythat the case wasn’t provedbeyond reasonable doubt.

His accuser, one of the for-mer choirboys, said he re-spected the High Court deci-sion but said it highlighted thedifficulties in child sexualabuse cases.

“I understand why criminalcases must be proven beyondall reasonable doubt,” he saidin a statement early Wednes-day. “But the price we pay forweighting the system in favorof the accused is that manysexual offenses against chil-dren go unpunished.”

The reversal of CardinalGeorge Pell’s conviction onchild sex-abuse charges gener-ated support and anger inAustralia and around theworld and left leaders of theCatholic Church in a difficultposition as they continue todeal with a prolonged crisisover clerical wrongdoing.

Cardinal Pell, a former Vati-can finance chief, is the mostsenior Catholic cleric to betried on charges of sexuallyabusing children. The unani-mous decision by Australia’s

BY FRANCIS X. ROCCAAND RACHEL PANNETT

Church Celebrates Pell’s Release, but Critics Protest

WORLDWATCH

AFGHANISTAN

Taliban Break OffTalks With Kabul

The Taliban broke off talkswith the Afghan government,creating a fresh stumbling blockfor the peace process weeks af-ter U.S. Secretary of State MikePompeo’s visit to Afghanistan.

The talks among Afghan andTaliban negotiators aimed to fi-nalize the terms of a prisonerswap, which is necessary for apeace process to begin underthe terms of the U.S. deal withthe Taliban.

While the Afghan govern-ment isn’t a signatory to theU.S. deal, it has agreed to theswap. Progress has been ham-pered by a feud among Afghanleaders over the outcome of lastyear’s presidential election.

Both sides on Tuesday ac-cused the other of negotiating inpoor faith after the talks weresuspended. Taliban spokesmanSuhail Shaheen tweeted thatthe group had recalled its nego-tiating team from Kabul. Theteam had been in the Afghan

capital since the start of April.Afghanistan’s National Secu-

rity Council said the Taliban’swithdrawal showed a lack of se-riousness about peace.

Mr. Pompeo insisted that theprocess was broadly on trackearlier on Tuesday. He traveledto Kabul on a rescue mission in

late March to push leaders toset aside their rivalries.

“I am confident in the daysahead we’ll have things that looklike steps backward, but I’m alsohopeful that all the parties aresincere in wanting what’s goodfor the Afghan people,” he said.

—Ehsanullah Amiri

MEXICO

Inflation Eases asGasoline Prices Fall

Mexican inflation eased inMarch as gasoline prices fell inline with the drop in world oilprices, offsetting higher costs of

produce and other goods.The consumer-price index fell

0.05% from February, and theannual inflation rate slowed to3.25% from 3.7%, the NationalStatistics Institute reported onTuesday.

Energy costs were down4.17% from February after thecollapse in world oil prices led tocheaper gasoline, while prices offruits, vegetables and other pro-duce rose 1.3%.

Core CPI, which excludes en-ergy and agricultural products,rose 0.29% in March for an an-nual rate of 3.6%.

While the coronavirus pan-demic has led to expectationsthat the Mexican economy willfall into recession in 2020, littleimpact is expected on consumerprices despite the Mexican cur-rency recently hitting a lowagainst the U.S. dollar.

Banks polled last week byCitibanamex estimated thatgross domestic product will con-tract 5% in 2020, and that infla-tion will end the year at 3.5%,close to the central bank’s 3%target.

—Anthony Harrup

BANGLADESH

Fugitive Killer HeldIn 1975 Assassination

Bangladesh police arrested afugitive killer of the country’s in-dependence leader Sheikh Mu-jibur Rahman on Tuesday, nearly45 years after the brutal assas-sination, an official said.

Abdul Majed, a former mili-tary captain, was arrested in thecapital, Dhaka, Home MinisterAsaduzzaman Khan said.

Mr. Majed had publicly an-nounced his involvement afterthe killing and had reportedlybeen hiding in India for manyyears. He is one of a dozen de-fendants sentenced to death in1998 for their involvement in the1975 killing of Mr. Rahman andmost of his family members bya group of army officials.

Mr. Rahman was the fatherof current Prime Minister SheikhHasina. She and her younger sis-ter were the only survivors inthe family, as they were visitingGermany during the assassina-tion.

—Associated Press

FEAST DAY: A Russian Orthodox Christian marked the Annunciation in Kineshma, Russia, on Tuesday.

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Authorities and aid agenciesare racing to increase isolationand treatment capacity in thedistrict where the camps arelocated, which is home to 2.2million residents in addition tothe refugees. Hospitals run bythe government and aid organ-izations aim to prepare 1,700beds, from fewer than 1,000 inthe district. They plan to pre-pare 10 intensive-care unitswith ventilators at a hospitalin the city of Cox’s Bazar.

Health facilities in andaround the refugee campsdon’t yet have a lab outfittedfor coronavirus testing or thechemical reagents needed toconduct them. A lab run bythe country’s disease-controlinstitute has just come onlinein the district but has “limitedcapacity,” said the U.N.

A Bangladeshi woman inCox’s Bazar recently testedpositive—her sample sent tothe capital, Dhaka, for pro-cessing—bringing the infec-tion to the refugees’ doorstep.

“We don’t know how farthis will spread, but if it doesthere is little capacity to testand isolate,” said Sabrina De-nuncq, of the InternationalCommittee of the Red Cross.“We’re watching and waitingwith our fingers crossed.”

—Joe Parkinsoncontributed to this article.

they still receive the sameamount of basic items andfood, they now must collect itall at once and make it last—sparking fears of shortages.

Makeshift markets in thecamps, where refugees couldbuy fresh food to supplementtheir rations, have closed.

“Day and night I’m think-ing, ‘When will it be better?’ ”Ms. Begom said.

Every day, volunteers wholive in the camp go door-to-door to raise awareness abouthygiene and quell rumors.

Monthslong internet curbsare limiting public access to in-formation. Bangladesh orderedinternet providers to cut off 3Gand 4G service in the camps inSeptember, and began enforc-ing a ban on SIM cards, largelyciting security reasons.

“We’re trying, but we can-not go to every home,” saidKhin Maung, founder of theRohingya Youth Association, acivil society group. “We ask[Bangladesh] to please open upthe network right now, we’retrying to save people’s lives.”

Bangladesh, with 165 mil-lion people in one of the mostdensely populated countries,had confirmed 164 cases and17 deaths as of Tuesday.Health workers worry limitedtesting may be concealing alarger outbreak.

eries of critical aid. Some na-tions are making exceptions forhumanitarian aid or emergencyflights, but the national re-sponses have been uneven.

In the Bangladesh camps,where people live on bare-mini-mum provisions, locking out thevirus will be difficult. Access tothe area has been reduced tolimit the risk of contamination.

“We certainly don’t want tobe the ones who bring the ill-

ness in,” said Gemma Snow-don, a spokeswoman for theU.N.’s World Food Program.

The U.N. and aid agencieshave limited their services inthe camps to essentials suchas food and emergency medi-cal care. Programs that trainrefugees in occupational skillshave been suspended.

Food is now distributed toresidents in the Bangladeshcamps once a month, whereasrefugees used to be able to pickup their rations incrementallywhen they needed them. While

used elsewhere such as socialdistancing and testing would beeither impossible or ineffectivein unsanitary, crowded camps.

Researchers at Johns Hop-kins Center for HumanitarianHealth, modeling possible out-comes, found that a single in-troduction of the coronavirusinto the camps in Bangladeshlikely would lead to a large-scale outbreak—and between1,647 and 2,109 deaths.

The number of people dis-placed by conflict and perse-cution around the world is at ahigh of more than 70 million,according to the United Na-tions refugee agency.

In Africa, more than 6 mil-lion refugees and almost 18million internally displacedpeople live in camps acrossmore than a dozen countries,according to advocacy groupRefugees International.

In South Sudan, aid agen-cies say it can take days forthose among the more than 1.6million internally displacedpeople to reach the most basichealth-care facilities. Leadingcauses of death often aretreatable diseases such as ma-laria and diarrhea.

Some aid agencies have saidlockdowns in Africa, with morethan half of the continent’s 54countries closing air, land andsea borders, are delaying deliv-

BY FELIZ SOLOMON

Refugee Camps Face Heightened PerilRohingya refugees at a market area in a Bangladesh camp last month. In the camps, people live on bare-minimum provisions and social distancing is impossible.

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A single coronaviruscase in Bangladeshlikely would lead toamajor outbreak.

The U.S. plans to blockIran’s requested $5 billionemergency loan from the In-ternational Monetary Fundthat Tehran says it needs tofight its coronavirus crisis.

Senior officials in theTrump administration saidIran’s government has billion-dollar accounts still at its dis-posal. If allowed to tap IMF fi-nancing, the officials said,Tehran would then be able todivert those or other funds tohelp its economy, which hasbeen weakened by U.S. sanc-tions, or finance militants inthe Middle East, rather thanon containing the pandemic.

Iranian “officials have a longhistory of diverting funds allo-cated for humanitarian goodsinto their own pockets and totheir terrorist proxies,” one ofthe administration officials said.

The IMF, which is facing ur-gent funding requests fromscores of governments, said itis in talks with Tehran to de-termine its eligibility for anemergency loan.

The pandemic has tornthrough Iran, one of the worst-affected countries, and joltedan economy already reelingfrom the Trump administrationsanctions under its “maximumpressure campaign.” Despitecalls from some humanitariangroups and other nations toease the sanctions, the adminis-tration has said it won’t relent.

Iran’s representative at theUnited Nations didn’t respondto a request for comment onthe U.S. decision on IMF fund-ing. Iranian officials havecalled the U.S. sanctions amidthe pandemic “medical terror-ism” and said U.S. offers ofhumanitarian assistance tohelp fight the coronavirus are“deceptions and lies.”

As the IMF’s largest share-holder, the U.S. largely deter-mines the fate of bailout re-quests, though technically IMFmember countries could amassa majority of votes to approveIran’s loan.

By Ian Talley inWashington and Benoit

Faucon in London

U.S. PlansTo BlockIMF LoanFor Iran

Jamila Begom and six ofher relatives share a smallbamboo-and-tarpaulin hut in aBangladesh settlement that isnow home to nearly a millionRohingya refugees from Myan-mar. Structures in her camp—one of 34 in the settlement—are so close together she canhear her neighbors whisper.

Ms. Begom has tried not toleave the shelter since March26, when Bangladesh declareda nationwide lockdown to slowthe spread of the new coronavi-rus. But with no running water,the 30-year-old must go out touse the latrine that she shareswith about 20 others, and tobathe, wash clothes and fetchdrinking water from wells.

It is an advantageous envi-ronment for a virus.

“If just one person is infectedthere, I can’t even imagine,”said Razia Sultana, a lawyer andactivist in Bangladesh workingwith Rohingya refugees, most ofwhom fled a military crackdownin Myanmar in 2017.

For millions of people livingin camps for refugees and otherdisplaced people world-wide,slowing the spread of the coro-navirus might not be an option.The contagion must be stoppedbefore it breaches their enclo-sures. Containment measures

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chicken with potatoes and car-rots, but they come with allthe items needed for the tra-ditional centerpiece known asthe Seder plate, including ashank bone.

Citymeals on Wheels, thenonprofit organization thathas been delivering free foodto homebound senior citizensin the metropolitan region fornearly 40 years, also is help-

gins Wednesday night.Most notably, the nonprofit

UJA-Federation of New York isproviding holiday packages tomore than 4,000 needy Jewishhouseholds, working with anetwork of 75 other nonprofitorganizations.

“For people who are iso-lated, these meals are to say,‘You are not alone,’ ” said EricGoldstein, chief executive ofthe UJA-Federation of NewYork.

Mr. Goldstein noted that inthe past the UJA typically hasprovided Passover food topantries for distribution, butthe pandemic prompted it tothink in bigger terms and todeliver the provisions directlyto people’s homes.

He said the holiday pack-ages not only include a fullfeast, replete with matzo-ballsoup, stuffed cabbage and

ing during the holiday.In addition to its regular

daily service, Citymeals haslong offered Passover provi-sions to Jewish seniors. Thisyear, however, it has upped itsefforts considerably becauseof the pandemic, adding 6,000individuals to its holiday listfor a total of 10,000.

The Citymeals Passoverpackage includes food for alleight days of the holiday.

“It’s a challenge from be-ginning to end,” said Cit-ymeals Executive DirectorBeth Shapiro of the logisticsof procuring and packagingthe additional food and mak-ing deliveries.

It also is a financial chal-lenge.

The additional Passoverpackages considerably in-creased the organization’scosts, bringing the holiday to-

tal to more than $500,000.Mr. Goldstein of the UJA

said his organization’s Pass-over meal-delivery efforts to-taled $250,000.

The organizations said theyhave funds they can tap forsuch situations, but it wouldnevertheless make their futurefundraising all the more criti-cal.

Meanwhile, recipients aregrateful for the food and themessage of support it sends.

Jay Rosenfeld, a resident ofLawrence, N.Y., in Long Island,was among those to receive apackage through the UJA.

Mr. Rosenfeld, a carpetcleaner, said the pandemicforced the shutdown of hisbusiness, so paying for holi-day food was a concern forhim and his wife, Ditza.

Now, he said, “I have every-thing I need.”

By its very nature, the Jew-ish holiday of Passover is acommunal occasion, one cen-tered around a ceremony andmeal known as the Seder.

But for many Jews in theNew York City metropolitanarea, the novel coronaviruspandemic hasn’t only deprivedthem of the ability to cele-brate in person with others, italso has made it challengingto prepare a proper holidayspread.

Some are hesitant to gooutside and shop. Some arealso facing financial pressures.

A number of charitableJewish institutions havestepped in to help, providingdeliveries of free kosher-for-Passover food to thousands ofJews in the region before theeight-day holiday, which be-

BY CHARLES PASSY

Groups Bolster Passover-Meal Deliveries Amid Pandemic

also recorded the highest sin-gle-day increase since the cri-sis began, after 232 peopledied on Monday.

A total of 1,232 people havedied from the disease in NewJersey.

While the overall casecount is still rising, the dailygrowth rate has been slowingin recent days, said New Jer-sey Gov. Phil Murphy. Thatmeans infections in the statemay be leveling off.

“We cannot be happy withonly reaching a plateau. Weneed to keep strong, and keepdetermined to see that curvebeginning to fall and ulti-mately get to zero,” Mr. Mur-phy said. “That’s going to re-quire many more weeks, at theleast, of us being smart andstaying away at least at alltimes 6 feet apart.”

Mr. Cuomo said that ashortage of ventilators andhospital beds isn’t a majorfear at this time, but he is

concerned about a shortage ofmedical staff, as doctors andnurses fall ill or burn out. NewYork’s hospitals have hiredabout 7,000 new staff, bring-ing people out of retirementor in from other states.

Both Messrs. Cuomo and deBlasio appeared ready to startturning their attention from theacute health-care crisis to themore long-term challenge of re-starting New York’s economy.

Mr. de Blasio said he fearsthe next crisis will be NewYork City residents who areout of work and are runningout of money for food, medi-cine and housing.

“Even though there is fed-eral help coming, it’s not thatmuch and it’s going to take toolong for many people,” theDemocratic mayor said.

Mr. Cuomo began to sketchthe process by which NewYorkers may begin to return towork, saying it would dependfirst on a massive ramp-up in

testing capacity to see who al-ready has had the virus anddeveloped immunity.

Mr. Murphy said he hasbeen in initial talks with thegovernors of New York, Con-necticut and Pennsylvania tomap out a regional approachto reopening schools and busi-nesses, as they coordinate re-sources in case the coronavi-rus bounces back.

Still, both leaders cautionedthat for now any progress incontaining the virus is fragileand depends on residents re-maining indoors and isolatedfrom others.

In New Jersey, Mr. Murphyordered the closure of all stateand county parks on Tuesday.

“To the extent that we see aflattening or a possible pla-teau, that’s because of whatwe’re doing and we have tokeep doing it,” Mr. Cuomosaid.

—Joseph De Avilacontributed to this article.

N.Y. Has Largest Single-Day Death TollGREATER NEW YORK

A record number of peoplein New York died of Covid-19on Monday, but officials saidthey are cautiously optimisticthat the number of new casesin the nation’s hardest-hitstate is plateauing.

The state recorded 731deaths related to the novelcoronavirus, the most in a sin-gle day since the outbreak be-gan last month, Gov. AndrewCuomo said at a news confer-ence on Tuesday morning.

That brings the state’sdeath total to nearly 5,500,roughly five times the nextmost-affected state, New Jer-sey.

“The pain is increasing. Thegrief is increasing,” Mr. Cuomosaid.

Still, the governor said thedeath count is a lagging indi-cator that reflects people whowere hospitalized at theheight of the virus’s spread inNew York.

He pointed to some signsthat the situation is stabilizingat a level that won’t com-pletely overwhelm hospital orventilator capacity, as manyhad feared.

The number of new hospi-talizations in the state nearlydoubled to more than 650 onMonday from a day earlier.But the three-day hospitaliza-tion rate—a less volatile num-ber—fell more than 20%.

Daily intensive-care admis-sions also dropped by about30%, to 89 on Monday.

The total number of con-firmed cases in New York isclose to 140,000. The state ac-counts for more than a thirdof all cases in the U.S.

New York City Mayor Billde Blasio said that for the firsttime in two weeks, on Monday,New York City’s public hospi-tals, which have been over-whelmed with cases for days,didn’t see an increase in thenumber of patients on ventila-tors.

“I can say in the last coupleof days something is startingto change. It is meaningfulnow,” the mayor said at anews conference Tuesday.

The number of Covid-19-linked deaths in New Jersey

BY LAURA KUSISTO

The number of newcases in the state,however, is levelingoff, officials say

A patient in Queens was prepped for transport to a hospital on Tuesday. Below, military personnel arrived at Manhattan’s Jacob K. Javits Convention Center to help with the crisis.

tation undertaken by state andmunicipal agencies, school dis-tricts and public authorities.

The new statute broadensthe definition of a public proj-ect to include private develop-ments for which tax credits orgrants account for more than30% of the cost of construc-tion. Any development withconstruction costs of less than$5 million is exempt.

The law also carves outmany renewable-energy and af-fordable-housing projects, aswell as projects that receive his-toric-preservation tax credits.

A spokesman for Gov. An-drew Cuomo’s budget divisiondidn’t have an estimate onhow many additional projectswould be covered by the newdefinition.

The requirements don’ttake effect until Jan. 1, 2022,and a new public-subsidyboard can tweak what will be

covered and the schedule onwhich the law would moveforward.

Michael Kracker, executivedirector of Unshackle Upstate,a coalition of business groups,

said he believed the effectswould be felt immediately be-cause projects take severalyears to move forward.

“We’re going to need an un-precedented level of economicactivity to dig out from thecoronavirus, and what we’vedone is put a wet blanket onit,” Mr. Kracker said.

The Real Estate Board ofNew York, which representsmajor developers in New YorkCity, said the new law is “amistake” that could double thecost of a plumber and wouldlead to less construction work.

Associated General Con-tractors of New York StatePresident Michael Elmendorfsaid the provision was “an un-conscionable policy when theeconomy is taking like anhourly gut punch.”

Michael Cinquanti, directorof policy and planning for theNorth Atlantic States RegionalCouncil of Carpenters, whichcovers New York workers, saidthe policy only would result inmarginally higher costs, add-ing that increased workerwages would be spreadthroughout the community.

“Now more than ever, weneed to ensure that busi-nesses receiving significant

public assistance are creatinggood-paying jobs. Far too of-ten the construction industrygets ignored in that,” he said.

Mr. Cuomo, a Democrat, in-cluded the expanded-wage re-quirements when he proposedhis budget legislation in Janu-ary. A bill to address the issuefailed in the final days of the2019 legislative session, afterits scope was narrowed.

Freeman Klopott, a spokes-man for Mr. Cuomo’s budgetdivision, noted the new lawcould be delayed if the public-subsidy board determined itwould hurt the economy.

He said the law “will pro-vide our tradespeople andconstruction workers withhigher wages on these proj-ects when the time is right.”

Republican legislatorsvoted against the budget billthat included the wage expan-sion. They said the budget,

adopted as the coronavirusspread around the state,should have focused only onfiscal matters.

State Sen. George Borrello,a Republican from upstateChautauqua County, saidsmall-business owners would“find higher costs and moreregulations to support a polit-ically driven agenda” as a re-sult of the budget.

State Sen. Jessica Ramos, aDemocrat from Queens, lastyear sponsored legislationthat would have required aprevailing wage for projectsreceiving any amount of pub-lic subsidy. She said in an in-terview she would have likedto see the law go further.

“Though not ideal, it defi-nitely is a step in the right di-rection, and I believe the doorremains open to expandingprevailing wage as we’rereadier,” Ms. Ramos said.

A newly approved New Yorkmandate to pay higher wageson a broader range of govern-ment-backed constructionprojects will hurt companiesas they attempt to recoverfrom the novel coronavirus,business groups said.

The requirement was in-cluded in the more than $170billion budget enacted lastweek by state lawmakers. Itcaps a yearslong effort bybuilding trade unions to ex-pand the definition of publicprojects that require a higherprevailing-wage rate, which thestate calculates based on col-lective-bargaining agreements.

The New York state consti-tution requires a prevailingwage for public works butdoesn’t define either term.Generally, public works in-clude construction or rehabili-

BY JIMMY VIELKIND

Wage Law Will Hinder Construction, Developers Say

The new lawwould‘put a wet blanket’on efforts to recoverfrom the shutdown.

The UJA-Federation of New York is among the groups offering freePassover meals to the homebound. A shipment is loaded on a truck.

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nomic analyst for educationplatform FitSmallBusi-ness.com who spent days withhis team poring over the $2trillion, 800-page federalstimulus bill that passedMarch 27, says the package of-fers a lot for small businesses.

M ost can borrow up to$10 million to coverpayroll, rent, mort-

gage interest and utilities, hesays. And any portion usedto cover up to eight weeks ofexpenses incurred betweenMarch 1 and June 30 will beforgiven, effectively makingit a grant.

The problem? Many smallbusinesses owners have noidea these funds are avail-able.

Mr. Shirshikov, who lives in

Flushing, Queens, is contact-ing local business groups tomake sure shopkeepers andothers are aware of the grants.

Customers can do thesame for their local mer-chants. “Even just sendingthem an email and saying,‘Have you seen this?’ That’sreally great,” says Mr. Shir-shikov, who is supporting hisfavorite yoga studio by pur-chasing streaming classesand buying his groceries atthe local deli rather thancheaper national-supermar-ket chains.

But such efforts can’t saveevery storefront, says Jona-than Bowles, executive direc-tor of the Center for an UrbanFuture. “I’m afraid hundredsor even thousands of smallbusinesses are going to die

pected high unemploymentrates, likely will produce aspate of new businesses onour retail strips.

The businesses best posi-tioned to survive, mean-while, are the most creativeand flexible outfits, says Mr.Bachenheimer, the Pace pro-fessor, citing the example ofa pottery studio that re-cently started assemblingand delivering DIY potterykits to people stuck at home.“Darwin didn’t say it’s thestrongest species that sur-vive,” he says. “It’s thosethat are able to adapt.”

Still, the Chappaqua, N.Y.,resident wants to see localstores stay afloat. To thatend, he suggests customersbuy gift cards from neigh-borhood shops and restau-

METRO MONEY | By Anne Kadet

Mom-and-Pop Shops Get a Helping HandWhen

stores in herneighborhoodstarted clos-ing in mid-March, Sadie

Struss created a spreadsheetlisting mom-and-pop shopsthat were still doing busi-ness online. She posted it onneighborhood-based socialmedia site Nextdoor and lo-cal Facebook groups.

Neighbors started addingto the list. The online docnow features more than 100brownstone Brooklyn busi-nesses—from shoe stores toa yarn supply shop—whereresidents can shop localwithout leaving home.

“It was something I coulddo really fast, on my own,”says Ms. Struss, who lives inBrooklyn’s Boerum Hill andis self-quarantined with herhusband and 1-year-old son.

Like many New Yorkers,Ms. Struss fears that manymom-and-pop shops won’tsurvive the shutdown, andshe’s determined to helpthem stay afloat.

Such concerns aren’t un-founded. Even a well-runsmall business typically hasless than two months of op-erating capital in reserve,says Bruce Bachenheimer, amanagement professor atPace University’s LubinSchool of Business.

And things look dire evenfor storefronts allowed tostay open. Zenreach, a digi-tal-marketing platform thatmeasures in-store results, re-ports that as of March 31,foot traffic among its NewYork City retail and restau-rant clients dropped 80%from its peak in February ofthis year.

Will our shopping stripslook deserted long after thelockdown has lifted? Andwhat can New Yorkers do toensure the best possible out-come? I asked several small-business experts aroundtown for their thoughts.

Dennis Shirshikov, an eco-

rants to use when they re-open, and ask for a creditrather than a refund on ser-vices not delivered, such as acanceled catering event.

It can be for a selfish rea-son. “If all these stores go outof business, what happens toyour neighborhood life andproperty values?” he asks.

Residents also can patron-ize the city’s local productbrands, says Shane Hegde,co-founder and chief execu-tive officer of Air Labs Inc.,a Brooklyn-based digitalplatform that helps busi-nesses manage their imagesand videos.

Last month, he and histeam launched an interactivemap, SupportNYCDTC.com,displaying more than 100 di-rect-to-consumer brandsbased in New York City.

A lot of the city’s onlinebrands opened storefronts inrecent years that have beentemporarily closed, Mr.Hegde says, but shopperscan still patronize their web-sites. “If I’m thinking aboutbuying a suitcase, I can buyone from a company foundedin New York City,” he adds.

T he Dumbo, Brooklyn,resident is havingsome fun, meanwhile,

by supporting local busi-nesses—having cocktails de-livered from a favorite bar inManhattan’s West Village,for example.

Yes, the heroes in the pan-demic are the health-careworkers and first respond-ers, Mr. Hegde notes. Butthat doesn’t mean the rest ofus are powerless to help.

“I can order pizza fromthe local pizza place,” hesays. “It sounds dumb, but Ican support these businessesthat are struggling.”

In a city of millions, hesays, our small efforts canadd up to something big. “Ifall of us do a little thing,” headds, “we’ll be fine.”

anne.kadet@wsj.com

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before this is over,” he says.On the bright side, he

says, the shutdown may spura newfound appreciation forthe mom-and-pop retail thatremains. When the lockdown

ends, “There’s going to bethe idea of Small BusinessSaturday every weekend,”Mr. Bowles says.

We’ll also likely see retailrents plunge, he notes. That,in combination with the ex-

NewYorkers arethrowing smallbusinesses lifelinesduring virus crisis.

YOU CANPLAN AHEADDISASTERS DON’T

DON’T WAIT. COMMUNICATE.

Talk to your loved ones about how you are

going to be ready in an emergency.

VISIT NYC.GOV/READYNY OR CALL 311.

GREATER NEW YORKNY

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A vendor handed food to a customer over a barricade surrounding a residential compound in Wuhan on Monday.

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confirmed the uncle died ofcoronavirus, told the familythey couldn’t retrieve his re-mains, but could collect hisashes after 15 days, Ms. Wangsaid.

“I felt like we were aban-doned by the government andsociety,” she said. “The wholecity was left to its fate: If yougot the virus, you suffered. Noone was going to save you.”

Many countries, includingthe U.S. and Italy, face theirown undercounting problems intrying to scale up testing andcompile accurate data. Italy’sdeath toll is far higher than re-ported, a recent Wall StreetJournal analysis found.

Return to lifeWhile some life, and traffic,

has returned to Wuhan’s streetsin recent days, most shops andrestaurants are still closed. Lo-cal officials in full protectivegear still guard entrances toresidential neighborhoods,some of which are barricadedwith metal fencing and awning.

The city has said curbs onmovements in and out of somehousing complexes will remainin place after Wednesday, de-spite earlier expectations theywould be eased.

Authorities who had cutback on testing after conditionsimproved have ramped themback up, testing 12,000 peoplea day on average the past twoweeks—60% more than NewYork City. Nationwide testingnumbers haven’t been madepublic.

Until April 1, China didn’tpublish figures for asymptom-atic cases, which it defines aspeople who don’t yet showsymptoms but have tested posi-tive and could be infectious.

Since then, Wuhan authori-ties have reported 194 new as-ymptomatic cases. They alsosaid a total of 658 asymptom-atic cases were under medicalobservation as of Monday.

Before the article was de-leted online, Health Times, apublication affiliated with theCommunist Party’s official Peo-ple’s Daily newspaper, quoted asenior doctor in Wuhan sayingthere could be 10,000 to 20,000asymptomatic cases there, ac-cording to a survey done in theprevious three days.

The doctor, Yang Jiong, di-rector of respiratory medicineat Wuhan’s Zhongnan Hospital,described such cases as “quitescary,” but added they didn’tappear to be very infectious. Dr.Yang didn’t respond to requestsfor comment.

“Tough lockdowns in China

the Harvard T.H. Chan Schoolof Public Health, co-wrote a re-cent study that estimated Wu-han had a cumulative total of125,959 cases by Feb. 18, andthat at least 59% were “unas-certained” on any given day,most likely because they had nosymptoms or only mild ones.

The extent of a second wave“will depend on what strategywill be implemented on detect-ing and isolating those caseswithout symptoms,” she said.“This is the million-dollar ques-tion.”

China’s National HealthCommission said 1,033 asymp-tomatic cases were being moni-tored as of Monday, but it stillhasn’t provided figures or esti-mates for before April 1.

Another uncertainty is thetotal number of people Chinahas tested nationwide. Wuhanhas said it has performed777,000 tests—enough to cover7% of the city’s population andmore than five times the levelin Lombardy, Italy’s worst af-fected area.

The testing volume appearsto be much lower elsewhere inChina. Some epidemiologistsworry that local officials mayhave deliberately scaled backtesting to satisfy political de-mands to show they have thepandemic under control, and toshift blame for any reboundonto cases imported fromabroad.

ConsensusInside the White House,

there is broad consensusamong senior advisers thatChina’s public reporting on cor-onavirus data is unreliable. Of-ficials cautioned that U.S. intel-ligence analysts haven’tconcluded unambiguously thatMr. Xi’s government knows thetrue extent of its coronaviruspandemic and is deliberatelyobfuscating those figures. AWhite House spokesman didn’trespond to a request for com-ment.

One former official saidthere is some tension betweenthe White House and intelli-gence analysts, who are said tofeel that some Trump adminis-tration officials are cherry-pick-ing intelligence reports to putChina in a bad light.

One U.S. official asked rhe-torically whether the problemlay with obfuscation by China’sgovernment, or local officials’playing down the problem.

“The answer is all of theabove,” he said.

—Michael C. Bender andWenxin Fan contributed to

this article.

broke many chains of transmis-sion, but it’s unlikely that allthe cases have been stampedout,” said David Hui, professorof respiratory medicine at theChinese University of HongKong’s faculty of medicine.“The evidence is in the numberof asymptomatic cases in thecommunity.” He added, “Wehave to watch out for a secondwave of infections in China.”

Wuhan is by far the worst-hit part of the country, ac-counting for 50,008 confirmedcoronavirus cases—61% ofChina’s total—and 2,571 deaths,or 77% of the national toll, ac-cording to official figures as ofMonday.

The real infection numbersfor Wuhan could be more thandouble that, according to tworecent studies that estimatedthat the cumulative total forthe city was already higherthan 125,000 in February.

One study, by University ofHong Kong researchers, notedthat China changed its criteriafor diagnosis six times, includ-ing on Feb. 4, when it widenedthe testing pool considerably,leading to a surge in confirmedcases.

If testing capabilities wereavailable throughout the out-break, and the Feb. 4 criteriahad been applied throughoutChina’s crisis, 232,000 casescould have been detected inChina by Feb. 20, with 127,000cases in Wuhan alone, the re-searchers estimated.

Many Wuhan residents saythey are skeptical in part be-cause local authorities tried tocover up the scale of the prob-

lem early on. Police repri-manded several people whotried to issue warnings via so-cial media and officials warneddoctors not to speak publiclyabout the disease.

Restrictions on people re-trieving deceased relatives’ashes from funeral homesahead of last Saturday’s TombSweeping festival, a day whenmany Chinese visit ancestors’graves, also aroused suspicions.Officials banned people fromobserving Tomb Sweeping ritu-als until April 30, saying it wasto avoid cemetery overcrowd-ing.

Cemeteries and crematori-ums have been heavily mannedwith police and other officials,with makeshift tents and deskserected outside to processgrieving relatives.

Chinese authorities lifted themass quarantine of Hubei prov-ince except for Wuhan, its capi-tal, on March 25. They saidthey would relax the city’s lock-down from April 8 and startencouraging resumption ofbusiness operations.

In recent days, city authori-ties clarified that while peoplewho are healthy will be able toleave and enter Wuhan afterWednesday, most residential

restrictions will remain inplace.

“Our city’s epidemic preven-tion and control situation isstill grim,” read a notice fromthe city government publishedlate Friday. Among the threatsit cited were asymptomaticcases and people who retestedas positive after recovering.

In Wuhan’s Meihuachi neigh-borhood, one local official saidfour to five asymptomatic caseshad been found over the week-end across three residentialcomplexes nearby, all of whichwere back under lockdown as aresult.

He said some of those caseshad been discovered becausethey had been tested as a re-quirement for going back towork or leaving the city.

The role of asymptomaticcases has come into focus re-cently in the U.S. and Europe,where limited testing capabili-ties make it hard to screenthose who don’t look or feel ill.U.S. public-health officials haveadvised against testing peoplewho don’t show symptoms. Yetknowing who has the viruscould allow for more targetedcontainment strategies.

To more accurately assessthe number of asymptomaticcases in China, authoritieswould either need to do tests—ideally blood tests to screen forantibodies—on the whole popu-lation, which would be prohibi-tively expensive, or on large,carefully chosen samples. Chinahas said it had started antibodysampling to better understandinfection rates.

Lin Xihong, a professor at

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NUMBER OF DAYSSINCE 10 DAILY DEATHS FIRST RECORDED

RecoveryModeMore than three months after thecoronavirus outbreak began, China is slowlygetting back to normal.

While China had fewer reported deaths thanother hard-hit countries, some experts cautionit could face a secondwave of infections.

Daily new cases inWuhan Daily newdeaths, 3-day rolling average*

*Logarithmic scale to emphasize the rate of changeSources: China’s National Health Commission (cases in Wuhan); WSJ calculation based on data from Johns Hopkins CSSE (deaths)

‘We have to watchout for a secondwave of infections inChina.’

combined with the reports ofnew asymptomatic cases, aretriggering fears of a potentialsecond wave of infections thatcould undermine Beijing’s claimto have tamed the virus.

The accuracy of China’sdata—and how the virus be-haves in Wuhan after April8—is critical for many othercountries looking to China forhow to manage their crises, in-cluding what happens whenlockdowns are lifted in hard-hitareas.

Some researchers using sta-tistical models estimate thenumber of people who caughtthe virus in Wuhan may bemore than double the officialtally. Other experts and resi-dents believe the official deathtoll excludes those who died athome or couldn’t be testedearly on.

China’s national and Wuhancity information offices andhealth commissions didn’t re-spond to requests for comment.Chinese officials have deniedunderreporting infections anddeaths, and said they’re fo-cused on imported cases fromabroad, as well as asymptom-atic ones.

Current and former U.S. offi-cials say government spy agen-cies believe China’s official fig-ures on the pandemic areincomplete at best, and arepossibly misleading, althoughit’s unclear if that’s due toChina’s top leadership or localofficials trying to hide badnews from Beijing.

Local and regional officialsshy from reporting bad newsup the chain to Beijing, theysaid. Many epidemiologists be-lieve China has undercountedinfection and death numbers,mainly because it didn’t testwidely in the early stages, anddiagnosed many early casual-ties as pneumonia or other con-ditions.

Last month, China’s PremierLi Keqiang warned local offi-cials to be truthful in case re-porting. Lu Shaye, China’s am-bassador to France, said in atelevision interview that waslater shared on the foreignministry’s website that thenumber of deaths in Wuhanfrom causes other than corona-virus in the two months afterthe lockdown was roughly thesame as in an average Januaryand February, at about 10,000.

Case numbersPrivately, some epidemiolo-

gists have expressed worriesthat officials across China mayhave been less aggressive abouttesting in recent weeks to sus-tain the impression that Chinahad managed to get infectionnumbers down.

Wang Wenjun, a 33-year-oldhomemaker and mother of two,says her uncle—who died in aquarantine center on Jan. 31 af-ter suffering from coronavirussymptoms—was one of the un-counted. “He didn’t even do thetest: How could he be includedin the data?” she asked.

She said that he and her fa-ther, both retired taxi drivers,developed fevers soon afterWuhan’s lockdown began onJan. 23. Local officials finallytook the two on Jan. 30 to amakeshift quarantine center ina hotel, where they weren’ttested or seen by any doctors,she said. Her father woke thenext morning to find her uncledead in his bed, according toMs. Wang.

Local officials, who never

ContinuedfromPageOne

FearLingersIn Wuhan

HONG KONG—China’s Com-munist Party said it is investi-gating alleged wrongdoing byan influential businessmanwho has been an outspokencritic of President Xi Jinping,signaling harsh punishment forthe author of a scathing essaydecrying the Chinese leader’shandling of the pandemic.

The probe against Ren Zhiq-iang, a real-estate mogul and awell-connected CommunistParty member, comes as Beijingtrumpets its success in contain-ing the coronavirus and seeksto quell public anger aroundinitial government missteps.

In a statement Tuesday, aBeijing district branch of theCommunist Party’s disciplin-

ary agency said Mr. Ren is be-ing investigated by party andgovernment inspectors for al-legedly committing serious vi-olations of party disciplineand the law. Chinese officialsoften have used this vaguephrasing when referring tocorruption cases. The state-ment didn’t detail the allega-tions against Mr. Ren.

The announcement markedthe first official acknowledg-ment of Mr. Ren’s case sincehe disappeared in mid-March,soon after Mr. Xi visited thecentral city of Wuhan, wherethe pandemic first erupted, ina trip widely seen by ordinaryChinese as a declaration of ini-tial victory in the country’sfight against the coronavirus.

Mr. Ren, a 69-year-old for-

mer chairman of a state-owned property company,couldn’t be reached to com-ment. His mobile phone hasbeen switched off, and friendssaid they started realizing thatMr. Ren couldn’t be contactedstarting around March 12.

Friends and China politicalobservers believe the probeagainst Mr. Ren was promptedby a critical essay friends say hewrote that appeared to call Mr.Xi a “clown,” while attackingthe leader’s domineering styleand intolerance for dissent.

“A direct personal criticismof the top leader in the midstof a crisis violates one of theCommunist Party’s strongesttaboos,” said Joseph Torigian,a fellow at the Council on For-eign Relations, a New York-

based nonpartisan think tank.As a party insider with sig-

nificant popularity outside theparty, Mr. Ren represented apotential symbol of internaldissent against Mr. Xi’s author-ity, Mr. Torigian said. From Mr.Xi’s perspective, “these thingsneed to be nipped in the budwhether they are an immediatethreat or not.”

Mr. Ren’s essay, which be-gan circulating on Chinese so-cial media in early March, fo-cused on a Communist Partymeeting on Feb. 26 where Mr.Xi addressed some 170,000 of-ficials across the country viateleconference to issue in-structions on epidemic con-trols. While Mr. Xi wasn’t ex-plicitly named, the prose madeclear the target of its derision.

“There stood not an em-peror displaying his ‘newclothes,’ but a clown whostripped off his clothes andstill insisted on being an em-peror,” the essay read.

Mr. Ren also referred to crit-icism he made in 2016 againstMr. Xi’s demands for Chinesemedia to stay unswervinglyloyal to the party. “Without amedia representing the peo-ple’s interests by publishing thetruth, what remains is the rav-aging of people’s lives by boththe virus and major illnesses inthe system,” he wrote.

A former soldier whose fa-ther was a vice commerce min-ister, Mr. Ren has been called“Cannon Ren” for his outspokenviews, which have ruffled feath-ers in the Chinese leadership.

In 2016, the CommunistParty disciplined him for pub-licly questioning Mr. Xi’s de-mands for media loyalty. Inter-net regulators closed Mr. Ren’saccount on the Twitter-likeWeibo microblogging platform.

Mr. Ren was put on proba-tion for a year, during which hewas stripped of all party dutiesand barred from voting or par-ticipating in internal elections.

After that, he had lived un-der strict government supervi-sion, though he was still ableto communicate and sharemeals with friends, attendcharity events, and participatein certain meetings where hecan’t make public speeches,said a recent statement byWang Ying, a retired entrepre-neur and a friend of Mr. Ren’s.

BY CHUN HAN WONG

Mogul Who Criticized Xi Now Faces ProbeTHE CORONAVIRUS PANDEMIC

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Haley Walker, at top left, with hersisters and parents in Vermont. Hermother, Adele Walker, below left ather remote work station. Below right,Michaela Bushkin is now in Phoenix.

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FAMILY & TECH | JULIE JARGON

Nope, Your Parents’ HomeIsn’t the Best Place toWork

leased on the label, which remainsindependent.

Though Mr. Prine never had acommercial hit, his songs have beenrecorded and covered by a who’swho of country, folk and rock: theHighwaymen, Johnny Cash, BetteMidler, Paul Westerberg, John Den-ver and Bonnie Raitt.

He wrote “I Just Want to DanceWith You,” which hit No. 1 on Bill-board’s country chart when GeorgeStrait released it in 1998, the sameyear Mr. Prine was diagnosed withskin cancer.

While being treated, he under-went surgery to remove a piece ofhis neck that severed nerves in histongue and radiation that damagedhis salivary glands. After a year ofrehabilitation, he was able to per-form again, with a gravelly vocaltone. Fifteen years later, he lost hisleft lung to cancer. Within six

months, Mr. Prine was back totouring.

He was also a prolific collabora-tor, beginning with Steve Goodmanin his earliest days in Chicago,though he favored women as sing-ing partners.

“I’ve always been a sucker for aduet, you know?” said Mr. Prine ina 2016 interview with The WallStreet Journal discussing “For Bet-ter, or Worse,” his second collectionof duets, which included MirandaLambert and Kacey Musgraves.

The album’s 1999 predecessor,“In Spite of Ourselves,” along withthe track of the same name, isamong his most celebrated recordedworks and saw him team up withEmmylou Harris, Trisha Yearwoodand Iris DeMent, among others.

Mr. Prine was nominated for 11Grammy Awards, and won best con-temporary folk album twice, for

1991’s “The Missing Years” and2005’s “Fair & Square.” This yearthe Recording Academy awardedhim a lifetime-achievement award.

Before the novel coronavirusswept across the world, Mr. Prinehad a theater tour scheduled forMay through February from Ken-tucky to England. Mr. Prine’s wifeand manager, Fiona Whelan Prine,was diagnosed with the virus ear-lier in March, and the couple hadbeen self-quarantining and isolatedfrom one another.

He is survived by his wife, whorecovered from the virus; sonsTommy and Jack; stepson JodyWhelan; and his brothers, David andBilly.

“In my songs,” Mr. Prine told Mr.Ebert in that 1970 review, “I try tolook through someone else’s eyes,and I want to give the audience afeeling more than a message.”

They say you can’t gohome again, butthat’s exactly whatmany 20-somethingNew Yorkers didwhen it started to

look like their adopted city wouldbecome a coronavirus hot spot.

Many young adults are findingtheir childhood homes aren’t tech-nologically ready for the work-from-home mandate issued bymany businesses. The problem iscompounded when multiple gener-ations are trying to keep their jobsor schoolwork going simultane-ously. And much of the ancienttechnology that the younger gen-eration likes to laugh about overthe holidays suddenly becomes areal, daily pain.

(All of the people I interviewedleft the city before the Centers forDisease Control and Prevention ad-vised residents of New York, New

around each other: Ms. Walker’sparents, her fiancé, her two sistersand one of their boyfriends. Thefamily set up folding tables aroundthe house. Ms. Walker is workingfrom a sitting room outside herparents’ bedroom, where an actualplug-in-the-wall telephone rings allday. “I’ll be in the middle of ameeting and the landline will ringand I have to apologize to every-one,” Ms. Walker said. “Everyoneon the meeting will laugh and go,‘Who has a landline?’ ”

Ms. Walker has considered un-plugging it, but is worried she’llget in trouble.

“I’m pretty IT-challenged,” saidAdele Walker, Haley’s mom. “Ihave a cellphone, but they jokewith me all the time about notchecking it.”

Adele threw the whole householdinto chaos one evening when no onecould log into Netflix. She had reset

Wi-Fi router.Mr. Mangel said it has been

hard to maintain a consistent workschedule in his new-yet-familiarenvironment, although he finallypersuaded his dad to let him usethe home office sometimes. Theupside has been home-cooked fam-ily meals that include his grand-parents, who also came back toDayton from Brooklyn to ride outthe pandemic with his parents.

John McNamara, a 28-year-oldhead of sales at an office-furniturecompany in New York, was follow-ing a new morning routine at hisparents’ house in western Massa-chusetts for a while. “After break-fast it was directly to Geek Squadsupport to help my parents andtheir clients connect via videocon-ferencing,” he said, referring to hisrole as an instant on-site helpdesk. “Sometimes they hit thewrong button and lost the connec-tion and I’d get the call: ‘Zoom!Zoom! Johnny, I lost them!’ ”

“Having my son here reallyhelped assist me and my wife in theins and outs of sharing your screenwith a client,” said John McNamaraSr., who manages a retail sales teamthat had to forgo in-person salescalls and switch to virtual ones.“Some customers didn’t understandhow to click on the invite link andturn the mic on.”

For the younger Mr. McNamara,getting his own work done hasbeen a challenge in his parents’century-old house: The thick plas-ter walls can block the Wi-Fi sig-nal. The spot with the best con-nection, he found, is at the diningroom table. But when 6:30 p.m.rolls around, his mom makes himpack up so she can set the tablefor dinner. In the evening he oftenwatches network TV with his par-ents—something he hasn’t done inyears. “I actually like ‘Jeopardy!’ ”he said. “It’s ‘Wheel of Fortune’that kills me.”

When Michaela Bushkin movedback in with her dad and step-mother in Phoenix, the 26-year-oldNew York fashion editor orderedgroceries online. Her dad, whowanted to reimburse her, refusedto use a digital payment app. Heinsisted on going to the bank andgetting cash, but she told him thatpaper bills could carry the corona-virus so she showed him how todo an online bank transfer.

When her stepmom was on aWhatsApp group chat trying to or-ganize a virtual happy hour withcolleagues, there was mass confu-sion. “No one had ever set up themeeting,” Ms. Bushkin said. “I of-fered to set up a calendar inviteusing her Gmail account, but Isaid, ‘I can’t help you get on a callthat doesn’t exist.’ ”

It isn’t always the parents whoneed tech support, though. The TVin Ms. Bushkin’s bedroom requiresthree remote controls, and she hasno idea how to operate them.

“Every time I want to watch TV,I have to have my dad help me.”

the password because she had for-gotten it after months of not loggingin and failed to tell anyone.

Lazer Mangel, a 26-year-oldmarketer for a health-care-techcompany, left his home in Brook-lyn’s Crown Heights neighborhoodin such a hurry that he forgot tobring his second monitor, mouseand keyboard. He has been work-ing on a laptop from bed in hisparents’ Dayton, Ohio, basement,and sharing low bandwidth withhis dad and three siblings.

“My first day back my dad camedownstairs and said, ‘What are wegoing to do about this internetconnection? It’s too slow for us,’ ”said Mr. Mangel, who was assignedto call the internet service pro-vider to upgrade the speed.

Even with an upgrade, Mr. Man-gel said it’s still too slow. He’s nowconsidering jumping up to gigabitservice and possibly buying a Nest

Jersey and Connecticut not toleave the area for two weeks.)

Haley Walker, 24, a senior prod-uct analyst at a commercial-real-es-tate startup, decamped for her par-

ents’ house in ruralVermont only to be metwith a chore when shearrived: set up hermom’s new remoteworkspace.

“Since I work at atech startup, my family has cometo believe I’m some kind of IT per-son. So I was designated to helpset up the monitor, the printer, thekeyboard and the mouse because Ican presumably put it together infive minutes,” she said.

Sure enough, it took her onlyabout 15 minutes. When she wasdone, there were some extra cables,but everything seemed to work.

The house now consists ofseven people trying to navigate

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John Prine performed last year with Bonnie Raitt, one of the many stars to cover his work. Right, the artist in 1975.

John Prine, a country-folk musicicon whose witty and heartfeltsongs of love, protest and socialcommentary helped shape a genera-tion of songwriters, has died fromcomplications related to the novelcoronavirus. He was 73 years old.

Mr. Prine had been hospitalizedwith Covid-19 symptoms at the endof March, and his condition quicklydeteriorated.

A master storyteller with Mid-western roots, Mr. Prine was widely

regarded among fivedecades of contem-poraries from the1970s until his deathas one of the most

influential artists in folk and coun-try music. His poetic turn of phraseelevated simple lyrics and plainmelodies into profound statementsabout love and life, current eventsand society. He survived cancertwice.

The son of a tool and die makerand a homemaker from Kentucky,Mr. Prine was born and raised inChicago suburb of Maywood, Ill.,where his older brother taught himto play guitar at age 14. He workedas a mailman and served in theArmy in Germany during the Viet-nam War before beginning his mu-sic career.

He had been singing his originalsongs at open mic nights whenRoger Ebert, then the Chicago Sun-

Times movie critic, heard him andin his first review described a “sing-ing mailman who delivers a power-ful message in a few words.” “Hesings rather quietly, and his guitarwork is good, but he doesn’t showoff. He starts slow,” wrote Mr. Ebertin 1970. “But after a song or two,even the drunks in the room beginto listen to his lyrics. And then hehas you.”

Mr. Prine’s underground reputa-tion grew alongside Chicago’s folkrevival as he performed across thecity’s clubs. After being discoveredby Kris Kristofferson, his debut self-titled album was released with At-lantic Records in 1971, including en-during classics “Illegal Smile,” “SamStone,” “Angel From Montgomery,”“Paradise” and “Hello in There”—asong that went on to be coveredmany times over.

After releasing three more al-bums with Atlantic, and a subse-quent three with Asylum Records,Mr. Prine decided to leave the ma-jor label system, which he felt ex-ploited artists. He started indepen-dent record company Oh BoyRecords in Nashville, Tenn., with hislongtime manager, the late Al Bu-netta, in 1981—decades before thenotion of artists owning their workbecame normalized with the digitalera. The rest of Mr. Prine’s studioalbums—another 12, starting with“Aimless Love” and ending with“The Tree of Forgiveness” in 2018—plus three live albums, were re-

Singer-Songwriter LiftedPlain Tales Into Poetry

OBITUARYJOHN PRINE1946-2020

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A14 | Wednesday, April 8, 2020 THEWALL STREET JOURNAL.

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Ltd. I fell in love with thatcar, so I commissioned thecompany to build one for me.It took a little over a year,and I imported the car intothe United States in 2011.

It was built in the style ofa 1928 Bentley racing car to-tally out of Bentley parts.During the 1920s, Bentleybecame very famous for itssuccess in international rac-ing. Although the car is builtin the style of a 1928, somesystems have been updated.For example, it has Bentleyhydraulic brakes on thefront wheels from a laterera, far more dependablethan mechanical brakesfrom the ’20s.

As a car collector, I havedriven all kinds of eclecticcars, vintage and modern.But this Bentley is the mostfun because it has the feelof an authentic vintage racecar. My wife and I havedriven this car in rallies allover the country—not rac-ing, but gatherings of vin-tage car enthusiasts drivingfrom point A to point B, onscenic roads.

We have done a Bentleyrally on the East Coast,three Bentley rallies on theWest Coast, plus the Califor-nia Mille and the ColoradoGrand rally, among others.

One time my wife, Ellen,and I were driving throughMontana when we ran into ahailstorm. We were wearinghelmets and goggles, andthe ice pellets were ham-mering our foreheads. Nei-ther of us complained andwe got through it fine.

Too many collectors likeme are getting older, and weworry about young people.Will they want to drive vin-tage cars? We hope so. Thatis one of the reasons we liketo campaign these cars inrallies and why we are oftenactive promoting museums.[Mr. Weitman is on theboard of the Checkered Flag200, which supports the Pe-tersen Automotive Museumin Los Angeles.]

When people see 25 vin-tage Bentleys going down ascenic road, it is a beautifulthing and it is inspiring.We try to keep the hobbyalive and the spirit of thesecars going.

LIFE & ARTS

MY RIDE | A.J. BAIME

The Spirit of the 1920s, Alive TodayThis Bentley Special 3/8 Racer has the feel of an authentic vintage race car, with some key updates

Doug Weitman, top, in his Bentley Special 3/8 Racer,photographed at the Thermal Club in Thermal, Calif., in 2017. Alook at the steering wheel and the instrument panel, right, andan overhead view, above. The car from the rear, bottom.

Doug Weitman, 76, aMalibu, Calif.-based real es-tate investor, on his BentleySpecial 3/8 Racer, as told toA.J. Baime. The photo-graphs were shot at theWest Coast Vintage BentleyTour in 2017.

Obviously the world isfacing a great crisis rightnow. So the vintage carhobby is not on peoples’minds. But when we getthrough this, we hope to re-turn to our hobby. Vintage

cars represent the geniusand ambitions of the peoplewho worked so hard to buildthem, and they bring his-toric eras to life.

About 10 years ago, I wasat a car event in Germanycalled the Techno-ClassicaEssen when I saw this beau-tiful car. It had been built bya company in Wales calledRacing Green Engineering

This car—built outof real Bentley parts—has evenmade itthrough aMontana

hailstorm.

ShowroomADVERTISEMENT

To advertise: 800-366-3975 orWSJ.com/classifieds

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THEWALL STREET JOURNAL. Wednesday, April 8, 2020 | A15

THE STAYING INSIDE GUIDE—MUSIC

Standing the Test of TimeVintage videos that capture not only the sounds and sights of jazz,

but—more important—its feeling and deep inner essence

LIFE & ARTS

EVER

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TION(3)

is titled “I Love Louis Cole.”A few tracks feature guest vocal-

ists, who seem more like friendsstopping by for a quick hello, sosubtle are their contributions. Don-ald Glover (in his Childish Gambinoguise) shows up on the bouncyfunk tune “Black Qualls,” while R&Bsinger Ty Dolla Sign integrates hisstyle into the pillowy-soft tone of“Fair Chance,” which also featuresa relatively clear-eyed turn fromthe surreal Bay Area rapper Lil B.

“It Is What It Is” is a deceptivelyaccessible album. It’s easy to getlost in the lattice-like arrangements,paying attention to the patternsand counterpoint, but the result isso light and frothy it’s just as plea-surable to put it on and let it fillthe room, like mist from an essen-tial oil vaporizer. But the closer youlisten, and the more you allow Mr.Bruner’s lyrics to sink in, the morecomplicated the songs become.

Amid the off-color jokes andfunny asides are moments of heavi-ness. The closing title track, pref-aced by a snippet titled “Existen-tial Dread,” is the record’s longest,and it’s broken into two sections.To begin the second half, overfolky guitar by Pedro Martins, Mr.Bruner sings “Hey, Mac,” address-ing his friend Mac Miller, the rap-per who died of a drug overdose in2018. It’s just as musically beauti-ful as what has come before, butwe can feel the almost subliminalpull of sadness. That Mr. Brunernavigates these emotional changesso skillfully speaks again to hisrange as an artist and as a listener,his years of playing and absorbingmusic brought fully to bear.

Mr. Richardson is the Journal’srock and pop music critic. Followhim on Twitter @MarkRichardson.

the budding jazz impresario Nor-man Granz (who had just producedthe first Jazz at the Philharmonicconcert) assembled an outstandingband that was built around thetenor saxophone colossus LesterYoung and also included trumpeterHarry “Sweets” Edison and saxo-phonist Illinois Jacquet, instructingthem to play two blues (one slowand one fast) and a standard (“Onthe Sunny Side of the Street”). Theresults were remarkable, not onlyfor the amazing playing of Young,but for the artful way in whichthey were captured by director andveteran Life magazine photogra-pher Gjon Mili—from the openingvisual, a seemingly abstract imageof concentric circles that turn outto be the top of Young’s signatureporkpie hat, to the way he trans-mutes a repeated phrase of theblues played by Edison into multi-ple images of the trumpeter. It’shard to think of any musical film

that’s as much of a treat for theeyes as this one.

“The Sound of Jazz” (1957)Jazz’s finest hour on television.Robert Herridge produced this exu-berant live show for the CBS series“The Seven Lively Arts,” and hiredNat Hentoff and Whitney Balliett asconsultants to pick the talent andthe tunes. To give a vivid picture ofboth the diversity and the overallcontinuity of the music, they fo-cused on the blues, the traditionaland the modern, the up- and thedown-tempo, the sung and theswung, played by a wide variety ofthe best musicians then active. Theemphasis was on Count Basie, withmany storied veterans of his bandas well as sympathetic modernistslike Thelonious Monk, Gerry Mulli-gan and Jimmy Giuffre. Young’s un-expected and exquisite improvisa-tion on his longtime partner BillieHoliday’s epic nine-minute reading

TO FULLY ENJOY both the sponta-neity and the intimacy of jazz, youhave to be—as the musical “Hamil-ton” would say—in the room whereit happens. Obviously, that’s a chal-lenge these days, when neither mu-sicians nor listeners get aroundmuch anymore. So it’s reassuringto remember that over nearly all ofjazz’s century-plus history, filmand video have played a vital rolein both documenting and dissemi-nating the music. Here is a shortlist of classic videos, all readilyavailable on YouTube and otherplatforms, that brilliantly and ex-citingly capture not only the soundof jazz and the sight of it, but—more important—its feeling anddeep inner essence.

“Jammin’ the Blues” (1944)If you can watch only one jazz filmever, let this be it. In August 1944,

BY WILL FRIEDWALD

and Cannonball Ad-derley; the secondspotlights the col-laboration of Davisand arranger-com-poser-conductor GilEvans in three big-band numbers fromthe 1957 “MilesAhead” album. Ku-dos to producer andhost Herridge, whoobviously was wellaware of how im-portant this musicwould be to history.This is the onlytime Davis’s legend-ary sextet and hiscollaboration withEvans were everfilmed, and we’redoubly lucky thatthe staging andphotography of Her-ridge and his crew

are at the same consistently highlevel as the music.

“Frank Sinatra: A Man and HisMusic + Ella + Jobim” (1967)This third of five annual Sinatraspecials found the greatest of Amer-ican male singers sharing the stagewith two giants of music who in-spired him to reach a pinnacle be-yond even his usual Olympianheights. The three numbers withBrazilian maestro Antônio CarlosJobim were an amazing change ofpace for the Chairman and repre-sentative of a classic album, whilethe extended duet section with EllaFitzgerald, which climaxes in “TheLady is a Tramp,” is a tantalizingpromise of the greatest album Sina-tra was never able to make—hislong-desired collaboration projectwith the First Lady of Song.

Mr. Friedwald writes about musicand popular culture for the Journal.

of “Fine and Mellow” is one thatmusic students have been memoriz-ing ever since. Herridge and direc-tor Jack Smight achieve the statedobjective better than anyone hasbefore or since, to capture the en-ergy and the feeling of live jazz andimprovisation with the televisioncamera. Through masterful stagingand rhythmic editing, soloists likeColeman Hawkins, Ben Webster andRoy Eldridge are endowed with acommanding visual presence that’sequal parts Shakespearean oratorand heavyweight prizefighter.

“The Sound of Miles Davis” (1959)While Miles Davis was in the mid-dle of recording “Kind of Blue,” themost celebrated jazz album of alltime, the already iconic trumpeterand trendsetter took time off toperform some music from it onCBS TV. The first part features Da-vis’s legendary 1959 sextet, co-star-ring saxophonists John Coltrane

Miles Davis in a publicity shot for ‘The Sound of Miles Davis,’ left; Count Basieand Pee Wee Russell in ‘The Sound of Jazz,’ above; Frank Sinatra and EllaFitzgerald in ‘Frank Sinatra: A Man and His Music + Ella + Jobim,’ below

mind who couldn’t resist a sillyjoke. On “Dragonball Durag,” ad-dressed to a woman he wants tohook up with, his attempts at se-duction are undercut by his ex-treme nerdiness and lines like “Imay be covered in cat hair, but Istill smell good.” His collaborationwith jazz-funk producer Louis Cole

iatures, not extended suites. Eachpresents a few ideas, developsthem quickly and efficiently, andmoves on. Listening, you might fillin unexplored possibilities from apattern in your imagination.

Humor balances the jamming—Mr. Bruner admires Frank Zappa,another sophisticated musical

PARK

ERDA

Y

Thundercat’s new album, ‘It Is What It Is,’ is out now.

A Beautiful PatchworkOf Genres

float through the mix, as if a stiffbreeze might blow it away. But Mr.Bruner uses this as a counterpointto his forceful excursions on bass.So on the opening “Lost in Space /Great Scott / 22-26,” which fadesinto “Innerstellar Love,” his wordsand Mr. Washington’s probing sax-ophone are delicate and lightlypsychedelic, while the bottom-endgroove serves as an anchor.

The melodies on “It Is What ItIs” are strange and hypnotic. Theybring to mind ethereal mid-1970sR&B in terms of weight and texture(think Smokey Robinson on his 1975LP “A Quiet Storm”), but the notesare twisted into bizarre shapes in-formed by Mr. Bruner’s harmonicimagination rather than pop con-vention. One moment “Miguel’sHappy Dance” has the simplicity ofa jingle, but then Mr. Bruner zig-zags through the chord changesand makes choices that feel likepuzzle pieces that snap into placeunexpectedly. The album’s produc-tion, mostly helmed by Mr. Ellison,is more focused and spare than aFlying Lotus record but has a simi-lar spirit of exploration.

Mr. Bruner is a virtuoso on hisinstrument—he crafts astonishingmulti-octave runs that highlight hisfinger technique and his melodicand harmonic vision. But his solopassages serve the songs, ratherthan the other way around. Onething that makes this proggy soundso accessible is that these are min-

STEPHEN BRUNER, the 35-year-old bassist and vocalist who worksunder the name Thundercat, hasan unusually expansive musicalrange. We can describe his musicas a hybrid of jazz fusion and R&B,but that only scratches the surfaceof what it takes in.

Along with his brother RonaldJr., a drummer, Mr. Bruner was amember of the hardcore punkband Suicidal Tendencies, and he’splayed on records by neo-soulsinger Erykah Badu. He’s workedwith rapper Kendrick Lamar and isa fixture in jazz bands led by LosAngeles saxophonist and composerKamasi Washington. He’s a closeassociate of producer Steven Elli-son, better known as Flying Lotus,who makes innovative electronicmusic renowned for its density.And on the last Thundercat album,2017’s “Drunk,” one track featuredcontributions from soft-rock lumi-naries Kenny Loggins and MichaelMcDonald. Mr. Bruner’s new re-cord, “It Is What It Is” (Brain-feeder), out now, runs a threadthrough these influences andmany, many more, stitching to-gether each element to fit Mr.Bruner’s distinctive aesthetic.

Though Mr. Bruner’s earliestmusic as Thundercat was mostlyinstrumental, it’s now a song-based project with his vocals atthe center. His voice is clear andmelodic but not particularly pow-erful—his wispy falsetto seems to

MUSIC REVIEW | MARK RICHARDSON

P2JW099000-0-A01500-1--------XA

A16 | Wednesday, April 8, 2020 THEWALL STREET JOURNAL.

In early 2016, Thomas Bachtraveled to Silicon Valley toask Facebook, Twitter, You-Tube and Google for advice.Bach, president of the Inter-

national Olympic Committee,wanted to learn how the multibil-lion-dollar Olympic Games, for de-cades a broadcast-TV juggernaut,could better reach young audiences.

But Bach told the companies healso saw them as competitors. Askids spent more time on theirhabit-forming wares, he worried,they were spending less time play-ing sports—and the fewer of themmight go on to become Olympians.

“The smaller the base of the pyr-amid, the weaker the pyramid atthe end,” Bach said in a 2018 inter-view with The Wall Street Journal.

Bach’s fears of physical inactivityare growing before our eyes. Mil-lions of kids are hunkered down onthe couch amid stay-at-home or-ders to curb the spread of the coro-navirus pandemic. Swimming poolsare closed, basketball hoops re-moved from public courts, schoolteams’ seasons postponed or can-celed.

Organizers hope the halt in kids’sports will end in the comingweeks or months. But with 10 mil-lion Americans applying for unem-ployment benefits in March, thesudden financial hit from coronavi-rus could leave a long-term hole inopportunities for kids to play.There are already signs it is start-ing to erode funding for the devel-opment of future Olympians, asgoverning bodies react to the post-ponement of the Tokyo 2020Games.

“The short-term impact is goingto be dramatic,” said Dave DuPont,CEO and co-founder of TeamSnap,which provides software used bynearly 23 million people to coordi-nate activities, mostly in youthsports. “Organizations are not go-ing to survive. There are not goingto be as many around.”

TeamSnap has seen an 80% dropin usage of its app, DuPont said,and he recently was forced to fur-lough half the company’s staff ofabout 100.

President Trump tweeted onSaturday for Little League playersto “hang in there!” and continued:“We will get through this together,and bats will be swinging beforeyou know it.” But Little League In-ternational has suspended activi-ties through at least May 11, andhas shown little sign that its twomillion baseball and softball play-ers world-wide will be playingsoon.

Little League president and CEOSteve Keener said he’s optimisticparents will find a way to overcomethe slumping economy and gettheir kids back into sports oncethey resume.

“I know as a parent myself,you’ll do things for your kids and

you’ll put your own needs on theback burner in order for them tohave what they enjoy,” he said.

But the global recession of 2007to 2009 suggests there could belong-term damage.

The share of children regularlyplaying team sports in the U.S.dropped from nearly 45% in 2008to 38% in 2014, according to datafrom the Sports & Fitness IndustryAssociation. Even by 2018, whenthe economy had improved, theshare of kids playing sports hadn’trebounded.

And although Little Leaguepledges not to deny a child the op-portunity to participate due to aninability to pay, the sudden down-turn from the month-old pandemicis unlike anything that has comebefore it.

In Huntington (N.Y.) Tri-VillageLittle League one parent asked fora refund of the $175 fee after sheand her husband were furloughedfrom their jobs, league volunteerRoger Snyder said.

“The mom called me up andsaid, ‘We really kind of need it. Nei-ther of us are working,’ ” Snydersaid.

Many leagues rely heavily onplayer fees to operate, and registra-tions have come to a standstill.Lynn Berling-Manuel, who overseesa group of 30,000 soccer coaches atall levels of the sport, estimatesthat by the time it’s safe to resumeplay, as many as 25% to 30% ofyouth soccer clubs in the U.S. could

have folded.“That goes lower or higher

based on the time element,” saidBerling-Manuel, CEO of United Soc-cer Coaches.

In recent years the rising cost ofplaying youth sports, includingpricey travel teams, has created agrowing divide. Less than 22% ofkids in the lowest household in-come bracket played sports on aregular basis in 2018. About twicethat share, 43%, of children withhousehold incomes of $100,000 andabove did, according to The AspenInstitute’s Project Play.

“This crisis could force evenmore of a divide,” TeamSnap’s Du-Pont said.

But leaders also hope that the

pandemic could force a rethinkingof how kids’ sports are organizedand supported. Unlike many othercountries, the U.S. has no ministryof sports. The U.S. Olympic & Para-lympic Committee isn’t govern-ment-funded. Youth sports are amultibillion-dollar industry of inde-pendent for-profit and nonprofitgroups that have little to no finan-cial reserves.

“Because it’s private-driven, it’sgoing to suffer. There’s no questionabout that,” said Clay Walker, exec-utive director of the National Fit-ness Foundation, the only congres-sionally chartered nonprofitfocused on health and fitness. “ButI believe when the re-examinationhappens, people are going to say,

BY RACHEL BACHMAN

Bracing for a Youth Sports SlumpMillions of children are hunkered down on the couch—and the shell-shocked economymeans some could stay there

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

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Today Tomorrow

U.S. Forecasts

International

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HELP!HELP! | By Frank VirziAcross1 Ecclesiasticalsplit

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10 ObserveRamadan

14 Thrills to pieces

15 Tempest in ateapot

16 Hardlyindustrious

17 Seat ofWisconsin’sMarathonCounty

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54 Free app pop-ups

55 Provider of intel,in spy jargon

56 Itinerant

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63 Live-in help, andwhat’s containedin 17-, 23-, 38-and 49-Across

64 View from theMinster of Bern

65 Piece of fiction

66 Saffron-seasoned dish

67 Shopping aid

68 Cal. spans

69 Chico, of theMarx Brothers

TheWSJ Daily Crossword | Edited by Mike Shenk

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41 Klobuchar,Warren orSanders: Abbr.

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51 App customers

52 TWA rival

53 Gifts fromMomand Dad

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60 “Phooey!”

62 Get into thepool

63 Lummox

Hawaii players, above, in the dugoutduring the 2019 Little League WorldSeries. Aubrey Harmon, right, doessoccer drills in Brandon, Miss.

We need to take care ofour country. Youthsports are an importantway of creating equityhealth—so that every-body has an equal op-portunity.”

Late last year theNFF launched the Na-tional Endowment forYouth Sports, a nonpar-tisan, nonprofit fundthat youth sports or-ganizations can applyto for grants. The aimis to fight on twofronts: rising obesitylevels, and the in-creased cost of kidsplaying sports. The en-dowment aims to raise$100 million by 2023—something Walker ac-knowledges will be achallenge in the post-coronavirus financialworld.

Meanwhile, the cuts keep com-ing. Facing a budget crunch due toevent cancellations, national gov-erning body USA Cycling decided toprotect the funding for athletes it’shelping get to the postponed TokyoGames in 2021. To do that, it’s cur-tailing investment in younger rid-ers.

“We basically furloughed youthdevelopment Olympic efforts—Paris and Los Angeles,” said RobDeMartini, USA Cycling presidentand CEO, of the 2024 and 2028Games.

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P2JW099000-0-A01600-1--------XA

THEWALL STREET JOURNAL. Wednesday, April 8, 2020 | A17

Keeping CalmAndCarryingOnBritain’s War: A New World, 1942-1947By Daniel Todman(Oxford, 953 pages, $39.95)

BOOKSHELF | By Alan Allport

A ll nations have their historical touchstones, to whichthey return in times of crisis for reassurance andinspiration. For the United States and France, there

are the revolutionary moments of 1776 and 1789. TheBritish, for the past 75 years, have retreated to thememory of World War II whenever their national way oflife is threatened. The Covid-19 crisis has been no exception.Matt Hancock, the health secretary, recently enjoinedmodern Britons to emulate their grandparents’ steadfast-ness during the Blitz of 1940-41. “Despite the poundingevery night, the rationing, the loss of life,” he said,“they pulled together in one gigantic national effort.”

These allusions to World War II tend to referspecifically to its dramatic early years—Britain’s “finest

hour,” in Churchill’swords—when the nationstood virtually aloneagainst Nazi Germany. Butit could be argued that itis the later period, aschronicled in the secondand concluding volume ofDaniel Todman’s excellenthistory, “Britain’s War: ANew World, 1942-1947,”which offers the morepertinent analogy for thepresent crisis.

By 1942, Britain, thanks inpart to its alliances with the Soviet

Union and the United States, was no longerin any immediate danger of invasion or defeat. Hitler’sbombers had mostly withdrawn from the skies of WesternEurope for the Eastern Front. Although there would besome deadly bombing raids still to come, as well as attacksby pilotless V-1 and V-2 rockets in the war’s final months,British civilians were not exposed to the same degree ofpersonal danger they had endured in 1940 or 1941. Thesacrifices of the second half of World War II were, for theBritish, more prosaic—and, perhaps for that reason, morechallenging. What lay ahead were years of materialshortages, boredom and heavy-handed governmentrestrictions on personal liberty. For the majority ofBritons, the war after 1942 was a righteous struggle,but a humdrum one as well.

Churchill’s government, as Mr. Todman describes it inhis meticulously researched and densely detailed history,managed, by and large, to keep a grip on the nation’smorale. It did this in part by providing victories, thoughthey did not come easily at first. The six months thatfollowed Japan’s entry into the war, in December 1941,were perhaps the grimmest of the entire conflict forBritain. The British colonies in East and Southeast Asia,including Singapore—previously hailed as the “Gibraltarof the East”—fell with humiliating ease to numericallyinferior Japanese forces. By early summer 1942, theRoyal Navy had lost control of the Indian Ocean for thefirst time since the 18th century. A Japanese invasion ofthe Indian subcontinent, already seething with anti-imperial discord, seemed a matter of time.

Thousands of miles to the west, Gen. Erwin Rommel’sAfrika Korps had smashed through British defenses inLibya and Egypt and was only days from reaching Cairo.The Axis forces in the Western Desert were held in thenick of time at a dusty railroad stop in El Alamein, where,in November 1942, Rommel was decisively beaten. Turningback the Japanese in the Bay of Bengal took much longer,and it was not until late 1944 that a modernized, well-trained and well-equipped British Indian Army invadedBurma and began advancing along the road to Mandalay.The Empire east of Suez was reconquered in the finalmonths of the war, though, as it turned out, to little availfor the exhausted British: By 1947, when Mr. Todman’schronicle concludes, India and Pakistan had alreadydeclared independence, and Burma and Sri Lanka were onthe verge of doing the same.

That this momentous transfer of power went largelyunremarked in Britain itself was, in part, a reflection ofthe inward turn that the British had made as a result ofthe war. As early as 1940, it was already evident thatnational expectations for the postwar settlement wouldinclude an ambitious rethinking of the social andeconomic status quo. The wartime emergency hadrevealed the inadequacies of the patchwork 1930s healthand welfare safety net, unevenly organized and fundedlocally rather than by the central state. The rhetoric of a“people’s war,” in which all classes would share thebenefits of victory as payment for their common sacrifice,fostered demands for a more egalitarian future society.

Mr. Todman, a professor of modern history at QueenMary University of London, shrewdly observes that itwas by no means inevitable that Britain’s Labour Partywould be the principal electoral beneficiary of this newprogressive mood. Churchill’s enormous personalpopularity remained undiminished at the end of the war.Most observers, including Labour’s own leadership,expected that he would win the 1945 general election.The Conservatives had a better-funded, better-organizedelectoral machine, one that had reliably delivered ballot-box victories throughout the 1930s. But Churchill hadtaken little interest in postwar reform during the conflict,frustrating younger members of his own party who feltthat he was ceding ground to Labour on this vitalpolitical front without a fight.

By the time the election was scheduled in the summerof 1945, the Tories were scrambling to catch up. What isstriking about the manifestos of both parties in thatelection is how they promised voters much the samethings—an expanded welfare state, some form ofnationalized health care, security from unemployment.The difference was that Labour’s leaders seemed tomean it, whereas to many people Churchill appeared tobe mouthing platitudes he didn’t believe. The Tory leaderremained a far more charismatic, likable politician thanhis opposite number, Clement Attlee. But in the endweary voters opted for substance over style.

Mr. Allport is an associate professor of history atSyracuse University. His next book, “Britain at Bay,”will be out in November.

For Britons, material shortages, boredom andgovernment restrictions on personal libertycharacterized the second half of World War II.

A Hostage’s Guide to Isolation

I spent 45 days in Pakistanas a hostage of the Talibanin 2008. A college friend

recently sent a note asking if Ihad any suggestions as to howpeople can physically andmentally cope with their coro-navirus-induced confinement.Here’s what I told him:

Be calm. Try not to beafraid.

Set a regimen. Get up early.Use that time to pray, medi-tate or exercise.

Don’t eat too much. It willmake you listless. Try not tosleep during the day. It’s aform of escape. Don’t live inthe dark. Natural light is best.We lived in darkness. I was al-ways seeking the light.

Keep your mind active and,as best you can, positive. Readonly good books. I know onehostage who read the Quran.He isn’t religious but it com-forted him. I studied Pashtu inthe afternoons for maybe anhour with my main jailer. Itmade my brain work hard and

I felt good afterward, and itgave him power and made himfeel good and smart and itbrought him closer to me, Ifelt, bettering my chances tostay alive.

In captivity everything be-comes primal. A hierarchy de-velops. You become territorial,no matter how small your cor-ner. The same, I believe, would

happen in a home, even in aloving family. Don’t seekpower; give it to others if nec-essary. Be humble. Seek to getalong with everyone, becauseeveryone is afraid, and whenpeople are afraid they can be-come irrational. If you can’tgo to the store and there’s notenough food, give some ofyours to others. It will drawyou closer, and you will feelstrong.

Try to accomplish some-thing: reading part of a book,learning new words, even of aforeign language, doing morepush-ups, playing the piano,whatever it is, every day. Writeletters. They are more intimatethan emails, and you’ll feelgood. I know of a hostage whowrote a letter to his parentsbefore he died. We all havetwo lives, he wrote. The sec-ond one begins when you real-ize that you only have one.

Help one another and youwill find warmth. I know of ahostage who became theleader in a large cell of menfrom different counties, be-cause he helped others, inpart by quiet strength.

Keep a journal. It helps youfree yourself and become re-laxed. It is a form of therapy.You will find that you arestronger than you think.Shakespeare wrote that “thereis nothing either good or bad,but thinking makes it so.” Tryto think like this.

Stay away from the com-puter as much as you can. I

liked being away from the tyr-anny of emails. It gave me asense of freedom.

John McCain said therewere no atheists in the HanoiHilton. They found comfort inprayer. So did I, and others. Itgave us strength. I know ahostage, who, in the midst ofa hard moment, forgave hiscaptors. “I had no choice,” hesaid. He knew that if didn’t,he would suffer in deeperways.

I know another hostagewho wanted mainly to talkabout mock executions. It wasthe fear of pain that botheredhim most. Above all, don’t beafraid. It will help you stayhealthy.

In the end you will becloser than before. You willbecome stronger for havinggone through this, and it willmake you feel quietly proudand, most important, grateful.

Mr. van Dyk is author, mostrecently, of “The Trade: MyJourney Into the Labyrinth ofPolitical Kidnapping.”

By Jere van Dyk

What I learnedabout endurance asa Taliban prisoner.

OPINION

When Don-ald Trumpsays “no-body sawthis coming,”he is literallywrong.

E x p e r t sand the U.S.governmentand the worldat large have

known for centuries global pan-demics were possible; they’veaccumulated a great deal ofknowledge in the scientific eraabout how such contagions op-erate. When a new virusemerges in China, the world al-ways pays attention because somany pathogens have sprungfrom China.

On the same day the WhiteHouse’s Peter Navarro waswriting a now-famous memoalluding to a 1% chance thatthe Wuhan virus could spark aglobal catastrophe, I publisheda column pointing to China’ssuspected connection to previ-ous pandemics as devastatingas 1918’s and as modest as1957’s. I knew no more thananybody else and could onlyspeculate that the observedmortality rate (then about 3%)was overstated because ofmany unobserved infections,which also made it likely theWuhan virus was alreadyspreading world-wide.

There will be much to criti-cize about the Trump admin-istration’s response, just aswe can never forgive FDR’sbaiting of Japan with embar-goes while leaving the fleetbottled up in Pearl Harbor,

Trump Is Not the VirusKennedy’s actions at the Bayof Pigs, Johnson’s in theTonkin Gulf. In the midst aglobal flu pandemic that wasparticularly fatal to youngadults, Wilson sent packedtroop ships to intervene inWorld War I. If Truman hadlet Stalin know the U.S. wasprepared to spend 36,000lives and threaten nuclearwar over South Korea, the Ko-rean War never would havehappened.

I could go on. Mr. Trump isthe worst president we’veever had, just like some of thebest presidents we’ve everhad.

But from the bottom of myheart, let me point out howgenuinely worthless somejournalists are as thinkers andcritics when they venture be-yond their job of gettingquotes and facts right. Themedia is staffed with peoplefor whom the hindsight fallacyis not a fallacy; it’s their mé-tier. (You can see the same af-ter every stock market crash;whoever was predicting acrash at the time—and some-body always was—is accordedseer status.)

A pandemic is always po-tentially around the cornerthanks to natural selection, butwhen one will actually arriveis a known unknown. Yes, ev-erything could have been doneby the Trump administrationfaster and sooner. That’s parfor the course for the U.S. gov-ernment, unfortunately (see:history). Mr. Trump’s own“messaging” (which in themeta world of journalists is

more important than any con-crete reality) has been its typi-cal mess when the president isad libbing. It is also low-conse-quence no matter how muchthe media tries to make it highconsequence.

For what it’s worth, my as-sessment of the Trump politi-cal character: Its defining fea-ture is his colossal andthorough cynicism about thegame of politics and the peo-ple who play it. When he

hears himself called a racist ora traitor he rolls his eyes andthinks: I can play this gamebetter than these schlemielsbecause I don’t deceive myselfabout the moral character ofwhat I’m doing.

And guess what? He has apoint. I might even say he’sthe moral superior of some ofhis critics.

In the Columbia JournalismReview, a writer recently criti-cized MSNBC not for opposingMr. Trump reflexively but fordoing so stupidly—in waysthat have benefited Mr. Trump.It’s a line of inquiry that de-serves to be pursued.

Our world reveals itselfthrough paradoxes. A presi-dent who does a fair impres-sion of Pinocchio has been thevehicle for exposing the me-

dia’s own mendacity. A presi-dent rightly criticized for traf-ficking in conspiracy theorieswas the victim of one him-self—and not promoted by asolitary guy with a Twitter ac-count, but by the nation’s me-dia, law enforcement and po-litical institutions.

Which brings us to theDemocratic front-runner. IfDemocrats are the party ofgovernment (and GOP theparty of the private sector),the virus convinced manyDemocratic voters the timewasn’t right for a gadfly likeBernie Sanders. But millionsof voters have also had theirfaith in government severelytested by the Russia collusionhoax, which Democrats couldknow by removing their fin-gers from their ears. A jokingrejection last month by a Bi-den campaign official of anendorsement from JamesComey was probably worth10,000 votes to Joe Biden. I’mnot kidding.

Mr. Biden, who has strug-gled to seem commanding,could earn a million more bykicking to the curb AdamSchiff’s attempt to reclothehimself as chief inquisitor ofTrump’s coronavirus response.Talk about everything chang-ing except somebody’s way ofthinking: The public wants ac-tive, competent government.It doesn’t want the deep state.It doesn’t want the pathologi-cally careerist partisanship ofsomeone last seen promotinglies even after he knew theywere lies and knew they weredamaging the country.

Democratsmight winif they recognize theirrole in the distrust-of-government epidemic.

BUSINESSWORLDBy Holman W.Jenkins, Jr.

With Covid-19patients over-whelming U.S.hospitals, itmight seemoff-key, verg-ing on inde-cent, to ex-plore thepolitical con-sequences ofthis catastro-

phe. But in just seven months,we will hold what many Ameri-cans regard as the most impor-tant national election in theirlifetimes. What is happeningnow is bound to affect whatwill happen then. It’s early, butwe can begin to draw some in-ferences from the evidence weare accumulating.

As the magnitude of thepandemic became evident, thepresident enjoyed a “Trumpbump.” Approval of his han-dling of the crisis rose, as didhis overall job approval. Itwould have been surprising ifit had not; every national cri-sis in memory has evoked a“rally around the flag” re-sponse.

But the bump is alreadybeginning to fade. In the pollsconducted during the finalweek of March, the presi-dent’s job approval averaged47% while his disapprovalrate stood at 50%. In the pollsconducted during the firstweek of April, his job ap-proval had fallen to an aver-age of 44% while disapprovalrose to 52%.

Although a causal link ishard to establish, PresidentTrump’s receding job approvalcoincides with increased skep-ticism about his handling of

The ‘Trump Bump’ Is Already Overthe Covid-19 outbreak. Threesurveys conducted in mid-March found an average of55% of Americans approvingof his management of the gov-ernment’s response. By con-trast, four surveys conductedduring the past week showedapproval declining to an aver-age of just 47%. There is noway of predicting whetherthis decline will continue andas yet no evidence that theCovid-19 crisis has improvedthe president’s standing in thegeneral election face-off withJoe Biden, either nationally orin key swing states.

We can say with greaterconfidence that the epidemichas disrupted Mr. Trump’sgeneral-election strategy. Hehad planned to organize hiscampaign around two themes:a strong economy and a cri-tique of the Democratic Partyfor allegedly embracing “so-cialism.” No doubt his cam-paign would have fashionedits own version of RonaldReagan’s “Morning in Amer-ica” advertisement with its fa-mous concluding line, “Whywould we ever want to returnto where we were, less thanfour short years ago?” And itwould have done its best toequate Joe Biden’s preferredpolicies with those of BernieSanders and the Squad.

In today’s radically trans-formed circumstances, neitherof these themes is likely towork. The president will haveto hope that by Election Daythe economy will be in recov-ery from a historically sharpdownturn—and that the peoplewill give him credit for the im-provement rather than holding

him responsible for the de-cline. Although this is possible,it is hard to find a precedent—not to mention that few econo-mists expect a classic “V-shaped” recovery.

As for socialism: No SenateRepublican voted against the$2.2 trillion Phase 3 rescuebill, an unprecedented expan-sion of government’s cost andreach. As it turns out, there

are few libertarians in eco-nomic foxholes. Mr. Trumphas invoked the measures ofwar socialism, forcing GeneralMotors and 3M under the De-fense Production Act to accel-erate plans to convert theirassembly lines to health-equipment production.

Matt Schlapp of the Ameri-can Conservative Union de-scribes the aid package as res-titution. “The conservativeprinciple,” he insists, is that“when government takes yourproperty and economic rights,they are obligated to come upwith a financial settlement.”Who knew that the FifthAmendment leads down theprimrose path to what the teaparty not long ago regardedas the everlasting bonfire?

Could Covid-19, like theGreat Depression, force a fun-damental reassessment of therole of government? Perhaps.But it was not the election of

1932 that made the New Dealthe new baseline of Americanpolitics. It was the 1936 elec-tion, in which the peoplejudged President Franklin D.Roosevelt’s programs to besuccessful and rewarded himwith what was then the big-gest landslide ever.

Early signs suggest thatthe implementation of theCares Act will be hampered,perhaps undermined, by thelack of administrative capac-ity at the federal level and,for programs such as unem-ployment insurance, at thestate level as well. If the pub-lic’s perception of the presi-dent’s performance on thehealth and economic fronts isnegative enough to defeat himin November, the next admin-istration will be challenged toprove that it can do better.This will require reformingand reinvesting in long-ne-glected public institutions,never an easy sell.

One big change in the po-litical climate is clear: Alreadyon the defensive, globalizationhas suffered another blow. De-pending on complex supplychains for equipment andmedicines essential for thenation’s health care has cometo appear unsafe and irre-sponsible. Mr. Trump and for-mer Vice President Biden willbe asked to offer plans forbringing production of thesevital materials back home,and to answer a simple ques-tion: Why have administra-tions of both political partieskept our Strategic PetroleumReserve full while allowingour strategic health reserve tolanguish?

And Covid-19 has costthe president twomajor argumentsfor his re-election.

POLITICS& IDEASBy WilliamA. Galston

P2JW099000-0-A01700-1--------XA

A18 | Wednesday, April 8, 2020 THEWALL STREET JOURNAL.

Modeling the Path of Coronavirus EpidemicIn “Coronavirus Lessons From the

Asteroid That Didn’t Hit Earth” (op-ed, April 2), Benny Peiser and An-drew Montford seem to misunder-stand the purpose of computersimulations in epidemiology. Thepower of astronomy lies in the factthat planetary motions can be calcu-lated from a small number of well-defined variables. By comparison, in-fectivity depends on millions ofpoorly known behaviors rangingfrom human sexuality to hand-wash-ing. Simple models that reduce thiscomplexity to a single number (“R0”)are bound to be wrong. The advan-tage of computer models is that theyallow more variables. But these areuncertain. Crowdsourcing cannot fixthis because no group can possiblyknow facts that aren’t available to atleast one of its members. The pointof comparing different simulations isless to decide which one is “right,”than to see which outcomes are con-sistent with our ignorance.

ADJ. EM. PROF. STEPHEN M. MAURERUniv. of California at Berkeley

The authors make a number ofgood points about computer model-ing and its limitations. However, theage of a computer code is a lesser is-sue if the logic and physical assump-tions that were coded was correct inthe first place: the Pythagorean the-orem or Navier-Stokes equationscannot be faulted because of theirage, but their misapplication can be.

However, the degree to which a com-puter model has been validatedagainst real data is paramount, as isapplication within stated bounds ofvalidation. Of course, even well-vali-dated code written in obsolete lan-guages may not be executable onmodern machines; such code wouldneed to be recast in a modern lan-guage and re-validated against realdata, taking data uncertainties intoaccount. Modern code, per se, by nomeans guarantees superiority.

In any case, critical thinking is al-ways needed when computer model-ing (modern or not) results are pre-sented. One need only look at thestriking variability of time-depen-dent trajectories predicted by five tosix different hurricane models to re-alize that future behaviors of com-plex systems aren’t necessarily welldescribed by them.

JOHN WM. COX, PH.D.Vienna, Va.

Messrs. Peiser and Montford’squestioning the use of data based on13-year-old models brings to mindthe admonishment given by RichardFeynman during the investigation ofthe Challenger explosion to a NASAmanager who argued that their datadidn’t signify the danger: “When youdon’t have any data,” Feynman said,“you have to use reason.” An apt les-son for this current challenge.

LARRY W. WHITEDallas

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. “Sometimes I just come

up here to think.”

THEWALL STREET JOURNAL

Covid-19: What Would Dr. Tom Coburn Do?Regarding your editorial “Thomas

Allen Coburn” (March 30): Dr. Co-burn’s free-market health-care legacyis evident in the “Phase 3” coronavi-rus stimulus legislation, which re-quires health-care providers to posttheir cash prices for coronavirustests. Dr. Coburn was an early andpassionate advocate for health-careprice transparency, including in“Shop Around for Surgery? ColoradoMay Soon Encourage It” (Cross Coun-try, May 5, 2018), where he argued:“Publishing prices upfront would al-low patients to shop for value. In or-der to attract business, medical pro-viders would have to step up theirgame by offering more for less.”

Price transparency for coronavirusdiagnostics will serve as a check onprices, limiting hospital price goug-

ing and waste, which Dr. Coburnwould have certainly chronicled inhis annual “Wastebook.” He laid thegroundwork for this small price-transparency step, which can becomea giant leap if legislators pick up hismantle and extend it to treatmentsas part of the potential “Phase 4”stimulus legislation.

CYNTHIA A. FISHERNewton, Mass.

Ms. Fisher is the founder andchairman of PatientRightsAdvo-cate.org, on whose board Dr. Coburnsat.

I have never read a better argu-ment for term limits for the Houseand Senate.

JOE L. WILSONSeabrook Island, S.C.

Pelosi: Fight Covid With Tax Relief for RichHow apropos that your editorial

“Pelosi Pitches a Blue-State Bailout”appeared on April 1. Many of yourreaders must have surely thoughtHouse Speaker Nancy Pelosi seekingtax relief for her most financiallyblessed constituents, in the middle ofa global pandemic, was April Fools’Day satire.

Before Covid-19 came to our shores,in one of the hottest U.S. economieson record, approximately 36% of allCalifornians lived below or just abovethe poverty line (according to thePublic Policy Institute of California),more than 150,000 California resi-dents were homeless and one out ofevery three welfare recipients in theentire nation called California home.

Now, in the midst of economic un-certainty, Speaker Pelosi is seeking atax break for California’s landed gen-try. Golden State homeowners, af-fected by limitations of the deductibil-ity of state and local taxes alreadyenjoy high incomes and have reapedunparalleled gains courtesy of a resi-dential market kept artificially in-flated by government policies thatbenefit only land owners, the STEM

educated and those with the foresightto be born to wealthy parents. Goingforward, it should be abundantly clearwhere the speaker’s priorities lie.

RONDA ROSSAustin, Texas

I couldn’t help but notice you omit-ted two vital words at the end of theeditorial. “When Democrats next com-plain that Republicans want to cuttaxes ‘for the rich,’ remember thatMrs. Pelosi wants to cut them, too,but mainly for the progressive rich inDemocratic states” and herself. Asmany know, Mrs. Pelosi is no pauper.

KEVIN R. GERACIPortland, Ore.

Unreasonably raising prices formedical supplies and equipmentneeded to fight Covid-19 during thisnational emergency period is broadlydefined as “price gouging.” How isattaching completely unrelated ridersto Covid-19 legislation during a na-tional emergency, as Speaker Pelosidid, any different from price gouging?

BILL YONTZMcLean, Va.

Pepper ...And Salt

Cruise Lines Should Appeal to Their FlagsRegarding Orlando Ashford’s

“Lost at Sea in a Pandemic” (op-ed,April 1): Cruise ship lines use off-shore flagging of their ships tododge U.S. regulation, liability andtaxation, legally registering theirvessels in Panama, Liberia and othercountries out of reach of U.S. law.Carnival’s Carnival Breeze, CarnivalDream, Carnival Conquest, CarnivalElation and Carnival Ecstasy are reg-istered in Panama, while Disney’sDisney Wonder flies the Bahamianflag. The Caribbean Princess is reg-istered in Bermuda and CelebrityApex in Malta. These ships employlargely cheap foreign crews andbuild and refit their ships in foreignshipyards.

Now they come begging for bil-lions of U.S. dollars to save an in-dustry that has done its very best toavoid our laws and workers. I say letthem have U.S. tax money only afterevery one of their existing ships isflagged in the U.S. as a U.S. vessel,

and any new ships are built andmaintained in the U.S. Otherwise, letthem go beg from the countrieswhere their ships are registered. I’msure Panama, Malta and the Baha-mas are eager to hand out free $1billion checks.

FRANK LOUIS BLAIR KOUCKY IIICarmel Valley, Calif.

The Art of Coronavirus Modeling

M odeling the course of the coronaviruspandemicmay still be as much art asscience as projections are shifting as

more information becomesavailable. The good news isthat conditions inmost of thecountry are less dire thanearly models predicted, andpublic-health expertswill haveto study the reasons to helpthe country emerge from this economically de-structive shutdown.

The so-called Murray model by the Univer-sity of Washington’s Institute for Health Met-rics and Evaluation on Tuesday projected 81,766fatalities over the next four months, which isabout the same as it forecast twoweeks ago. Butpredictions for individual states have shifted,sometimes dramatically.

Forecasted fatalities have fallen inNorth Car-olina (-80%), Pennsylvania (-75%), California(-70%), Texas (-65%) andWashington (-55%) andeven by nearly two-thirds in Louisiana despiteits recent surge in cases. Death projections, onthe other hand, have increased bymore thanhalfin New York and 133% in New Jersey.

More states are also predicted to experiencetheir peak demand for hospital resourcessooner. The Murray model now shows thatWashington hit its apex onApril 2—17 days ear-lier than forecast two weeks ago. California isexpected to hit its peak on April 14—10 daysearlier—though Gov. Gavin Newsom has pro-jected the date at sometime in mid-May.

The Murray team say their projectionschanged because their early modeling wasbased largely on data coming fromChina. “Thetime from implementation of social distancingto the peak of the epidemic in the Italy andSpain location is shorter than what was ob-served in Wuhan,” they note. This underlinesthe limitations of existing models.

As Anthony Fauci of theWhiteHouse corona-virus task force noted last week, models areonly as good as the assumptions fed into them.One problem is there isn’t consensus amongpublic-health experts about how variables otherthan social distancing affect transmission andfatalities. Nor, by the way, do models account

for how treatments could reduce deaths andhospital utilization.

The Murray March 26 study noted that itsmodel accounts for popula-tion age structure but not the“many other factors that mayinfluence the epidemic trajec-tory: the prevalence ofchronic lung disease, theprevalence of multi-morbid-

ity, population density, use of public transport,and other factors that may influence the im-mune response.”

These variables areworth closer study sinceplaces in the U.S. that adopted social-distancingmeasures at roughly the same time are experi-encing enormous variation. NewYork’s per cap-ita fatalities are about 25 times higher than Cal-ifornia’s though both states shut downbusinesses at about the same time.

New York state is about twice as dense asCalifornia, and New York City’s population isabout 300 times more concentrated than theU.S. as a whole and 11 timesmore than Los An-geles County. More than half of people in NewYork City use public transportationwhere theyhave a higher risk of virus exposure.

Even within cities there is substantial varia-tion among populations. In Chicago the fatalityrate for blacks is about six to seven times higherthan for whites or Hispanics, whichmay be duetohigher rates of cardiovascular disease andHIV.Life expectancy for blackAmericans is also aboutseven years lower than for Hispanics and three-and-a-half years lower than for whites.

In NewYork City, the coronavirus has hit theBronx andWest Queensmuch harder thanMan-hattan. But those neighborhoods also have largenumbers of multigenerational households,which is thought to have stoked outbreaks in It-aly and Spain. This could also help explain whyper capita fatalities are 70% higher in Los Ange-les County than in San Francisco.

The point is that coronavirusmodels are oneguide to the pandemic future, and often imper-fect. They should also be one among other fac-tors in determining government pandemic pol-icy such aswhen to start reopening parts of thecountry. They’re a tool, not an oracle.

The Murray model nowshows less dire forecastsfor much of the U.S.

Wisconsin’s Election Confusion

W isconsin held its election Tuesday onschedule despite coronavirus, andDemocrats are blaming the Supreme

Court for endangering publichealth. That’s not what hap-pened. On Monday night theJustices rightly reversed a dis-trict judge’s last-minute orderthat would have allowedWis-consin ballots to be cast afterthe electionwas legally over. The confusing epi-sode is a reminder that, even in a pandemic,steps as grave as rewriting voting rules shouldbe up to elected representatives and not free-lanced by judges.

Wisconsin planned tomitigate the coronavi-rus threat with a large increase in vote-by-mailso fewer peoplewould need to leave their homes.The Democratic National Committee sued toforce the delay of the election outright.

Last Thursday a federal judge denied that ex-treme request but said vote-by-mail needed tobe extended. Instead of receiving ballots byApril7, he said, clerks needed to count any ballots re-ceivedbynextMonday, April 13. After apparentlyrealizing that this could distort the electoral pro-cess by allowingTuesday’s reported results to in-fluence votes, the judge issued another orderbanning the state elections board fromreportingany results before April 13.

TheRepublicanNational Committee asked theU.S. Supreme Court to intervene, and five Jus-tices agreed that the district judge was outsidehis authority. His remedywould “fundamentallyalter thenature of the electionby allowing votingfor six additional days after the election,” theywrote in an unsigned opinion.

The SupremeCourt decision came an hour af-ter theWisconsin Supreme Court swatted asideGov. Tony Evers’s effort to unilaterally postponethe election. ThroughMarch,Mr. Evers, a Demo-

crat, had indicated the election should proceedand issued an executive order exempting pollingplaces from his mass-gathering ban.

Yet liberal pressure built inrecent days and on MondayMr. Evers tried using his emer-gency powers to call off thenext day’s voting. The state’sSupreme Court ruled 4-2 thathe didn’t have that power—

election law would need to be changed by thelegislature (though in other states Governors’emergency powers are broader). And so votingwent ahead, with long lines at socially distancedpolling places and a surge in absentee ballots—more than a million compared to less than aquarter million in 2016.

More than a dozen states have postponedtheir spring primary elections because of the vi-rus. YetWisconsin’s election ismore consequen-tial than the all-but-finished Biden-Sanders pri-mary that is themain itemon the ballot inmanystates. A state SupremeCourt seat and criminal-justice referendumare both contested. Postpon-ing it bymonths could require altering the dura-tion of elected officials’ terms.

Republicans in the Legislature didn’t showinterest in postponing the election, but neitherdidMr. Evers until recently. If voters are disap-pointed, they can hold legislators accountablein November or boot Mr. Evers in 2022.

The pandemic has disruptedmuch of Ameri-can life and voting is no exception. But both thedistrict judge’s jury-rigged order and Mr.Evers’s last minute 180-turn under politicalpressure set a bad precedent. This virus will behere for some time, and people in differentstates need to deal with it through the demo-cratic process. Americans have already tempo-rarily lost some of our freedom and weshouldn’t also toss out the rule of law.

Decisions to alter votingneed to follow the law,even in a pandemic.

Prohibition Makes a Comeback

T he roaring 1920s and the so far deplor-able 2020s already have one mis-guided policy in common. As state and

local officials work to limit the spread of thecoronavirus, some have ordered the closureof liquor stores. It’s going as well as historywould suggest.

Pennsylvania’s Liquor Control Board an-nounced March 16 that liquor stores wouldclose the next day. The state hoped to keep res-idents at home, but instead Pennsylvaniansflocked to buy booze while they still could.Lines stretched around the block, and salesspiked to $29.9 million in a single day—“themost spent on booze in Pennsylvania in oneday, according to complete sales records dat-ing back 12 years,” the Philadelphia Inquirerreported last week.

Denver saw a similar rush on March 23when Mayor Michael Hancock announcedthat liquor stores would not be consideredessential businesses. “It’s created a safety is-sue in the short term,” Argonaut Wine & Li-quor co-owner Josh Robinson told the DenverPost. “The mayor said not to panic buy, butthat is exactly what he encouraged people todo by shutting us down.” Mr. Hancock de-cided within hours to reverse course and let

the liquor stores stay open.But in Pennsylvania the closures continue.

Many residents are now driving to neighboringstates to buy alcohol, potentially bringing thevirus with them. The Monongalia CountyHealth Department has banned liquor sales toanyone without a West Virginia ID, and Dela-ware police are pulling over out-of-state driv-ers and instructing them to go home.

Pennsylvania’s Liquor Control Board re-sumed limited online sales on April 1. But it re-stricts orders to six bottles per transaction andcan’t guarantee that all who want to buy alco-hol can. The number of orders immediatelyoverwhelmed the site, and the state now ra-tions access to the online store, too. Black mar-kets thrive when the government refuses to letsupply match demand, so expect to see rumrunners make a comeback.

New York City has been wiser and allowedrestaurants to offer alcohol for take-out anddelivery. That satiates the thirsty while provid-ing much-needed revenue for struggling busi-nesses. Kentucky lawmakers have passed legis-lation allowing alcohol producers to shipdirectly to consumers. Such policies acknowl-edge that, even in a pandemic, prohibition cre-ates more problems than it solves.

REVIEW & OUTLOOK

OPINION

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THEWALL STREET JOURNAL. Wednesday, April 8, 2020 | A19

It’s a Good Time to ‘Stock’ Up

low future returns. Today theyhave fallen more than 20%, sug-gesting that equity purchases at to-day’s levels should earn decent fu-ture returns.

A second reason investors maywant to begin taking a more con-structive view of the stock market isthat alternative investments aren’toffering attractive returns at themoment. Yield on the safest bondsin the U.S. are near zero and are ac-tually negative in Europe and Japan.Thus, the gap between probable eq-uity returns and bond yields hasrisen significantly.

Finally, common stocks—repre-senting ownership of real assets(factories, commodities, real estate,etc.)—have been a reliable long-runinflation hedge. It is true that in re-cent years inflation has been tame,and many analysts believe that itwill remain inconsequential for awhile. But central banks across theglobe have been pouring unprece-dented amounts of money into theireconomies. The Federal Reserve hassignaled an almost unlimited will-ingness to buy financial instru-ments and expand the money sup-ply. The recent $2 trillion fiscalstimulus package may be only thebeginning, and a similar-sized infra-

structure package may follow. Whenthe pandemic has passed, there iscertainly a possibility that our re-cent experience of stable priceswon’t be permanent.

Rebalancing is an investmenttechnique that has proved effectivewhen relative valuations of differ-ent asset classes are in flux. All in-vestment portfolios need to be di-versified, with the exact mix ofholdings reflecting the investor’scapacity and tolerance for risk. Re-balancing simply involves a periodicreview to ensure that the combina-tion of investments in a portfoliocomports with the investor’s atti-tude toward risk.

In December, Atanu Saha and Ipointed out on these pages thatstock prices had soared over thepast year and that investors shouldconsider whether their overall port-folios were riskier than their targetallocations. If so, rebalancing theportfolio by selling some stocks andinvesting the proceeds in safer as-sets would be warranted. Rebalanc-ing always tends to bring portfolioallocations back to target ranges toconstrain risk. In very volatile mar-kets, it can also enhance returns.

Today I recommend that investorsconsider moving in the opposite di-

rection and begin a program of liqui-dating a portion of their bond andshort-term securities funds and buy-ing equities instead. There is no needto complete any reallocation all atonce. By moving money into equitiesslowly over time, you will “dollar-cost average” your reallocations andavoid the feeling of regret you couldexperience by reallocating equities atprices that could be well above theultimate market bottom.

Whenever you do rebalance, beaware of the tax implications. Byselling an asset class that has risenin value, you may have realized acapital gain. If so, try to sell a secu-rity or fund carried at a loss, and re-place it with an equivalent but notidentical investment. And favor low-cost index funds and exchange-traded funds, as well as discountbrokers. The one thing you can con-trol is the investment expenses youincur.

One final piece of advice. The un-precedented disruptions caused bythe coronavirus underscore the ab-solute necessity of having a precau-tionary cash reserve of at least threemonths’ living expenses to help payfor unexpected medical bills andprovide a cushion during a period ofunemployment. If you are not ade-quately covered by medical or dis-ability insurance, or if you work inthe gig economy where employmentopportunities can disappear over-night, the reserve needs to be larger.A “cash reserve” invested in short-term securities is over and aboveany reserves you may carry in yourinvestment portfolio. Replenishing(or funding) a precautionary cashreserve fund should come before anydecisions on your investment portfo-lio. And any known large expendi-tures (such as a college tuition pay-ment) need to be funded with safeshort-term investments (such asbank certificates of deposit) whosematurity matches the date at whichthe funds will be needed.

Mr. Malkiel is author of “A Ran-dom Walk Down Wall Street.”

By Burton G. Malkiel

CHADCR

OWE

T he NCAA college basket-ball tournament was can-celed, but for those fol-lowing the financialmarkets and the real econ-

omy, there was more than enoughMarch madness to satisfy the mostrabid thrill-seeker. We have wit-nessed unprecedented volatility, asudden bear market in stocks, and acollapse in the labor market unri-valed in its speed and intensity.These are the times that can producelife-changing investment blunders aswell as unique opportunities.

No one knows how many peoplethe global Covid-19 pandemic willkill or how long it will last. Nor doesanyone know the extent of theglobal downturn and how much fur-ther stock prices will fall. But thereis one thing that everyone knows:Equity valuations are far more at-tractive today than they were at thestart of 2020.

The so-called CAPE ratio—theprice-earnings multiple for the mar-ket based on cyclically adjustedearnings averaged over the past 10years—is the most effective tool forpredicting the likely long-run payofffrom holding a diversified portfolioof common stocks. Initial CAPE ra-tios predict about 40% of the varia-tion in next-decade stock returns.When CAPEs were very high (as theywere in early 2000), stock returnswere extremely low for the next de-cade. The best decades for stock re-turns occurred when initial CAPEswere low.

At the market peak in February,CAPE ratios were at elevated lev-els—not as high as at the peak ofthe dot-com bubble, but among thehighest in history, suggesting very

Amid market volatility,one thing is clear: Equitieshave become a good deal.

OPINION

Congress CanStill Save

The RecoveryBy Casey B. MulliganAnd Brian Blase

T he coronavirus has crushed theU.S. economy, and the legisla-tive remedies Congress re-

cently passed will make the recoveryslower once it’s safe to return towork.

No doubt lawmakers needed to act.Relief was likely most important forsmall businesses and working parentswho face tremendous hardship withthe closing of schools and day-carecenters. In response to the wide-spread job and revenue losses, Con-gress provided a massive infusion ofpayments to families and businesses.But legislators appear to have paidlittle attention to what their hastilyassembled laws would do for incen-tives to work and succeed, whichform the very essence of an economicrecovery.

One measure that will soon be fa-mous: the $1,000 weekly payments tothe average person receiving unem-ployment insurance benefits. Congressprovided a $600 increase for a four-month period to the nearly $400 aver-age weekly amount that the unem-ployed receive.

A thousand dollars a week is morethan what the majority of full-timeworkers were getting paid before thevirus arrived. The $600 bonus is 24times the $25 bonus Congress paidduring the last recession, when gov-ernment policies that discouragedwork severely harmed the economicrecovery.

Any legislative reaction to relievethe pain would have eroded some ofthe rewards to work by making itmore tolerable to be unemployed. Butnever before in American historycould a majority of the workforce geta raise merely by receiving a pinkslip. The aid is also available to peo-ple who self-attest they can’t work asa result of coronavirus. Several Sen-ate Republicans objected to the un-employment-benefit boost but ulti-mately voted for the bill.

When it’s safe for businesses likerestaurants and hotels to reopen, em-ployers will be competing with thegovernment for a potential employee’stime. Because many unemployed work-ers will earn more from remaining idle,they won’t rush to come back. This willmake it difficult for many businesses,particularly smaller ones, to produceat the previrus level of output.

We also bet many of the legislatorswho voted for the Cares Act didn’t re-alize that it also effectively guttedstate drug tests for unemployment in-surance. Section 2102 of the legislationwould simply put people who failed adrug test, and anyone else who en-countered an obstacle qualifying fortheir state program, on an equivalentfederal program.

The legislation also seems to subsi-dize layoffs by big companies. Theproblem is one major provision thatwas intended to help small businessesmaintain payroll by giving companieswith 500 or fewer employees up to$10 million in forgivable loans. Thelegislation was drafted in a way thatmay allow businesses with more than500 workers to get hold of this moneyby firing people. Congress or regula-tors should make it clear immediatelywhether this is permitted.

In another provision Washingtonassumes responsibility for the unem-ployment-insurance contributionsmade by government and nonprofitemployers through 2020—eliminat-ing what is in effect a tax on layoffs.That will mean more payroll slashingby local governments and nonprofits.

To make matters worse, many ofthese policies extend to midsummeror longer, when concerns about con-tagion—especially among thenonelderly, who do more than 90% ofwork—will hopefully have given wayto the desire to get back to normal.

There will be pressure to extendthis relief even further, particularlysince the unemployment rate, in partbecause of the Congress’s recent ef-forts, will remain higher than de-sired. While it’s too late for legisla-tors to approach the first round ofrelief with appropriate care, they canstill avoid making the same mistakestwice.

Mr. Mulligan, a professor of eco-nomics at the University of Chicago,served as chief economist of theWhite House Council of Economic Ad-visers, 2018-19, and is author of“You’re Hired! Untold Successes andFailures of a Populist President,”forthcoming in July. Mr. Blase was aspecial assistant to President Trumpat the National Economic Council,2017-19. He is president of Blase Pol-icy Strategies.

Lawmakers should correctincentives not to work, lestthey slow the recoveryafter the economy reopens.

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The World Is Watching How America Handles Covid-19

S eismic events reorder interna-tional relations. After Covid-19,look for three factors to deter-

mine the relative standing of the U.S.,China and others in the world.

First, as a friend from Singaporeobserved, strong societies and sys-tems will emerge stronger; weakones will falter. Sturdy nations willrely on economic resources andpower, but also on their social andgovernmental cohesion and ability tolearn from crises. Second, a coun-try’s performance will depend on ahealthy private sector. Private com-panies, foundations, civil societygroups and scientific communitieswill drive innovation and adjust-ment. Third, national reputationswill depend on the face that coun-tries show the world. Natural leadersreveal empathy for others. Countriesthat demonstrate a willingness to co-operate with and assist partners willrank well. Good records of perfor-mance will matter, too.

China has decided to combine re-covery at home with advocating fora world “community of shared inter-ests.” With the underlying aim ofpromoting “globalization with Chi-nese characteristics,” Beijing’s de-sign has two tracks. One tracknudges existing international insti-tutions—for health, trade and fi-nance, development, informationand security—toward Chinese inter-ests and norms. The second drawsupon the Chinese tradition of tribu-tary ties: China offers countries helpand economic benefits, often linkedto Beijing’s model of infrastructurefor development, if the partners sig-nal respect—and certainly do notcriticize the ruling CommunistParty.

The Trump administration, whichhas conducted narrow transactionaldiplomacy, has not conveyed an im-pression of international leadership.For example, White House controls

over foreign production by U.S.companies—harming Canada, Ger-many and Latin America—will en-courage others to restrict exports ofinputs, seize supplies and even na-tionalize U.S. plants abroad. U.S.squabbles and indifference sounddissonant notes. The world hadcome to expect that America willconfront problems and propose ac-tions, even if others have differentends and means.

The White House’s diffidence isnot characteristic of the nation.Other American institutions arestepping up. The Federal Reservepromptly activated dollar swap lineswith foreign central banks and re-cently improvised creative repur-chase-borrowing terms to assist for-eign holders of U.S. Treasurysecurities, thereby making Treasuryseven more valuable. The U.S. militarywatches over ramparts, sea lanesand airspace world-wide. Americanintelligence agencies doubtless con-tinue to alert partners about risksand threats.

U.S. private actors are rising tomany challenges. On a small groupcall in which I participated, a seniorEuropean Commissioner privatelypraised the adaptability and supportof much-maligned U.S. technologycompanies in meeting network, in-formation and safety needs. TheGates Foundation moved with dis-patch to help research and test treat-ments and to support public-healthsystems in poor countries. Americanhealth-care companies are at theforefront of finding medicines andvaccines. MIT recently announced

that it will post free plans online foran emergency ventilator that can bebuilt for about $100.

Over months, the Trump adminis-tration adapted its domestic pan-demic messages and approaches; itnow needs a complementary interna-tional strategy. Congress can help.The first step is simple: Show sym-pathy to others, as American human-itarians have always done. Chinesecitizens, many of whom still admireAmerica, perceived the U.S. as dis-paraging China’s plight. The Chinesemight not have expected help, butinsults surprised them.

Past presidents showed America’sheart—as well as its brains andbrawn—by looking out for the mostvulnerable during times of crisis.President George W. Bush’s cam-paigns to counter HIV/AIDS and ma-laria left a lasting legacy in sub-Sa-haran Africa. President Obamahelped contain a raging Ebola epi-demic in West Africa. American aiddepends on experience, organization,technological adaptations and coop-eration with partners, not just onmoney.

The Institute of International Fi-nance estimates that investors havepulled $100 billion from emergingmarkets since Jan. 21. These coun-tries cannot cut interest rates, as theU.S. has done, or unleash exceptionalspending for health care or fiscalsupport. The International MonetaryFund and World Bank have warnedthat all creditors to developingcountries, and especially China, needto reveal loans and terms transpar-ently. Government lenders should of-fer payment moratoria and perhapsdebt relief. The U.S. should organizea coalition in the Group of 20 to

champion the cause of debt trans-parency and relief.

Just as the U.S. moved quickly toensure that markets operated effec-tively at home, Washington shouldlead in overcoming frictions and bar-riers abroad. Trade requires trust;the U.S. is uniquely positioned topromote transparency and rebuildconfidence. Export bans of medicinesand equipment will cost lives anddelay economic revival. Food sup-plies must move quickly and safely.The large U.S. stimulus package, withmore likely to come, can build mo-mentum toward a global recovery ifeconomies break down barriers totrade, keep supply chains working,and sustain trade finance.

At the appropriate time, the U.S.and others must study the originsand lessons of this pandemic. Amer-ica should emphasize the importanceof sharing medical data promptly. Inturn, it can then learn lessons aboutprevention, warning systems, readi-ness and testing, diverse sourcingand stockpiles of critical goods, con-tainment and mitigation methods,and transitions to recovery.

U.S. international leadership, inconcert with others, can prod Chinain constructive directions. SuccessfulChinese companies will recognizeforeign sensitivities. Other countriescan assist China’s adaptation by clar-ifying expectations, boosting trans-parency, encouraging reciprocity andsupporting systems of fair rules.These standards and strengths, notgratuitous name-calling, show Amer-ica’s face to the world.

Mr. Zoellick is a former WorldBank president, U.S. trade represen-tative and deputy secretary of state.

By Robert B. Zoellick

The Trump administrationhas failed to convey animpression of stronginternational leadership.

From the April 7 Future View onthe Journal’s website, in which col-lege students were asked if they’reowed a refund:

Hearing my fellow students com-plain about missing graduation cere-monies, dances and socializingmakes me sick. The coronavirus pan-demic is expected to kill hundreds ofthousands of people and destroy thelivelihoods of many millions more. Arefund for their troubles—do thesestudents hear themselves?

Universities across the U.S. aremaking great efforts to switch to on-line learning and accommodate stu-dents. This is all we can expect in adifficult situation. Most schoolsaren’t in a position to refund us,anyway. They have significant out-standing costs, including teacherswho need to be paid. . . .

University is about teaching andlearning, which continues online. Ev-erything else is excess.—Ian Rider,University of California, Davis, polit-ical science

The move to remote education istearing away the veil that has ob-scured the pricing model in U.S.higher education. When buildingsare closed, administrative servicesare no longer available and librariestransition to online-request fulfill-ment, we students are left with the“basic package.”. . .

If we count up from zero, addingthe services students now receive,we realize something remarkable:The difference between the value ofthe basic package and the value ofthe full package is absurd. With allthe add-ons, we are being rippedoff. . . .

Menu pricing should become thenorm in higher education. That way,if I don’t want to subsidize and usethe new outdoor swimming pool atthe university gym, or I don’t planto use the free psychological ser-vices with three-month wait-times, Idon’t have to pay for other students’use of them. Give me the basic pack-age.—Logan Crossley, NorthwesternUniversity, law

Notable Quotable: Refund

P2JW099000-0-A01900-1--------XA

A20 | Wednesday, April 8, 2020 THEWALL STREET JOURNAL.

These days, working together is more important than ever. That’s why we’ve beenworking around the clock during this crisis to maintain network integrity underunprecedented demand – all to avoid disruption to your business. We’ve launchedsix new Command Centers that are enabling the fast delivery of increasedbandwidth, new circuits and unified communication services. These centerswill help those now working from home and provide extra support to essentialinstitutions experiencing significantly higher data and voice traffic.

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Learn how else we can help keep your business going at att.com/beprepared

© 2020 AT&T Intellectual Property. All rights reserved. All marks used herein are the property of their respective owners.

Keeping you connectedwhen business is anythingbut usual.

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BUSINESS&FINANCE

the workers will retain bene-fits such as health care.

Nissan workers stopped re-ceiving paychecks on Sundayexcept for a handful deemedessential, a company spokes-woman said. She declined to

1. The Honda furloughs startMonday.

Affected workers at bothHonda and Nissan can applyfor enhanced unemploymentbenefits from the govern-ment. Both companies said

Two of Japan’s largest carcompanies, Nissan Motor Co.and Honda Motor Co., are fur-loughing U.S. factory workerswithout pay, adding to unem-ployment in an industry thathas seen sales plummet duringthe spread of the coronavirus.

Nissan said on Tuesday itwould place about 10,000 U.S.hourly workers employed atplants in Tennessee and Mis-sissippi on furlough until lateApril, calling the move a tem-porary layoff.

Honda also this week noti-fied staff it would furloughabout 14,400 factory employ-ees in the U.S. as it extends aproduction shutdown to May

BY SEAN MCLAINAND BEN FOLDY

some protection from theirunion contracts, factory work-ers at most foreign car mak-ers in the country aren’tunionized. Japanese car mak-ers typically are loath to layoff U.S. workers, and haveused that as a justification forthe lack of union representa-tion at their plants in thecountry.

Toyota Motor Corp. hasn’tfurloughed any workers de-spite idling production lastmonth, a company spokesmansaid.

Production workers are re-ceiving full pay through Fri-day and can use paid time offthe following week, he said,noting that Toyota’s NorthAmerican plants are set to re-open April 20.

In March, U.S. car sales fellnearly 40% from a year ear-lier, according to MarkLines, aJapanese automotive-datafirm. Nissan’s sales fell 48%.Honda also reported a 48%

PleaseturntopageB2

say how many of the workerswould be rehired, althoughNissan has said that rebuild-ing sales in the U.S. is a keypart of its plan to reverseyears of declining revenueand profit.

At Honda, the companywill pay workers’ wages forpart of this week and allowthem to use paid time off tocover the rest, a spokesmansaid.

The U.S. has had recordjobless claims after many cit-ies locked down to block thevirus’s spread.

Manufacturers, and partic-ularly car makers, have beenamong the worst-hit. Theauto industry shut downnearly all U.S. production inMarch, and combined, Gen-eral Motors Co., Ford MotorCo. and Fiat Chrysler Auto-mobiles NV have laid offabout 150,000 hourly employ-ees.

While workers at the De-troit car makers may draw

Nissan, Honda Furlough 24,000Cost-saving steps atU.S. factories will lastthrough end of monthas car sales plunge

Exxon Mobil Corp. said itwould cut its 2020 capitalspending by 30% as global de-mand for oil is sapped by thecoronavirus.

The largest portion of the$10 billion in cuts will be in thePermian Basin, the biggest U.S.oil field in Texas and New Mex-ico. Exxon said it would evalu-ate how the cuts would affectproduction.

“We haven’t seen anythinglike we are facing today,” ChiefExecutive Darren Woods saidTuesday morning.

Mr. Woods said the impacton Exxon’s oil production thisyear would be insignificant, butwould grow in 2021. In thePermian, production could bedown by as much as 150,000barrels a day next year, he said.

Exxon didn’t announce anycuts to its shareholder divi-dend, which it spent nearly $15billion on last year. Mr. Woodssaid the company would pre-serve cash for the dividend, thesize of which is determined byExxon’s board of directors.

With the announcement,Exxon became the latest majoroil firm to significantly reduceits budget in response to a crashin oil prices caused in large partby the response to the virus. Ri-val Chevron Corp. said lastmonth it would cut its spendingby $4 billion, or 20%.

Exxon’s move comes aheadof a virtual meeting set forThursday by the Organizationof the Petroleum ExportingCountries with other oil-pro-ducing nations including Can-ada and Russia to discuss anagreement to cut oil produc-tion. But Russian and SaudiArabian officials have said anytruce in their fight for marketshare, which has also helpedcrater oil prices over the pastmonth, must be accompaniedby a production cut in the U.S.

Exxon, Chevron and otherlarge U.S. oil companies are ad-amantly opposed to mandatedproduction cuts, believing that afree market should sort thingsout. Many U.S. shale wells aren’teconomic at current prices andproducers will ultimately beforced to shut-in some wells.

But even globally coordinatedproduction cuts would likely beinsufficient to stem the rapidlybuilding oil glut as the new cor-onavirus batters oil demand.Rystad Energy estimates globaldemand may shrink by 25 mil-lion barrels a day, meaning thateven the 10 million to 15 millionbarrels in cuts proposed bysome Saudi and Russian offi-cials wouldn’t be enough.

BY CHRISTOPHER M. MATTHEWS

Exxon’sCapitalSpendingCut by 30%

Poison pills are antitake-over measures that can also beused to neutralize shareholderactivists. When an outsiderbuys up more than a certainamount of the stock of a com-pany with one, new sharesflood the market and make itmore expensive to acquire acontrolling stake. Many inves-tors frown on poison pills be-cause they can insulate com-panies from sometimes-beneficial outside forces andsuitors who might offer a sig-nificant takeover premium.

The threshold for the Wil-liams pill, which will remain ineffect until next March, is ex-ceptionally low compared withothers. According to ISS, ofthe 14 companies that adoptedpoison pills between March 13and March 30, all of the otherschose triggers ranging from10% to 20%. It calls the thresh-old for the Williams pill “ex-tremely rare.”

The proxy firm adds that itrecognizes this is a “uniquetime” and it doesn’t take abroad stand against imple-

PleaseturntopageB2

An influential proxy ad-viser has taken the unusualstep of urging shareholders towithhold votes for the chair-man of Williams Cos. afterthe pipeline operator adopteda poison pill to fend off un-wanted suitors.

Institutional ShareholderServices Inc., or ISS, recom-mends against supporting Wil-liams Chairman Stephen Berg-strom in director elections atthe company’s annual meetingApril 28, according to a clientnote from the proxy adviserthat was viewed by The WallStreet Journal.

The report cites the “highlyrestrictive” nature of the pill,which kicks in if an unwantedshareholder buys a stake ofjust 5%.

Williams, whose pipelinestransport oil and natural gas,on March 19 joined a swell ofmore than 20 companiesadopting poison pills as theirshares plunge amid the coro-navirus pandemic.

BY CORRIE DRIEBUSCHAND REBECCA ELLIOTT

Williams Poison PillSparks Adviser Rebuke

INSIDE

Investment-grade bonds, which are eligible forpurchase by the Federal Reserve, have stabilizedmore than their high-yield counterparts.

The Fed says it wouldlaunch facilities to buy notjust Treasurys but alsocorporate bonds carryinginvestment-grade ratings.

Sources: FactSet (ETFs); Dealogic (issuance)Note: ETF performance chart shows iShares iBoxx $ Investment Grade Corporate Bond ETF and iShares iBoxx $ High Yield Corporate Bond ETF.

5

–20

–15

–10

–5

0

%

Jan. Feb. March April

Corporate-bond ETF performance, year to date

Investment-grade

–3.3%

High-yield

–14.3%

0

50

100

$150 billion

April Sept. Jan.2019 2020

April Sept. Jan.2019 2020

Corporate-bond issuance,monthly

INVESTMENT-GRADEHIGH-YIELDBONDS

March$194.3B

+234%fromFeb.

March$4.2B

–85%fromFeb.

April

In the quest to find marketsthat look like they will weatheran impending economic down-turn, many investors are turn-ing to the Federal Reserve.

The central bank, faced withseizing markets during thespread of the coronavirus,pledged in March to do essen-tially whatever it takes to re-store order in the marketplace.The handful of markets in whichit has directly intervened bypurchasing assets or lendingagainst them have recoupedsome of their losses since then,a reassuring sign for investorswho were taken aback by theindiscriminate selling that oc-curred throughout much ofMarch.

But in riskier markets thatfall outside of the Fed’s pur-view—including junk bonds, lev-eraged loans and nongovern-ment-backed mortgage bonds—the pain has been slower toabate. Some markets remain es-sentially closed for business,setting off a race against theclock for borrowers to stayafloat.

The growing disparity is add-ing to the pressure investorsface as they try to identifywhich investments look like dis-counted buying opportunitiesand which look likely to strug-

gle further.High-yield bonds, for in-

stance, are so beaten down thatthey might look tempting, saidLauren Goodwin, multiassetportfolio strategist at New YorkLife Investments. But with theeconomy in crisis and investorswidely expecting a wave of de-faults over the coming months,Ms. Goodwin believes invest-ments that have received Fedsupport are more promisingbuying opportunities.

Other observers agree. Sofar, “the markets that the Fedhas most directly intervened inhave been the ones that areclosest to getting back to nor-mal,” said Stephen Stanley,chief economist at AmherstPierpont.

Corporate bonds are amongthe biggest beneficiaries of theFed’s recent programs. Beforethe central bank’s interventionin March, sales of corporatebonds had come to a virtualstandstill, hurt by the tumultrippling across global markets.And investors yanked a record$43.8 billion out of mutualfunds and exchange-tradedfunds tracking high-grade bondsin the U.S. in the week throughMarch 18, according to Bank ofAmerica Global Research. After

PleaseturntopageB10

BY BEN EISENAND AKANE OTANI

Fed Widens GapBetween MarketHaves, Have-Nots

The car makers both reported 48% declines in U.S. sales in March asthe coronavirus spread. A Nissan assembly line in Smyrna, Tenn.

WILLIAM

DES

HAZE

R/RE

UTE

RS

Dow industrials blow advanceof 900 points............. .B11

Amazon is suspending theservice because it needs itspeople and capacity to handlea surge in its own customers’orders, according to a personfamiliar with the matter. Thecompany has said it wants tohire 100,000 warehouse work-ers and is focusing on ship-ping essential items duringthe coronavirus outbreak.

Amazon had sought to wooshippers to the service by of-fering simpler rates, includingthe elimination of many feesand surcharges that other car-riers add on to pad their reve-nues. It tested the program inLondon and Los Angeles, butdidn’t make it widely availablein the U.S.

Amazon remains a force inthe shipping industry, withover 30,000 vehicles, 20,000trailers and dozens of aircraftthat move packages across thecountry.

In addition to its own deliv-ery drivers, Amazon hands offa significant chunk of its homedeliveries to UPS and the U.S.Postal Service.

Amazon last year ended ashipping contract with FedEx,which increasingly viewed theonline merchant as a competi-tive threat because of itsgrowing shipping prowess.

FedEx and UPS have experi-enced a Christmaslike boom inhome deliveries in recentweeks as people shop fromhome, while shipments havedeteriorated to stores or busi-nesses that have closed.

Meanwhile, the virus hasupended the daily routine ofdelivering packages. Amazon,FedEx and UPS have each hadto implement new safety mea-sures and scramble to provideprotective equipment as someworkers test positive for thecoronavirus.

A UPS spokesman declinedto comment.

FedEx said its ground net-work is well prepared to man-age the current surge in e-commerce. “We are continuingto work with our small busi-ness customers during thistime to support their growth,”a FedEx spokeswoman said.

Amazon.com Inc. will halta delivery service for non-Am-azon packages, according topeople familiar with the mat-ter, as it re-evaluates the na-scent offering that competesdirectly with FedEx Corp. andUnited Parcel Service Inc.

Amazon told shippers theservice, known as AmazonShipping, will be paused start-ing in June. It was available injust a handful of U.S. cities.

Under the program, Ama-zon drivers would pick uppackages from businesses anddeliver them to consumers,rather than have ordersshipped from Amazon ware-houses.

“We understand this is achange to your business, andwe did not take this decisionlightly,” Amazon said in a noteto shippers reviewed by TheWall Street Journal. “We willwork with you over the nextseveral weeks so there is aslittle disruption to your busi-ness as possible.”

BY PAUL ZIOBRO

Amazon Halts Delivery UnitThat Rivals UPS and FedEx

BUSINESSUFC vows

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B2 | Wednesday, April 8, 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.

AAirbnb..........................B3Alphabet......................B4Amazon.com...............B1American Airlines.....B11AT&T.......................B2,B4

BBank of America.........A4Blackstone Group .......B6BorgWarner...............B12Boston Scientific......B12Brookfield AssetManagement.............B6

CCarnival .....................B11Chevron.....................B11Cineworld Group.........B2Citigroup..............A4,A10Continental Resources...................................B11

DDarden Restaurants ...B3Delphi Technologies..B12Denny's........................B3Deutsche Lufthansa...B2Diamondback EnergyB11

EeasyJet......................B11Exxon Mobil ................B1

FFacebook......................B4Fannie Mae ...............B10FedEx...........................B1

Fiat Chrysler........B1,B12Ford Motor..................B1Fortress InvestmentGroup.........................B6

Freddie Mac ..............B10

GGeneral Motors...........B1Greensill Capital.........A2Greystone....................B6

HHCA Healthcare........B12Honda Motor...............B1

IIntel...........................B11Intuitive Surgical......B12

J - KJetBlue Airways.......B11JPMorgan Chase.........A4KKR..............................B3

MMacy's....................A1,B5Mastercard................B10Morgan Stanley........B11

NNavistar International...................................B12Newell Brands............A2New ResidentialInvestment .............B10

Nike...........................B10Nissan Motor..............B1Norwegian Cruise LineHoldings..................B11

PPaper Peony Press......B5Peugeot.....................B12Pfizer.........................B10

RRoyal Caribbean Cruises...................................B11

SSamsung ElectronicsB12SoftBank Group..........B3Starwood Capital Group.....................................B6Steelcase.....................A1Stryker ......................B12

T3M...............................A8Toyota Motor..............B1Twitter ........................B423andMe.....................A8Two HarborsInvestment .............B10

UUFC Holdings ..............B3United Airlines..........B11UnitedHealth.......B1,B11United Parcel Service.B1

VVolkswagen...............B12

W - XWalt Disney................B3Whiting Petroleum...B11Williams......................B1Xerox Holdings............B6

INDEX TO PEOPLE

BUSINESS & FINANCE

Stock in Williams Cos., a pipeline operator, fell over 25% in March.

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AIRLINES

Unified Policies andBailouts Are Sought

Airlines are starting to preparefor a hoped-for, eventual recoveryin demand even as passengernumbers continue to decline, waryof the patchwork of industry reg-ulations covering security thatemerged after 9/11.

Trade group IATA plans a se-ries of regional meetings withgovernments next month in aneffort to standardize policies suchas health screenings at airportsfor passengers and staff. The aimis to avoid what CEO Alexandrede Juniac called the policy messafter the Sept. 11, 2001, terroristattacks.

First, Mr. de Juniac says, air-lines need to navigate their cashcrunch by securing governmentaid. The squeeze has been exac-erbated by passengers seekingdemand for refunds, which IATAnow estimates will top $35 billionworld-wide by the end of the sec-ond quarter.

—Doug Cameron

CINEWORLD

Chain Closes ItsMovie Theaters

Cineworld Group has sus-pended its dividend and closed its787 movie theaters locatedacross 10 countries as it becomesthe latest cinema operator toadopt such moves amid the fall-out from the new-coronaviruspandemic. The chain is bettingthe dividend suspension, alongwith cutting capital expenditureand holding talks with its land-lords, banks, film studios and sup-pliers, will be enough to ensure ithas sufficient cash to emergefrom the current crisis intact.

—Ben Dummett

QUAKER MAID MEATS

Meat Brand EmergesAs Unlikely Watchdog

Steak-umm, the maker of thin-sliced frozen beef used in chees-esteak sandwiches, has garneredconsiderable attention on socialmedia with a Twitter thread

warning people to question theirnews sources amid a torrent ofmisinformation about the virus.

The company, which is ownedby Quaker Maid Meats Inc., im-plored people to “be careful in ourmedia consumption” and re-minded the public that it is crucialto “follow a range of credentialedsources for both breaking newsand data collection.”

Its Twitter thread has gener-ated about 13,000 retweets, over48,000 likes, and hundreds ofcomments. “Worthwhile threadfrom, um, from Steak-umm,” CNNanchor Jake Tapper tweeted.

Columbia University’s depart-ment of surgery tweeted: “Neverthought we’d say this but here’san important thread from@steak_umm. Anecdotes are notdata.”

Even Steak-umm poked fun atthe notion that a brand is tellingpeople not to trust everythingthey read. “We’re a frozen meatbrand posting ads inevitably madeto misdirect people and generatesales, so this is peak irony,” thecompany said in a tweet.

—Suzanne Vranica

prices. The company’s marketcapitalization was about $16billion as of Monday.

Mr. Bergstrom is runningunopposed on the directorslate, so there is little to nochance of his removal. Lastyear, nearly 99% of investorsvoted for him, according tothe ISS report.

However, ISS carries a lotof clout with big institutionalshareholders and a significantvote against the chairmanwould send a message to thecompany as well as any oth-ers considering a similarmove.

Sabastian Niles, a partnerat law firm Wachtell, Lipton,Rosen & Katz who advisescorporate clients on activismand takeover defense, said hetells companies that theirpills should be designed withcircumstances that are spe-cific to them in mind.

“ISS and institutional in-vestors are not writing ablank check and companiesshould not reflexively rush toadopt a pill prematurely andwithout good reason,” hesaid.

ISS criticizes Williams forwhat it says is a failure toconsider alternatives, such asa shorter-term pill or onewith a higher trigger level,and for not using its annualmeeting to seek shareholderratification of the plan.

best interest of shareholdersand that the 5% trigger levelisn’t “highly restrictive.”

She added that Williamsreached out to major share-holders after adopting the pilland none of them indicatedthat they would vote againstany board members in thecoming election.

The Tulsa, Okla., companyhas said it adopted the pill inresponse to its share-pricedecline, not because of a spe-cific threat.

Williams’s stock fell morethan 25% in March and wasdown more than 40% sincethe start of the year as ofMonday’s close, battered bythe pandemic as well as asharp decline in energy

decline in U.S. sales lastmonth as shelter-in-place or-ders took effect in manystates, causing business todrop off.

In February Nissan an-nounced its first quarterly losssince 2009.

It is working on a recoveryplan, but those efforts havebeen clouded by the virus pan-demic. As a result, Nissan ishoarding cash.

Workers in Spain also havebeen laid off. Outside of Chinaand some plants in Japan, allof Nissan’s manufacturing fa-cilities are closed.

As news of the U.S. fur-loughs broke, Nissan execu-tives were briefing boardmembers on the details oftheir response to the pan-demic.

One person familiar withthe discussions said Nissanwas looking at ways to obtainloans from governments in

ContinuedfrompageB1

Japan, the U.S. and Europe aswell as tapping banks.

Nissan management is alsolooking at pay cuts, said peo-ple familiar with those discus-sions. Chief Executive MakotoUchida and his deputy, Ash-wani Gupta, are expected toforgo performance-based pay,the people said.

Executives say Nissan isn’tin immediate danger of run-ning out of cash, and analystshave described the company’sbalance sheet as relativelyhealthy, assuming the shut-down doesn’t stretch intosummer or fall.

Nissan has assembly plants

in Smyrna, Tenn., and Canton,Miss. Most of the furloughedworkers are expected to returnto work on April 27, accordingto the company.

Workers at Nissan’s engineplant in Decherd, Tenn., areexpected to resume work onApril 24.

A

Armstrong, Alan.........B2

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Bergstrom, Stephen...B1

D

Dandapani, Vijay.........B6de Juniac, Alexandre..B2

E

Englander, Steven.....B10

G

Goodwin, Lauren.........B1Gupta, Ashwani..........B2

H - I

Harding-Jones, Alison...................................A10Hewson, Michael ......B11Iacono, Joseph............B6

Ismael, Daniel.............B6

L

Lebensohn, Daniel ......B6Lewis, Lewis...............B5Lewis, Reagan.............B5Linowsky, Karsten....B10

M

Mikkelsen, Hans.......B10Moench, Chris.............B6Moraif, Ken...............B11

N

Neistat, Casey............B4Neumann, Adam.........B3

P

Pang, Bruce...............B11Pathak, Tarun..............B4Peek, Daniel................B6

Perli, Roberto............B10Price, Paula.................B5

R

Rizk, Zeina................B10Rosenberg, Stephen...B6

S

Sarva, Amol................B6Schechtman, David.....B6Stanley, Stephen........B1

U

Uchida, Makoto...........B2

W

Wagner, Jonathan....B11White, Dana................B3Woods, Darren............B1

Z

Zuckerberg, Mark .......B4

FurloughsAt Nissan,Honda

menting poison pills in thisenvironment. ISS recommendsa “cautionary” vote for allother Williams directors, in-cluding Chief Executive AlanArmstrong.

A Williams spokeswomancalled the ISS recommenda-tion “perplexing,” saying in awritten statement that thecompany’s board acted in the

ContinuedfrompageB1

Firm TakesFire OverPoison Pill

AT&T

Telecom Giant Says ItHas Ample Cash Pile

AT&T Inc. reassured investorsits cash cushion is ample enoughto ride out the current virus-in-duced economic downturn.

The telecom and media giantis one of the largest dividend pay-ers and one of the most indebtedcorporate giants. It had a netdebt total of $151 billion at theend of last year. It pays out about$15 billion in annual dividends.

The Dallas company toldstockholders its December-end$12 billion cash pile showed its fi-nancial strength and said it has“no need or plans” in 2020 to usethe $15 billion revolving credit fa-cility it has on hand.

AT&T also said it “looks for-ward to continuing to pay a quar-terly dividend” but skipped anymention of dividend increases,which the company has providedfor the past 36 years.

AT&T shares rose 2%.—Drew FitzGerald

DEUTSCHE LUFTHANSA

Budget GermanwingsUnit to Be Grounded

Deutsche Lufthansa AG saidit would permanently ground oneof its low-cost airlines and retiredozens of aircraft, saying it is pre-paring for a yearslong recovery inair travel.

The German airline group saidits Germanwings operation willhalt flights. It also outlined plansto retire some 42 aircraft acrossits main Lufthansa airline, its re-gional Cityline brand and at itsbudget Eurowings arm.

Plans are also being discussedto downsize operations at itsAustrian, Brussels and Swiss air-lines through a combination ofdeferrals and early retirements.Restructuring efforts across anumber of its carriers are also be-ing accelerated, it said.

—Benjamin Katz

Car makers havebeen among theworst hit by thepandemic.

The maker of thin-sliced beef used in cheesesteak sandwiches garnered considerable social-media attention.

STEA

K-UMM

help. The group said insurerswere likely to face huge coststied to covering treatment forCovid-19, the illness tied to thenew coronavirus. They alsomay see membership shrink, aspeople lose their job-based in-surance.

Still, analysts say, insurersshould see at least a short-term windfall from the wide-spread cancellation of surger-ies, since they won’t have topay for such procedures thatthey would normally cover.Hospitals, for their part, arelikely to see significant helpfrom the most recent federalstimulus package, which in-cludes a $100 billion fund forhospitals and other health-careproviders.

UnitedHealth said it is alsooffering as much as $125 mil-lion in loans to health-careproviders in which it owns astake.

an influx of patients infectedby the new coronavirus. But inmany parts of the country, asurge hasn’t yet hit, leavingoperating rooms empty andstaff idled. Doctors are doingsome appointments remotelythrough telemedicine but havestill seen a falloff in visits.

Other insurers have alsosaid they would bolster finan-cial support for hospitals anddoctors. Blue Shield of Califor-nia said it is working to offerfinancing guarantees, advancepayments and restructuring ofsome contracts. Humana Inc.said it is expediting its claimsprocessing, among other steps.

But in its own letter sentMonday to AHA, America’sHealth Insurance Plans, agroup representing insurers,said its members were workingto support hospitals and con-sumers but stopped short ofbroadly promising financial

want these providers to bethere for the necessary carethat should be occurring rightnow,” he said, adding thatUnitedHealthcare coversabout $150 billion a year inhealth-care costs. The pay-ment acceleration applies to abroad range of health-careproviders, including doctorsand hospitals.

The move comes after theAmerican Hospital Associationasked insurers in a letter lastweek to provide financial sup-port through advanced or ac-celerated payments.

Doctors and hospitals areunder financial pressure be-cause many are seeing a sharpdrop-off in regular visits,emergency-room trips and sur-geries essential to their bottomlines. Hospitals have canceledmany procedures to clear outspace and preserve scarce pro-tective gear, as they brace for

CORPORATE WATCH

UnitedHealth Group Inc. isaccelerating payments to doc-tors and hospitals, startingwith about $2 billion over thenext week, to ease a cashcrunch that has led somehealth-care providers to fur-lough workers amid the coro-navirus pandemic.

The move by the biggestU.S. insurer to hasten claimspayments, which it said wouldlast for the duration of the cri-sis, could shave weeks off thetime it takes for some provid-ers to get paid for a service.Typically, contracts allow forpayment within 30 days, thecompany said.

Some health-care providers“are under a lot of financialstress,” said John Rex, thechief financial officer of Unit-edHealth Group, the parent ofinsurer UnitedHealthcare. “We

BY ANNA WILDE MATHEWS

UnitedHealth Moves to SpeedPay for Doctors and Hospitals

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stead, it has raised money pri-vately at a lower valuationthan the $31 billion price tagof its last 2017 fundraisinground, the people close to thecompany said.

The $1 billion of debtcomes with a steep price tag;an interest rate of 10% plus abenchmark rate known as theLondon interbank offered rate,or Libor, the people familiarwith the deal said.

The investors have also ex-tracted verbal commitmentsfrom the company to reducesignificantly its fixed costsand to strengthen its manage-ment, adding at least one newexecutive to support Chief Ex-ecutive Brian Chesky, the peo-ple said.

A spokeswoman for SilverLake said, “We made this in-vestment because we believein Airbnb’s leadership, begin-ning with Brian, and look for-ward to partnering with themin our role as a strategic in-vestor.”

In a joint statement SilverLake and Sixth Street said ofthe possibility of bringing inanother executive: “There wasno such ask or commitmentand in fact a major part of ourdecision to invest was becauseof our confidence in the lead-ership of the company.”

Airbnb Inc. agreed to payits new investors interest at arate of more than 10% and tostrengthen its leadership, inreturn for the $1 billion in ad-ditional funding announcedMonday, according to peoplefamiliar with the matter.

The investors will also getwarrants that can be con-verted into shares with a valu-ation for the company of $18billion, a drop of almost halfsince Airbnb’s last fundraisingin 2017, the people said.

The terms of the financing,which haven’t been previouslyreported, show the distressthe home-sharing company isunder due to the coronaviruspandemic.

Airbnb said on Monday thatit raised $1 billion in fundingfrom private-equity firms Sil-ver Lake and Sixth Street Part-ners to bolster its finances, af-ter the coronavirus pandemicupended its business model.

The San Francisco-basedcompany has also had prelimi-nary discussions with severalinvestors about raising morecapital, one person close tothe negotiations said.

Airbnb had planned to starttrading publicly this year. In-

BY JEAN EAGLESHAMAND KIRSTEN GRIND

Airbnb to Pay Over10% Interest for$1 Billion Financing

disrupted domestic and inter-national operations,” the com-pany said, referring to the ill-ness caused by thecoronavirus.

The restaurant industry hasbeen hit hard by the pan-demic. Governments have im-posed new rules requiring op-erators to close dining areas.Many restaurants have pivotedto pickup and delivery options.

Darden said it has been ableto boost to-go sales at OliveGarden and at its LongHornSteakhouse business.

For the week ended April 5,Olive Garden generated$39,133 in to-go sales per res-taurant, more than double the$15,500 in to-go sales per res-taurant the chain generatedfor the week that ended March8. LongHorn’s sales more thantripled to $19,858 per restau-rant over the same time frame.

Denny’s said the vast ma-jority of restaurants that arepart of its system continue tooperate, offering takeout ordelivery.

Darden Restaurants Inc.and Denny’s Corp. said theirsales have plummeted in re-cent weeks, highlighting thethreat casual restaurant chainsface as their dining rooms re-main closed amid restrictionsmeant to halt the spread ofthe new coronavirus.

Darden, the operator of Ol-ive Garden and other restau-rants, said Tuesday that com-parable sales across itsportfolio fell 39% during thefirst six weeks of its currentquarter, a period that endedApril 5. Comparable sales weredown at least 71% for each ofthe last three weeklong peri-ods, the company said.

Denny’s said same-storesales across its portfolio in thedomestic market dropped 19%in March compared withMarch of last year.

“The global Covid-19 pan-demic and various related gov-ernment mandates restrictingdine-in restaurant service has

BY MICAH MAIDENBERG

Darden, Denny’s TryTo Pivot to Takeout

network exclusive rights to airUFC fights and added on rightsto pay-per-view fights.

The UFC took on debt whenit was bought by media com-pany Endeavor PLC and pri-vate-equity firms KKR & Co.and Silver Lake.

A spokesman for the UFCdeclined to comment. ESPN re-ferred queries to the UFC.

The last UFC card, heldMarch 14 in Brazil, went aheadwith a stripped-down crew andno live audience after local au-thorities limited gatherings to150 people at most.

Unlike many other sportsleagues, the UFC needs just afew people to put on amatch—two fighters, theircoaches and a camera crew.The UFC’s anything-goes ethosmeans a match can be heldpretty much anywhere.

Still, finding venues forcoming bouts hasn’t been easy.The UFC was in talks to movetwo events scheduled forMarch and April in Ohio and

Oregon, respectively, to itsUFC Apex production center inLas Vegas. But in March, theNevada Athletic Commissionvoted against allowing theevents to take place.

The next event is scheduledfor April 18 but the UFC hasscrambled to find a locationwithout running afoul of rulesin a growing number of coun-tries aimed at curbing thespread of the coronavirus. Theevent was slated for the Bar-clays Center in Brooklyn untilNew York state banned allpublic gatherings last month.

The headline match will pitTony Ferguson against fellowAmerican Justin Gaethje forthe lightweight belt. Mr.Gaethje takes the place oflightweight champion KhabibNurmagomedov, a native ofRussia’s Dagestan region, whopulled out.

In response to questionsabout the status of the fight,Mr. White said Monday onTwitter that it would proceed.

“The fight is signed and is100% ON LIVE on ESPN some-where on EARTH!!!!” Mr. Whitetweeted.

Mr. White said later in aninterview with ESPN that hehas secured a U.S. location anda private island to hold fights.

Mixed-martial-arts fightersare split on whether to fight ornot, said Felicia Spencer, aprofessional fighter scheduledfor a bout next month.

“Fighters who expect to bein a match have a mentalitythat ‘I’m gonna get there anddo it no matter what the ob-stacles are,’ ” Ms. Spencersaid. “But fighters who are notlined up for a match are won-dering, ‘Shouldn’t these fightsbe postponed?’ ”

Ms. Spencer, who goes bythe name Feenom, is scheduledto fight in Florida, her homestate, where Gov. Ron DeSantisissued a stay-at-home orderlast week. She said she wouldprefer not to have to fly dur-ing the pandemic.

The coronavirus pandemichas forced sports leaguesaround the world to shutdown, but the company behindthe Ultimate Fighting Champi-onship has vowed to keepholding fights for cable andpay-per-view audiences.

UFC Holdings Inc. Presi-dent Dana White, a friend ofPresident Trump, said in mid-March that the company wouldkeep running events despitethe outbreak—and he hasn’tchanged his mind since.

The decision has beencheered by the debt markets,where the prices for more than$2 billion of UFC debt recentlyrebounded from distressedlevels.

Behind efforts to keep UFCfights going are the company’s$1.5 billion contract with ESPNand $2.3 billion in debt theUFC took on in recent years.The deal with ESPN, a unit ofWalt Disney Co., gives the

BY SOMA BISWAS

UFC Vows to Keep Fighting—Assuming It Can Find Arenas

The last UFC card, held March 14 in Brazil featuring Kevin Lee (left) and Charles Oliveira, went ahead with no live audience.

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of WeWork’s parent, We Co., bythe special committee of We-Work’s board of directors. Theboard is made up of Benchmarkgeneral partner Bruce Dunlevieand former Coach Inc. CEOLewis Frankfort.

In a statement, the commit-tee said pulling the offer is abreach of contract “as well as abreach of SoftBank’s fiduciaryobligations to WeWork’s minor-ity stockholders, including hun-dreds of current and formeremployees.”

In a statement, a SoftBankspokeswoman called the law-suit a “mistaken attempt toforce SoftBank to purchasetheir shares when it is not le-gally obligated to do so.” A We-Work spokeswoman declined tocomment.

The committee said that We-Work’s “liquidity could also beadversely affected by Soft-Bank’s refusal” to complete the

offer because $1.1 billion indebt financing depended on thedeal closing, according to thecomplaint.

The tender offer, agreed inOctober, was part of a bailoutthat saw SoftBank pump bil-lions into the company and Mr.Neumann cede control follow-ing a failed attempt at an initialpublic offering. The Wall StreetJournal first reported in Marchthat SoftBank was backingaway from the deal. The Japa-nese conglomerate told We-Work shareholders at the timethat it believed governmentprobes into WeWork, includingthose from the Securities andExchange Commission and theJustice Department, allowed itto terminate the offer.

SoftBank has said that lessthan $300 million from the of-fer was allotted to current em-ployees, and former employeeswere also hoping for a windfall.

Two WeWork directors fileda lawsuit against SoftBankGroup Corp. on behalf of theco-working company after theJapanese conglomerate backedaway from a deal to buy up to$3 billion in WeWork’s shares.

The stock purchase wouldhave been a major windfall forWeWork’s former chief execu-tive, Adam Neumann, who hadthe right to sell up to $970 mil-lion in shares, as well as inves-tors and numerous current andformer employees.

SoftBank said last week thatit terminated the offer on itsApril 1 deadline, citing “multi-ple, new and significant pend-ing criminal and civil investiga-tions” into WeWork that itclaimed came to light after itagreed to the offer in October.

The lawsuit was filed in Del-aware on Tuesday in the name

BY KONRAD PUTZIER

WeWork Directors Sue SoftBankOver Ditched Deal to Buy Shares

The company had planned to start trading publicly this year.

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say, since they can’t be tracedto their original senders.

Though WhatsApp’s newmeasures apply globally andmisinformation is passed oneverywhere, the problem isparticularly acute in develop-ing countries such as India, itsbiggest market by users, with400 million.

Infections in India havejumped in recent days, withmore than 4,700 confirmedcases of Covid-19, the diseasecaused by the new virus, andmore than 130 deaths, accord-ing to data compiled by JohnsHopkins University. Thoughthe number is relatively smallgiven the country’s populationof 1.3 billion, the uptickprompted Prime Minister Nar-endra Modi on March 24 toimpose a nationwide lockdownfor three weeks.

That has sent many peopleindoors, where they are ramp-ing up their use of WhatsApp.They are blasting out mes-sages, many well intentionedbut misguided, fueled by con-

WhatsApp that have circulatedin India in recent weeks, ac-cording to fact-checkinggroups, is a claim that a treat-ment has been developed thatcures Covid-19 within threehours. Others say a disinfec-tant will be sprayed in citiesat night to kill the virus andthat NASA satellite imagesshow the coronavirus has beenabating in India. All wereidentified by fact checkers asfalse.

India’s Press InformationBureau last week debunked apopular WhatsApp forwardclaiming the country’s finan-cial year would be extended bythree months because of thecoronavirus. The bureau alsosaid one widely circulatingWhatsApp message, appar-ently designed to stop bogusWhatsApp forwards about thecoronavirus by claiming thegovernment had declared suchmessages a “punishable of-fense,” was itself false.

Dubious messages haveflourished on the service in re-

cent years, some leading tomob violence in India, andWhatsApp has made earliertweaks to try to stem the flow.In 2019, it trimmed to five thenumber of individuals orgroups users could forwardmessages to, down from 20.

WhatsApp joined with theWorld Health Organizationand the government of Indialast month to enable users tosign up to receive verified cor-onavirus information fromthose groups through the ser-vice. WhatsApp has alsolaunched a page on its websiteabout the coronavirus, in part-nership with groups such asthe WHO and Unicef.

WhatsApp also announcedlast month a $1 million grantto the International Fact-Checking Network, part of thenonprofit Poynter Institute.Facebook founder and ChiefExecutive Mark Zuckerbergsaid last month that the WHOand governments have sentmore than 100 million mes-sages over WhatsApp.

Facebook Inc.’s WhatsAppis limiting users’ ability to for-ward content on its encryptedmessaging platform, as misin-formation about the coronavi-rus pandemic proliferates onthe service in its biggest mar-ket, India.

In one of the biggestchanges WhatsApp has madeto a core feature, the companysaid Tuesday that its morethan two billion users globallycan now send along frequentlyforwarded messages they re-ceive to only one person orgroup at a time, down fromfive.

In recent weeks, the com-pany has “seen a significantincrease in the amount of for-warding which users have toldus can feel overwhelming andcan contribute to the spread ofmisinformation,” the companysaid.

WhatsApp is also testing anew feature that enables usersto click an icon next to fre-quently forwarded messages—those forwarded at least fivetimes—to search the web fortheir contents and verify thembefore sending the message toothers, a WhatsApp spokes-woman said.

World-wide, Facebook,Twitter Inc. and YouTube,owned by Alphabet Inc.’sGoogle, have been battlingmisinformation related to thecoronavirus on their plat-forms. The European Union isreviving an alliance formedlast year with U.S. tech com-panies to fight online politicaldisinformation, now focusingon false information about thecoronavirus.

While those platforms mod-erate content users post andcan eliminate problematic ma-terial, all WhatsApp messagesare encrypted. That helps tur-bocharge the spread of mes-sages on WhatsApp, analysts

BY NEWLEY PURNELL

WhatsApp Fights MisinformationFalsehoods spreadingabout virus in India leadFacebook to limit abilityto forward content

In recent weeks, the company has seen an significant rise in forwarded content. A woman used WhatsApp in New Delhi last month.

MANISHSW

ARU

P/ASS

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cerns about their health andthat of friends and familymembers. Independent fact-checking groups and govern-ment officials say many of themessages contain falsehoods.

“It’s going through theroof,” said Tarun Pathak, aNew Delhi-based technology

analyst with research firmCounterpoint. “I am receivingat least five fake messages ev-ery three hours.”

One concern is limited digi-tal literacy among many in In-dia. Hundreds of millions havegotten online for the first timein recent years as mobile-dataprices have plummeted.

Among the messages on

Hundreds ofmillionshave gotten onlinefor the first time inrecent years.

CNN said it acquired Can-opy, the maker of a news-reader app whose technologythe company is planning touse for its forthcoming news-aggregation service.

CNN, which is a unit ofAT&T Inc.’s WarnerMedia,didn’t disclose the financialterms of the deal.

Canopy, which has about 15employees in New York andMassachusetts, builds prod-ucts that help users discoveronline content through a mixof human curation and ma-chine learning. CNN said Tues-day that the deal has closed,and Canopy’s developers nowwork for CNN.

CNN plans to use Canopy’stechnology and developers tohelp power “NewsCo,” theworking title for a news-ag-gregation service it is launch-ing. NewsCo doesn’t yet havea firm launch date or a settledconsumer-facing brand.

CNN’s digital arm has anuneven record with acquisi-tions. In 2016, CNN boughtBeme, a video-sharing startupfounded by YouTube starCasey Neistat in a deal worthabout $25 million. The com-pany closed Beme in 2018 af-ter failing to turn it into apopular news brand, and Mr.Neistat left the company. CNNsaid at the time it still wascommitted to investing in digi-tal video.

News-aggregation appshave become popular amongmajor media companies, assome seek to offer users an al-ternative to popular servicesfrom Facebook Inc., AlphabetInc.’s Google and Apple Inc.

News Corp, owner of WallStreet Journal parent DowJones & Co., recently launcheda website called Knewz.comthat features links to storiesand publications from aroundthe world.

BY BENJAMIN MULLIN

CNN BuysAn AppTo CurateThe News

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BUSINESS NEWS

Other books aimed at home-bound learning are also promi-nent on the Amazon bestsellerlist, including Crystal Radke’s“My First Learn to Write Work-book: Practice for Kids withPen Control, Line Tracing, Let-ters, and More!” and BrittanyLynch’s “My KindergartenWorkbook: 101 Games and Ac-tivities to Support Kindergar-ten Skills.”

The bulk of Modern Kid’ssales come via Amazon, whichalso distributes the books di-rectly to consumers. Amazonprints the majority of the titles,said Mr. Lewis, but he also usesoutside printers.

Mr. Lewis says he wants toproduce even more workbooksto meet the demand, but “thereare only so many hours in theday.”

Mr. Lewis and his wife werecertified public accountants be-fore starting their company,which publishes a variety ofbooks, in 2017. He focuses onthe business side, includingsales, marketing and advertis-ing spending, while she over-sees the company’s productand branding efforts. The Le-wises create the books with au-thors and illustrators.

The business is a family af-fair, and the couple deals withmany of the same issues theircustomers are facing as theyjuggle working from home andschooling for their two daugh-ters, a 7-year-old and a 4-year-old. When he said he wouldhave to delay an interview witha reporter, Mr. Lewis, 34 yearsold, explained he would bewatching the children for a fewhours. “It’s been crazy trying tohome-school the kids and runthe biz!” he wrote in an email.

Until a few weeks ago, thepublishing company that Rea-gan Lewis and Sada Lewis ranfrom the dining room andguest bedroom of their San An-tonio home was a modest oper-ation.

Now, it has become a boom-ing business as orders for thechildren’s workbooks they sellstarted flooding in via Amazon.Demand hasn’t let up.

School closures due to thecoronavirus pandemic have leftparents looking for ways to ed-ucate and entertain their youngchildren at home. Sales atModern Kid Press, an imprintof the Lewis family’s Paper Pe-ony Press company, jumped500% in March compared withthe previous year, said Mr.Lewis. He declined to give unitsales, but on a recent day, thecompany had five books onAmazon’s Top 100 bestsellerlist.

“We have had books dip inand out of the Top 100, but thisis crazy,” said Ms. Lewis.

Many of Modern Kid Press’stitles, priced at $5.99 or $6.99,teach basics like math, readingor handwriting. Its top sellersinclude “Preschool Math Work-book for Toddlers Ages 2-4”and “Learn to Read: A MagicalSight Words and Phonics Activ-ity Workbook for BeginningReaders Ages 5-7.”

The category, as a whole,has been on fire. Sales of juve-nile, nonfiction educationbooks were up 157% to 1.5 mil-lion units for the four weeksended March 28, comparedwith the same period in 2019,according to NPD BookScan,which tracks book sales.

BY JEFFREY A. TRACHTENBERG

Couple Cashes In onChildren’s Workbooks

The bulk of Modern Kid Press’s titles are sold via Amazon.

SADA

LEWIS

Macy’s Inc.’s chief financialofficer will leave the companyat the end of May, placing pres-sure on the beleaguered retailerto fill a key executive positionwhile battling plummetingsales due in part to lockdownsrelated to the coronavirus pan-demic.

Paula Price, who became fi-nance chief in July 2018 aftermore than five years as a lec-turer at Harvard University and

several finance, accounting andboard roles at Ahold DelhaizeNV, CVS Health Corp. and Dol-lar General Corp., will remainin her current role until May 31,and serve as an adviser toMacy’s through November, theNew York-based retailer saidTuesday.

“This was a personal deci-sion that Paula reached,” aMacy’s spokeswoman said, de-clining to provide additionaldetails. Ms. Price and membersof Macy’s board declined tocomment.

The move came withinweeks of Macy’s embarking ona turnaround strategy aimed atcutting $1.5 billion in costs.Macy’s, as part of that plan,was set to shut down 125stores—following closure ofroughly 100 stores that was an-nounced in 2016—and slash

2,000 corporate jobs and closeseveral offices, including itsdual Cincinnati headquarters.

“This was not expected,”said David Swartz, an equityanalyst at ratings-firm Morn-ingstar Inc., on Ms. Price’s de-parture. She participated in thecompany’s earnings call on Feb.25 and gave no indication thatshe would leave, he said. Shealso spoke at a Bank of AmericaCorp. securities conference onMarch 10.

Macy’s said it launched anexternal search to replace Ms.Price.

The company might struggleto find suitable candidates inthe current climate, recruiterssay, as CFO candidates don’twant to switch employers dur-ing the pandemic-fueled eco-nomic crisis.

“Having to lay off people,closing stores, reducing inven-tory, doing liquidation sales—executives don’t like to dothese things,” Morningstar’sMr. Swartz said.

The Macy’s spokeswomanpointed to the company’s benchof internal executive financetalent. Analysts said they ex-pected Macy’s to quickly plucka replacement from its ranks.

Her exit doesn’t instill confi-dence in the company’s leader-ship, said Michael Binetti, a se-nior equity analyst at CreditSuisse Group AG.

Macy’s also exited the S&P500 on Monday following a de-cline in its market capitaliza-tion. Its stock trades at roughly$5.90, down from $17 in earlyFebruary, according to Factset.

Bricks-and-mortar retailershave struggled for years tocompete with Amazon.com Inc.and other online retailers.

BY NINA TRENTMANN

Macy’s FinanceChief Will LeavePosition May 31

Paula Price’sdeparturecomes withinweeks of thestart of astrategy to cutcosts.

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P2JW099000-2-B00500-1--------NS

B6 | Wednesday, April 8, 2020 THEWALL STREET JOURNAL.

Cash reserves held byopportunistic and distressedreal-estate funds

Source: Preqin

Note: Numbers are as of December of eachyear. Cash reserves are commitments frominvestors that haven't been invested yet.

$150

0

25

50

75

100

125

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’10’05 ’152000

When the coronavirusstarted spreading in the U.S.,office owners with long-term,stable leases hoped theirbuildings would become a ha-ven for skittish investors.

But nearly a month into thepandemic, the opposite hashappened.

Investors are dumpingshares of major office real-es-tate investment trusts. Salesof skyscrapers are unraveling,and office tenants across thecountry are negotiating tolower their rent bills.

The recent trouble in thesector belies office buildings’reputation as a safe holdingbecause they are mostly leasedto long-term tenants. But asthe U.S. economy shrinks andbusinesses shutter, investorsare asking: What good is along-term lease if the tenantwon’t pay rent? And what isan office building worth if noone can use it?

“I don’t think people haveunderstood that this is a work-place virus,” said Amol Sarva,chief executive of Knotel Inc.,which rents out furnished of-fices to companies and re-cently laid off 30% of its staffand furloughed another 20%.

Office owners tend to havemore debt, in part becausebanks have been willing tolend more against assets theydeemed safe. Having a lot ofdebt limits their ability to beoffensive when the economyturns around,” said Daniel Is-mail, a senior analyst at GreenStreet Advisors.

The office selloff indicatesthat trouble in commercialreal estate is spreading be-yond hotels and retail proper-ties and now threatens muchof the $16 trillion U.S. com-mercial real-estate market andthe $4.5 trillion in mortgagedebt secured by it.

The value of commercialmortgage-backed securitieshas plummeted and new lend-ing has mostly ground to ahalt. Some lenders that holdcommercial mortgages and

mortgage-backed securitiesare facing margin calls fromtheir banks.

SL Green Realty Corp., oneof the biggest office landlords,has one of the highest debtburdens among major publicreal-estate companies. Itsshare price is down 50% sincethe beginning of the year. Theshare price of Vornado RealtyTrust, which has a large Man-hattan portfolio, is down 44%this year. That compares withan 18% drop for the S&P 500.

One risk office owners faceis that companies stop signingnew leases amid the economicuncertainty. In Manhattan, of-fice leasing volume already fellby 46.9% in the first quartercompared with the 10-yearquarterly average, accordingto brokerage firm JLL. Thegreater danger is that tenantsacross the country stop payingrent on their existing leases.

“You would think that theoffice market should be some-what insulated. You’ve gotlong-term leases,” said JosephIacono, CEO of alternative fi-nancing platform Crescit Capi-tal Strategies.

In a poll conducted Thurs-day and Friday among 1,000small businesses by the smallbusiness social-networkingcompany Alignable Inc., 30%of respondents said they hadmade no rent or mortgagepayment for April, and an ad-ditional 20% said they madeonly a partial payment.

BY KONRAD PUTZIER

Virus WoesSap SafetyOf OfficeMarket

SLGreen Realty

Vornado Realty Trust

Boston Properties

Vanguard RealEstate ETF

Share-price performance,year to date

Source: FactSet

20

–80

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–40

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Jan. April

medical use are paid by thegovernment. That may alsomean jobs for hotel employeesproviding laundry services orfood for those in quarantine.

Mr. Patel declined to detailhow much he was being paidfor use of his hotel, but hesaid, “We are not making a lotof money. We are able to payour mortgage, taxes, keep thelights on, so it covers our ba-sic costs to keep this building.”The county is giving him abreak on occupancy taxes, headded.

There are potential down-sides to medical use, includingproperty damage as well asconcern that a hotel that be-comes associated with a highlycontagious disease might havetrouble attracting guests oncethe crisis is over.

Mr. Patel said he isn’t wor-ried about such concerns, say-ing he will be able to sanitizethe property afterward.

Now 43 years old, Mr. Patelwas born in London and cameto the U.S. as a child. Afterleaving the health-care indus-

try, Mr. Patel worked at XeroxHoldings Corp. before he leftin 2018. He and his wife thendecided to go into the lodgingbusiness two years ago. Bothof their families had a historyof owning hotels. “It’s been arough 18 months, and then apandemic happens,” said Mr.Patel.

His property, about 9 milesfrom Lake Ontario, typicallyserves guests such as parentsvisiting students at the Uni-versity of Rochester. The hotelhad anticipated a steadystream of visitors for a track-and-field tournament thatended up being canceled.

The Clarion Pointe in Roch-ester has features that make itsuitable as a temporary quar-antine facility. As part of amakeover two years ago, car-pets and drapes were removed,reducing allergen buildup.

To pass the time, guests can“cast” shows from streamingservices including Netflix andHulu to their hotel-room TVsby using their personal sub-scriptions.

THE PROPERTY REPORT

The coronavirus wasspreading rapidly across NewYork. Room cancellations wereflooding this upstate hotel’sreservation system after thestate ban on mass gatherings,and there was no sign ofthings turning around soon.

So on March 13, Silas Patel,who owns a Clarion Pointebranded hotel in Rochester,N.Y., with his wife, knew whathe had to do. He offered the43-room midscale property tolocal authorities for use as aquarantine facility.

The hotel is currently hous-ing two people in mandatoryquarantine. While MonroeCounty, N.Y., officials declinedto describe the condition ofpatients who will be stayingthere, Mr. Patel said the facil-ity is intended for those whohave tested positive for thecoronavirus but can’t isolate athome for whatever reason.

“Within one hour, theycame to see the site, andwithin three hours they had alease produced for us,” saidMr. Patel. “We signed it, andas of the 18th, they operatethe hotel.”

Mr. Patel, who spent morethan a decade working inhealth-care finance and policy,and his wife, Micky Patel, aregistered nurse, said they un-derstood that the outbreakwas worsening and knew quar-antine facilities were neces-sary. “It’s epidemiology 101,”Mr. Patel said. “The numberswill continue to grow until wecan flatten the curve.”

Property owners have otherreasons to turn over their ho-tels. The Patels estimated thattheir hotel’s revenue, includingthe county lease, will drop60% in the second quartercompared with a year earlier,and other hotel owners saidthey are experiencing biggerdeclines.

While thousands of hotelsacross the U.S. have closedtheir doors for lack of busi-ness, those that convert to

BY ESTHER FUNG

Hotels Invite Quarantined GuestsWith travel dried up,some empty roomsare housing peoplewho need to isolate

This 43-room hotel in Rochester, N.Y., has been turned over to public-health authorities for people who need a place to quarantine.

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rected Capital only paid about$7.4 million, according to CEOChris Moench.

Other investors had alreadybegun raising money, leavingthem well positioned to bargainhunt now. Blackstone finishedraising the largest commercialreal-estate fund ever in Septem-ber, with $20.5 billion in com-mitments. The company alsohas a $7.1 billion Asia-focusedopportunistic real-estate fundand is approaching the close ofa $10 billion Europe-focusedfund. Brookfield Asset Manage-ment raised $15 billion for afund that closed last year.

Fortress Investment Group,whose real-estate funds havearound $3 billion in cash orcash commitments, was alreadybuying up defaulted mortgagesbefore the virus spread, accord-ing to people familiar with thematter.

David Schechtman, a brokerat Meridian Capital Group, pre-dicts that bankruptcy auctionsin the property market will be-come a regular occurrence.

“Our thoughts and prayersare with all of our fellow Ameri-cans and nobody wants to capi-talize on anybody’s misfortune,”Mr. Schechtman said. “But I willtell you, real-estate investors—when you take the emotion outof it—many of them have beenwaiting for this for a decade.”

margin calls from their banks.The Royal Bank of Canada lastmonth sought bids for $600million in mortgage debt that itseized from clients.

Distressed hotel debt andproperties could be next, eventhough “there aren’t a lot ofdeals to talk about yet,” saidDaniel Peek, president of thehotel group at brokerageHodges Ward Elliott.

Many investors believed in2008 that the fallout from thesudden collapse of LehmanBrothers Inc. would make forthe best bargain hunting oftheir careers. Commercial prop-erty prices fell by 35% betweenAugust 2008 and June 2010, ac-cording to Real Capital Analyt-ics, but recovered in the follow-ing years.

But some of the same inves-tors expect a worse downturnnow. The previous crisis startedin financial markets and gradu-ally spread into the real econ-omy. Property owners had trou-ble getting new loans fromskittish banks, but most tenantsstill paid rent, meaning land-lords were able to keep payingtheir mortgage bills.

This time, the sudden shut-down of vast parts of the U.S.economy is leaving landlordswith less rental income, andmany may well default on theirmortgages this month.

There is plenty of moneywaiting to pounce. In December,private real-estate funds thatfocus on opportunistic and dis-tressed-asset investments held$142 billion in dry powder, ac-cording to data firm Preqin—upfrom $94 billion in December2008.

Greystone & Co., a NewYork-based real-estate firm, israising a fund with up to $400million to buy distressed debt.“There’s not much liquidity inthe market so prices are gettingcheaper and cheaper,” saidGreystone CEO Stephen Rosen-berg. Directed Capital, a St. Pe-tersburg, Fla.-based investmentfirm, bought about 15 loans in-volving about a dozen differentborrowers from a bank late lastmonth. The loans had a facevalue of $10 million, but Di-

prices in the U.S. more thandoubled over the past decade,according to Real Capital Ana-lytics, leading many investors toconclude that the market hadsettled near a peak and so af-forded few buying opportuni-ties. Now, many of these assetscould soon hit the market aslenders and desperate landlordslook to raise cash.

Mortgage defaults have beenfew. Investors expect that tochange over the coming weeksand months. Once a borrowerdefaults, the lender oftenchooses to sell the loan at a dis-count to avoid the hassle of alengthy foreclosure lawsuit.

Some of the first distressedassets to hit the market havebeen mortgage-backed securi-ties held by real-estate invest-ment trusts, which are facing

pandemic has closed businessesacross the country, leavingthem unable to pay rent andtheir landlords unable to paytheir mortgage bills. The cur-rent environment presents thesort of circumstances that risk-taking property investors saycan make a career. And whileinvestors are in it for the profit,they also say their investmentsmay help the market bounceback and stabilize propertyprices.

“There are people that dohave dry powder, like us, andthat will recognize this as oneof the greatest buying opportu-nities of the century,” said Dan-iel Lebensohn, co-founder of theinvestment firm BH3, whichlaunched a $100 million dis-tressed-debt fund in late 2018.

Commercial real-estate

A growing number of prop-erty investors are preparing forwhat they believe could be aonce-in-a generation opportu-nity to buy distressed real-es-tate assets at bargain prices.

Investment firms like Black-stone Group Inc., BrookfieldAsset Management and Star-wood Capital Group are sittingon billions of dollars in cashand capital commitments theyhave raised from pensions, sov-ereign-wealth funds and otherbig institutions in recent years.

Many of these firms are eye-ing hotels, retail properties,mortgage-backed securities andother assets that have come un-der stress in recent weeks asthe spread of the coronavirus

BY KONRAD PUTZIERAND PETER GRANT

Investors See Bonanza in Distressed Real Estate

Owners Offer SitesFor Medical Use

As the coronavirus pan-demic causes travel to grind tonearly a halt, more hoteliersare offering their properties formedical use or lodging.

More than 15,000 hotelsacross the U.S. have offered toprovide temporary housing foremergency and health-careworkers, according to theAmerican Hotel & Lodging As-sociation, a trade group.

A much smaller number ofhotels are being used as Alter-native Care Sites, such asemergency hospitals or placesfor those quarantined to stayas needed, the organizationsaid.

As of March 22, two hotelsin California have been tempo-rarily converted for health-careuse during the public-healthemergency, according to theU.S. Army Corps of Engineers.

In New York City, abouthalf a dozen hotels have beenturned into facilities housingCovid-19 patients who havefew health complications butneed to be isolated, said VijayDandapani, president and chiefexecutive of the Hotel Associa-tion of New York City.

He expects owners to vol-unteer another 20 more prop-erties by the end of this week.

Might potential futureguests have some qualmsabout staying in hotels thathoused medical workers orquarantined people during apandemic?

“That’s hard to tell, but yesthat thought has crossed peo-ple’s minds,” said Mr. Danda-pani.

Some hotels in Asia haveoffered special packages forpeople who need—or want—toquarantine themselves. HongKong recently put a rule intoeffect requiring all people arriv-ing from abroad to be in quar-antine for two weeks.

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THEWALL STREET JOURNAL. Wednesday, April 8, 2020 | B7

52-Wk %Stock Sym Hi/Lo Chg

Amrep AXR 3.98 -1.6BigRockPtrsWt BRPAW 0.01 -64.6BlueLinx BXC 3.60 7.8Celcuity CELC 5.00 -15.5CentricBrands CTRC 0.87 -16.9CN Finance CNF 3.56 -4.2CoreMoldingTech CMT 1.03 4.5Curis CRIS 0.62 -1.0Daktronics DAKT 4.09 -6.5DiamondSShip DSSI 8.62 -4.6DropCar DCAR 0.36 -1.5ECMOHO MOHO 4.48 -19.3

52-Wk %Stock Sym Hi/Lo Chg

Masimo MASI 189.00 -1.0NIC EGOV 24.49 0.9PetMedExpress PETS 31.87 -9.5SeattleGenetics SGEN 128.00 -2.1ShenandoahTel SHEN 53.51 -5.6VertxPharm VRTX 267.45 -3.0WeisMarkets WMK 46.00 0.5

LowsAmcon DIT 60.51 -0.9AlbertonAcqnWt ALACW 0.02 -71.0

52-Wk %Stock Sym Hi/Lo Chg

HighsAGBAAcquisition AGBA 10.14 ...ChurchillCapIII CCXX 9.75 0.3CypressSemi CY 23.82 1.7DigitalRealty DLR 144.06 0.7DollarGeneral DG 172.03 -0.3DrReddy'sLab RDY 47.22 5.3EasterlyGovtProp DEA 27.95 -0.8Equinix EQIX 679.66 -4.4FTI Consulting FCN 141.67 -0.5

Tuesday, April 7, 2020

New Highs and Lows | WSJ.com/newhighs

MitchamIndustries MIND 0.70 -9.3Natuzzi NTZ 0.37 3.9NaviosMaritime NMCI 0.54 -12.8NaviosMaritimPf NMpG 2.25 -15.6PensareAcqnUn WRLSU 3.73 -36.3Reading B RDIB 14.75 -5.9RoadrunnerTrans RRTS 2.19 -3.6Startek SRT 2.75 -8.4Strats WlMrt GJO GJO 20.02 -1.3SummitWireless WISA 0.22 -6.2SunlandsTech STG 0.75 -13.3TalosEnergyWt TALO.WS 0.07 -11.2TaronisTech TRNX 0.12 -5.2TetraTech TTI 0.25 -9.6TherapeuticsMD TXMD 0.88 -3.536Kr KRKR 3.71 -4.6ThunderBridgeIIWt THBRW 0.60 1.5TownSports CLUB 0.35 -10.0Uniti UNIT 4.86 -10.5VenatorMaterials VNTR 1.20 -11.5ZentalisPharm ZNTL 22.00 -2.6

ENDRA LifeWt NDRAW 0.11 1.2EastStoneRt ESSCR 0.10 -15.9EraGroup ERA 4.05 -7.1FirstNatlVA FXNC 14.00 4.0GFL Env Un GFLU 37.37 4.8Gannett GCI 0.63 -5.5GolarLNG GLNG 4.54 -24.1GordonPointeWt GPAQW 0.11 -0.6HF Foods HFFG 5.31 -7.3HaymakerII Wt HYACW 0.85 -2.1HeliusMedical HSDT 0.25 -7.4HoughtonMifflin HMHC 1.27 -4.4IRSA Prop IRCP 5.84 0.2iQIYI IQ 14.51 3.2LM Funding LMFA 0.30 16.2Lightbridge LTBR 1.71 -6.8MatinasBioPharma MTNB 0.49 4.2MaysJW MAYS 20.13 -8.5MenloTherap MNLO 1.02 -26.4MetenEdtechX METX 11.35 -16.9

52-Wk %Stock Sym Hi/Lo Chg

52-Wk %Stock Sym Hi/Lo Chg

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSEAmerican and Nasdaq Stock Market stocks that hit a new 52-week intraday high or lowin the latest session. % CHG-Daily percentage change from the previous trading session.

How to Read the Stock TablesThe following explanations apply to NYSE,NYSE Arca, NYSE American and Nasdaq StockMarket listed securities. Prices are compositequotations that include primary market tradesas well as trades reported by Nasdaq BX(formerly Boston), Chicago Stock Exchange,Cboe, NYSE National and Nasdaq ISE.The list comprises the 1,000 largestcompanies based 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 recentfour quarters.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 orbeing reorganized under theBankruptcy Code, or securitiesassumed 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.

NetStock Sym Close Chg

BankofAmerica BAC 22.14 0.75BankofMontreal BMO 51.51 1.52BankNY Mellon BK 34.80 -0.44BkNovaScotia BNS 39.69 0.51Barclays BCS 4.53 0.30BarrickGold GOLD 20.31 -0.24BauschHealth BHC 14.85 0.23BaxterIntl BAX 82.51 -2.42BectonDicknsn BDX 237.55 -0.14BeiGene BGNE 136.04 -8.22Berkley WRB 53.82 0.09BerkHathwy B BRK.B 185.25 0.01BerkHathwy A BRK.A 276700-560.00BerryGlobal BERY 34.70 -0.28BestBuy BBY 61.75 1.60Bilibili BILI 26.49 0.93Bio-Techne TECH 193.61 -0.94Bio-RadLab A BIO 370.37-10.92Bio-RadLab B BIO.B 365.40-11.94Biogen BIIB 301.21-10.18BioMarinPharm BMRN 79.83 -2.94BioNTech BNTX 45.60 -7.13BlackKnight BKI 61.94 -0.49BlackRock BLK 443.12 -6.40Blackstone BX 45.63 -0.94Boeing BA 141.58 -7.19BookingHldgs BKNG 1376.37 19.69BoozAllen BAH 71.38 -2.56BorgWarner BWA 24.67 -0.06BostonBeer SAM 366.32 3.78BostonProps BXP 92.66 1.94BostonSci BSX 33.69 0.81BrightHorizons BFAM 102.87 5.37Bristol-Myers BMY 56.90 -0.97BritishAmTob BTI 36.38 -0.29Broadcom AVGO 253.27 0.83BroadridgeFinl BR 100.76 2.15BrookfieldMgt BAM 31.75 0.25BrookfieldInfr BIP 38.41 0.94Brown&Brown BRO 35.96 -0.01Brown-Forman A BF.A 54.71 -0.20Brown-Forman B BF.B 58.65 1.26Bruker BRKR 36.28 0.12Bunge BG 38.02 -0.25BurlingtonStrs BURL 166.75 7.54CACI Intl CACI 219.90 -0.49CBRE Group CBRE 42.05 2.27CDW CDW 98.63 2.79CF Industries CF 28.96 1.46CGI GIB 56.75 1.04CH Robinson CHRW 71.84 -0.55CME Group CME 176.81 -5.63CMS Energy CMS 57.34 -1.51CNA Fin CNA 30.85 0.97CNH Indl CNHI 6.29 0.22CNOOC CEO 113.06 -1.53CRH CRH 26.99 -0.50CSX CSX 61.15 -0.12CVS Health CVS 56.87 0.65CableOne CABO 1688.30 42.14CabotOil COG 18.38 0.10CadenceDesign CDNS 69.05 -0.37CaesarsEnt CZR 7.35 0.34CamdenProperty CPT 80.49 0.55CampbellSoup CPB 46.74 -0.87CIBC CM 59.45 1.59CanNtlRlwy CNI 80.03 0.05CanNaturalRes CNQ 13.36 -0.14CanPacRlwy CP 221.42 -1.61Canon CAJ 21.06 -0.09CanopyGrowth CGC 14.50 0.16CapitalOne COF 52.91 3.49CardinalHealth CAH 47.88 -1.47Carlisle CSL 121.45 1.63Carlyle CG 22.22 0.40CarMax KMX 58.01 3.56Carnival CCL 11.30 1.09CarrierGlobal CARR 15.25 -0.19CaseysGenStores CASY 139.03 3.05Catalent CTLT 52.72 0.33Caterpillar CAT 121.92 1.49Celanese CE 75.84 3.37Centene CNC 60.15 0.03CenterPointEner CNP 15.47 0.17CentraisElBras EBR 4.33 0.13CenturyLink CTL 9.50 0.07CeridianHCM CDAY 45.47 1.00Cerner CERN 64.26 0.30CharlesRiverLabs CRL 133.33 0.52CharterComms CHTR 451.75 -7.80CheckPoint CHKP 105.14 1.56Chegg CHGG 35.13 0.20Chemed CHE 426.19-11.70CheniereEnergy LNG 33.71 -0.46CheniereEnerPtrs CQP 26.41 -1.30Chevron CVX 80.92 0.53Chewy CHWY 33.31 0.09ChinaBiologic CBPO100.00 0.85ChinaEastrnAir CEA 18.03 0.79ChinaLifeIns LFC 10.08 -0.05ChinaMobile CHL 40.13 -0.04ChinaPetrol SNP 50.86 -0.81ChinaSoAirlines ZNH 21.84 0.64ChinaTelecom CHA 34.07 -0.07ChinaUnicom CHU 6.72 0.06Chipotle CMG 704.30 14.31Chubb CB 112.03 1.27ChunghwaTel CHT 35.99 0.15Church&Dwight CHD 67.01 -1.85Ciena CIEN 45.54 0.51Cigna CI 177.17 3.68CincinnatiFin CINF 79.88 2.47Cintas CTAS 185.90 6.41CiscoSystems CSCO 40.64 -0.79Citigroup C 41.25 0.13CitizensFin CFG 19.53 0.74CitrixSystems CTXS 145.80 -1.34ClarivateAnaly CCC 20.57 -0.08

NetStock Sym Close Chg

Clorox CLX 181.50 0.12Cloudflare NET 22.80 -0.84Coca-Cola KO 46.51 -0.16Coca-Cola Euro CCEP 43.71 1.84CogentComm CCOI 84.23 -2.72Cognex CGNX 44.16 0.26CognizantTech CTSH 47.80 -0.65ColgatePalm CL 69.04 -1.46ColumbiaSportswr COLM 72.00 2.20Comcast A CMCSA 36.94 0.71Comerica CMA 30.68 1.69CommerceBcshrs CBSH 54.22 1.82SABESP SBS 7.36 0.58ConagraBrands CAG 30.45 -0.85ConchoRscs CXO 48.83 0.79ConocoPhillips COP 33.27 0.47ConEd ED 79.92 -1.13ConstBrands A STZ 149.59 7.33ConstBrands B STZ.B 156.97 13.12Cooper COO 292.64 -4.04Copart CPRT 69.90 4.51Coresite COR 113.19 -2.70Corning GLW 19.68 -0.03Corteva CTVA 24.53 0.27CoStar CSGP 589.64 3.79Costco COST 303.63 -1.49CoupaSoftware COUP 130.76 -9.87CousinsProperties CUZ 30.35 0.55Credicorp BAP 132.32 -1.52CreditAcceptance CACC 261.12 8.91CreditSuisse CS 8.39 0.08CrowdStrike CRWD 59.60 0.53CrownCastle CCI 146.54 -2.21CrownHoldings CCK 56.50 -0.65CubeSmart CUBE 26.27 -0.18Cummins CMI 145.84 3.72

s CypressSemi CY 23.81 0.39CyrusOne CONE 61.67 -0.63

D E FDISH Network DISH 20.77 -0.34DTE Energy DTE 97.45 1.41Danaher DHR 138.30 -3.64Darden DRI 58.96 6.56Datadog DDOG 35.90 -0.38DaVita DVA 71.99 0.98Deere DE 142.82 -0.67DellTechC DELL 38.37 -0.54DeltaAir DAL 22.25 -0.07DentsplySirona XRAY 38.09 0.36DeutscheBankDB 6.64 0.26DexCom DXCM 250.71-18.60Diageo DEO 126.47 0.06DiamondbkEner FANG 33.01 0.91

s DigitalRealtyDLR 140.50 1.00DiscoverFinSvcsDFS 35.00 1.54DiscoveryB DISCB 28.10 0.70DiscoveryA DISCA 20.67 1.02DiscoveryC DISCK 18.71 0.63Disney DIS 101.24 1.66DocuSign DOCU 87.97 -2.18DolbyLab DLB 54.74 -0.37

s DollarGeneralDG 169.18 -0.47DollarTree DLTR 76.24 -0.04DominionEnerD 73.44 -0.67Domino's DPZ 333.96 -4.56Donaldson DCI 39.77 1.65DouglasEmmettDEI 30.04 1.42Dover DOV 85.51 0.78Dow DOW 32.33 1.79

s DrReddy'sLab RDY 44.59 2.25Dropbox DBX 17.70 -0.36DukeEnergy DUK 80.11 -1.14DukeRealty DRE 31.52 -0.68Dunkin' DNKN 54.93 2.37DuPont DD 37.26 1.87Dynatrace DT 23.00 0.46ENI E 20.21 -0.76EOG Rscs EOG 41.33 1.90EPAM Systems EPAM 184.98 0.55E*TRADE ETFC 37.40 -0.14EastmanChem EMN 52.87 2.69Eaton ETN 76.16 -1.24eBay EBAY 31.62 0.44Ecolab ECL 159.11 1.72Ecopetrol EC 11.33 0.10EdisonInt EIX 54.03 0.86EdwardsLife EW 194.73 -0.69ElancoAnimal ELAN 22.75 0.77Elastic ESTC 51.76 -0.83ElbitSystems ESLT 120.12 -2.72ElectronicArts EA 106.32 -0.19EmersonElec EMR 50.29 0.90Enbridge ENB 28.16 -0.49EncompassHealth EHC 65.08 1.11EnelAmericas ENIA 7.29 0.18EnelChile ENIC 3.60 -0.13EnergyTransfer ET 5.58 0.04Entegris ENTG 47.59 -0.91Entergy ETR 93.65 0.65EnterpriseProd EPD 15.21 0.31Equifax EFX 116.24 2.39

s Equinix EQIX 623.62-28.60Equinor EQNR 12.95 -0.09Equitable EQH 14.38 0.12EquityCommnwlth EQC 32.25 -0.50EquityLife ELS 57.64 -0.93EquityResdntl EQR 60.68 0.57ErieIndemnity A ERIE 166.63 -3.75EssentialUtil WTRG 40.78 -1.48EssexProp ESS 214.63 2.02EsteeLauder EL 163.17 2.67Etsy ETSY 47.69 1.23EuronetWorldwide EEFT 83.74 1.03EverestRe RE 191.25 1.32Evergy EVRG 57.08 -0.80EversourceEner ES 79.78 -2.31

NetStock Sym Close Chg

ExactSciences EXAS 62.60 0.33Exelixis EXEL 17.61 -0.06Exelon EXC 35.79 -0.53Expedia EXPE 56.51 3.68ExpeditorsIntl EXPD 70.68 1.47ExtraSpaceSt EXR 97.47 -2.41ExxonMobil XOM 41.24 0.77F5Networks FFIV 116.76 4.07FMC FMC 79.44 1.41

s FTI Consulting FCN 133.51 -0.73Facebook FB 168.83 3.28FactSet FDS 267.85 0.95FairIsaac FICO 297.59 -4.01Fastenal FAST 32.01 -0.17FederalRealty FRT 75.41 2.75FedEx FDX 115.95 -3.07Ferrari RACE 146.48 -0.53FiatChrysler FCAU 7.62 0.37FidNatlFin FNF 25.69 1.37FidNatlInfo FIS 120.14 -2.88FifthThirdBncp FITB 15.86 0.3958.com WUBA 51.24 -0.7451job JOBS 66.22 1.22FirstAmerFin FAF 42.25 0.26FirstIndRlty FR 33.17 0.16FirstRepBank FRC 90.19 1.62FirstEnergy FE 40.47 -0.89Fiserv FISV 94.62 -1.24Five9 FIVN 76.78 -1.19FleetCorTech FLT 210.36 4.27Flex FLEX 8.65 -0.14FlirSystems FLIR 33.79 -1.30FlowersFoods FLO 21.95 0.04FomentoEconMex FMX 59.24 -0.90FordMotor F 4.71 0.18Fortinet FTNT 106.69 -1.19Fortis FTS 39.18 0.43Fortive FTV 58.45 1.20FortBrandsHome FBHS 43.65 3.03FoxA FOXA 25.49 0.43FoxB FOX 24.97 0.52Franco-Nevada FNV 107.51 -2.93FranklinRscs BEN 16.64 -0.11FreeportMcM FCX 7.59 0.40FreseniusMed FMS 33.82 0.24

G H IGCI LibertyA GLIBA 57.20 1.32GDS HoldingsGDS 51.40 -2.40GFLEnvironmental GFL 13.26 0.73GSXTechedu GSX 32.45 -1.18Galapagos GLPG 194.27 -8.62Gallagher AJG 82.28 0.07Gaming&LeisureGLPI 24.72 -0.96Garmin GRMN 74.23 -1.21Gartner IT 101.16 1.30Generac GNRC 89.64 -2.36GeneralDynamicsGD 134.40 0.71GeneralElec GE 7.03 -0.20GeneralMills GIS 56.44 -1.26GeneralMotors GM 21.30 1.75Genmab GMAB 21.02 -0.52Genpact G 27.68 0.27Gentex GNTX 23.42 0.29GenuinePartsGPC 69.36 2.26GileadSciencesGILD 74.67 -3.06GSK GSK 37.53 -0.38GlobalPaymentsGPN 141.07 -2.67GlobeLife GL 71.30 -0.57GlobusMedical GMED 42.62 0.46GoDaddy GDDY 58.01 -0.81GoldFields GFI 5.67 -0.15GoldmanSachsGS 166.02 7.79Graco GGG 46.04 -0.60Grainger GWW 257.93 6.75Grifols GRFS 20.00 0.64GuardantHealthGH 63.98 -3.01Guidewire GWRE 80.09 -0.38HCA Healthcare HCA 98.61 5.03HDFC Bank HDB 37.02 0.07HD Supply HDS 29.79 0.96HP HPQ 15.12 0.12HSBC HSBC 25.60 0.17Haemonetic HAE 95.57 -6.67Halliburton HAL 8.04 0.13HartfordFinl HIG 36.92 2.97Hasbro HAS 74.41 3.21HawaiianElecHE 42.26 -0.64HealthcareAmerHTA 24.07 -0.10HealthpeakProp PEAK 23.90 0.78Heico HEI 79.37 2.74Heico A HEI.A 70.37 4.15HenrySchein HSIC 49.30 2.16Herbalife HLF 29.83 -0.72Hershey HSY 141.11 -0.75Hess HES 35.14 0.01HewlettPackardHPE 9.66 -0.17Hill-Rom HRC 108.38 -0.62Hilton HLT 65.83 2.03Hologic HOLX 37.77 1.91HomeDepot HD 192.29 0.96HondaMotor HMC 21.70 0.22Honeywell HON 135.24 1.24HorizonTherap HZNP 30.76 -1.20HormelFoodsHRL 47.91 -0.64DR Horton DHI 36.54 -0.31HostHotels HST 10.69 0.27HoulihanLokeyHLI 55.89 -1.75HowmetAerospace HWM 12.11 -0.58HuanengPowerHNP 13.60 0.30Huazhu HTHT 28.93 -0.35Hubbell HUBB 116.29 0.43HubSpot HUBS 127.37 4.90Humana HUM 320.05 -7.42JBHunt JBHT 98.45 1.52HuntingtonBcshs HBAN 8.13 0.64HuntingIngallsHII 191.74 -1.97HyattHotels H 48.83 2.38IAC/InterActive IAC 190.87 8.42ICICI Bank IBN 8.30 0.27ICU Medical ICUI 205.55 -1.46IDACORP IDA 90.86 -2.09IdexxLab IDXX 251.74 -2.69IHS Markit INFO 63.57 -0.90ING Groep ING 5.65 0.17IPG Photonics IPGP 114.35 0.40IQVIA IQV 119.68 2.54ITT ITT 47.85 0.55IcahnEnterprises IEP 47.43 ...Icon ICLR 144.00 -1.07IDEX IEX 146.09 2.13IllinoisToolWks ITW 152.27 1.23Illumina ILMN 280.64 2.63ImperialOil IMO 12.24 0.06Incyte INCY 86.66 1.55Infosys INFY 8.38 0.13IngersollRand IR 24.82 -0.61Ingredion INGR 79.16 -1.40Insulet PODD 165.67 -6.23

NetStock Sym Close Chg

Intel INTC 58.40 -0.03ICE ICE 82.30 -2.13InterContinentl IHG 41.27 1.76IBM IBM 114.94 0.12IntlFlavors IFF 114.02 5.02IntlPaper IP 30.89 -0.64Interpublic IPG 15.39 0.37Intuit INTU 239.76 -0.36IntuitiveSurgical ISRG 489.99-10.25InvitatHomes INVH 21.60 0.15IonisPharma IONS 50.07 -1.39

t iQIYI IQ 17.30 0.54IronMountain IRM 24.66 1.35IsraelChemicals ICL 3.18 0.09ItauUnibanco ITUB 4.38 0.21

J K LJBG SMITH Prop JBGS 29.57 0.15JD.com JD 41.99 0.43JPMorganChase JPM 90.64 1.18JackHenry JKHY 167.18 -0.16JacobsEngg J 81.88 -1.54JamesHardie JHX 12.18 -0.45JazzPharma JAZZ 105.22 -0.55J&J JNJ 137.48 -2.28JohnsonControls JCI 28.27 0.86JonesLang JLL 102.11 8.56JuniperNetworks JNPR 21.83 0.49KB Fin KB 27.04 0.27KKR KKR 24.12 -0.24KLA KLAC 147.27 -1.23KT KT 8.73 0.02KSCitySouthernKSU 138.10 3.59Kellogg K 62.55 -0.96Kemper KMPR 63.97 -3.31KeurigDrPepper KDP 25.91 1.32KeyCorp KEY 10.45 0.50KeysightTechs KEYS 89.21 -1.52KilroyRealty KRC 60.97 1.62KimberlyClark KMB 131.39 -1.76KinderMorganKMI 14.20 0.21KinrossGold KGC 5.01 -0.08KirklandLakeGoldKL 33.96 -0.64Knight-SwiftKNX 32.91 0.32KoninklijkePhil PHG 39.31 -0.77KoreaElcPwrKEP 8.01 0.01KraftHeinz KHC 26.61 0.70Kroger KR 31.86 -0.77LHC Group LHCG 128.81 -3.48Line LN 48.54 0.53LKQ LKQ 20.94 0.88LPL Financial LPLA 52.48 -0.83L3HarrisTech LHX 179.90 -4.10LabCpAm LH 133.45 7.04LamResearch LRCX 256.22 5.47LamarAdv LAMR 42.32 -1.12LambWeston LW 55.10 3.28LasVegasSands LVS 42.70 2.00Lear LEA 83.99 4.02LeggMason LM 48.99 0.31Leidos LDOS 92.60 -2.29Lennar A LEN 39.26 0.04Lennar B LEN.B 29.29 -0.07LennoxIntl LII 188.19 9.77LeviStrauss LEVI 12.01 1.07LibertyBroadbandC LBRDK 112.27 -1.90LibertyBroadbandA LBRDA 108.11 -1.57LibertyGlobal C LBTYK 16.25 0.07LibertyGlobal B LBTYB 17.50 0.98LibertyGlobal A LBTYA 17.26 0.18LibertyFormOne A FWONA 21.00 -0.67LibertyFormOne C FWONK 22.01 -0.81LibertySirius A LSXMA 29.96 0.99LibertySirius C LSXMK 29.95 0.71LifeStorage LSI 97.29 1.89EliLilly LLY 141.88 0.27LincolnElectric LECO 72.74 0.70LincolnNational LNC 29.42 2.43Linde LIN 179.94 4.02LiveNationEnt LYV 37.85 3.34LloydsBanking LYG 1.45 0.03LockheedMartin LMT 355.28-12.67Loews L 36.27 0.57LogitechIntl LOGI 43.53 -1.49LogMeIn LOGM 83.93 0.29Lowe's LOW 90.96 2.19lululemon LULU 194.92 -0.03Lumentum LITE 74.85 0.05Lyft LYFT 27.50 1.77LyondellBasell LYB 51.65 1.77

M NM&T Bank MTB 103.62 0.83MDU Rscs MDU 22.03 0.05MGM Resorts MGM 13.63 0.72MKS InstrumMKSI 86.21 0.91MPLX MPLX 12.51 0.61MSCI MSCI 286.08-16.41MadisonSquGarden MSG 224.75 11.16MagellanMidMMP 35.93 -0.91MagnaIntl MGA 33.40 0.97ManulifeFin MFC 11.94 0.23MarathonPetrolMPC 22.51 -0.58Markel MKL 943.00 18.06MarketAxessMKTX 381.50-17.53Marriott MAR 73.82 3.23Marsh&McLenMMC 87.40 0.53MartinMariettaMLM 185.42 8.46MarvellTech MRVL 23.87 0.03Masco MAS 37.41 2.03

s Masimo MASI 183.26 -1.87Mastercard MA 259.08 -6.86MatchGroup MTCH 70.18 1.77MaximIntProductsMXIM 51.77 -1.70McCormickVtg MKC.V 149.24 0.65McCormick MKC 150.30 -1.71McDonalds MCD 175.59 -1.45McKesson MCK 132.08 -3.12MedicalProp MPW 17.37 1.37Medtronic MDT 94.46 0.37MelcoResortsMLCO 12.32 0.02MellanoxTechMLNX 120.03 0.19MercadoLibreMELI 525.67 19.51Merck MRK 78.56 -1.75MercurySystemsMRCY 71.93 -2.04MetLife MET 31.58 0.95MettlerToledoMTD 709.49 6.89MicrochipTechMCHP 73.34 -0.64MicronTech MU 46.54 0.17Microsoft MSFT 163.49 -1.78MidAmApt MAA 103.79 -1.49MitsubishiUFJMUFG 3.81 0.09MizuhoFin MFG 2.33 0.06MobileTeleSysMBT 8.02 0.02Moderna MRNA 32.02 -2.62MohawkIndsMHK 81.18 7.83MolinaHealthcareMOH 140.11 -0.89MolsonCoorsB TAP 43.53 0.63

NetStock Sym Close Chg

MolsonCoorsA TAP.A 58.77 3.42Mondelez MDLZ 51.80 -0.23MongoDB MDB 131.82 -0.63MonolithicPower MPWR 166.85 -3.15MonsterBev MNST 58.41 0.34Moody's MCO 228.71 -0.45MorganStanleyMS 36.94 -0.07Morningstar MORN 118.81 4.18Mosaic MOS 11.67 0.34MotorolaSol MSI 142.44 1.54Mylan MYL 14.37 0.33NICE NICE 155.50 3.56NRG Energy NRG 27.36 0.12NVR NVR 2712.71 21.31NXP Semi NXPI 84.28 -2.66Nasdaq NDAQ 100.94 -0.65NationalGrid NGG 52.57 -0.88NatlInstrumentsNATI 35.08 0.03NatlOilwell NOV 10.87 -0.03NatlRetailProp NNN 30.21 2.43Natura&Co NTCO 11.01 1.16NetApp NTAP 39.73 0.13Netease NTES 326.97-10.63Netflix NFLX 372.28 -7.68Neurocrine NBIX 94.31 3.09NewOrientalEduc EDU 115.31 4.31NY CmntyBcp NYCB 9.23 0.29NYTimes A NYT 31.17 0.45NewellBrandsNWL 13.10 0.28NewMarket NEU 384.31 3.46Newmont NEM 49.96 -0.15NewsCorp B NWS 9.00 0.02NewsCorp A NWSA 8.79 -0.14NextEraEnergyNEE 228.49 -6.02NielsenHoldings NLSN 13.43 0.26Nike NKE 84.16 -0.47NiSource NI 24.11 -0.44Nokia NOK 3.16 ...NomadFoods NOMD 18.78 -0.05NomuraHoldings NMR 4.16 0.01Nordson NDSN 142.66 2.97NorfolkSouthernNSC 153.53 -1.22NorthernTrust NTRS 82.60 1.23NorthropGrumNOC 325.52 -6.81NortonLifeLock NLOK 18.94 -0.03Novartis NVS 83.99 -1.74NovoNordiskNVO 58.54 -2.12Novocure NVCR 64.54 -4.56NuanceComms NUAN 16.59 -0.47Nucor NUE 37.32 -0.19Nutrien NTR 34.95 0.55NVIDIA NVDA 259.03 -9.37

O P QOGE Energy OGE 29.79 0.83ONE Gas OGS 82.81 -3.01ONEOK OKE 24.28 0.95OReillyAuto ORLY 336.27 2.84OccidentalPetrol OXY 13.84 0.40Okta OKTA 125.54 -2.58OldDomFreight ODFL 142.64 4.46OldRepublic ORI 15.22 0.35OmegaHealthcare OHI 28.65 2.07Omnicom OMC 54.26 0.56ON Semi ON 12.78 -0.09OpenText OTEX 35.82 -0.82Oracle ORCL 50.76 -0.73Orange ORAN 12.18 -0.29Orix IX 57.60 1.53Oshkosh OSK 63.05 -1.76OwensCorningOC 38.40 0.10PG&E PCG 8.57 0.01PLDT PHI 22.01 -1.11PNC Fin PNC 94.92 -0.39POSCO PKX 33.27 -0.12PPD PPD 19.85 0.93PPG Ind PPG 91.09 4.46PPL PPL 24.59 0.67PRA HealthSci PRAH 81.15 2.03PTC PTC 59.31 -0.28Paccar PCAR 65.53 0.59PackagingCpAm PKG 85.00 -0.43PagSeguroDig PAGS 20.04 0.29PaloAltoNtwks PANW 172.81 1.47ParkerHannifin PH 132.36 1.59Paychex PAYX 64.82 -0.47PaycomSoftware PAYC 186.02 4.17Paylocity PCTY 86.17 3.80PayPal PYPL 100.28 -1.39Pearson PSO 6.19 0.21Pegasystems PEGA 71.17 3.64Peloton PTON 27.58 -0.79PembinaPipeline PBA 19.69 0.24Pentair PNR 31.30 0.46Penumbra PEN 153.32 -9.82People'sUtdFin PBCT 10.64 0.27PepsiCo PEP 130.48 -0.68PerkinElmer PKI 75.45 0.04Perrigo PRGO 47.08 -0.49

NetStock Sym Close Chg

PetroChina PTR 37.59 -0.91PetroleoBrasil PBR 6.32 0.18PetroleoBrasilA PBR.A 6.28 0.29Pfizer PFE 33.61 -0.96PhilipMorris PM 74.51 -1.17Phillips66 PSX 58.63 1.21PilgrimPride PPC 18.44 0.21Pinduoduo PDD 40.63 2.14PinnacleWest PNW 73.60 -0.73Pinterest PINS 15.06 -0.15PioneerNatRscs PXD 75.31 -0.93PlainsAllAmPipe PAA 5.15 -0.08Pool POOL 191.58 -4.40PortlandGenElec POR 49.05 -1.74PostHoldings POST 88.02 -0.35PrincipalFin PFG 28.81 0.55Procter&Gamble PG 112.77 -5.04Progressive PGR 75.60 -0.39Prologis PLD 80.95 0.72Proofpoint PFPT 108.05 -2.07ProsperityBcshs PB 49.04 2.22PrudentialFin PRU 52.06 2.92Prudential PUK 25.96 0.30PublicServiceEnt PEG 47.53 0.68PublicStorage PSA 197.26 -6.47PulteGroup PHM 23.03 1.33Qiagen QGEN 40.21 0.21Qorvo QRVO 81.85 -0.76Qualcomm QCOM 72.73 1.78QuantaServices PWR 32.58 -0.55QuestDiag DGX 83.41 4.72Quidel QDEL 87.56 -8.76

R SRELX RELX 21.16 -0.47RLI RLI 86.21 -1.50RPM RPM 62.45 2.67RalphLauren RL 73.79 5.19RaymondJamesRJF 63.91 -0.30RaytheonTech RTX 57.76 0.20RealPage RP 52.42 -0.98RealtyIncome O 49.33 2.52ReataPharm RETA 134.65 -3.64RegencyCtrs REG 36.77 1.62RegenPharm REGN 501.51 -2.76RegionsFin RF 9.39 0.51ReinsGrp RGA 98.74 9.53RelianceSteelRS 85.18 0.86RenaissanceReRNR 154.85 4.04Repligen RGEN 96.65 -4.06RepublicSvcsRSG 74.96 0.85ResMed RMD 153.68 -4.62RestaurantBrands QSR 39.31 1.52RexfordIndlRealty REXR 38.12 -0.07ReynoldsCnsmr REYN 30.00 -0.42RingCentral RNG 194.99-28.11RioTinto RIO 45.73 -0.61RitchieBros RBA 36.47 0.20RobertHalf RHI 40.17 2.02Rockwell ROK 160.08 2.67RogersComm BRCI 44.95 1.23Roku ROKU 87.80 -1.69Rollins ROL 35.94 -1.26RoperTech ROP 308.11 -4.00RossStores ROST 84.81 -2.37RoyalBkCanadaRY 61.25 0.47RoyalBkScotland RBS 2.80 0.16RoyalCaribbean RCL 33.55 3.94RoyalDutchA RDS.A 37.26 -0.07RoyalDutchB RDS.B 35.65 -0.06RoyalGold RGLD 93.91 -0.89Ryanair RYAAY 59.68 2.57SAP SAP 111.83 -0.18S&P Global SPGI 256.06 0.23SBA Comm SBAC 276.66 -0.80SEI Investments SEIC 48.44 0.69SINOPEC SHI 24.59 0.43SK Telecom SKM 17.59 0.01SS&C Tech SSNC 45.27 -0.90SVB Fin SIVB 160.10 0.78Salesforce.com CRM 145.07 -2.48Sanofi SNY 44.60 -1.52SantanderCons SC 14.00 0.83SareptaTherap SRPT 99.98 -1.09Schlumberger SLB 16.47 0.80SchwabC SCHW 34.94 -1.14ScienceApplicat SAIC 71.56 -2.78ScottsMiracleGro SMG 101.34 -0.74Sea SE 45.22 0.42Seagate STX 49.07 0.43SealedAir SEE 27.07 1.19

s SeattleGenetics SGEN 121.87 -2.60SempraEnergy SRE 116.67 2.63SensataTechs ST 31.97 0.53ServiceCorp SCI 38.19 0.97ServiceNow NOW 262.35 -7.60ShawComm B SJR 16.38 0.02SherwinWilliams SHW 463.35 4.73ShinhanFin SHG 23.55 0.64

NetStock Sym Close Chg

Shopify SHOP 378.54-14.11SignatureBank SBNY 78.62 2.40SimonProperty SPG 60.88 6.82SiriusXM SIRI 4.91 0.12Skyworks SWKS 89.93 0.13SlackTech WORK 23.48 -0.83Smartsheet SMAR 43.47 -1.05SmithAO AOS 39.66 1.44Smith&Nephew SNN 36.79 0.36Smucker SJM 113.88 -1.31Snap SNAP 12.10 -0.06SnapOn SNA 109.83 3.77SolarWinds SWI 16.53 0.30SonocoProducts SON 47.18 -0.43Sony SNE 60.66 -0.21Southern SO 55.12 -0.28SoCopper SCCO 29.54 1.14SouthwestAir LUV 32.77 2.07SouthwestGas SWX 72.85 -1.99Splunk SPLK 120.22 1.82Spotify SPOT 127.61 5.09Square SQ 50.31 -0.11StanleyBlackDck SWK 107.40 0.71Starbucks SBUX 68.71 0.92StarsGroup TSG 19.64 -0.23StateStreet STT 56.13 0.58SteelDynamics STLD 22.79 0.19Stericycle SRCL 44.83 1.02Steris STE 148.76 0.11STMicroelec STM 22.23 0.65StoneCo STNE 23.64 1.40Stryker SYK 165.79 0.13SumitomoMits SMFG 5.03 0.14SunComms SUI 119.46 0.85SunLifeFinancial SLF 32.84 0.78SuncorEnergy SU 16.49 -0.46Suzano SUZ 7.08 -0.47SynchronyFin SYF 16.12 0.63Synopsys SNPS 135.51 -0.40Sysco SYY 46.07 1.06

T U VTAL Education TAL 55.82 2.06TC Energy TRP 45.82 0.87TD Ameritrade AMTD 36.06 -1.37TE Connectivity TEL 65.04 -0.58Telus TU 16.44 0.02TIM Part TSU 12.95 0.40TJX TJX 46.68 0.57T-MobileUS TMUS 86.51 0.42TRowePrice TROW 101.90 -0.80TaiwanSemi TSM 49.72 -0.25TakeTwoSoftware TTWO 120.06 -1.23TakedaPharm TAK 15.85 0.35Target TGT 98.26 0.75TechData TECD 136.14 0.75TeckRscsB TECK 8.36 0.76TeladocHealth TDOC 141.25 -8.88TeledyneTech TDY 315.12 6.73Teleflex TFX 308.39-13.06Ericsson ERIC 7.80 -0.17TelefonicaBrasVIV 9.85 -0.06Telefonica TEF 4.79 0.01TelekmIndonesia TLK 20.05 -0.29

NetStock Sym Close Chg

10xGenomics TXG 60.85 -1.42Tenaris TS 13.08 0.23TencentMusic TME 10.73 0.14Teradyne TER 59.19 -0.01Tesla TSLA 545.45 29.21TetraTech TTEK 75.19 -2.03TevaPharm TEVA 9.54 0.08TexasInstruments TXN 106.26 -2.70Textron TXT 26.62 -0.72ThermoFisherSci TMO 296.58 -7.42ThomsonReuters TRI 68.07 -0.533M MMM 144.60 3.90Tiffany TIF 128.40 0.23Toro TTC 64.57 -0.94TorontoDomBk TD 42.76 1.03Total TOT 36.42 -0.79ToyotaMotor TM 121.90 -0.51TractorSupply TSCO 86.49 -1.47TradeDesk TTD 191.34 1.29Tradeweb TW 48.25 0.14TraneTech TT 88.17 1.13TransDigm TDG 286.43 -2.50TransUnion TRU 66.24 1.61Travelers TRV 100.78 1.80Trex TREX 73.63 0.07Trimble TRMB 32.01 0.87Trip.com TCOM 24.43 0.98TruistFinl TFC 30.59 0.82TurkcellIletism TKC 4.73 -0.07Twilio TWLO 87.22 0.56Twitter TWTR 25.61 0.68TylerTech TYL 294.03 -5.82TysonFoods TSN 57.37 0.92UBS Group UBS 9.59 0.03UDR UDR 35.75 0.41UGI UGI 27.79 1.16Uber UBER 25.74 -0.25Ubiquiti UI 153.81 -0.21UltaBeauty ULTA 187.55 -1.13Unilever UN 48.77 -0.45Unilever UL 50.51 -0.75UnionPacific UNP 145.76 -2.09UnitedAirlines UAL 24.48 0.46UnitedMicro UMC 2.30 0.01UPS B UPS 92.91 -2.77UnitedRentalsURI 107.93 4.75US Bancorp USB 34.45 0.08UnitedTherap UTHR 95.06 -0.70UnitedHealthUNH 248.04 -0.30UnivDisplay OLED 134.75 4.14UniversalHealthBUHS 98.39 1.89VEREIT VER 4.47 0.03VF VFC 56.34 1.67VICI Prop VICI 14.52 0.26VailResorts MTN 150.58 9.55Vale VALE 8.38 0.27ValeroEnergyVLO 48.01 1.91VarianMed VAR 107.12 2.93VeevaSystems VEEV 154.26 -2.55Ventas VTR 27.08 0.94VeriSign VRSN 190.95 -4.90VeriskAnalytics VRSK 147.17 -0.57Verizon VZ 56.98 0.28

s VertxPharm VRTX 247.67 -7.63

NetStock Sym Close Chg

ViacomCBS A VIACA 17.88 0.02ViacomCBS B VIAC 14.69 0.75Vipshop VIPS 16.28 0.50Visa V 168.59 -0.85VistraEnergyVST 16.30 0.28VMware VMW 123.55 0.61Vodafone VOD 14.12 -0.19VornadoRealty VNO 37.30 3.70VoyaFinancial VOYA 40.98 0.87VulcanMatls VMC 107.92 4.75

W X Y ZWABCO WBC 134.85 0.81WEC EnergyWEC 87.76 -3.52WEX WEX 104.93 2.22W.P.Carey WPC 59.21 3.07WPP WPP 33.93 2.30Wabtec WAB 49.93 0.84WalgreensBootsWBA 42.81 0.18Walmart WMT 121.99 -4.08WasteConnectionsWCN 82.09 3.18WasteMgt WM 91.43 0.14Waters WAT 190.08 1.19Watsco WSO 151.35 -2.16Wayfair W 77.47 5.97Weibo WB 36.64 2.76WellsFargo WFC 28.77 0.14Welltower WELL 44.40 1.89WestPharmSvcsWST 158.14 -3.16WesternDigitalWDC 42.86 -0.45WesternUnionWU 19.88 0.66WestlakeChemWLK 40.58 1.54WestpacBanking WBK 9.74 -0.39WestRock WRK 28.94 -0.03WeyerhaeuserWY 17.29 0.19WheatonPrecMetWPM 29.45 0.11Whirlpool WHR 94.91 2.42Williams WMB 15.15 1.65WillisTowersWLTW 178.69 3.33Wipro WIT 3.09 0.03Wix.com WIX 106.01 2.43WooriFin WF 19.53 0.54Workday WDAY 131.80 1.49WynnResorts WYNN 60.85 4.12XP XP 21.53 1.13XPO Logistics XPO 56.09 5.86XcelEnergy XEL 59.23 -1.92Xilinx XLNX 83.95 -0.70Xylem XYL 66.19 1.00Yandex YNDX 34.50 0.63YumBrands YUM 71.35 0.85YumChina YUMC 43.35 -0.32ZTO Express ZTO 27.47 0.01ZaiLab ZLAB 51.36 -1.08ZebraTech ZBRA 192.36 0.51Zendesk ZEN 63.38 2.30Zillow C Z 37.80 0.68Zillow A ZG 37.25 0.73ZimmerBiomet ZBH 101.91 3.97ZionsBancorp ZION 28.04 1.11Zoetis ZTS 126.11 -0.68ZoomVideo ZM 113.75 -9.19Zscaler ZS 62.36 -0.95Zynga ZNGA 6.56 -0.25

NetStock Sym Close Chg

A B CABB ABB 17.73 0.15ACADIA Pharm ACAD 41.71 -1.58AECOM ACM 29.30 1.03AES AES 13.23 -0.39Aflac AFL 35.71 0.49AGNC Invt AGNC 10.51 0.13Ansys ANSS 239.65 -2.81ASETech ASX 4.03 0.19ASML ASML 272.59 1.46AT&T T 30.08 0.64AbbottLabs ABT 81.93 -0.80AbbVie ABBV 75.39 -0.34Abiomed ABMD 152.78 2.52AcceleronPharma XLRN 85.49 -1.72Accenture ACN 164.12 -1.93ActivisionBlizATVI 59.87 -1.73Adobe ADBE 308.93-10.20AdvanceAutoAAP 99.44 3.63AdvMicroDevicesAMD 47.56 0.04Aegon AEG 2.57 0.09AgilentTechsA 74.03 -0.33AgnicoEagle AEM 45.43 -0.18AirProducts APD 202.03 8.17AkamaiTech AKAM 95.23 -2.56Albemarle ALB 57.00 0.07Alcon ALC 51.50 -0.82AlexandriaRlEstARE 138.27 0.59AlexionPharm ALXN 94.72 -1.19Alibaba BABA 198.00 1.55AlignTech ALGN 174.55 -2.19Alleghany Y 540.51 1.25Allegion ALLE 92.75 -1.74Allergan AGN 178.26 0.11AlliantEnergy LNT 48.03 0.20Allstate ALL 92.53 -0.99AllyFinancial ALLY 14.39 0.55AlnylamPharm ALNY 109.52 -2.62Alphabet A GOOGL 1182.56 -0.63Alphabet C GOOG 1186.51 -0.41Alteryx AYX 89.23 -0.67AlticeUSA ATUS 23.44 0.24Altria MO 38.48 1.20Amazon.com AMZN 2011.60 14.01Ambev ABEV 2.37 0.14Amcor AMCR 8.13 -0.09Amdocs DOX 57.08 -0.17Amedisys AMED 174.45 -9.88Amerco UHAL 263.98 1.84Ameren AEE 71.53 -2.76AmericaMovilAMX 11.75 0.32AmerAirlines AAL 10.22 0.72AEP AEP 78.75 0.16AmerExpressAXP 87.58 3.71AmericanFin AFG 72.13 3.07AmHomes4RentAMH 22.60 0.35AIG AIG 23.26 1.74AmerTowerREITAMT 227.77 -7.41AmerWaterWorks AWK 118.27 -3.25AmericoldRealty COLD 34.16 -0.05Ameriprise AMP 103.48 0.90AmerisourceBrgnABC 87.20 0.91Ametek AME 75.79 0.36Amgen AMGN 208.78 -2.80Amphenol APH 75.71 0.37AnalogDevicesADI 96.25 0.45Anaplan PLAN 32.92 -0.01AngloGoldAshAU 19.15 -0.19AB InBev BUD 46.77 2.09AnnalyCap NLY 4.45 0.20Anthem ANTM 224.05 -1.67Aon AON 175.92 2.77ApartmtInv AIV 34.46 -1.06ApolloGlbMgmtAPO 35.08 -0.84Apple AAPL 259.43 -3.04ApplMaterials AMAT 47.56 1.41Aptargroup ATR 101.12 0.36Aptiv APTV 53.50 3.57Aramark ARMK 20.55 1.33ArcelorMittal MT 10.09 0.64ArchCapital ACGL 27.88 0.85ArcherDanielsADM 35.98 0.20arGEN-X ARGX 138.15 1.15AristaNetworks ANET 209.14 1.54ArrowElec ARW 54.85 -0.68AscendisPharma ASND 121.80 3.47AspenTech AZPN 91.95 -1.47Assurant AIZ 104.09 0.16AstraZeneca AZN 43.10 -1.21Athene ATH 23.89 0.54Atlassian TEAM 132.52 -4.34AtmosEnergy ATO 98.42 -5.21Autodesk ADSK 148.70 -3.62Autohome ATHM 75.11 0.37ADP ADP 136.96 -2.69AutoZone AZO 899.64 24.54Avalara AVLR 70.82 -0.18Avalonbay AVB 147.35 2.28Avangrid AGR 41.14 -0.26Avantor AVTR 12.96 -0.17AveryDennisonAVY 104.16 3.74BCE BCE 41.16 0.50BHP Group BHP 38.52 -0.38BHP Group BBL 31.69 -0.03BP BP 24.80 -0.25BWX Tech BWXT 50.17 -0.83Baidu BIDU 101.79 -1.15BakerHughes BKR 12.41 0.66Ball BLL 65.86 0.24BancoBilbaoViz BBVA 3.09 0.12BancoBradesco BBDO 3.93 0.29BancodeChile BCH 17.73 -0.57BancSanBrasil BSBR 5.19 0.26BcoSantChile BSAC 16.54 -0.44BancoSantander SAN 2.39 ...

Tuesday, April 7, 2020

BIGGEST 1,000 STOCKS

Borrowing Benchmarks | WSJ.com/bonds

MoneyRates April 7, 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. n.a. n.a. n.a. n.a.

U.S. government rates

Discount0.25 0.25 3.00 0.25

Federal fundsEffective rate n.a. n.a. n.a. n.a.High 0.1500 0.2500 3.0000 0.1500

Notes ondata:

U.S. prime rate is the base rate on corporate loans posted by at least 70%of the 10 largestU.S. banks,and is effectiveMarch 16, 2020.Other prime rates aren’t directly comparable; lending practices varywidely by location; Discount rate is effectiveMarch 16, 2020.DTCCGCFRepo Index is DepositoryTrust&Clearing Corp.'sweighted average for overnight trades in applicable CUSIPs. Value traded is inbillions ofU.S. dollars.Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET.

Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

Low 0.0500 0.0200 2.4400 0.0200Bid 0.0500 0.0100 2.4400 0.0100Offer 0.0800 0.0500 2.5000 0.0500

Treasury bill auction4weeks 0.090 0.000 2.400 0.00013weeks 0.125 0.085 2.400 0.00026weeks 0.160 0.100 2.400 0.080

Secondarymarket

FannieMae30-yearmortgage yields

30days 2.463 2.378 3.857 2.28160days 2.523 2.438 3.884 2.341

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 4.25 2.00

Week —52-WEEK—Latest ago High Low

Commercial paper (AA financial)90days n.a. n.a. 2.58 0.58

LiborOnemonth 0.86350 0.99288 2.48738 0.61163Threemonth 1.31988 1.45050 2.60350 0.74050Sixmonth 1.22450 1.17525 2.63850 0.73538One year 1.04475 0.99750 2.76188 0.74350

Euro LiborOnemonth -0.392 -0.388 -0.386 -0.621Threemonth -0.233 -0.255 -0.232 -0.539Sixmonth -0.153 -0.201 -0.153 -0.491One year -0.146 -0.183 -0.145 -0.441

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.080 36.084 6.007 0.002MBS 0.075 75.800 6.699 0.011

Week —52-WEEK—Latest ago High Low

DividendChangesDividend announcements fromApril 7.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

IncreasedCMSEnergyDeb. 2078 CMSA 5.5 .3516 /.35156 Q Jun15 /May29Lindsay LNN 1.3 .32 /.31 Q May29 /May15MVOil Trust MVO 26.2 .205 /.19 Q Apr24 /Apr15

StocksScorpio Bulkers SALT 1:10 /Apr07

ForeignAssrdGrtyMunHdg6.875% AGOpB 6.8 .42969 Q Jun15 /May29AssrdGrtyMunHdg6.875% AGOpB 6.8 .42969 Q Sep15 /Aug31Ecopetrol ADR EC 8.5 .89384 A May01 /Apr22GrupoAval AccionesADR AVAL 6.8 .0245 Jul09 /Jun30MaidenHldgsNts 2043 MHNC 10.4 .48438 Q Jun01 /May15MaidenHldgsNts 2043 MHNC 10.4 .48438 Q Sep01 /Aug15MaidenHoldingsNts 2046 MHLA 10.0 .41406 Q Jun14 /May30MaidenHoldingsNts 2046 MHLA 10.0 .41406 Q Sep14 /Aug30PembinaPipeline PBA 9.7 .1482 M May15 /Apr24

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split andratio; SO: spin-off.

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P2JW099000-0-B00700-1--------EC

B8 | Wednesday, April 8, 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

1.00

2.00

3.00

4.00%

2019M J J A S O N D J

2020F M A

t

5-year adjustable-rate mortgage

(ARM)

t

5-year Treasurynote yield

Selected ratesFive-yearARM,Rate

Bankrate.comavg†: 3.48%CreditUnion ofNewJersey 2.50%Ewing, NJ 609-538-4061

HanscomFederal CreditUnion 2.50%HanscomAFB,MA 800-656-4328

AmericanAirlines Federal CreditUnion 2.75%FtWorth, TX 800-533-0035

StarOneCreditUnion 2.88%Sunnyvale, CA 408-742-2801

AssociatedBank,NA 3.00%Rockford, IL 800-682-4989

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 1.32 1.45 0.74 l 2.60 0.16Moneymarket, annual yield 0.32 0.34 0.32 l 0.78 -0.02Five-year CD, annual yield 0.89 0.91 0.89 l 2.01 -0.4130-yearmortgage, fixed† 3.78 3.85 3.52 l 4.34 -0.2815-yearmortgage, fixed† 3.27 3.43 2.95 l 3.73 -0.01Jumbomortgages, $510,400-plus† 3.89 3.92 3.54 l 4.71 -0.73Five-year adjmortgage (ARM)† 3.48 3.32 3.29 l 4.78 0.14New-car loan, 48-month 4.28 4.40 4.28 l 4.81 0.92Bankrate.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

t

Tradeweb ICE Tuesday Close

tOne year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–8

–4

0

4

8%

2019 2020

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 2509.34 30.36 1.22 –22.8DJGlobal Index 344.50 3.80 1.11 –20.6DJGlobal exU.S. 203.58 5.07 2.55 –22.8

Americas DJAmericas 610.48 0.28 0.05 –19.8Brazil SaoPauloBovespa 76358.09 2285.11 3.08 –34.0Canada S&P/TSXComp 13614.14 21.44 0.16 –20.2Mexico S&P/BMV IPC 34526.31 144.75 0.42 –20.7Chile Santiago IPSA 2618.06 –25.97 –0.98 –21.5

EMEA StoxxEurope600 326.61 6.03 1.88 –21.5Eurozone EuroStoxx 310.54 6.87 2.26 –23.1Belgium Bel-20 3033.57 63.77 2.15 –23.3Denmark OMXCopenhagen20 1096.14 4.95 0.45 –3.5France CAC40 4438.27 92.13 2.12 –25.8Germany DAX 10356.70 281.53 2.79 –21.8Israel TelAviv 1337.04 34.11 2.62 –20.6Italy FTSEMIB 17411.72 372.41 2.19 –25.9Netherlands AEX 499.85 10.02 2.05 –17.3Russia RTS Index 1099.76 16.33 1.51 –29.0SouthAfrica FTSE/JSEAll-Share 47496.72 1256.37 2.72 –16.8Spain IBEX35 7001.99 157.65 2.30 –26.7Sweden OMXStockholm 573.13 19.74 3.57 –15.8Switzerland SwissMarket 9514.60 52.26 0.55 –10.4Turkey BIST 100 92381.82 310.69 0.34 –19.3U.K. FTSE 100 5704.45 122.06 2.19 –24.4U.K. FTSE250 15568.96 756.61 5.11 –28.9

Asia-PacificAustralia S&P/ASX200 5252.30 –34.51 –0.65 –21.4China Shanghai Composite 2820.76 56.78 2.05 –7.5HongKong HangSeng 24253.29 504.17 2.12 –14.0India S&PBSESensex 30067.21 2476.26 8.97 –27.1Japan Nikkei StockAvg 18950.18 373.88 2.01 –19.9Singapore Straits Times 2571.89 101.30 4.10 –20.2SouthKorea Kospi 1823.60 31.72 1.77 –17.0Taiwan TAIEX 9996.39 177.65 1.81 –16.7Thailand SET 1214.95 76.11 6.68 –23.1Sources: FactSet; DowJonesMarketData

MajorU.S. Stock-Market IndexesLatest 52-Week % chg

High Low Close Net chg % chg High Low %chg YTD 3-yr. ann.

DowJones

Industrial Average 23617.24 22634.45 22653.86 -26.13 -0.12 29551.42 18591.93 -13.4 -20.6 3.1TransportationAvg 8220.22 7846.24 7865.49 27.80 0.35 11304.97 6703.63 -26.1 -27.8 -4.8UtilityAverage 779.91 749.00 750.81 -7.25 -0.96 960.89 610.89 -3.3 -14.6 2.4Total StockMarket 27591.65 26619.99 26633.07 -12.79 -0.05 34631.28 22462.76 -10.1 -19.4 3.0Barron's 400 565.77 543.55 544.13 3.26 0.60 746.64 455.11 -22.6 -25.7 -4.2

NasdaqStockMarketNasdaqComposite 8146.43 7881.22 7887.26 -25.98 -0.33 9817.18 6860.67 -0.3 -12.1 10.3Nasdaq 100 8305.59 8043.07 8049.31 -32.35 -0.40 9718.73 6978.02 6.4 -7.8 14.1

S&P500 Index 2756.89 2657.67 2659.41 -4.27 -0.16 3386.15 2237.40 -7.6 -17.7 4.1MidCap400 1528.41 1460.43 1463.92 19.36 1.34 2106.12 1218.55 -24.0 -29.0 -5.0SmallCap600 709.88 673.13 677.65 3.00 0.44 1041.03 595.67 -28.9 -33.6 -6.4

Other IndexesRussell 2000 1190.98 1133.55 1139.17 0.39 0.03 1705.22 991.16 -27.0 -31.7 -5.8NYSEComposite 10912.56 10534.74 10537.04 21.80 0.21 14183.20 8777.38 -18.0 -24.3 -2.7Value Line 376.38 355.25 359.41 4.16 1.17 562.05 305.71 -33.8 -34.9 -11.3NYSEArcaBiotech 4763.40 4581.57 4591.73 -55.27 -1.19 5313.05 3855.67 -10.7 -9.4 9.7NYSEArcaPharma 606.22 590.55 590.92 -10.08 -1.68 670.32 494.36 -0.7 -9.6 5.2KBWBank 70.88 66.96 67.03 1.36 2.07 114.12 56.19 -30.7 -40.9 -9.7PHLX§Gold/Silver 91.56 88.17 88.96 -0.36 -0.40 111.51 66.14 14.1 -16.8 1.1PHLX§Oil Service 27.92 25.68 25.84 0.28 1.08 102.39 21.47 -73.8 -67.0 -46.5PHLX§Semiconductor 1648.41 1582.69 1585.38 -7.50 -0.47 1979.50 1286.84 8.3 -14.3 16.6CboeVolatility 47.51 43.51 46.70 1.46 3.23 82.69 11.54 227.0 238.9 53.7

§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

PSUlt BloombergCrude UCO 10,619.3 2.11 -0.04 -1.64 2.15 1.99SPDRS&P500 SPY 10,527.1 263.30 -1.83 -0.69 274.39 263.00iSharesMSCI Brazil ETF EWZ 7,161.9 24.25 -0.24 -0.98 24.56 24.25Annaly CapitalMgmnt NLY 6,679.9 5.35 0.90 20.22 5.40 4.40

Vanguard FTSEDevMkts VEA 5,137.9 33.50 -0.23 -0.68 34.35 33.50Bristol-Myers BMY 4,504.2 56.55 -0.35 -0.62 58.09 56.35TALEducationGroupADR TAL 4,155.9 43.55 -12.27 -21.98 55.82 39.00HudbayMinerals HBM 4,119.5 2.08 ... unch. 2.09 2.08

Percentage gainers…GenMarkDiagnostics GNMK 744.5 5.50 1.00 22.22 5.90 4.50Annaly CapitalMgmnt NLY 6,679.9 5.35 0.90 20.22 5.40 4.40Pinterest PINS 1,556.6 17.20 2.14 14.21 17.34 14.14Oil States Intl OIS 153.3 2.58 0.23 9.79 2.85 2.35Fluidigm FLDM 70.8 2.01 0.16 8.65 2.01 1.85

...And losersTALEducationGroupADR TAL 4,155.9 43.55 -12.27 -21.98 55.82 39.00BGCPartners Cl A BGCP 717.7 2.02 -0.49 -19.52 2.51 2.02Schwab Int'l SCapEqty SCHC 75.1 20.65 -4.04 -16.36 24.69 20.65GSXTecheduADR GSX 268.1 28.90 -3.55 -10.94 32.01 27.06MGIC Investment MTG 2,595.8 5.87 -0.59 -9.13 6.46 5.87

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume*1,480,430,788 19,115,583Adv. volume*1,029,938,620 10,435,562Decl. volume* 439,262,159 8,593,745Issues traded 3,025 269Advances 2,175 152Declines 816 111Unchanged 34 6Newhighs 7 0New lows 16 4ClosingArms† 1.10 0.86Block trades* 6,826 140

Nasdaq NYSEArca

Total volume*4,071,967,996 513,916,744Adv. volume*2,304,299,611 281,235,910Decl. volume*1,737,488,025 216,234,829Issues traded 3,326 1,532Advances 1,839 1,087Declines 1,406 430Unchanged 81 15Newhighs 9 2New lows 38 6ClosingArms† 0.99 2.05Block trades* 20,091 2,531

* 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

SPDRS&P500 SPY 198,441 28.2 265.13 0.10 339.08 218.26Carnival CCL 184,897 434.6 11.30 10.68 56.04 7.80TOPShips TOPS 157,351 652.7 0.33 38.63 16.60 0.08AmericanAirlinesGroup AAL 137,758 328.1 10.22 7.58 35.24 9.09PSUlt BloombergCrude UCO 127,592 528.2 2.14 -15.08 26.20 1.43

FordMotor F 115,014 31.0 4.71 3.97 10.56 3.96ProShUltraProShrtQQQ SQQQ 102,863 92.4 16.90 -0.29 48.08 15.32AdvancedMicroDevices AMD 101,878 36.1 47.56 0.08 59.27 26.03DeltaAir DAL 98,590 358.6 22.25 -0.31 63.44 19.10General Electric GE 95,555 12.3 7.03 -2.77 13.26 5.90* 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

Xtrackers ShortDurHYBd SHYL 3,730 50973 42.44 0.87 49.47 39.20WisdomTreeBloomUSDBullUSDU 5,676 12363 28.47 -1.76 32.49 26.03InvscR1000LowBetaEW USLB 735 4417 26.83 1.17 36.26 22.15NuveenEnhYdUSAggBd NUAG 6,275 3972 24.69 -0.02 26.49 22.55iSharesGovt/Credit Bond GBF 1,294 3060 121.55 0.04 126.77 111.36

ProSharesOnlineRetail ONLN 504 2806 35.01 2.73 41.09 28.50MersanaTherapeutics MRSN 12,656 2381 7.74 43.87 9.57 1.32SPDRSSgA IncmAllocation INKM 948 2204 27.72 1.22 35.12 24.82JohnHancockMult Dev JHMD 1,182 2122 23.11 0.96 30.19 19.55First Tr Strat IncomeETF FDIV 232 1884 41.83 1.11 52.72 37.26* 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 Index7887.26 t 25.98, or 0.33%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:

23.15 23.25

21.15 21.55

1.15 1.05

9817.18, 02/19/20

6000

6750

7500

8250

9000

9750

10500

Jan. Feb. Mar. Apr.

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 2463.490 0.620 0.580 2.530 0.530 13.72 5.77

U.S. Treasury Long, Barclays4895.970 1.270 1.310 2.940 0.980 35.73 13.55

Aggregate, Barclays n.a. n.a. 1.590 3.060 1.320 n.a. n.a.

Fixed-RateMBS, Barclays n.a. n.a. 1.340 3.250 0.930 n.a. n.a.

HighYield 100, ICEBofA 2755.660 8.585 8.338 10.740 4.516 –8.686 –0.078

MuniMaster, ICEBofA 562.023 1.864 1.776 3.441 0.959 3.802 3.424

EMBIGlobal, J.P.Morgan 775.590 6.622 6.539 7.480 4.523 –5.794 0.170

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

Sasol ADR SSL 4.04 1.50 59.06 34.03 1.25 -87.8MersanaTherapeutics MRSN 7.74 2.36 43.87 9.57 1.32 72.4TPGREFinanceTrust TRTX 4.08 1.24 43.66 21.30 2.45 -79.2InvescoMortgageCap IVR 3.14 0.85 37.12 18.30 1.82 -80.4Caleres CAL 5.56 1.35 32.07 28.50 3.12 -77.6

TwoHarbors Investment TWO 4.12 0.97 30.79 15.85 2.25 -69.5Ladder Capital Cl A LADR 5.20 1.12 27.45 18.97 2.65 -69.5DBCrudeOil Double Shrt DTO 77.77 15.56 25.01 162.40 42.00 63.4VelocityShares 3x LgNat UGAZ 35.49 6.94 24.31 304.00 19.26 -88.2G-III Apparel Group GIII 9.16 1.73 23.28 43.98 2.96 -77.4

PluristemTherapeutics PSTI 4.11 0.75 22.32 7.30 2.82 -30.4Paysign PAYS 6.27 1.14 22.22 18.67 3.63 -14.9Tanger FactoryOutlet Ctr SKT 6.39 1.14 21.71 20.33 4.05 -68.1AkersBiosciences AKER 5.70 1.01 21.54 21.84 1.55 -73.6CalitheraBiosciences CALA 5.74 1.00 21.10 8.04 2.45 -12.2

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

PensareAcquisition WRLS 2.68 -1.20 -30.93 11.25 2.10 -73.9SeaChange Intl SEAC 2.62 -1.01 -27.82 4.98 1.15 88.5Golar LNG GLNG 4.63 -1.47 -24.10 21.97 4.54 -77.0VelocityShares 3x DGAZ 209.17 -62.93 -23.13 425.20 85.41 103.8Chimera Investment CIM 6.50 -1.65 -20.25 22.99 6.42 -65.5

ECMOHOADR MOHO 4.63 -1.11 -19.34 11.51 4.48 ...HailiangEducGroupADR HLG 46.06 -10.65 -18.79 75.43 31.85 7.8Alpine IncomeProperty Tr PINE 8.77 -1.97 -18.34 19.84 7.74 ...AlphaProTech APT 12.32 -2.64 -17.65 41.59 3.20 247.0MetenEdtechXEducGroup METX 11.79 -2.40 -16.89 23.75 11.35 ...

Team TISI 5.37 -1.04 -16.22 19.00 5.24 -69.8OriginAgritech SEED 3.46 -0.66 -15.92 10.73 2.85 -55.0Celcuity CELC 5.01 -0.92 -15.51 25.00 5.00 -78.3PSUlShBloombergNatGas KOLD 46.12 -8.45 -15.48 72.16 21.59 111.2EloxxPharmaceuticals ELOX 1.83 -0.33 -15.28 13.46 1.44 -83.4

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

Tuesday 52-Week YTDClose Net chg %Chg High Low %Chg % chg

DJCommodity 484.35 3.15 0.66 647.86 451.81 -23.92 -24.59TR/CCCRB Index 127.95 -0.11 -0.09 189.66 118.50 -32.14 -31.13Crude oil,$per barrel 23.63 -2.45 -9.39 66.30 20.09 -63.07 -61.30Natural gas,$/MMBtu 1.852 0.121 6.99 2.862 1.552 -31.38 -15.40Gold,$per troy oz. 1664.80 -12.20 -0.73 1677.00 1269.30 27.72 9.56

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Tues YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0154 64.9762 8.5Brazil real .1914 5.2241 30.0Canada dollar .7146 1.3994 7.7Chile peso .001164 859.00 16.2Colombiapeso .000256 3908.02 19.1EcuadorUSdollar 1 1 unchMexico peso .0411 24.3131 28.4Uruguay peso .02240 44.6500 20.2Asia-PacificAustralian dollar .6169 1.6210 13.8China yuan .1419 7.0459 1.2HongKong dollar .1290 7.7523 –0.5India rupee .01322 75.665 6.0Indonesia rupiah .0000618 16175 16.5Japan yen .009195 108.75 0.1Kazakhstan tenge .002288 437.13 14.5Macau pataca .1252 7.9871 –0.4Malaysia ringgit .2305 4.3375 6.0NewZealand dollar .5977 1.6731 12.6Pakistan rupee .00597 167.500 8.1Philippines peso .0198 50.430 –0.6Singapore dollar .7035 1.4215 5.6SouthKoreawon .0008228 1215.43 5.2Sri Lanka rupee .0051733 193.30 6.6Taiwan dollar .03322 30.104 0.6Thailand baht .03055 32.730 10.0

US$vs,Tues YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004263 23455 1.2EuropeCzechRep. koruna .04012 24.925 9.9Denmark krone .1459 6.8536 2.9Euro area euro 1.0892 .9181 3.0Hungary forint .003039 329.08 11.4Iceland krona .007013 142.59 17.7Norway krone .0972 10.2830 17.1Poland zloty .2405 4.1572 9.6Russia ruble .01323 75.571 21.8Sweden krona .0995 10.0520 7.3Switzerland franc 1.0315 .9695 0.2Turkey lira .1478 6.7659 13.7Ukraine hryvnia .0369 27.0964 14.5UK pound 1.2337 .8106 7.5Middle East/AfricaBahrain dinar 2.6438 .3783 0.3Egypt pound .0633 15.7880 –1.6Israel shekel .2797 3.5756 3.5Kuwait dinar 3.2072 .3118 2.9Oman sul rial 2.5971 .3850 0.01Qatar rial .2744 3.644 0.02SaudiArabia riyal .2660 3.7600 0.2SouthAfrica rand .0546 18.3092 30.8

Close Net Chg %Chg YTD%Chg

WSJDollar Index 94.18 –0.76–0.80 5.16

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average22653.86 t26.13, or 0.12%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

17.64 18.37

15.40 16.26

3.94 2.18

29551.42, 02/12/20

15000

17500

20000

22500

25000

27500

30000

Jan. Feb. Mar. Apr.

Current divisor 0.14579812049809

Bars measure the point change from session's open

tt

Session high

Session low

Session open

Close Open

CloseDOWN UP

65-day moving average

S&P 500 Index2659.41 t4.27, or 0.16%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

19.49 21.72

16.10 17.32

2.42 1.94

3386.15, 02/19/20

2000

2250

2500

2750

3000

3250

3500

Jan. Feb. Mar. Apr.

65-day moving average

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

P2JW099000-0-B00800-1--------XA

THEWALL STREET JOURNAL. Wednesday, April 8, 2020 | B9

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interestCopper-High (CMX)-25,000 lbs.; $ per lb.April 2.2900 2.3250 2.2900 2.2885 0.0535 2,134May 2.2200 2.3175 2.2185 2.2725 0.0550 83,496Gold (CMX)-100 troy oz.; $ per troy oz.April 1695.70 1724.40 s 1658.00 1664.80 –12.20 1,752June 1707.10 1742.60 s 1672.00 1683.70 –10.20 357,112Aug 1705.00 1739.70 s 1672.90 1682.80 –9.40 58,852Oct 1704.00 1733.20 s 1674.60 1683.50 –9.60 12,338Dec 1713.10 1740.80 s 1674.30 1683.70 –9.40 41,138Feb'21 1715.00 1715.00 s 1675.70 1682.80 –10.50 9,601Palladium (NYM) - 50 troy oz.; $ per troy oz.April 1593.60 1593.60 1593.60 2122.80 17.50 4May … 2260.00 s 2260.00 2110.60 17.50 n.a.June 2082.20 2207.20 2048.80 2094.30 17.50 6,673Sept 2125.30 2190.00 2085.80 2084.50 17.00 614Dec 2140.00 2180.00 2107.40 2069.90 16.80 433Platinum (NYM)-50 troy oz.; $ per troy oz.April 720.80 720.80 719.50 741.00 13.00 6July 739.00 750.90 732.20 745.00 13.00 48,960Silver (CMX)-5,000 troy oz.; $ per troy oz.April 15.465 15.655 15.245 15.422 0.311 51May 15.280 15.930 15.205 15.480 0.311 75,268CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.May 26.34 27.24 23.54 23.63 –2.45 579,261June 30.21 31.30 28.53 28.69 –1.29 319,393July 32.51 33.34 31.47 31.84 –0.20 208,840Aug 33.47 34.23 32.57 32.92 –0.01 108,908Sept 34.04 34.76 33.17 33.48 0.05 129,073Dec 34.95 35.68 34.33 34.67 0.31 264,032NYHarborULSD (NYM)-42,000gal.; $ per gal.May 1.0620 1.0778 1.0229 1.0275 –.0182 91,301June 1.0934 1.1052 1.0515 1.0563 –.0176 49,781Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.May .7058 .7349 .6350 .6482 –.0534 107,294June .7654 .7938 .7027 .7148 –.0473 61,984Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.May 1.759 1.912 1.747 1.852 .121 340,215June 1.879 2.002 1.861 1.949 .105 112,443July 2.008 2.104 2.001 2.063 .074 131,665Sept 2.092 2.175 2.090 2.149 .064 100,940

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

Oct 2.159 2.232 2.153 2.208 .059 100,124Jan'21 2.796 2.854 s 2.787 2.834 .030 67,627

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.May 328.00 335.50 328.00 331.50 3.75 423,498July 333.50 340.50 333.50 337.25 3.75 416,784Oats (CBT)-5,000bu.; cents per bu.May 272.25 277.00 268.50 274.25 .75 1,900July 267.75 269.75 264.25 267.00 –1.00 1,064Soybeans (CBT)-5,000bu.; cents per bu.May 856.00 862.25 854.25 854.75 –.75 242,880July 861.25 868.00 860.50 861.00 –.25 203,473SoybeanMeal (CBT)-100 tons; $ per ton.May 297.40 297.50 293.70 293.80 –3.20 116,772July 300.00 301.40 297.60 297.80 –2.10 102,087SoybeanOil (CBT)-60,000 lbs.; cents per lb.May 26.87 27.70 26.78 27.48 .65 135,696July 27.20 28.03 27.10 27.81 .66 111,862RoughRice (CBT)-2,000 cwt.; $ per cwt.May 1464.00 1466.00 1406.50 1434.00 –34.00 5,960July 1438.00 1441.00 t 1386.50 1411.50 –33.50 2,983Wheat (CBT)-5,000bu.; cents per bu.May 555.25 555.75 545.25 549.25 –6.50 129,544July 550.00 550.50 541.00 547.50 –3.50 114,090Wheat (KC)-5,000bu.; cents per bu.May 474.25 477.50 468.25 473.25 –2.50 86,638July 480.75 484.00 474.75 480.00 –1.75 75,570Cattle-Feeder (CME)-50,000 lbs.; cents per lb.April 113.500 114.925 113.500 114.925 4.500 2,874May 112.150 113.800 112.050 113.800 4.500 14,575Cattle-Live (CME)-40,000 lbs.; cents per lb.April 85.750 88.325 85.750 88.325 4.500 12,488June 82.575 84.800 82.425 84.800 4.500 123,805Hogs-Lean (CME)-40,000 lbs.; cents per lb.April 43.325 44.125 42.850 44.125 3.000 17,848June 51.975 52.650 50.500 52.650 3.000 79,145Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.May 294.10 309.00 294.10 307.40 25.40 1,364July 309.90 327.10 309.90 325.10 25.00 912Milk (CME)-200,000 lbs., cents per lb.April 13.93 14.20 13.87 14.04 .16 3,052June 13.24 13.80 13.24 13.80 .75 4,099Cocoa (ICE-US)-10metric tons; $ per ton.May 2,392 2,428 2,375 2,410 44 33,374July 2,365 2,402 2,365 2,392 44 66,118

Coffee (ICE-US)-37,500 lbs.; cents per lb.May 117.05 120.90 117.00 119.90 3.25 55,912July 118.00 121.75 118.00 121.05 3.15 56,915Sugar-World (ICE-US)-112,000 lbs.; cents per lb.May 10.50 10.59 10.31 10.38 –.07 285,523July 10.46 10.59 10.33 10.38 –.04 262,298Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.May 27.00 27.00 26.40 26.55 … 483July 26.30 26.30 26.30 26.30 … 2,579Cotton (ICE-US)-50,000 lbs.; cents per lb.May 53.42 53.58 52.36 52.90 –.15 62,997July 53.20 53.55 52.51 53.16 .08 61,213Orange Juice (ICE-US)-15,000 lbs.; cents per lb.May 108.25 108.25 105.45 105.95 –3.55 4,835July 110.80 110.80 108.05 108.30 –3.60 4,937

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%June 225-120 225-130 220-230 223-090 –2-00.0 1,052,479TreasuryBonds (CBT)-$100,000; pts 32nds of 100%June 180-190 180-200 177-280 179-070 –1-11.0 995,673Sept 178-000 179-020 176-240 177-230 –1-11.0 132TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 138-140 138-150 137-160 137-290 –16.0 3,236,066Sept 138-100 138-100 137-135 137-230 –10.0 695Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%June 125-000 125-005 124-202 124-260 –6.2 3,733,228Sept 125-035 124-237 124-152 124-195 –8.7 72Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%June 110-035 110-036 110-010 110-018 –1.6 2,716,649Sept 110-085 110-095 110-055 110-056 –1.8 1,29630DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.April 99.9425 99.9450 s 99.9350 99.9450 .0025 233,847May 99.9100 99.9150 99.9000 99.9100 .0000 254,62410Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%June 105-000 105-000 104-045 104-200 –22.5 64,522Eurodollar (CME)-$1,000,000; pts of 100%April 98.7250 98.7450 98.7100 98.7275 .0025 640,470June 99.4450 99.4450 99.3750 99.4000 –.0450 1,589,802Sept 99.6000 99.6050 99.5550 99.5600 –.0400 1,514,597Dec 99.6250 99.6250 99.5800 99.5900 –.0350 1,066,955

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥April .9185 .9202 .9159 .9188 .0017 974

June .9174 .9220 .9168 .9206 .0020 116,449CanadianDollar (CME)-CAD 100,000; $ per CADApril .7090 .7170 .7076 .7148 .0064 1,370June .7091 .7177 .7077 .7154 .0065 107,862BritishPound (CME)-£62,500; $ per£April 1.2220 1.2383 1.2178 1.2339 .0037 747June 1.2237 1.2395 1.2174 1.2348 .0037 148,979Swiss Franc (CME)-CHF 125,000; $ per CHFJune 1.0247 1.0352 1.0239 1.0348 .0098 29,899Sept 1.0285 1.0381 1.0281 1.0382 .0099 66AustralianDollar (CME)-AUD 100,000; $ perAUDApril .6118 .6206 .6085 .6196 .0105 767June .6086 .6210 .6078 .6197 .0105 126,068MexicanPeso (CME)-MXN500,000; $ perMXNApril .04078 .04190 .04049 .04138 .00113 30June .04013 .04154 .04004 .04098 .00114 101,285Euro (CME)-€125,000; $ per €April 1.0814 1.0928 1.0792 1.0905 .0106 3,931June 1.0816 1.0953 1.0808 1.0928 .0107 535,161

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexJune 22496 23477 22300 22491 3 54,943Sept 22409 23409 22250 22433 10 157S&P500 Index (CME)-$250 x indexJune 2642.30 2744.20 2624.30 2642.00 –2.60 80,875Sept … … … 2636.70 –3.80 11Mini S&P500 (CME)-$50 x indexJune 2645.50 2750.00 2623.50 2642.00 –2.50 3,458,529Sept 2643.00 2744.00 2619.25 2636.75 –3.75 25,929Mini S&PMidcap400 (CME)-$100 x indexJune 1431.90 1528.90 1420.40 1458.80 19.70 80,508Sept 1434.70 1519.00 1428.40 1465.80 19.70 1MiniNasdaq 100 (CME)-$20 x indexJune 8034.25 8303.25 7948.00 8012.00 –17.75 185,204Sept 8017.00 8299.25 7950.25 8009.00 –18.75 1,289Mini Russell 2000 (CME)-$50 x indexJune 1125.80 1190.40 1110.90 1125.20 –3.50 567,419Sept 1159.50 1187.60 1112.00 1124.40 –3.30 293Mini Russell 1000 (CME)-$50 x indexJune 1483.00 1502.40 1443.20 1448.20 –.70 8,374U.S. Dollar Index (ICE-US)-$1,000 x indexJune 100.83 100.83 99.72 99.91 –.84 28,409Sept 100.66 100.66 99.71 99.93 –.84 557

Source: FactSet

CashPrices Tuesday, April 7, 2020These prices reflect buying and selling of a variety of actual or “physical” commodities in themarketplace—separate from the futures price on an exchange,which reflectswhat the commoditymight beworth in futuremonths.

Tuesday

EnergyCoal,C.Aplc.,12500Btu,1.2SO2-r,w 55.200Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550

Metals

Gold, per troy ozEngelhard industrial 1654.00Engelhard fabricated n.a.Handy&Harmanbase 1649.25Handy&Harman fabricated 1830.67LBMAGold PriceAM *1609.75LBMAGold Price PM *1613.10Krugerrand,wholesale-e n.a.Maple Leaf-e n.a.AmericanEagle-e n.a.Mexican peso-e n.a.Austria crown-e n.a.Austria phil-e n.a.Silver, troy oz.Engelhard industrial 15.2500Engelhard fabricated n.a.Handy&Harmanbase 15.1900Handy&Harman fabricated 18.9880LBMAspot price *£11.8200(U.S.$ equivalent) *14.5500Coins,wholesale $1,000 face-a 14256OthermetalsLBMAPlatinumPrice PM *733.0Platinum,Engelhard industrial 744.0

Tuesday

Platinum,Engelhard fabricated n.a.Palladium,Engelhard industrial 2185.0Palladium,Engelhard fabricated n.a.Aluminum, LME, $ permetric ton *1424.5Copper,Comex spot 2.2885IronOre, 62%FeCFRChina-s 82.0ShreddedScrap, USMidwest-s,m 280Steel, HRCUSA, FOBMidwestMill-s 501

Fibers andTextilesBurlap,10-oz,40-inchNYyd-n,w 0.5700Cotton,1 1/16 std lw-mdMphs-u 0.4915Cotlook 'A' Index-t *61.75Hides,hvy native steers piece fob-u n.a.Wool,64s,staple,Terr del-u,w n.a.

Grains andFeedsBarley,top-qualityMnpls-u n.a.Bran,wheatmiddlings, KC-u 110Corn,No. 2 yellow,Cent IL-bp,u 3.1750Corn gluten feed,Midwest-u,w 119.5Corn glutenmeal,Midwest-u,w 492.7Cottonseedmeal-u,w 295Hominy feed,Cent IL-u,w 100Meat-bonemeal,50%proMnpls-u,w 228Oats,No.2milling,Mnpls-u 3.0925Rice, LongGrainMilled, No. 2AR-u,w 26.50Sorghum,(Milo)No.2Gulf-u 7.4825SoybeanMeal,Cent IL,rail,ton48%-u 295.30Soybeans,No.1 yllw IL-bp,u 8.4350Wheat,Spring14%-proMnpls-u 6.3450

Tuesday

Wheat,No.2 soft red,St.Louis-bp,u 5.6500Wheat -Hard - KC (USDA) $ per bu-u 4.8325Wheat,No.1softwhite,Portld,OR-u 6.0750

FoodBeef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 192.85select 1-3,600-900 lbs.-u 180.96Broilers, National compwtd. avg.-u,w 0.6661Butter,AAChicago 1.2650Cheddar cheese,bbl,Chicago 110.00Cheddar cheese,blk,Chicago 112.75Milk,Nonfat dry,Chicago lb. 90.00Coffee,Brazilian,Comp 1.1365Coffee,Colombian, NY 1.6252Eggs,largewhite,Chicago-u 2.8250Flour,hardwinter KC 14.75Hams,17-20 lbs,Mid-US fob-u n.a.Hogs,Iowa-So.Minnesota-u 54.62Pork bellies,12-14 lbMidUS-u 0.4891Pork loins,13-19 lbMidUS-u 1.2930Steers,Tex.-Okla. Choice-u n.a.Steers,feeder,Okla. City-u,w 136.69

Fats andOilsCorn oil,crudewet/drymill wtd. avg.-u,w 46.2500Grease,choicewhite,Chicago-h 0.2300Lard,Chicago-u 0.3200Soybean oil,crude;Centl IL-u 0.2731Tallow,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 4/6

Source:WSJMarket Data Group

|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 0.292 s l 0.268 0.528 2.3431.500 10 0.731 s l 0.678 0.767 2.494

2.000 Australia 2 0.216 s l 0.214 0.400 1.512 -7.6 -5.5 -83.12.500 10 0.924 s l 0.780 0.686 1.913 19.3 10.3 -58.1

0.000 France 2 -0.450 s l -0.496 -0.720 -0.510 -74.2 -76.4 -285.30.000 10 0.164 s l 0.063 -0.359 0.362 -56.8 -61.5 -213.1

0.000 Germany 2 -0.619 s l -0.659 -0.858 -0.577 -91.1 -92.7 -292.00.000 10 -0.305 s l -0.425 -0.712 0.010 -103.6 -110.3 -248.3

1.200 Italy 2 0.566 s l 0.441 0.041 0.491 27.4 17.3 -185.21.350 10 1.604 s l 1.488 1.072 2.478 87.3 81.1 -1.5

0.100 Japan 2 -0.128 s l -0.134 -0.306 -0.149 -42.0 -40.2 -249.30.100 10 0.007 s l 0.004 -0.146 -0.029 -72.4 -67.4 -252.3

0.400 Spain 2 -0.078 s l -0.119 -0.455 -0.279 -37.0 -38.7 -262.20.500 10 0.788 s l 0.721 0.206 1.100 5.7 4.3 -139.4

0.500 U.K. 2 0.173 s l 0.101 0.089 0.757 -11.9 -16.8 -158.64.750 10 0.412 s l 0.332 0.238 1.118 -31.9 -34.6 -137.6

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

Air Lease AL 3.875 July 3, ’23 706 –146 700 23.90 10.14Valero EnergyPartners … 4.375 Dec. 15, ’26 450 –140 n.a. … …OwlRockCapital OWLRCK 3.750 July 22, ’25 823 –129 n.a. ... ...EnableMidstreamPartners ENBL 4.950 May15, ’28 1142 –94 n.a. 2.47 –4.63

…Andspreads thatwidened themostFluor FLR 4.250 Sept. 15, ’28 746 67 876 6.75 3.37AviationCapital PACLIF 3.500 Nov. 1, ’27 798 61 n.a. ... ...Marriott International MAR 3.125 June 15, ’26 603 51 429 73.82 4.58CrownCastle International CCI 3.800 Feb. 15, ’28 268 42 303 146.54 –1.49

EquinorASA EQNR 3.700 March 1, ’24 185 40 n.a. 12.95 –0.69BostonProperties BXP 3.800 Feb. 1, ’24 236 39 181 92.66 2.14Mid–AmericaApartments … 3.600 June 1, ’27 265 39 274 … …Anheuser–Busch InbevFinance ABIBB 4.700 Feb. 1, ’36 294 37 277 ... ...

High-yield issueswith thebiggest price increases…BondPrice as%of face value Stock Performance

Issuer Symbol Coupon (%) Maturity Current One-day change Lastweek Close ($) % chg

Continental Resources CLR 4.375 Jan. 15, ’28 67.377 16.38 n.a. 10.45 10.12WesternMidstreamOperating … 4.750 Aug. 15, ’28 75.000 12.50 47.533 … …Occidental Petroleum OXY 3.500 June 15, ’25 66.000 9.50 n.a. 13.84 2.98MEGEnergy MEGCN 7.125 Feb. 1, ’27 60.000 7.50 49.750 ... ...

TenetHealthcare THC 5.125 Nov. 1, ’27 94.750 7.00 96.886 15.52 14.79Parsley Energy PARSLY 5.625 Oct. 15, ’27 82.000 6.50 70.500 ... ...WPXEnergy WPX 5.250 Oct. 15, ’27 75.000 6.25 n.a. 3.85 0.52MatadorResources MTDR 5.875 Sept. 15, ’26 38.875 5.88 29.250 2.79 3.72

…Andwith thebiggest price decreasesQuorumHealth QHC 11.625 April 15, ’23 37.000 –42.00 n.a. 0.30 0.76Intelsat Luxembourg INTEL 7.750 June 1, ’21 25.000 –6.00 51.750 ... ...WynnResorts Finance WYNAME 5.125 Oct. 1, ’29 85.988 –3.01 95.500 ... ...Valvoline VVV 4.250 Feb. 15, ’30 87.970 –2.53 93.000 13.46 7.17

UnitedAirlinesHoldings UAL 5.000 Feb. 1, ’24 75.170 –2.28 n.a. 24.48 1.92BigRiver Steel BIGBRS 7.250 Sept. 1, ’25 95.000 –2.00 92.250 ... ...Radian RDN 4.875 March 15, ’27 89.500 –2.00 98.500 13.24 17.79BeazerHomesUSA BZH 7.250 Oct. 15, ’29 63.735 –1.77 78.000 4.63 –11.81

*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

n.a. n.a. U.S. Aggregate n.a. 1.320 3.060

U.S. Corporate IndexesBloombergBarclays

3033.23 -3.3 U.S. Corporate 3.380 2.220 4.580

2803.27 -2.9 Intermediate 3.110 1.760 4.400

4359.43 -4.0 Long term 3.850 2.950 4.930

645.87 1.2 Double-A-rated 2.290 1.670 3.360

768.14 -6.8 Triple-B-rated 4.180 2.570 5.350

HighYieldBonds ICEBofA

402.61 -13.8 HighYield Constrained 9.420 5.151 11.400

334.81 -23.5 Triple-C-rated 18.047 10.558 19.071

2755.66 -13.7 HighYield 100 8.585 4.516 10.740

363.48 -13.8 Global HighYield Constrained 9.453 4.893 11.310

285.01 -13.3 EuropeHighYield Constrained 6.622 2.464 8.183

U.SAgencyBloombergBarclays

1840.07 4.0 U.SAgency 0.940 0.730 2.630

1604.60 2.7 10-20 years 0.790 0.640 2.520

4204.22 10.2 20-plus years 1.670 1.170 3.120

2656.50 -2.6 Yankee 2.850 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

n.a. n.a. Mortgage-Backed n.a. 0.930 3.250

n.a. n.a. GinnieMae (GNMA) n.a. 0.490 3.200

n.a. n.a. Fanniemae (FNMA) n.a. 1.110 3.270

n.a. n.a. FreddieMac (FHLMC) n.a. 1.080 3.270

562.02 -0.7 MuniMaster 1.864 0.959 3.441

395.63 -0.8 7-12 year 1.817 0.924 3.447

448.49 -1.0 12-22 year 2.260 1.224 3.690

428.02 -2.9 22-plus year 3.038 1.765 4.123

Global Government J.P.Morgan†

606.56 4.1 Global Government 0.670 0.390 1.470

847.41 5.4 Canada 1.030 0.590 1.910

397.35 -0.7 EMU§ 0.639 0.109 1.023

756.02 -0.4 France 0.390 -0.160 0.660

542.32 1.2 Germany -0.230 -0.740 0.200

296.93 -0.4 Japan 0.220 -0.070 0.270

598.73 0.4 Netherlands -0.030 -0.540 0.310

1075.37 7.0 U.K. 0.660 0.390 1.540

775.59 -12.0 EmergingMarkets ** 6.622 4.523 7.480

WSJ.com/commoditiesCOMMODITIES

BANKRATE.COM®MMA,Savings andCDsAverageYields ofMajorBanks Tuesday,April 7, 2020

Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR

National averageSavings 0.17 0.08 0.08 0.16 0.25 0.39 0.45 0.41 0.65Jumbos 0.33 0.08 0.08 0.17 0.29 0.42 0.49 0.42 0.68Weekly changeSavings -0.01 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.00Jumbos -0.03 0.00 0.00 0.00 0.00 0.01 0.00 0.00 -0.01

ConsumerSavingsRatesExplanation of ratings: Bankrate.com (855) 733-0700, evaluates the financial condition of feder-ally insured institutionsandassignsa rankof1,2,3,4or5basedondata fromfederal regulators.5:most desirable performance; NR: institution is too new to rate, not an indication of financialstrength orweakness. Information is believed to be reliable, but not guaranteed.

Highyield savingsBank/rank Yield Bank/rank YieldPhone number Minimum (%) Phone number Minimum (%)

Moneymarket and savings account Six-monthCDLiveOakBank /5 $1 1.75 LiveOakBank /5 $2,500 1.40(866) 656-0286 (866) 656-0286CitizensAccess /5 $5,000 1.70 MerrickBank /5 $25,000 1.40(888) 201-6505 (866) 638-6851GoldmanSachsBankUSA /5 $0 1.70 TABBank /5 $1,000 1.30(855) 730-7283 (800) 355-3063

One-monthCD One-year CDM.Y. SafraBank, FSB /3 $1,000 0.30 LiveOakBank /5 $2,500 1.90(212) 652-7200 (866) 656-0286Presidential Bank, FSB /3 $1,000 0.10 MerrickBank /5 $25,000 1.87(800) 383-6266 (866) 638-6851ColoradoFederal SavingsBank /4 $5,000 0.04 AmericanExpressNational Bank /5 $0 1.85(877) 484-2372 (866) 805-8663

Two-monthCD Two-year CDPresidential Bank, FSB /3 $1,000 0.10 AmericanExpressNational Bank /5 $0 1.90(800) 383-6266 (866) 805-8663AppliedBank /5 $1,000 0.05 GoldmanSachsBankUSA /5 $500 1.85(800) 616-4605 (855) 730-7283ColoradoFederal SavingsBank /4 $5,000 0.05 MerrickBank /5 $25,000 1.82(877) 484-2372 (866) 638-6851

Three-monthCD Five-year CDFirst InternetBank of Indiana /4 $1,000 0.85 AmericanExpressNational Bank /5 $0 2.00(888) 873-3424 (866) 805-8663Goldwater Bank /3 $5,000 0.60 GoldmanSachsBankUSA /5 $500 1.90(480) 281-8200 (855) 730-7283M.Y. SafraBank, FSB /3 $1,000 0.51 First InternetBank of Indiana /4 $1,000 1.71(212) 652-7200 (888) 873-3424

Highyield jumbos -Minimum is $100,000

Moneymarket and savings account Six-monthCDFirst InternetBank of Indiana /4 1.61 LiveOakBank /5 1.49(888) 873-3424 (866) 656-0286ableBanking, a division ofNortheast Bank /5 1.40 TABBank /5 1.30(877) 505-1933 (800) 355-3063BankDirect /4 1.00 ableBanking, a division ofNortheast Bank /5 1.20(877) 839-2737 (888) 426-2253

One-monthCD One-year CDM.Y. SafraBank, FSB /3 0.30 LiveOakBank /5 1.90(212) 652-7200 (866) 656-0286USAA /NR 0.08 Barclays /5 1.75(800) 583-8295 (888) 710-8756ColoradoFederal SavingsBank /4 0.04 TABBank /5 1.60(877) 484-2372 (800) 355-3063

Two-monthCD Two-year CDAppliedBank /5 0.05 AmericanExpressNational Bank /5 1.90(800) 616-4605 (866) 805-8663ColoradoFederal SavingsBank /4 0.05 Barclays /5 1.75(877) 484-2372 (888) 710-8756CitizensTrust Bank /4 0.01 TABBank /5 1.60(404) 659-5959 (800) 355-3063

Three-monthCD Five-year CDFirst InternetBank of Indiana /4 0.85 AmericanExpressNational Bank /5 2.00(888) 873-3424 (866) 805-8663M.Y. SafraBank, FSB /3 0.51 First InternetBank of Indiana /4 1.71(212) 652-7200 (888) 873-3424BankDirect /4 0.45 Barclays /5 1.70(877) 839-2737 (888) 710-8756

Notes: Accounts are federally insured up to $250,000per person. Yields are based onmethod ofcompounding and rate stated for the lowest required opening deposit to earn interest. CDfigures are for fixed rates only.MMA:Allows six (6) third-party transfers permonth, three (3) ofwhichmay be checks. Rates are subject to change.

Source: Bankrate.com, a publication of Bankrate, Inc., PalmBeachGardens, FL 33410Internet:www.bankrate.com

CnsmrDiscSelSector XLY 101.59 1.49 –19.0CnsStapleSelSector XLP 56.75 –1.15 –9.9FinSelSectorSPDR XLF 21.26 1.00 –30.9FTValDivFd FVD 28.26 0.50 –21.6HealthCareSelSect XLV 90.58 –0.82 –11.1InvscQQQI QQQ 196.40 –0.04 –7.6InvscS&P500EW RSP 86.56 0.80 –25.2InvscS&P500LowVol SPLV 47.75 –0.21 –18.2iSh3-7YTreasuryBd IEI 132.67 –0.17 5.5iShCoreDivGrowth DGRO 33.62 –0.12 –20.1iShCoreMSCIEAFE IEFA 50.20 0.48 –23.1iShCoreMSCIEM IEMG 41.66 0.65 –22.5iShCoreMSCITotInt IXUS 47.54 0.74 –23.2iShCoreS&P500 IVV 265.91 0.04 –17.7iShCoreS&PMC IJH 145.61 1.19 –29.3iShCoreS&PSC IJR 55.48 0.60 –33.8iShS&PTotlUSStkMkt ITOT 58.59 ... –19.4iShCoreUSAggBd AGG 115.70 0.14 3.0iShSelectDividend DVY 75.02 0.97 –29.0iShEdgeMSCIMinEAFE EFAV 62.16 0.68 –16.6iShEdgeMSCIMinUSA USMV 55.56 –0.16 –15.3iShEdgeMSCIUSAMom MTUM 107.48 –0.76 –14.4iShEdgeMSCIUSAQual QUAL 83.75 0.30 –17.1iShFloatingRateBd FLOT 49.34 0.57 –3.1iShGoldTr IAU 15.88 –0.38 9.5iShiBoxx$InvGrCpBd LQD 123.68 0.15 –3.3iShiBoxx$HYCpBd HYG 75.34 ... –14.3iShIntermCorpBd IGIB 55.33 0.25 –4.6iShJPMUSDEmgBd EMB 98.09 0.57 –14.4iShMBSETF MBB 110.10 0.08 1.9iShMSCIACWI ACWI 63.76 0.11 –19.5iShMSCI EAFE EFA 53.90 0.56 –22.4iShMSCI EAFESC SCZ 45.07 1.76 –27.6iShMSCIEmgMarkets EEM 35.12 0.52 –21.7iShMSCIJapan EWJ 49.85 1.07 –15.9iShNatlMuniBd MUB 111.93 0.66 –1.7iShPfd&Incm PFF 31.80 2.81 –15.4iShRussell1000Gwth IWF 154.81 –0.21 –12.0iShRussell1000 IWB 145.47 0.12 –18.5iShRussell1000Val IWD 101.98 0.65 –25.3iShRussell2000 IWM 112.92 0.26 –31.8iShRussell3000 IWV 151.91 0.12 –19.4iShRussellMid-Cap IWR 44.29 0.87 –25.7iShRussellMCValue IWS 65.57 1.44 –30.8iShS&P500Growth IVW 170.17 –0.27 –12.1iShS&P500Value IVE 98.94 0.38 –23.9iShShortCpBd IGSB 52.52 0.48 –2.1iShShortTreaBd SHV 110.94 0.05 0.4iShTIPSBondETF TIP 121.17 –0.07 3.9iSh1-3YTreasuryBd SHY 86.54 –0.02 2.3iSh7-10YTreasuryBd IEF 120.85 –0.44 9.6iSh20+YTreasuryBd TLT 166.30 –1.05 22.7iShRussellMCGrowth IWP 124.79 0.24 –18.2iShUSTreasuryBdETF GOVT 27.98 –0.32 7.9JPMUltShtIncm JPST 49.75 0.08 –1.3PIMCOEnhShMaturity MINT 99.43 0.05 –2.1SPDRBlmBarcHYBd JNK 93.12 0.34 –15.0SPDRBloomBar1-3MTB BIL 91.54 –0.02 0.1SPDRGold GLD 156.04 –0.54 9.2SchwabIntEquity SCHF 26.10 0.62 –22.4SchwabUSAggrBd SCHZ 54.65 –0.13 2.3SchwabUSBrdMkt SCHB 61.97 0.06 –19.4SchwabUSDiv SCHD 46.80 0.06 –19.2SchwabUSLC SCHX 62.94 0.18 –18.1SchwabUSLCGrw SCHG 81.53 –0.31 –12.2SchwabUSTIPs SCHP 58.89 0.12 4.0SPDRDJIATr DIA 226.60 0.03 –20.5SPDRS&PMdCpTr MDY 265.89 1.16 –29.2SPDRS&P500 SPY 265.13 0.10 –17.6SPDRS&PDiv SDY 81.56 0.77 –24.2TechSelectSector XLK 82.95 –0.90 –9.5UtilitiesSelSector XLU 55.09 –1.25 –14.7VanEckGoldMiner GDX 26.09 –0.95 –10.9VangdInfoTech VGT 218.09 –0.76 –10.9VangdSCVal VBR 89.06 1.41 –35.0VangdSCGrwth VBK 150.66 –0.01 –24.2VangdDivApp VIG 106.75 –0.39 –14.4VangdFTSEDevMk VEA 33.73 0.57 –23.4VangdFTSEEM VWO 34.48 0.58 –22.5VangdFTSEEurope VGK 43.59 0.60 –25.6VangdFTSEAWxUS VEU 41.59 0.41 –22.6VangdGrowth VUG 161.15 –0.24 –11.5VangdHlthCr VHT 169.47 –0.81 –11.6VangdHiDiv VYM 73.02 –0.04 –22.1VangdIntermBd BIV 89.23 0.29 2.3VangdIntrCorpBd VCIT 87.35 0.26 –4.4VangdLC VV 121.83 0.16 –17.6VangdMC VO 135.35 0.97 –24.0VangdMBS VMBS 54.46 0.41 2.4VangdRealEst VNQ 69.95 0.92 –24.6VangdS&P500ETF VOO 243.66 0.05 –17.6VangdSTBond BSV 81.98 0.09 1.7VangdSTCpBd VCSH 79.32 0.71 –2.1VangdSC VB 115.63 0.57 –30.2VangdTotalBd BND 86.31 0.09 2.9VangdTotIntlBd BNDX 56.42 ... –0.3VangdTotIntlStk VXUS 42.79 0.68 –23.2VangdTotalStk VTI 132.16 0.11 –19.2VangdTotlWrld VT 64.12 0.38 –20.8VangdValue VTV 91.59 0.37 –23.6

Closing Chg YTDETF Symbol Price (%) (%)

Tuesday, April 7, 2020

Exchange-TradedPortfolios

Largest 100 exchange-traded funds,latest session

P2JW099000-0-B00900-1--------XA

B10 | Wednesday, April 8, 2020 THEWALL STREET JOURNAL.

Net YTDFund NAV Chg %Ret

American Century InvUltra 46.32 -0.14-11.2American Funds Cl AAmcpA p 28.36 -0.04-15.5AMutlA p 36.23 -0.13-16.2BalA p 25.50 -0.02-10.2BondA p 13.53 +0.02 4.0CapIBA p 53.47 -0.02-14.7CapWGrA 42.17 +0.07-18.9EupacA p 43.78 +0.56-21.3FdInvA p 49.97 +0.06-19.1GwthA p 44.24 -0.05-13.5HI TrA p 8.54 +0.10-13.8ICAA p 32.68 +0.03-17.0IncoA p 19.56 +0.01-15.1N PerA p 39.37 +0.09-16.7NEcoA p 38.56 -0.07-15.7

Net YTDFund NAV Chg %Ret

NwWrldA 56.16 +0.49-20.4SmCpA p 45.59 +0.10-22.5TxExA p 12.97 +0.05 -2.1WshA p 38.75 -0.06-19.0Baird FundsAggBdInst 11.35 +0.01 1.9CorBdInst 11.53 +0.02 0.4BlackRock FundsHiYldBd Inst 6.50 ...-15.1BlackRock Funds AGlblAlloc p 17.08 ...-11.1BlackRock Funds InstMultiAstIncome 9.63 ...-11.2StratIncOpptyIns 9.33 ... -5.7StratMuniOppI 10.65 +0.05 -9.0Bridge Builder TrustCoreBond 10.53 +0.01 1.8

Net YTDFund NAV Chg %Ret

CorePlusBond 10.09 +0.02 ...Intl Eq 9.46 +0.04-21.1Del Invest InstlValue 16.87 +0.04-24.1Dimensional Fds5GlbFxdInc 10.75 ... 0.2DFARlEst 31.39 +0.20-22.9EmgMktVa 20.41 +0.30-28.9EmMktCorEq 16.16 +0.22-25.6IntlCoreEq 10.13 +0.11-26.5IntSmCo 13.39 +0.25-29.2IntSmVa 13.06 +0.23-32.5TAUSCoreEq2 15.35 +0.06-23.5US CoreEq1 20.01 +0.05-22.4US CoreEq2 17.99 +0.07-23.7US Small 23.44 +0.10-32.8US SmCpVal 21.05 +0.32-38.7

Tuesday, April 7, 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 14.15 +0.23-38.6USLgVa 27.13 +0.26-29.3Dodge & CoxBalanced 80.49 +0.35-19.3Income 13.86 +0.06 -0.3Intl Stk 30.61 +0.40-29.8Stock 138.64 +0.55-27.0DoubleLine FundsCoreFxdIncmI NA ... NATotRetBdI NA ... NAEdgewood Growth InstitutiEdgewoodGrInst 34.79 -0.39 NAFidelity500IdxInstPrem 92.70 -0.15-17.2Contrafund K6 12.71 -0.07-12.1ExtMktIdxInstPre 46.93 +0.29-27.9IntlIdxInstPrem 33.37 +0.11-22.3MidCpInxInstPrem 17.66 +0.15-25.3SAIUSLgCpIndxFd 14.29 -0.02-17.4SeriesOverseas 8.69 +0.04-19.4SmCpIdxInstPrem 14.42 +0.01-31.4TMktIdxInstPrem 73.40 -0.03-19.0USBdIdxInstPrem 12.29 +0.02 3.9Fidelity Advisor INwInsghtI 27.38 -0.07-16.3Fidelity FreedomFF2020 14.38 +0.04-11.3FF2025 12.50 +0.04-12.7FF2030 15.20 +0.06-14.8Freedom2020 K 14.37 +0.05-11.3Freedom2025 K 12.48 +0.04-12.7Freedom2030 K 15.18 +0.05-14.7Freedom2035 K 12.38 +0.05-17.9Freedom2040 K 8.53 +0.03-19.4Fidelity InvestAMgr50% 16.58 +0.05-10.8

Balanc 21.38 +0.02-12.6BluCh 94.65 -0.09-12.1Contra 11.99 -0.06-12.0ContraK 12.01 -0.06-11.9CpInc r 8.34 +0.10-17.8GroCo 19.13 -0.19-10.4GrowCoK 19.16 -0.20-10.4InvGrBd 11.56 +0.02 0.7LowP r 36.70 +0.47-26.7Magin 9.00 -0.07-11.8OTC 11.30 -0.04-11.6Puritn 20.39 -0.06-10.0SrsEmrgMkt 16.09 +0.21-22.0SrsGlobal 10.26 +0.07-22.1SrsGroCoRetail 15.93 -0.17-10.3SrsIntlGrw 14.72 -0.01-16.0SrsIntlVal 7.21 +0.04-27.2TotalBond 10.81 +0.04 -0.2Fidelity SAITotalBd 10.32 +0.03 -0.9U.S.TreBdIdx 10.90 -0.02 8.6First Eagle FundsGlbA 48.28 +0.16-16.7FPA FundsFPACres 27.11 +0.27-19.9Franklin A1CA TF A1 p 7.39 +0.04 -2.6IncomeA1 p 1.94 +0.01-15.9FrankTemp/Frank AdvIncomeAdv 1.93 +0.02-15.6FrankTemp/Franklin ARisDv A p 56.82 -0.14 NAFrankTemp/Franklin CIncome C t 1.97 +0.01-15.9FrankTemp/Temp AdvGlBondAdv p 9.99 -0.02 NA

Guggenheim Funds TruTotRtnBdFdClInst 27.77 -0.01 3.1Harbor FundsCapApInst 67.63 -0.41-10.7Harding LoevnerIntlEq 19.46 +0.17 NAInvesco Funds AEqIncA 8.34 +0.04-18.5Invesco Funds YDevMktY 35.92 +0.38-21.2JPMorgan I ClassCoreBond 12.03 ... NAEqInc 15.08 +0.02 NAJPMorgan R ClassCoreBond 12.05 ... NACorePlusBd 8.43 +0.01 NALord Abbett AShtDurIncmA p 3.96 +0.01 -5.1Lord Abbett FShtDurIncm 3.96 +0.01 -5.1Lord Abbett IShtDurInc p 3.96 +0.01 -5.1Metropolitan WestTotRetBd 11.15 +0.02 2.5TotRetBdI 11.14 +0.01 2.5TRBdPlan 10.48 +0.01 2.5MFS Funds Class IValueI 34.84 -0.01-21.6MFS Funds InstlIntlEq 22.46 +0.23-19.4Nuveen Cl IHYMunBd 15.67 +0.14 NAOakmark Funds InvestOakmrkInt 16.02 +0.36-35.8Old Westbury FdsLrgCpStr 12.19 +0.01-19.1PGIM Funds Cl Z

TotalReturnBond NA ... NAPIMCO Fds InstlAllAsset NA ... NATotRt 10.53 ... NAPIMCO Funds AIncomeFd 10.99 +0.07 NAPIMCO Funds I2Income 10.99 +0.07 NAPIMCO Funds InstlIncomeFd 10.99 +0.07 NAPrice FundsBlChip 110.12 -0.38-11.4DivGro 44.33 -0.14-16.6EqInc 23.30 +0.08-26.9EqIndex 70.64 -0.12-17.3Growth 63.65 -0.08-13.2HelSci 71.52 -0.87-12.2InstlCapG 38.71 -0.02-12.1IntlStk 14.81 +0.06-20.5MidCap 75.72 +0.42-20.6N Inc 9.36 +0.01 -2.9NHoriz 52.42 -0.14-11.7OverS SF r 8.55 +0.02-23.6R2020 19.23 +0.04-12.9R2025 15.19 +0.03-14.6R2030 21.75 +0.05-16.0R2035 15.76 +0.04-17.2R2040 22.16 +0.05-18.1Value 28.81 +0.06-24.0PRIMECAP Odyssey FdsAggGrowth r 34.91 -0.07-22.2Growth r 31.50 -0.04-23.1Putnam Funds Class AStDurInc 9.91 ... -0.9Schwab FundsS&P Sel 40.87 -0.07 NA

TSM Sel r 45.34 -0.02 NATIAA/CREF FundsBdIdxInst 11.41 +0.01 3.4VANGUARD ADMIRAL500Adml 245.54 -0.39-17.3BalAdml 34.95 -0.01-10.2CAITAdml 11.89 +0.04 -1.0CapOpAdml r125.66 -0.19-20.3EMAdmr 28.82 +0.34-21.9EqIncAdml 62.57 -0.07-20.6ExplrAdml 72.04 +0.43-25.9ExtndAdml 68.85 +0.42-27.9GNMAAdml 10.87 +0.01 3.7GrwthAdml 83.04 -0.35-11.3HlthCareAdml r 77.05 -0.67 -9.7HYCorAdml r 5.24 +0.05-10.8InfProAd 26.86 -0.06 3.8IntlGrAdml 88.77 +0.79-13.6ITBondAdml 12.07 ... 2.9ITIGradeAdml 9.85 +0.01 -0.6LTGradeAdml 11.04 +0.09 2.4MidCpAdml 167.58 +1.32-23.7MuHYAdml 11.11 +0.06 -4.5MuIntAdml 14.21 +0.05 -1.1MuLTAdml 11.61 +0.06 -1.7MuLtdAdml 10.96 +0.02 -0.6MuShtAdml 15.76 +0.01 -0.1PrmcpAdml r115.95 -0.54-19.6RealEstatAdml 99.24 +0.79-24.0SmCapAdml 55.49 +0.35-29.8SmGthAdml 53.09 -0.02-23.9STBondAdml 10.74 ... 2.2STIGradeAdml 10.52 +0.01 -1.3TotBdAdml 11.36 ... 3.5TotIntBdIdxAdm 22.55 -0.09 -0.1TotIntlAdmIdx r 22.97 +0.16-22.9TotStAdml 64.32 -0.03-18.9

TxMCapAdml135.73 -0.09-17.7TxMIn r 10.84 +0.06-23.0USGroAdml 99.68 -0.60-10.5ValAdml 35.77 +0.08-22.8WdsrllAdml 50.09 +0.05-22.5WellsIAdml 61.53 +0.04 -6.3WelltnAdml 65.16 -0.10-12.3WndsrAdml 53.24 +0.60-26.4VANGUARD FDSDivdGro 25.91 -0.16-15.1INSTTRF2020 21.79 +0.02 -9.6INSTTRF2025 21.83 +0.03-11.7INSTTRF2030 21.75 +0.03-13.4INSTTRF2035 21.66 +0.04-15.1INSTTRF2040 21.56 +0.05-16.7INSTTRF2045 21.41 +0.05-18.2INSTTRF2050 21.44 +0.05-18.2IntlVal 28.15 +0.15-25.0LifeCon 19.45 +0.01 -7.1LifeGro 30.33 +0.07-16.1LifeMod 25.49 +0.03-11.7PrmcpCor 21.71 -0.01-22.2STAR 24.13 +0.07-11.7TgtRe2015 14.19 +0.01 -6.5TgtRe2020 29.39 +0.02 -9.7TgtRe2025 17.51 +0.02-11.7TgtRe2030 31.56 +0.05-13.4TgtRe2035 19.13 +0.04-15.1TgtRe2040 32.60 +0.07-16.7TgtRe2045 20.20 +0.05-18.2TgtRe2050 32.53 +0.07-18.2TgtRet2055 35.32 +0.08-18.2TgtRetInc 13.28 ... -5.1TotIntBdIxInv 11.28 -0.04 ...WellsI 25.40 +0.02 -6.3Welltn 37.73 -0.06-12.3

WndsrII 28.23 +0.03-22.5VANGUARD INDEX FDSMdCpVlAdml 43.05 +0.52-29.7SmValAdml 38.32 +0.49-34.7TotBd2 11.28 ... 3.1TotIntl 13.74 +0.10-22.9TotSt 64.31 -0.02-18.9VANGUARD INSTL FDSBalInst 34.96 -0.01-10.2DevMktsIndInst 10.85 +0.06-23.0DevMktsInxInst 16.96 +0.09-23.0ExtndInst 68.85 +0.43-27.8GrwthInst 83.04 -0.35-11.3InPrSeIn 10.94 -0.03 3.8InstIdx 237.28 -0.37-17.2InstPlus 237.29 -0.37-17.2InstTStPlus 55.03 -0.02-18.9MidCpInst 37.02 +0.29-23.7MidCpIstPl 182.57 +1.44-23.7RealEstaInstl 15.36 +0.12-24.0SmCapInst 55.49 +0.35-29.8STIGradeInst 10.52 +0.01 -1.3STIPSIxins 24.75 ... 0.2TotBdInst 11.36 ... 3.5TotBdInst2 11.28 ... 3.2TotBdInstPl 11.36 ... 3.5TotIntBdIdxInst 33.84 -0.13 ...TotIntlInstIdx r 91.87 +0.66-22.9TotItlInstPlId r 91.89 +0.67-22.9TotStInst 64.34 -0.02-18.9ValueInst 35.76 +0.07-22.9WCM Focus FundsWCMFocIntlGrwIns 16.10 +0.07-14.9Western AssetCoreBondI NA ... NACorePlusBdI 11.66 +0.06 NACorePlusBdIS 11.66 +0.06 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.

The country will use some proceeds of the $4.3 billion sale to fund coronavirus recovery efforts.

FULLYHANDOKO

/EPA

/SHUTT

ERST

OCK

BY FRANCES YOONAND AVANTIKA CHILKOTI

Indonesia Deal Shows Renewed Interest in Risky Debt

BANKING & FINANCE

ment bonds in particular,thanks to bond-buying pro-grams the ECB has introducedthat the SNB hasn’t.

Two-year and 10-year Swissbond yields have risen higherthan those on rival Germanbonds for the first time in morethan a decade. A 10-year Swissgovernment bond yields minus0.27%, compared with minus0.97% on March 9. That is now0.10 percentage point higherthan comparable Germanbonds, which sport the lowestyields among major economies.Japanese yields were theworld’s lowest for a time in2018.

The yield on the 10-year U.S.Treasury note settled Tuesday

at 0.735%, up from 0.675%Monday. Yields, which risewhen bond prices fall, haveclimbed for two sessions in arow, reflecting a shift amonginvestors toward riskier assetssuch as stocks.

The increase in yields inSwitzerland is attracting de-mand for the Swiss franc, caus-ing it to rise to its highest levelagainst the euro since July2015. It fell slightly on Tuesday,but remains near recent highs,with €1 buying 1.05 Swissfrancs.

To prevent the franc fromrising too quickly and causingdamage to the export-depen-dent Swiss economy, the SNBappears to have stepped up its

weekly interventions in the cur-rency markets. The past twoweeks saw an 18 billion Swissfranc ($18.4 billion) increase inthe SNB’s so-called sight depos-its, a proxy that analysts use tomeasure currency intervention.That was the biggest jumpsince January 2015.

At its March meeting, theSwiss National Bank said itwas intervening in the foreign-exchange market after corona-virus fears had sent the francup to become “more highlyvalued.”

Complicating Switzerland’sposition are complaints fromthe Trump administrationabout how it manages its cur-rency. In January, Washington

added Switzerland to its watchlist of potential currency ma-nipulators.

Some think Switzerland isn’tacting more aggressively thanit otherwise would.

“Normally you want aweaker exchange rate becauseit leads to more exports, butnobody is buying” those ex-ports right now, said StevenEnglander, head of global G-10FX research and North Americamacro strategy at StandardChartered. “Had we been atthese levels six months ago,they probably would have beenmuch more concerned.”

The SNB has long acted tokeep the Swiss franc from be-coming too highly valued. With

already deeply negative rates,currency intervention is its mosteffective tool to stem the rise asinvestors seek safe assets.

It isn’t clear if the differencesin bond yields will prompt fur-ther action from the SNB. Thebank abandoned a currency capit maintained against the euro in2015, allowing the franc to shoothigher suddenly, whipsawingglobal markets.

Given the wider mayhem incurrency markets, the franc’strading against the euro hasbeen “remarkably stable” in re-cent weeks thanks to the SNB’sinterventions, said KarstenLinowsky, head of foreign ex-change and rates strategy atCredit Suisse.

Switzerland’s bond yieldshave shot higher than those ofGermany for the first time inyears, causing the financial ha-ven to lose its long-held posi-tion as the economy with theworld’s lowest borrowing costs.

Yields on Swissgovernment bondsare still in negativeterritory but have

risen sharply in recent weeks,as the Swiss National Bank’s re-sponse to the coronavirus pan-demic has been less aggressivethan efforts by the EuropeanCentral Bank and the U.S. Fed-eral Reserve. Investors are pay-ing up for eurozone govern-

BY CAITLIN OSTROFF

German Bonds Surge Past Switzerland’s

CREDITMARKETS

Howmany Indonesian rupiah$1 buys

Sources: FactSet (CDS); Tullett Prebon (rupiah)

*Premiums for five-year credit-default swaps.Note: Currency scale inverted to show aweakening rupiah.

12,000

18,000

16,000

14,000

2020Oct. 2019

Indonesia's credit risk, asmeasured by credit derivatives,soared as its currency tumbled.

Cost to insure $10million ofIndonesia's dollar debt*

$300,000

0

100,000

200,000

2020Oct. 2019

In a Test, Qatar Sells$10 Billion in Bonds

Qatar sold $10 billion inU.S. dollar-denominatedbonds on Tuesday, the firstPersian Gulf state to tap thedebt markets since the pan-demic and a collapse in oilprices.

The sale, a test of de-mand among investors forfurther bonds from other oil-exporting Gulf countries,came after Saudi Arabia lastmonth launched an oil-pricewar with Russia, causing acollapse in prices and drivingup the cost of borrowing.

Qatar’s three-tranchebond sale received $44 billionin orders, according to a doc-ument from one of the bankson the deal. It indicates a re-covering investor appetite forrisk after a recent selloff.

Qatar didn’t respond to arequest for comment.

“This is a significant tail-wind for the region,” MenoStroemer, fund manager atSwitzerland-based Fisch As-set Management, said of Qa-tar’s successful sale.

On Tuesday, Qatar soldU.S. dollar-denominatedbonds in tranches of five, 10and 30 years. It priced the 5-year tranche at 300 basispoints over U.S. Treasurys,the 10-year at 305 basispoints over U.S. Treasurysand the 30-year at a yield of4.4%. The 10-year priced 35basis points higher thanbonds of similar maturities al-ready in the market.

—Rory Jones

Indonesia sold $4.3 billion ofbonds, including one it won’tpay off for 50 years, in the lat-est sign that investors are re-gaining their appetite for risk.

Just last month, investorswere selling assets of all stripesso aggressively that some mar-kets seized up under the stress.Even supersafe U.S. Treasuryswere dumped in an attempt toraise cash. Now, investors arewilling to tie up their money,even in debt issued by anemerging market where creditconcerns have shot higher andthe currency has tumbled.

The Middle East’s gas-pro-ducing Qatar also sold bondsTuesday, and a number of com-panies, including some withriskier credit ratings, have soldnew debt in the U.S. Alan Roch,head of Asia bond syndicationfor Standard Chartered Bank,said the Indonesian deal hasspurred other emerging-marketgovernments to test the marketafter being shut out by weeksof volatility.

While Indonesia paid ahigher price to borrow thanearlier in the year, its outrightinterest costs weren’t muchchanged given the sharp dropin benchmark Treasury yields.

“The market is more ner-vous because of the virus, butyou’re able to get coupon levelsthat remain very attractive,”Mr. Roch said.

Many emerging-market gov-ernments will need to raisefresh funds in the comingmonths as they struggle tocope with the economic impactof the coronavirus pandemicwhen low commodity pricesand lockdowns across much of

the globe are weighing on reve-nues.

Countries that tap investordemand before a rush of issu-ances could have an advantage,according to Zeina Rizk, execu-tive director at Arqaam Capitalin Dubai. “But there’s a thinline between being brave andbeing desperate,” said Ms. Rizk,who bid for the Qatari debtTuesday.

The pandemic is set to raisethe global debt burden dramat-ically in 2020, analysts at theInstitute of International Fi-nance warned this week, withgross government issuancereaching a high of over $2.1trillion in March.

Indonesia will use part of

the proceeds to fund its coro-navirus relief and recovery ef-forts, including support forsmall- and medium-size enter-prises and welfare benefits forthe poor, according to a bankerwho worked on the deal. Thecountry has reported 2,491 in-fections and 209 deaths, ac-cording to data compiled byJohns Hopkins University.

Investors have recentlygrown more skeptical about In-donesia’s financial position.The cost of insuring Indonesiandollar debt against default hassoared, according to FactSet. Itcosts about $241,000 a year toinsure $10 million of Indone-sian debt against default, upfrom about $60,000 in mid-

February. The Indonesian ru-piah has tumbled against thedollar, weakening more than15% this year. Moody’s Inves-tors Service, S&P Global Rat-ings and Fitch Ratings eachrate Indonesia’s bonds twosteps above junk.

On Monday, Indonesia sold$1.65 billion each of bonds ma-turing in 10-and-a-half yearsand 30-and-a-half years, and a$1 billion 50-year bond. Suchlong-dated debt from emergingmarkets is rare but not unprec-edented—Argentina has issued100-year securities. Indonesia’sshortest-dated bond was pricedto yield 3.9%, representing apremium of about 3.23 percent-age points over Treasurys. In

contrast, the country sold a 10-year dollar bond in Januarywith a coupon of 2.85%.

Emerging-market govern-ments issued just $20.26 billionof fresh debt in March as themarkets rout deepened, accord-ing to Dealogic data, downfrom $100.05 billion in Januaryand $62.43 billion in March2019. But that figure is nowpicking up with emerging-mar-ket governments raising $11.60billion in the first week ofApril. Panama and Israel bothissued fresh debt in late March,according to Dealogic data. OnTuesday, the state-run KoreaDevelopment Bank was sellinga three-year floating-rate U.S.dollar bond.

riskier junk-rated debt havecompleted just a handful ofdeals since March 23. And onelarge exchange-traded fundtracking the high-yield bondmarket, the iShares iBoxx HighYield Corporate Bond Fund, inthe first quarter slumped topost its worst quarterly perfor-mance since 2008. Though ithas rebounded slightly in recentdays, the average cost overTreasurys for companies withjunk-rated debt to borrow isnear its highest since the finan-cial crisis of 2008.

“It’s very difficult for the Fedto help high-yield [bonds] be-cause the Fed is not supposedto take credit risk,” said HansMikkelsen, head of U.S. high-grade credit strategy at Bank ofAmerica. Mr. Mikkelsen’s teamhas been recommending inves-tors purchase what the Fedbuys in the short term, reason-ing that debt issued by compa-nies that have access to theFed’s credit facilities will

bounce back before debt issuedby lower-rated companies.

Leveraged loans, a cousin ofjunk bonds that have beenamong the most popular invest-ments in recent years, also havestruggled. Individual investorsand hedge funds alike havedumped the debt in recentweeks in anticipation of a surgeof corporate defaults.

To some extent, such dividesare expected, analysts say. Andin time, the Fed’s support forsafe markets could flow throughto riskier ones. During the lastfinancial crisis, the Fed boughtup Treasurys and safe mort-gage-backed securities, eventu-ally helping private investors tobecome more comfortable lend-ing to riskier borrowers such asjunk-rated companies.

But since the last crisis, thefinancial ecosystem haschanged. More lending is doneby nonbank entities that don’thave a financial cushion to keeplending when markets turn

stormy and investors seek shel-ter. At the same time, manycompanies, individuals and gov-ernments have become more re-liant on functioning debt mar-kets to remain solvent.

“If it gets much worse forthe U.S. economy and markets,then some of these programs

are going to be used for allkinds of asset classes,”Mr. Mik-kelsen said.

Some industry trade groups,watching the divide betweenmarkets, are already pushing toget the Fed to buy more typesof assets. One place this is hap-pening is in the mortgage mar-

ket, where a gap is forming be-tween mortgage bonds backedby the government and thosethat aren’t.

The Fed has begun buying amassive stockpile of the former,propelling a rebound in thatmarket. But it hasn’t intervenedin the latter market, leaving iteffectively closed for business.Lenders that specialize in non-government-backed mortgages,many of which are independentnonbank companies, are nowpausing operations and layingoff staff, limiting the availabilityof these mortgages to somehome buyers and owners.

Some real-estate investmenttrusts with big portfolios ofnongovernment-backed mort-gage bonds have been particu-larly hard hit, forcing them tosell into a down market. NewResidential Investment Corp.said last week that it sold $6.1billion worth of these mortgagebonds. Two Harbors Invest-ment Corp., another REIT, said

in March that it also sold its en-tire portfolio of these mort-gages. Many REITs have strug-gled to meet requirements fromtheir banks to post more collat-eral against their loans.

The Structured Finance As-sociation, a trade group, askedthe Fed in March to increase itsasset-backed-lending facility tosupport these nonagency mort-gages and other types of asset-backed bonds.

Another part of the mort-gage market that has struggledwithout Fed support is a nichetype of securities issued by gov-ernment mortgage corporationsFannie Mae and Freddie Mac.Since 2013, the two firms havepacked up the credit risk tied tomortgages they back and sold itto investors as bonds. Since themarket turmoil began, the pre-mium that investors demand toown those bonds spiked, ac-cording to data from MSCI Inc.

—Matt Wirz contributed tothis article.

the Fed said March 23 that itwould launch facilities to buynot just Treasurys but also cor-porate bonds carrying invest-ment-grade ratings, the corpo-rate-debt market showed signsof stabilizing. Companies rang-ing from Mastercard Inc. toNike Inc. to Pfizer Inc. wereable to issue bonds at loweryields than their initial guid-ance, a sign that investor appe-tite for the debt had improved.Over the following two weeks,companies issued a record $177billion of investment-gradebonds, according to Dealogic.

In contrast, companies with

ContinuedfrompageB1

MarketSplitWidens

Somemarketsremain closed,setting off a race tostay afloat.

P2JW099000-0-B01000-1--------XA

THEWALL STREET JOURNAL. * * * * * Wednesday, April 8, 2020 | B11

MARKETS

Share-price and index performanceTuesday

Source: FactSet

American Airlines

JetBlue Airways

United Airlines

Royal Caribbean Cruises

Air carriers

Cruise lines

Carnival

Norwegian Cruise Line

DowJonesIndustrial Average –0.1%

13.3%

7.6

1.9

13.3%

10.7

10.0

pany, which had $4.5 billion inassets under management atthe end of 2019, sold all equityand bond positions in recentweeks, opting instead for onlycash.

He remains skeptical thatthe economy can make a fastrecovery once businesses beginopening up and employees re-turn to work.

“I’m having difficulty in un-derstanding how a small busi-ness that has gone bankrupt isgoing to go back into businessbecause we have reached thepeak of infections,” Mr. Moraifsaid.

Authorities have warnedthat the coronavirus infectionsin the U.S. and U.K. are likelyto worsen in the coming week.Even in New York, where de-mand for intensive-care unitshas decreased, Mr. Cuomo saidTuesday that the state re-ported its highest number ofdeaths in a single day. Nearly12,000 people have died fromthe virus across the U.S., andthe number of infected Ameri-cans hovers below 400,000, ac-cording to data from JohnsHopkins University.

Even more, economic indi-cators have shown that a deeprecession may be looming.

The Mortgage Bankers As-sociation said Tuesday thatmortgage forbearance requestssurged in the second half ofMarch as millions of Ameri-cans sought unemploymentbenefits after the pandemicshuttered businesses.

Travel and leisure stocks

were again among the brightspots in markets Tuesday.American Airlines Group rose7.6%, JetBlue Airways jumped13%, and United Airlinesadded 1.9%.

Among cruise lines, RoyalCaribbean Cruises gained 13%,Carnival jumped more 11% andNorwegian Cruise Line Hold-ings rose 10%. All six stocks re-main down more than 50% forthe year.

Meanwhile, in London,EasyJet climbed 15% after thecarrier tapped a U.K. govern-ment-aid program for short-term credit. The company’sability to access the fundingsuggests that it could with-stand the economic downturn,provided that the spread of thecoronavirus continues to slow,according to Michael Hewson,

chief market analyst at broker-age CMC Markets.

“Markets are pricing in a re-turn to normality for airlinessooner rather than later,” Mr.Hewson said.

Global leaders and corpo-rate executives have warnedthis week that a U.S. recessioncould be deep and severe.

Former Federal ReserveChairman Janet Yellen saidMonday in an interview onCNBC that she expects the U.S.economy to decline at least30% in the second quarter. Shealso said she was “afraid wewill see bankruptcies” and that“companies may end up withdebt burdens that make themunwilling to restore investmentspending or rehire workers.”

Still, some appetite for riskamong investors prompted in-

vestors to sell the safest gov-ernment bonds. The yield onthe 10-year U.S. Treasury noterose to 0.735% from 0.675%Monday. Yields rise as bondprices fall.

Meanwhile, oil prices fell af-ter starting the day higher.Brent crude, the global gaugeof oil prices, slid 3.6% to $31.87a barrel, as demand for oil hasfallen during the pandemic andRussia and Saudi Arabia con-tinue a price war.

Beyond the U.S., the pan-continental Stoxx Europe 600ended the day higher, rising1.9%.

In Asia, Japan’s Nikkei 225,Hong Kong’s Hang Seng Indexand China’s Shanghai Compos-ite each rose more than 2%. In-dia’s benchmark rose 9%. Atmidday Wednesday in Tokyo,the Nikkei was up 0.5%, theHang Seng was down 0.8% andthe Shanghai benchmark wasdown 0.5%.

“People are trying to iden-tify risks and opportunitiesnow,” said Bruce Pang, head ofmacro and strategy research atChina Renaissance Securities.

“China’s case shows whennew infections peaked out, themarket would bottom out,’’ headded, noting that the trend iswhat some global investorsmay now expect.

In the currency markets, theWSJ Dollar Index, which mea-sures the currency against abasket of 16 others, fell 0.76, or0.8%, to 94.18. The dollar fellagainst the euro, British poundand Japanese yen.

Stocks ran out of steam in avolatile trading session thatsaw the Dow Jones IndustrialAverage give up an early gainof more than 900 points.

Major indexes appeared

poised to build on Monday’smammoth gains but wobbledin the final hour of the tradingsession and slid into the red asthe closing bell rang. Stocksfrom Intel to UnitedHealth toMorgan Stanley ended lowerafter rallying earlier in the day.

Much of the optimism wastied to small signs of successin the global fight against thecoronavirus pandemic. Stockswere buoyed by an announce-ment from New York Gov. An-drew Cuomo, who said thestate—the hardest hit in theU.S. by the virus—has pro-

jected that it isreaching a pla-teau of dailyhospita l iza-

tions. And globally, countriesincluding Spain have seen thedaily toll of new infections anddeaths slow.

Still, by the end of the day,investors appeared unable toput their faith in projectionsthat coronavirus hot spots hadturned a corner.

“This is slowly degradinglike the Titanic,” said Ken Mo-raif, founder of RetirementPlanners of America. “The peo-ple who are buying right nowdon’t believe how bad this re-ally is.”

The Dow industrials shed26.13 points, or 0.1%, to finishthe day at 22653.86. The bluechips rose as much as 4.1% ear-lier in the session as they at-tempted to build on Monday’s7.7% gain. The S&P 500 lost4.27 points, or 0.2%, to2659.41.

Both indexes suffered theirsteepest intraday reversals inmore than a decade: For theDow, Tuesday’s was the largestblown gain since Oct. 14, 2008,when the index climbed asmuch as 5.7% before closingdown 0.8%

Both indexes are still downabout 20% from their mid-Feb-ruary highs.

For weeks, investors haveparsed economic and healthdata to determine how se-verely the coronavirus pan-demic will dent the economy.

Mr. Moraif said his com-

Dow Deflates After 900-Point Gain

TUESDAY’SMARKETS

By Caitlin McCabe,Anna Hirtenstein

and Xie Yu

Airline stocks were again among the bright spots. American Airlines rose 7.6%, JetBlue jumped 13% and United added 1.9%.

JOSH

UARO

BERT

S/RE

UTE

RS

The S&P 500 has climbed6.9% this week and is on thecusp of exiting from a bearmarket by traditional defini-tions, close to jumping 20%from its March 23 low.Through Tuesday, the S&P500 was up 19% from that na-dir.

Although that would be oneof the shortest bear marketson record for the gauge, manyanalysts are calling the recentrun a rally within a bear mar-ket.

A quick exit would be a his-torical anomaly.

Many economists are gird-ing for a recession as the pan-demic has shut down busi-nesses around the world andleft many jobless.

Bear markets that are ac-companied by a recession tendto be more prolonged and lastabout 11 months, according toBank of America analysts.

The U.S. stock market hasnever reached its bottom inless than six months after fall-ing more than 30% and facinga recession.

“Historical analogs suggestthe [S&P 500] could rally toclose to 3000, but still rollover and touch new lows be-fore staging a full-fledged re-covery,” wrote Bank of Amer-ica analysts in a researchnote. “We think it’s insteadmore likely that we haven’tseen the bottom in equitiesyet.”

Other recent rallies point toa similar outcome.

The bank analyzed 26three-day rallies in U.S. stocksthat topped 10%. Of those, 20were followed by a fall to afresh low in the stock market.

The volatility market alsoshows investors are pricing ina quick decline in stockswings, despite a looming re-cession that will likely beworse than the 2008 financialcrisis, according to the ana-lysts.

The Cboe Volatility Index,or VIX, peaked March 16 andhas recently fallen.

The options-based gaugetends to rise when marketsare falling and investors arereaching for insurancelikecontracts to hedge their port-folios.

BY GUNJAN BANERJI

QuickBearMarketsAre Rare

AUCTIONRESULTSHere are the results of Tuesday's Treasury auction.All bids are awarded at a single price at themarket-clearing yield. Rates are determined by the differencebetween that price and the face value.

NINE-YEAR, 10-MONTHNOTESApplications $60,928,517,900Accepted bids $25,082,286,900" noncompetitively $1,714,100" foreign noncompetitively $0Auction price (rate) 106.783664

(0.782%)Interest rate 1.500%Bids at clearing yield accepted 39.03%Cusip number 912828Z94

The notes, datedApril 15, 2020,mature on Feb. 15,2030.

Saudi Arabia slashed itsprices and made moves toboost production.

Traders and analysts arewaiting to see whether OPECand other oil-producing na-tions can come up with a coor-dinated response to mitigatethe recent blow to prices.Measures to curb the spreadof the virus have battered de-mand, while the price war hasworsened a global glut of oil.

The world is running out ofstorage, and analysts say suchprices are unsustainable forproducers.

Energy companies havebeen hard-hit, with WhitingPetroleum Corp. filing forbankruptcy protection andproducers such as ChevronCorp. and Diamondback En-ergy Inc. pledging to lowerspending.

Continental Resources Inc.

is suspending its quarterlydividend to conserve cash. Thecompany also plans to cutback output around 30% inApril and May.

Meanwhile, traders expectcrude prices to remain volatileuntil there is more clarity onpotential supply cuts.

“Every day to the next is acomplete unknown,” said Jon-athan Wagner, senior energybroker at Ion Energy Group.

Oil prices continued to slideTuesday, erasing gains fromearlier in the day as traderslooked toward Thursday’smeeting of the Organization ofthe Petroleum ExportingCountries and its allies.

U.S. crude futures fell 9.4%to $23.63 a barrel, whileBrent, the global gauge ofprices, fell 3.6% to $31.87 abarrel.

Crude prices plunged totheir lowest levels since 2002

last weekbefore surg-ing Thurs-

day and Friday after PresidentTrump said Russia and SaudiArabia were close to reachinga deal to cut oil production.

Prices then fell Monday af-ter a virtual summit for OPECand other oil-producing coun-tries, originally planned forMonday, was postponed toThursday.

U.S. crude futures are down61% so far this year, whileBrent is down 52%.

Investors are hoping themeeting will signal an end tothe current oil-price war be-tween Russia and Saudi Ara-bia, which began when a dealbetween OPEC and its alliesto cut output fell apart lastmonth. After Russia rejecteda Saudi-backed plan by OPECto cut crude output in re-sponse to dwindling demanddue to the coronavirus crisis,

BY SARAH TOY

Crude Drops Ahead of OPEC Meeting on Price War

COMMODITIES

A summit of oil-producing nations is set for Thursday amid the market’s downturn. A refinery in Russia,

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U.S. Oil OutputExpected to Drop

WASHINGTON—U.S. produc-tion of crude oil will fall 13% byyear’s end, according to a gov-ernment forecast Tuesday—numbers the White Househopes to use to persuade SaudiArabia and Russia to end theirprice war, a senior administra-tion official said.

Saudi Arabia, in a disputewith Russia, has worsened aglobal oil glut by ramping upproduction as demand hasdropped because of the corona-virus pandemic. Both countrieshave said privately they areopen to reducing productiononly if the U.S. also agrees tomandate cutbacks.

Trump administration offi-cials have shunned any at-tempts at coordinating or evenpassively sanctioning outputcuts from U.S. producers, con-sidering it an intervention intoprivate enterprise. But they arenow trying to thread a diplo-matic needle, potentially givingforeign rivals the signal theywant, even without governmentmandates.

The White House plans touse the new production fore-cast to show the market isworking and that U.S. oil pro-ducers are ramping down, thesenior administration official

said.“It does demonstrate that

the U.S. market is stabilizingand moving to a smaller num-ber,” the official said. “Whetherthat’s satisfactory to the Rus-sians and the Saudis is going tobe up to them to decide.”

The new forecast is fromthe U.S. Energy Information Ad-ministration, which said the U.S.will produce 11 million barrels aday over the fourth quarter,down from just below 13 millionbarrels a day during the firstquarter of 2020.

The U.S. is the world’s big-gest oil producer, followed bySaudi Arabia and Russia. Thosetwo countries are the leaders ofa 23-nation alliance known asOPEC+ that had been managingworld oil supply. The alliancebroke up a month ago whenSaudi Arabia and Russiachanged course and decided toflood the market with cheapcrude to take customers fromeach other and dent the hold ofU.S. shale oil.

The EIA forecast comesahead of crucial meetings anddecisions. The Organization ofthe Petroleum Exporting Coun-tries and Russia-led allies areholding a virtual gatheringThursday to negotiate a truceand debate curbs of 10 millionbarrels a day. The Saudis arealso scheduled to set new sellingprices, a key market indicator.

—Timothy Puko

WASHINGTON—Public com-panies should disclose toshareholders whether theyplan to tap coronavirus-relatedbailout funds from the govern-ment, the nation’s top securi-ties regulator said Tuesday.

Speaking on CNBC, Securi-ties and Exchange Commission

Chairman Jay Clayton said in-vestors are “thirsting for in-formation” about how thepandemic has affected compa-nies’ earnings power and theirneed for capital. The roughly$2 trillion aid package passedby Congress last month in-cludes tens of billions of dol-lars for airlines and cargo car-riers, $17 billion for businesses

deemed critical to national se-curity and almost $350 billionfor small businesses that needfinancial aid to stay alive.

The need for bailout moneyor other sources of cash is“sensitive information,” Mr.Clayton said. “I encouragecompanies to get out there[and] disclose where theystand” to limit speculation

about the companies’ plans.“Companies should be tell-

ing the market where theystand from a capital needsperspective,” Mr. Clayton saidlater in a statement to TheWall Street Journal. “That’sfundamental. Those companiesseeking capital, whether fromprivate sector investors or thegovernment, should practice

good hygiene.”Mr. Clayton said on CNBC

that information is flowingacross Wall Street about drugsthat could help combatCovid-19, the disease causedby coronavirus. Investors canbe expected to seek out infor-mation about which drugs arethe most promising, he said.

BY DAVE MICHAELS

SECSaysCompanies ShouldDiscloseNeed for Bailout Funds

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B12 | Wednesday, April 8, 2020 THEWALL STREET JOURNAL.

Auto Deal Spreads Alluringly WideFiat Chrysler-Peugeot is one of many mergers offering prospect of huge but uncertain gains

For some, the second quarter is a period that can make or break the year.

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Social distancing has been goodfor Samsung so far. But the com-pany’s prospects depend on thestate of the global economy after itemerges from shutdown.

On Tuesday, the world’s largestmaker of memory chips and smart-phones delivered better-than-ex-pected preliminary results for lastquarter: sales up 5% from a yearearlier, operating profit up 3%.There is no breakdown of the earn-ings—full results will be releasedlater—but demand for memorychips for servers probably helpedovercome the presumed lockdown-related hit to smartphone and con-sumer-electronics sales. Semicon-ductors accounted for half ofSamsung’s operating profit in 2019.

Demand for servers from cloudservices has picked up as morepeople work from home, playgames and buy goods online. Mem-ory-chip prices in the first quarterwere up in the low single digitsfrom the quarter before, accordingto market-research firm Trend-Force. And memory-chip manufac-turing is highly automated, helpingmaintain supply through businessdisruptions.

But more-challenging times couldlie ahead. Smartphone sales mayworsen: The U.S. and Europe didn’tgo into lockdown until the lastmonth of the quarter. That couldweaken demand both for memorychips and for displays, another im-portant segment for Samsung.

And while more people workingfrom home has temporarily boosteddemand for servers, an economicslowdown could weaken it longerterm. The looming uncertaintythreatens spending on technologyinfrastructure. Half the chief infor-mation officers surveyed by MorganStanley late last month said theyhave cut information-technologybudgets by an average of 2.6%.

Startups, big customers of cloudcomputing, have already seen re-duced funding. Samsung’s $77 bil-lion cash pile will probably allow itto weather the crisis better thanmost, but the boost from today’s re-mote working and learning mightnot last forever. —Jacky Wong

WorkingAt HomeIs HelpingSamsung

But more-challengingtimes could lie ahead

patched over with an influx of stim-ulus money, but investors shouldn’texpect the fallout to end there.

The continuing surge in unem-ployment will also likely lead to adecline of patients with privatehealth insurance, which typically re-imburses hospitals at far higherrates than do Medicare and Medic-aid. State budgets will be strained

as the economic damage mounts,and both publicly traded and non-profit hospitals also tend to rely ondebt financing, which adds to thechallenge.

The uncertainty makes it unlikelythat hospitals will be comfortableinvesting in new equipment in thenear term. HCA Healthcare, a for-profit, publicly traded companywhich manages nearly 200 hospitalsnationwide, said in January that itexpected capital spending on theorder of $4 billion to $4.2 billionthis year, but announced on March20 it was putting those plans onhold. It is reasonable to assumethat hospital systems with smallerbalance sheets will follow suit.

Stocks with business models atrisk have sold off but still fetchfairly high valuations. IntuitiveSurgical trades at nearly 43 timeslast year’s adjusted earnings.Stryker shares go for about 30times. Those valuations made sensein a stable, predictable world. Butthe longer hospitals are swampedwith Covid-19 patients, the morelikely these stocks are to go underthe knife —Charley Grant

HCAHealthcare

Intuitive SurgicalStryker

Share-price performance

Source: FactSet

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Buying Fiat Chrysler stock without cover is a very risky play given consumer lockdowns.

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Hospital operations have beenthrown for a loop recently. Healthcare should be prepared for majordisruption as a result.

For years, hospitals and largephysician practices had a steady,predictable stream of sales andprofits. The coronavirus disasterhas scrambled that dynamic. Hospi-tals across the country have sus-pended elective procedures to helpcope with a surge in Covid-19 pa-tients. Elective procedures can in-clude anything from nonessentialcosmetic fixes, such as a rhino-plasty to more serious surgerieslike hip replacement.

That has hurt medical technologystocks: Stryker withdrew its 2020organic sales growth and earningsper share guidance on March 31.Boston Scientific likewise warnedThursday that procedure volumesplunged in March and will affectsales and profit.

It isn’t just patients and de-vice company shareholders thatstand to lose. The longer hospi-

tals defer such procedures, themore red ink they will face. Theshort-term revenue shortfall may be

On paper, it is a sensationaltime to invest in companies aboutto be bought out. In practice, eventhe best-laid merger plans are upin the air.

A popular investment strategy,risk arbitrage, involves betting onthe gap or “spread” between atakeover offer and the stock mar-ket value of the company beingtaken over. Following last month’smarket meltdown, spreads on theauto industry’s biggest deals aremouth-wateringly wide.

The value of Fiat Chrysler, forexample, is less than half that ofits merger partner Peugeot oncedividends and other distributionsagreed by the auto makers are fac-tored in. If the companies com-plete their 50-50 merger on theterms agreed last December, FiatChrysler’s shareholders will gethalf the combined company byproviding just 31% of the equity. Itshould be a no-brainer to buy FiatChrysler’s stock and cover the po-sition by selling Peugeot’s short.This apparent pricing anomalydidn’t exist even a month ago.

But there is a problem: Inves-tors can’t short Peugeot right now.The stock trades on the Paris ex-change, and the French marketregulator banned short selling for30 days in the heat of the sellofflast month. Given that the mergerisn’t due to complete until earlynext year, following a lengthy anti-trust review, buying Fiat Chryslerstock without cover is a very riskyplay given consumer lockdowns.

Then there is the thorny ques-tion of whether the deal math willhave to be revisited. Both compa-nies agreed to pay their sharehold-ers a €1.1 billion ($1.2 billion) divi-dend for 2019. In the economic

shutdown, such payouts seem likea bad idea. On Friday, both compa-nies postponed their annual gen-eral meetings, and thus their divi-dend decisions, until June.

A bigger question concerns the€5.5 billion special dividend due toFiat Chrysler shareholders beforecompletion. Depending on howbadly this year pans out, this alsomight seem unwise—in which casethe way the transaction’s benefitsare split could look very different.Fortunately, the companies won’tneed to address this until the endof the year, by which time thescale of the current economic cri-sis should be clearer. However, allthis uncertainty means that entic-

ing deal spread is at this point lit-tle more than a spreadsheet fic-tion.

In other cases, the question ofwhether a merger will happen isopen. In January, car-parts supplierBorgWarner made an all-stock of-fer for Delphi Technologies. Then,last week, BorgWarner accusedDelphi of breaching the terms oftheir agreement by drawing downa $500 million credit facility in full.If Delphi doesn’t correct the situa-tion, its suitor claimed the right tocall off the engagement. Delphistock plunged, opening a gap forarbitragers.

Most extreme is Navistar Inter-national. In January, minority

shareholder Volkswagen. offered$35 a share for the stock it doesn’talready own. Having traded at apremium to the offer for all ofFebruary, the stock closed at$16.69 on Monday. If the deal goesahead on existing terms, investorswill more than double their money.

Navistar may be worth a gam-ble: Volkswagen will eventuallywant control, and the spread mayhave been blown out of proportionby hedge-fund deleveraging. Butthis game needs to be played withextreme caution. The old arbitrag-ers’ world of small, fairly certaingains has given way to one of po-tentially huge but uncertain ones.

—Stephen Wilmot

Samsung’s quarterlyoperating income

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A Season of Trouble for the EconomySpring is supposed to be the

season of renewal, not just in na-ture but for many businesses. Thatwill make the blow to the economyfrom the new coronavirus crisiseven heavier.

Economic data often give theimpression that U.S. business is asteadily moving thing, but thatisn’t entirely the case. Rather, dif-ferent parts of the economy waxand wane in a regular waythroughout the year. During theholiday shopping period in Novem-ber and December, for example, re-tailers register a jump in sales. Thegovernment and other data provid-ers use statistical methods to sea-sonally adjust for such swings andbetter capture the economy’s un-derlying trend.

Take away those seasonal ad-justments and the second quarter,more than any other time, is whenthe economy really surges. Con-sider real estate, where the springselling season would now typicallybe under way. In the second quar-ter of last year, the National Asso-ciation of Realtors’ pending home-sales index, which is based onwhen home sales go into contract,was on average 2.6% higher in thesecond quarter than in the first on

a seasonally adjusted basis. Buttake away that seasonal adjust-ment, and it was 32% higher.

Similarly, the second quarter iswhen spending on constructionsurges as work on building every-thing from houses to bridges picksup. Construction spending in thesecond quarter of last year was flaton a seasonally adjusted basis withthe first quarter, according to theCommerce Department, but with-

out that adjustment it was up 20%.There also is a great deal of sea-sonal job growth in the secondquarter, including workers who gethired on for summer work such asline cooks in beach town restau-rants and housekeepers in resorthotels. From March to June of lastyear, the leisure-and-hospitality in-dustry added 30,000 jobs on a sea-sonally adjusted basis, according tothe Labor Department, but 1.13 mil-

lion without seasonal adjustment.It all adds up to a lot. Without

seasonal adjustment, gross domes-tic product grew at a 13.6% annualrate in the second quarter of lastyear, according to the CommerceDepartment, which compares witha seasonally adjusted 2%.

It might be tempting to look atincoming data on a not-seasonallyadjusted basis and conclude thatthe reality isn’t as bad as adver-tised. When in July the CommerceDepartment reports that GDP con-tracted massively, for example, onemight think it wasn’t as bad as itmight have been. But that wouldbe getting it wrong because the ab-sence of activity that usually oc-curs in the second quarter willcause a lot of damage.

That will be particularly true forthose businesses and workers thatdepend on the second-quartersurge. For some of them, it is a pe-riod that can make or break theyear. For some of them, even in abest-case scenario, in which the vi-rus has been contained by the startof the summer and the economystarts to regain its footing, thelost season could mean losing ev-erything.

—Justin Lahart

Medical Tech Stocks Face a SwoonOVERHEARD

“You’ll shoot your eye out!”One reason the plot of “A Christ-

mas Story” works so well is that itis centered on a familiar maternalinstinct. Unlike obviously dangerousproducts like the Red Ryder carbineaction 200-shot range model air ri-fle Ralphie covets, many supposedlysafe products turn out not to be. Agroup of researchers found thepresence of female board directorsmade it much more likely that com-panies do something about that.

According to “The Influence ofFemale Directors on Product RecallDecisions” by Kaitlin Wowak,George Ball, Corinne Post and Da-vid Ketchen, medical-prod-uct companies with fe-male directors recallproducts with high sever-ity issues 35% faster thanthose that don’t have females.

The paper looked at 4,271 re-calls between 2002-2013 reportedby the Food and DrugAdministration by 92 publiclytraded companies.

Recalls became more efficientas the number of women on theboard rose. The greater degree ofcaution is even starker when thedanger is more of a judgment call.Companies with female directorsannounce 120% more recalls in-volving low severity issues thanthose with all-male boards.

Put another way, executivesare less likely to triple dog daretheir boards to keep a potentiallydangerous product instock when atleast one oftheir membersis a woman.

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