* * * * * * * * WEDNESDAY, NOVEMBER 4, 2020 ~ VOL. CCLXXVI NO. 107 WSJ.com HHHH $4 .00

Note: Maine and Nebraska award one electoral vote for each congressional district and two for the statewide winnerSource: Associated Press THE WALL STREET JOURNAL

As of 1:10 a.m. ET WednesdayNot yet called

Wash.

Calif.

Nev.Utah

N.D.

Okla.

Mo.

Wis.

Ind.Ohio

Pa.

N.Y.

Fla.

W.Va.W.Va.W.Va.

MaineMaineMaine

Ga.

N.J.Del.Md.D.C.

Mass.

Conn.R.I.

Maine 1stMaine 2nd

Neb. 1stNeb. 2ndNeb. 3rdHawaii

Vt.

TrumpBiden

Ore.

Idaho

Colo.

S.D.

Iowa

Ill.

Minn.

Ky.Ky.Ky.

Tenn.

Va.Va.

Wyo.

Kan.

Neb.

N.C.

S.C.

Miss. Ala.

Texas

N.M.

La.

Ark.Ariz.

Alaska

Mont.

Mich.

N.H.

270 electoral votesneeded towin

DJIA 27480.03 À 554.98 2.1% NASDAQ 11160.57 À 1.9% STOXX600 356.01 À 2.3% 10-YR. TREAS. g 10/32 , yield 0.881% OIL $37.66 À $0.85 GOLD $1,908.50 À $18.10 EURO $1.1722 YEN 104.50

President Trump and for-mer Vice President Joe Bidenremained locked in a tight racethat was expected to comedown to a few key states thatwere still counting votesWednesday morning.

The president won Ohio,Iowa, Texas and the key prizeof Florida, while Democratswere heartened by a strongperformance in Arizona, whichMr. Trump won in 2016. Thatset up a showdown in Pennsyl-vania, Michigan and Wisconsin,which, along with states suchas Georgia and North Carolina,weren’t yet called.

Mr. Biden, the Democraticpresidential nominee, has sus-tained a wide lead in nationalpolls, but statewide races hadbeen tighter. Mr. Biden said hebelieved he was on track to winthe election, while Mr. Trumpprojected confidence in hisprospects.

Addressing supporters at adrive-in rally in Wilmington,Del., Mr. Biden said the elec-tion wasn’t over “until everyvote is counted.”

“We knew this was gonnago long, but who knew we

PleaseturntopageA4

By Michael C. Bender,Sabrina Siddiquiand Tarini Parti

MidwestLikelyWillHoldKeyToVictory

Swing States Are TightBiden, Trump locked in close contest amid pandemic and downturn

China called a sudden haltto the world’s biggest initialpublic offering, casting uncer-tainty over the future of finan-cial-technology giant AntGroup Co. and delivering an ex-traordinary rebuke to its con-trolling shareholder, Jack Ma.

The Shanghai Stock Ex-change suspended Ant’s block-buster IPO late Tuesday, a dayafter four regulatory agenciessummoned Mr. Ma and thecompany’s top two executivesto a closed-door meeting.

The meeting and “changesin the financial technology reg-ulatory environment” consti-tute major events that havedisqualified Ant from listing onThursday, the exchange said.

The company said a concur-rent Hong Kong listing wouldalso be suspended. Ant plans toreturn the funds it has col-lected from investors who sub-scribed to its IPO, which had

212223

Democratic nominee Joe Biden appeared last night in Wilmington, Del., and PresidentTrump visited his campaign headquarters in Arlington, Va., before election results Tuesday.

been on track to raise at least$34.4 billion in total. “AntGroup apologizes for the trou-ble this has caused investors,”the company said in a post onChinese social media.

The development marks astunning turnaround for Ant,

the world’s most valuable techstartup, and Mr. Ma, its 56-year-old billionaire co-founder.

The owner of the popularPleaseturntopageA8

The portrait of America re-vealed in Tuesday’s presiden-tial election was one of adeeply divided nation split be-tween men and women, whiteand nonwhite voters, urbanand rural residents, collegegraduates and those whodidn’t graduate from college,and differing views on the im-portance of controlling thecoronavirus pandemic versuspreventing further damage tothe economy.

A national voter surveyconducted for The Wall StreetJournal and other news organ-izations showed PresidentTrump with his strongest sup-port among men, white voterswithout a college degree, ruralresidents and those who saidthe government should priori-tize the economy even if it in-creases the spread of the coro-navirus. Democrat Joe Bidenwas more heavily favored bywomen, urban and suburbanresidents, nonwhite voters andcollege graduates.

The AP VoteCast survey,which included more than100,000 registered voters,didn’t attempt to predict thewinner of a race that has yetto be called. But it does sketchout in great detail the complexmosaic of the 2020 Americanelectorate, a group expected tobreak a turnout record from2016, when more than 136 mil-lion cast a ballot in the presi-dential race.

In a Journal interviewTuesday on Milwaukee’s northside, 55-year-old JeffreyBriggs, a Democrat and assis-tant building manager who isBlack, said he strongly op-posed the president because ofhis rhetoric on race.

“People are just fed up withPleaseturntopageA6

BY JOHN MCCORMICKAND CHAD DAY

Economy,Virus andRace SplitElectorate

A divided nation is emerg-ing from a wrenching presi-

dential electionstill divided—anddivided in many of

the same ways it was before.The precise outcome of the

presidential race was undeter-mined late Tuesday night, but

this much was clear: Anythought that the political pic-ture would look vastly differ-ent after a year of bitter de-bate and national reflection,and as a result of a catharticpresidential election, seemedto be fading away.

Instead, the same splitsthat have been on display inrecent years are still there,

and in some cases they ap-peared to have widened. Thegap between men and womenin Tuesday’s voting was large:Democrat Joe Biden drew thevotes of 58% of women butjust 49% of men, according toAP VoteCast, a broad nation-wide survey conducted for TheWall Street Journal and othernews organizations.

President Trump won thevotes of 61% of white working-class men, while Mr. Bidenwon an almost identical 62%of the votes of white womenwith college degrees. Thepresident may have madesome inroads with Black menand Hispanics in Florida, butvoters of color remain a heav-ily Democratic constituency.

The vast swath of rural andsmall-town counties that werepainted Republican red in the2016 election that swept Mr.Trump into the White Houseremain that color, while the ur-ban counties that have becomethe stronghold of the modernDemocratic Party remaineddeep blue. The biggest move-

PleaseturntopageA7

BY GERALD F. SEIB

Whoever Prevails, a Nation Remains Divided

ELECTION

2020

China Halts Ant’s Record IPOAfter Meeting With RegulatorsBY JING YANGAND SERENA NG

HowAnt stacksupbyvalueagainst thebiggest

withdrawn IPOson record

AntGroup (2020)$34.40 billion

BudweiserAPAC (2019)$9.02 billion

DBMobilityLogistics(2008)

$7.88 billion

AIAGroup(2010)

$10 billion

Loterias yApuestas

del Estad (2011)$10.13 billion

Note: Ant figure is a minimum.Some of these companies successfully

listed at a later date.

Source: Dealogic(previously withdrawndeals), staff reports (Ant)

FROM

LEFT

:ROBE

RTOSC

HMIDT/AGEN

CEFR

ANCE

-PRE

SSE/GET

TYIM

AGES

;CHRISKL

EPONIS/CNP/ZU

MAPR

ESS

Go to WSJ.com forthe latest results.

House Democrats aimto widen majority... A5

Voting sites takevirus precautions... A7

Jack Ma faces backlash fromregulators..................................... A8

Donald TrumpJoe Biden

ANALYSIS

Salesforce.#1CRM.

Ranked #1 for CRMApplications based onIDC 2020H1 RevenueMarket ShareWorldwide.

19.8%

4.8%5.3%

3.8%3.9%

salesforce.com/number1CRMCRM market includes the following IDC-defined functional markets: Sales Force Productivity and Management,Marketing Campaign Management, Customer Service, Contact Center, Advertising, and Digital CommerceApplications. © 2020 salesforce.com, inc. All rights reserved. Salesforce.com is a registered trademark ofsalesforce.com, inc., as are other names and marks.

2016 2017 2018 2019 2020H1

Source: IDC, Worldwide SemiannualSoftware Tracker, October 2020.

CONTENTSArts in Review... A17Business News.. B3,5Crossword.............. A18Heard on Street. B14Markets.................... B13Opinion.............. A19-21

Personal Journal A15-16Property Report... B6Sports....................... A18Technology............... B4U.S. News............. A2-3Weather................... A18World News A10-11,22

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

>

What’sNews

Trump and Biden re-mained locked in a tight racethat was expected to comedown to a few key states thatwere still counting votesWednesdaymorning. Thepresident won Ohio, Iowa,Texas and Florida, whileDemocrats were heartenedby a strong performance inArizona. That set up a show-down in Pennsylvania, Mich-igan andWisconsin, which,along with states such asGeorgia and North Carolina,weren’t yet called. A1, A4-7 Democrats gained theirfirst seat in a quest to wincontrol of the Senate witha victory by Hickenlooperin Colorado, yet their op-portunities to retake thechamber were shrinking aselection night unfolded. A5Close U.S. House contestswere still being tallied lateTuesday as Democratswaited to see if they wouldexpand their majority andRepublicans sought to holdseats in the suburbs. A5 The Supreme Courtweighed whether trial judgesmust find juveniles “perma-nently incorrigible” beforesentencing them to life inprison without parole. A2The suspect in the killingof four people in a Vienna at-tack had been convicted onterrorism charges after tryingto join ISIS but was releasedfromprison after serving partof his term, officials said.A22 Ivory Coast’s presidentwon a third term followingan election that was boy-cotted by the opposition.A22

China called a suddenhalt to the world’s big-

gest IPO, casting uncertaintyover the future of fintech gi-ant Ant Group and deliveringa rebuke to its controllingshareholder, JackMa. A1, A8 The Dow industrials hadtheir best day since July,gaining 2.1%, while the S&P500 and Nasdaq rose 1.8%and 1.9%, respectively. B13Comcast is in talkswithWalmart to develop and dis-tribute smart TVs, as the ca-ble giant looks to become adominant hub for streamingapps, not just TV channels. B1 Aramco said it remainscommitted to paying itsquarterly dividend despitea sharp drop in profit. B1 Saudi Arabia and otherOPEC members are consid-ering deepening oil produc-tion cuts amid fresh con-cerns about demand. B13 Europe’s top marketswatchdog said it found a se-ries of problems with Ger-many’s regulatory oversightand handling ofWirecard.B12 Prudential Financialposted growth for the thirdquarter despite a low inter-est-rate environment andfallout from the pandemic.B3 Bayer reported a loss forthe third quarter as the pan-demic compounded problemsthe company has been facingsince acquiringMonsanto. B3 Fox Corp. boosted profitand revenue on a strongperformance from FoxNews in its latest quarter. B4

Business&Finance

World-Wide

JOURNAL REPORTArtificial Intelligence:How to make systemsless biased. R1-8

P2JW309000-8-A00100-17FFFF5178F

A2 | Wednesday, November 4, 2020 THEWALL STREET JOURNAL.

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U.S. NEWS

WASHINGTON—The Su-preme Court on Wednesdaywill hear a Catholic organiza-tion’s argument that the FirstAmendment entitles it to ex-clude same-sex couples from aPhiladelphia child-welfare pro-gram it helps run with tax-payer funds.

The case pits the city ofPhiladelphia against archdio-cese-affiliated Catholic SocialServices, one of dozens of pri-vate agencies that work as citycontractors to place orphansand other at-risk children withfoster parents.

A civil-rights law in the citysince 1982 has prohibited dis-crimination based on sexualorientation. In 2018, officialslearned that Catholic SocialServices and another foster-program contractor, BethanyChristian Services, had poli-cies against working withsame-sex couples.

Bethany Christian Servicesagreed to comply with thePhiladelphia Code. CatholicSocial Services said thatchurch teachings prohibited itfrom doing so. Catholic SocialServices said it would referLGBT couples to other foster-parent agencies.

Philadelphia suspended re-ferrals to Catholic Social Ser-vices and wrote clearer non-discrimination language intoits contract. The Catholicagency filed suit, arguing thatunder constitutional protec-tions for religious freedomand speech, the city couldn’trequire it to work with same-sex couples to receive tax-payer funds.

Federal courts in Philadel-phia disagreed. Writing for theThird U.S. Circuit Court of Ap-peals, Judge Thomas Ambrorelied on a 1990 SupremeCourt opinion by the late Jus-tice Antonin Scalia that upheldOregon’s denial of unemploy-ment benefits to adherents ofa Native American religionwho used peyote, a controlledsubstance, as a sacrament.

With support from theTrump administration, Catho-lic Social Services appealed tothe Supreme Court.

The court may prefer torule narrowly on the facts ofthe Philadelphia case or makea broader pronouncement re-calibrating the boundary be-tween church and state.

Wednesday’s case also maygive an early indication of howthe newest justice, Amy ConeyBarrett, will approach casesthat pit LGBT rights againstreligious objectors to same-sexmarriage.

A decision in the case is ex-pected before July.

BY JESS BRAVIN

JusticesTo WeighReligiousRights

U.S.WATCH

KENTUCKY

State Police HeadResigns After Report

The head of Kentucky StatePolice is stepping down days aftera report surfaced about old train-ing materials the agency usedthat encouraged cadets to be“ruthless” and quoted Adolf Hitler.

Police Commissioner RodneyBrewer’s resignation is effectiveWednesday, Kentucky Justice andPublic Safety Cabinet spokes-woman Morgan Hall said. Shedidn’t address why Mr. Brewer isstepping down but said Lt. Col.Phillip Burnett was selected to beacting commissioner.

Mr. Brewer was appointed byGov. Andy Beshear in Januaryafter previously leading theagency from December 2007 toFebruary 2016.

The resignation comes afterDuPont High School’s ManualRedEye first reported on thetraining materials last week. Thenewspaper said the presentation

instructed cadets to “meet vio-lence with greater violence” andincluded three quotes from Hit-ler and a quote from Confeder-ate Gen. Robert E. Lee.

The Kentucky Justice Cabinethas said the instructional materi-als were last used in 2013 andthat officials are working to“swiftly and thoroughly conductan internal review of all trainingmaterials” used by state police.

—Associated Press

MASSACHUSETTS

Pick for High CourtIs a First for State

Massachusetts Appeals CourtAssociate Justice Dalila ArgaezWendlandt was nominated byGov. Charlie Baker to fill an openseat on the state’s highest court.

Justice Wendlandt, if ap-proved, would become the firstLatina to serve on the SupremeJudicial Court, which dates to1692. She has served on the ap-peals court, the state’s second-

highest court, since 2017.Justice Wendlandt’s nomina-

tion on Tuesday came about aweek after Mr. Baker nominatedAssociate Justice Kimberly Buddto be the Supreme JudicialCourt’s chief justice. If confirmed,she would be the first Blackwoman to fill the seat.

Justice Wendlandt, born inNew Orleans, is the daughter ofColombian immigrants and hasengineering degrees from theUniversity of Illinois and theMassachusetts Institute of Tech-nology, and a law degree fromStanford University Law School.

—Associated Press

MISSOURI

Woman Going to VoteHit by Car and Killed

An 85-year-old woman cross-ing a street Tuesday morning tovote was hit and killed by a car,St. Louis County police said.

The woman was walking to apolling place inside the Affton

Community Center about 6 a.m.Tuesday when she was struck,said Sgt. Benjamin Granda.

Officers tried to save thewoman, but she was pronounceddead at a hospital, Sgt. Grandasaid.

—Associated Press

NEW YORK

Parolee Is Shot AfterRamming Officer

A parole officer wounded a pa-rolee with three shots through awindshield after the man struckthe officer with his car outside amotel in western New York, ac-cording to the local sheriff.

The officer went to the motelin Canandaigua Tuesday to arrestthe man on a parole violation, On-tario County Sheriff Kevin Hender-son said. The man tried to flee ina car and intentionally struck theofficer, who landed on the hood.

The car crashed into a utilitypole in the motel parking lot afterthe officer fired seven shots, hit-

ting the parolee three times, Sher-iff Henderson said. The officerwas checked and released at a lo-cal hospital, and the parolee wasflown to Strong Memorial Hospi-tal in Rochester, where he waslisted in stable condition, SheriffHenderson said.

—Associated Press

VERMONT

Rules Set for Ski HillsAnd School Sports

Vermont officials releasedguidance Tuesday on the opera-tion of ski resorts and onschool-based winter sports amidthe coronavirus pandemic.

Skiers and riders must attestwhen they arrive at a ski areathat they have read, understoodand complied with Vermont’s ex-isting guidance on travel andquarantining, and ski resortsmust collect and maintain con-tact tracing information from ev-ery guest, as well as reducetheir lodge and lift capacity, saidTed Brady, deputy commercesecretary.

Lift capacity must be reducedby half except for a party that istraveling together, and an en-closed lift, such as a gondola,may serve only one party unlessit is large enough to allow for 6feet of distance between cus-tomers, Mr. Brady said.

For school sports, spectatorswon’t be allowed at indoorsporting events, and wrestlingand indoor track won’t takeplace, said Natural ResourcesSecretary Julie Moore.

—Associated Press

said that wasn’t enough; thecourt’s recent precedents re-quire the trial judge to findthe defendant permanentlyincorrigible before throwingaway the key, he argues.

“I absolutely believe thatBrett substantively is notpermanently incorrigible,”the defendant’s lawyer, DavidShapiro, told the court.

“His grandmother, the wifeof the victim, testified on hisbehalf. A correctional officerspoke of his...extraordinaryrecord in prison,” he said.Mr. Jones “committed a mur-der for the most immaturereason possible, teenage in-fatuation,” and remains “fullycapable of rehabilitation.”

Through 2016, the Su-preme Court issued a seriesof decisions limiting the se-verest punishments for juve-nile offenders.

In 2005, it ruled that exe-cuting offenders who wereminors when they committedtheir crimes was unconstitu-tional, and later decisions re-quired additional steps be-fore life without thepossibility of parole could beimposed.

Tuesday’s case came be-

fore a court that has signifi-cantly changed since 2016,when by a 6-3 vote it gaveretroactive effect to its previ-ously announced rule forbid-ding automatic life-without-parole sentences forjuveniles.

Two members of that ma-jority, retired Justice An-thony Kennedy and the lateJustice Ruth Bader Ginsburg,have been replaced by moreconservative Trump appoin-

tees, Justices Brett Ka-vanaugh and Amy Coney Bar-rett.

In Tuesday’s argument, thenew justices asked toughquestions of both sides.

The high court’s 2016 deci-sion, Montgomery v. Louisi-ana, “seems very clear in say-ing multiple times...that afinding of fact about incorri-gibility is not required,” saidJustice Kavanaugh.

Mr. Shapiro, Mr. Jones’slawyer, said a “formal” pro-nouncement wasn’t required,but effectively the trial judgeneeded to determine thatthere was no hope for the de-fendant, something the trialjudge hadn’t done.

Justice Kavanaugh wasskeptical. “I’d be curiouswhat the distinction betweena formal finding of fact andan informal finding of factmight be in this serious con-text,” he said.

Justice Barrett asked whyprosecutors found Mr. Jones’sposition so problematic.

“So your objection here isreally that it’s making thestate jump through too manyhoops to put something actu-ally, formally on the record

as a finding of fact?” sheasked Justice Departmentlawyer Frederick Liu, who ar-gued in support of Missis-sippi’s position.

“Courts don’t require thatsort of uttering of magicwords” that explicitly pro-nounce the defendant perma-nently incorrigible ratherthan doing so implicitly at asentencing hearing, Mr. Liureplied.

Justice Samuel Alito, whotypically sides with prosecu-tors, sought to reframe thediscussion entirely, back to-ward earlier conceptions ofpunishment rather than theintricacies of recent prece-dents applying the EighthAmendment to juvenile sen-tencing.

“What would you say toany members of this courtwho are concerned that wehave now gotten light yearsaway from the original mean-ing of the Eighth Amendmentand who are reluctant to goany further on this travelinto space?” Justice Alitosaid.

A decision in Tuesday’scase, Jones v. Mississippi, isexpected before July.

WASHINGTON—The Su-preme Court weighed Tues-day whether trial judgesmust find juvenile offenders“permanently incorrigible”before sentencing them tolife in prison without thepossibility of parole.

It was a question left un-clear by prior decisions thatfound unconstitutional sen-tencing schemes that im-posed such sentences withoutconsidering factors that maymake youthful offenders lessmorally culpable or bettercandidates for rehabilitationthan adult criminals.

In 2004, Brett Jones, then15 years old, killed his grand-father Bertis Jones with akitchen knife in their Shan-non, Miss., home after thegrandfather discovered theteenager’s girlfriend with himin his bedroom. At a sentenc-ing hearing following Mr.Jones’s conviction, the judgesaid he considered “both mit-igating and the aggravatingcircumstances,” and then im-posed life without parole.

On appeal to the SupremeCourt, Mr. Jones’s lawyer

BY JESS BRAVIN

High Court Reviews Juvenile Life Sentences

Brett Jones got life without paroleat 15 for killing his grandfather.

MISSISS

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Royal Caribbean Grouphas canceled all sailings ex-cept those on Quantum of theSeas through the end of theyear. A Business News articleTuesday about the companyincorrectly said it canceled allsailings through the end ofthe year.

Notice to readersWall Street Journal staff

members are working re-motely during the pandemic.For the foreseeable future,please send reader commentsonly by email or phone, usingthe contacts below, not viaU.S. Mail.

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

CORRECTIONS AMPLIFICATIONS

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THEWALL STREET JOURNAL. Wednesday, November 4, 2020 | A3

steadily around the beginningof October.

The latest increases aremore widespread geographi-cally and reaching more re-mote regions, which is ex-pected to further strainresources needed for disasterresponse, experts in health-care emergency planning say.At least a dozen states, includ-ing Ohio, saw the numbers ofCovid-19 patients in hospitalsset a record Monday, Covid

Tracking Project data show.Hospital stays from the virus

have gotten shorter amid ad-vances in treatment, helpingease pressure on capacity, butdoctors and health-care disas-ter experts say those improve-ments aren’t enough to combatthe increase in hospitalizations.

Texas reported the mosthospitalizations in the countryMonday, with more than5,000, followed by Illinois andCalifornia, which both had

more than 3,000, and Florida,which had more than 2,000,according to the Covid Track-ing Project.

Hospitalizations are a lag-ging indicator and might notpop up until one to threeweeks after an increase incases, said Albert Ko, depart-ment chair for epidemiologyof microbial diseases at theYale School of Medicine.

“We’re going to go into abad period,” Dr. Ko said.

U.S. NEWS

The number of people hos-pitalized with Covid-19 in theU.S. topped 48,000 on Mon-day, according to data fromthe Covid Tracking Project,continuing a monthslong in-crease and hitting the highestpoint since mid-August.

The increase comes as newconfirmed infections are risingacross the nation, and public-health officials and epidemiol-ogists worry that the comingholiday season will acceleratethe surge.

In Ohio, hospitalizationsonce again hit a new high, top-ping 1,800 for Monday, risingmore than 100 from the previ-ous day, according to datafrom the Covid Tracking Proj-ect. Similar to the U.S. as awhole, hospitalizations havebeen climbing in the statesince early October.

Mike Abrams, chief execu-tive and president of the OhioHospital Association, said heexpected the increase in hospi-talizations to continue and isworried about the Thanksgiv-ing holiday when families willgather across the nation.

“I do think that we aren’tfinished setting records onhospitalizations or positives inOhio,” Mr. Abrams said.

The Ohio Department ofHealth reported 4,229 newcoronavirus cases on Tuesday.

For the U.S. overall, Mon-day’s hospitalization count isthe highest since Aug. 11, ac-cording to Covid TrackingProject data. The U.S. hit apandemic high of 59,940 hos-pitalizations on April 15, thatdata showed, when New Yorkwas bearing the brunt of asurge in cases. After hitting arecent low of 28,608 hospital-izations on Sept. 20, hospital-izations began to increase

BY ALLISON PRANG

Hospitalizations Hit Post-Summer Peak

Texas reported the most hospitalizations in the U.S. on Monday, with more than 5,000. The Covid-19 intensive care unit at United Memorial Medical Center in Houston.

GONAKA

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products and they’re beingbamboozled into buying thisgarbage,” said Dan Dietrich,president of Jogan ThermalCheckpoint, a manufacturerand vendor of temperature-measuring equipment in Den-ver.

In late October, the SecurityIndustry Association, a tradegroup that represents compa-nies that make technology forprivate security providers, senta letter to FDA CommissionerStephen Hahn pleading with theagency to step up enforcementof devices that don’t complywith agency guidance.

Among other complaints,the letter said many new prod-ucts used to detect fevers vio-late FDA recommendations bytrying to scan more than oneperson at a time, scan subjectswhile outdoors, scan subjectswearing hats or face masks, orscan subjects in front of win-dows, all of which reduce ac-curacy.

“It has become increasinglyclear that there have beensome products introduced dur-ing this time that are missingthe mark when it comes to en-hancing public safety,” readthe letter, which was signed byDon Erickson, the association’schief executive.

The FDA has acknowledgedreceiving the group’s letter. Anagency spokeswoman declinedto comment on the letter butsaid the public-health emer-gency caused by the coronavi-rus made it necessary to relaxenforcement of regulations toensure an adequate supply oftemperature-taking devices.

“The accuracy of these sys-tems depends on careful set-

up and operation, as well asproper preparation of the per-son being evaluated,” wroteAbigail Capobianco, thespokeswoman, in a statement.

The FDA and the NationalInstitutes of Health have saidfever alone isn’t an adequateindication of whether a personhas Covid-19, but the FDA saysthermal imaging devices havebeen used to positive effect inprevious epidemics.

New entrants into the mar-ket say they are trying to ful-fill an important public-healthneed and help customers pro-vide a sense of safety.

Henry Valentino, a Las Ve-gas entrepreneur who spentthe past decade selling point-of-sale security software to ca-sinos, jumped into thermal im-aging in May, soon after theFDA relaxed its guidance. Hiscompany, eConnect Inc., buyscameras made in China byShenzhen Eledy TechnologyCo. Similar cameras retail onthe e-commerce site Alibabafor about $500.

Mr. Valentino says he in-stalls his proprietary softwareon the cameras. He has soldmore than 500 of these sys-tems at a cost of $3,600 each,including warranty, to casinosand resorts, as well as a hospi-tal system in Los Angeles andschool districts in Oklahoma.

On eConnect’s website, thethermal camera system is de-scribed as “FDA Cleared,” butno device sold by Mr. Valen-tino’s company appears in theFDA’s public database for ap-proved devices. Mr. Valentinoexplained that the language onthe website refers to his com-pany’s close adherence to the

April FDA guidelines.He says that the cameras

were tested for accuracy by aphysician at a Las Vegas hos-pital who is also a customer ofeConnect.

However, eConnect doesn’tfollow other FDA recommen-dations, including that allthermal cameras use a “black-body device”—a heat-produc-ing element that provides areference temperature for thecameras to measure against—and that the cameras be cali-brated frequently.

“Our system, you don’tneed to calibrate it,” Mr. Val-entino said. “Right out of thebox, it’s super accurate.”

Experts in infrared imagingsay it is impossible for low-endthermal cameras to produceconsistent, accurate readingswithout a blackbody device,and few devices with that tech-nology can be purchased forless than $5,000 to $6,000.

“The greatest danger is get-ting false negative readingsfrom devices that understatebody temperature,” said JimSeffrin, director of the In-fraspection Institute in Burling-ton, N.J., which studies thethermal camera market.

Established thermal cameramakers say that the relaxedrules have allowed hundreds ofcompanies to undercut them.

“What’s happened is thatessentially the snake-oil sales-men have jumped back intothe business,” said Gary Stra-han, chief executive of ICIThermal Cameras, a manufac-turer in Beaumont, Texas.

ICI’s camera systems, whichcan cost up to $20,000, havehad FDA clearance since 2008.

Security camera manufac-turers are asking governmentregulators for tighter over-sight of temperature-detectingcameras, saying that a flood ofnew products prompted by theCovid-19 pandemic endangerspublic safety by providing in-accurate fever screenings.

Since the spring, hundredsof merchants have begun sell-ing telethermographic sys-tems—a category that includesdozens of devices such ascameras and kiosks that useinfrared scanning and thermalimaging to detect body heatfrom a distance.

School administrators, man-agers of government officebuildings and corporations havebeen purchasing the technologyand installing it at entrances ofbuildings in the hope that it willscreen out people with fevers, akey symptom of the virus.

But many of these devicesaren’t capable of providing ac-curate body temperature read-ings that would indicate fever,manufacturers and experts ininfrared technology say. In-stead, many of them are usedto accurately detect securityrisks such as unauthorizedpeople entering a building, oreven the presence of a con-cealed weapon. Others areused to take the temperatureof industrial machines. Butfew are accurate enough to de-tect fevers in humans.

Fearing shortages of tem-perature-screening equipment,the U.S. Food and Drug Admin-istration opened the flood-gates in April, issuing newguidance that loosened therules governing the telether-mographic devices.

The agency said it wouldn’tobject to the distribution ofthermal cameras and othertemperature-taking devices thathadn’t received agency ap-proval, as long as the deviceswere properly labeled and usedto test for fevers.

The move prompted manynew sellers, including manywith little or no experiencewith medical devices. Many ofthese sellers rely on inexpen-sive imports from China thatthey rebrand, sometimes usingmisleading marketing materi-als to target school districts,airports, hospitals and busi-nesses at a steep markup, ven-dors and scientists say.

“The public just doesn’tknow how to evaluate these

BY ROBBIE WHELAN

Industry Calls for More OversightOf Covid-19 Temperature Scanners

A thermal camera registered the temperature of customers at a Duluth, Ga., supermarket in March.

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

ELECTION 2020

Voters wait in line to cast their ballots in Oklahoma City. About 100 million people, a record, voted before Election Day, the first U.S. election held amid a pandemic in more than a century.

NICKOXF

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Investors doubled down onbets on the market’s most en-during winners as tallies acrossa growing number of states

showed the odds fading for aquick election result and deci-sive Democratic sweep.

Relatively muted movesacross the markets gave way tolarge swings late Tuesday aselection results showed a tightrace between President Trumpand Democrat Joe Biden. With

By Akane Otani,Gunjan Banerji andAmrith Ramkumar

on track to expand their major-ity, according to nonpartisanelection watchers. The Demo-crats currently control 232seats in the House, or about54% of the 430 voting mem-bers in the chamber.

Republicans picked up twoseats in Miami, their firstpickup of the night, the APsaid. Republican Carlos Gimé-nez beat Rep. Debbie Mucarsel-Powell, a first-term Democraticincumbent, in a district thatDemocrat Hillary Clinton wonin 2016. Republican Maria El-vira Salazar beat Rep. DonnaShalala, also a first-term Dem-ocratic incumbent.

Democrat Cori Bush waseasily elected to represent Mis-souri’s First Congressional Dis-trict, becoming the first Blackwoman to represent the statein Congress.

Mr. Trump and his teamsaw a narrow path to victoryby replicating his 2016 gameplan: motivating his staunchestsupporters, mostly white work-ing-class voters, with stops inMichigan, Wisconsin and Penn-sylvania, three states that heflipped four years ago thathelped propel him to the WhiteHouse. Mr. Trump won each in2016 by 1 percentage point orless, with a winning margin offewer than 80,000 votes acrossall three states.

For Mr. Biden’s campaign,the closing hours appeared tohave one primary objective:flipping Pennsylvania and its20 Electoral College votes backinto the Democratic Party’scolumn.

More than 120 statewideballot questions were also be-ing put to voters in more than30 states, including measuresin Arizona, Montana, New Jer-sey and South Dakota thatwould legalize marijuana andproposed restrictions on abor-tion in Colorado and Louisiana.

Voters in Florida approvedan amendment raising thestate’s minimum wage to $15an hour over the next sixyears, the AP said.

California voters were de-ciding whether to change Prop-osition 13 by allowing localgovernments to assess com-mercial property based on itscurrent value, rather than cap-ping increases from the lasttime it was sold.

—Catherine Lucey, ErinAilworth, Dustin Volz, MayaGoldman, Valerie Bauerlein

and Arian Campo-Florescontributed to this article.

were going to go until maybetomorrow morning, maybeeven longer?” Mr. Biden saidearly Wednesday. “We feelgood about where we are. Wereally do. I’m here to tell youtonight we believe we’re ontrack to win this election.”

Mr. Trump, meanwhile,tweeted: “We are up BIG.”

The two candidates hadbeen in a virtual tie in Florida,a major prize among the bat-tleground states, heading intothe final day of voting, pollsshowed. The state was centralto the Republican president’spath to victory, while a victoryfor Mr. Biden was more relianton Michigan, Pennsylvania andWisconsin. Texas, a tradition-ally Republican state, appearedcompetitive this year butwasn’t seen as crucial to Mr.Biden’s path.

After a long and tense elec-tion season shadowed by adeadly pandemic, the day ap-peared to lack major votingglitches, cyber meddling ordisruptions at polling sites.The race for control of theSenate, which the Republicansnow hold 53-47, also appearedtight, with Democrats pickingup one seat in Colorado andlosing one in Alabama.

Many of the competitiveraces that will determinewhether Republicans remain incontrol of the U.S. Senate werestill being counted. DemocratJohn Hickenlooper beat Repub-lican incumbent Cory Gardnerin a Senate race in Colorado,while Democratic Sen. DougJones was defeated by Repub-lican Tommy Tuberville in Ala-bama, AP said. Sens. LindseyGraham of South Carolina andJohn Cornyn of Texas, Republi-cans who faced unexpectedlycompetitive challenges in tra-ditionally red states, held on totheir seats.

The closely contested Geor-gia special election was pro-jected to go to a January run-off between Republican Sen.Kelly Loeffler and EbenezerBaptist Church Pastor RaphaelWarnock, a Democrat, the APsaid.

About 100 million people, arecord number, had alreadyvoted before Election Day,choosing between a Republicanincumbent president pushingfor a faster reopening fromlockdowns and a former vicepresident pledging to listen toexperts on the pandemic andprovide more conventionalleadership. A total of 137 mil-lion people voted in the presi-dential election four years ago.

More than 40% of votersnamed the coronavirus as thetop issue facing the country,while just over one-quartersaid it was the economy, ac-cording to preliminary resultsfrom a large survey of Ameri-cans participating in the 2020election.

Mr. Biden was winningthree-quarters of voters whocited the pandemic as mostimportant, while Mr. Trumpcarried 80% of those whonamed the economy, accordingto preliminary results fromthe AP VoteCast survey ofmore than 100,000 voters con-ducted for The Wall StreetJournal and other news organ-izations.

It was a campaign like noother in modern history, con-cluding amid a worsening pan-demic and warnings of possi-ble civil unrest. The winnerwill assume leadership of afractured nation, battered bythe coronavirus pandemic thathas claimed more than 230,000lives, damaged the economyand upended daily life.

The race in recent days had

ContinuedfromPageOne

Race EndsWithHeavyTurnout

centered on Pennsylvania,Michigan and Wisconsin, bat-tlegrounds won by the presi-dent in 2016. The Republicanincumbent used a series of ral-lies to try to generate enthusi-asm among supporters, as Mr.Biden criticized his handling ofthe coronavirus pandemic andurged voters to endorse achange in leadership.

The nation braced itself forthe election results, with busi-nesses in New York, Washing-ton, D.C., Los Angeles andother major cities preparingfor potential violence by forti-fying windows and doors withplywood or other coverings.Security fencing was erectedaround parts of the WhiteHouse complex.

The first U.S. election heldamid a pandemic in more thana century helped spark a surge

in people casting their ballotsby mail and through early vot-ing. Several states have raisedconcerns about their ability toquickly count ballots, and bothparties have dispatched teamsof lawyers to battlegroundstates as they prepare for post-election legal challenges.

In Pennsylvania, Gov. TomWolf, a Democrat, cautionedTuesday night that his statemight not be finished counting.Milwaukee County Board ofElections Director JuliettaHenry said results from thestate’s most populous countywouldn’t be ready untilWednesday morning, accordingto the Milwaukee Journal Sen-tinel.

Whitney Walker, 38 yearsold, was part of a stream ofBlack voters who came out toDetroit’s Northwest Activities

to get him out of there becauseit was just so poorly handled,”said Ms. Walker, who is now ahomemaker.

In Pittsburgh, Alex Sax, 70,and his wife, Jackie Sax, 66,both voted for Mr. Trump onTuesday for a second time. Mr.Sax, a retired dentist, said hesupported Mr. Trump’s eco-nomic policies and that hefeared an increase on capitalgains and other taxes under aBiden administration.

“His personality is not whatI look for in a leader, but hefollows through on what hesays and his policies are in linewith what I’m in favor of,” saidMr. Sax, a registered Democratwho added that his vote forMr. Trump in 2016 was hisfirst for a GOP presidentialcandidate.

House Democrats appeared

Center to cast their ballots forMr. Biden Tuesday morning.The former sales executivesaid she is not a big fan of theformer vice president, but feelshe would be a better presidentthan Mr. Trump, especially

when it comes to the pandemicresponse.

“We’ve lost so many peopleto Covid, and I think even ifTrump had done everythingright but dropped the ball onjust that alone, that is enough

Businesses inmajorcities prepared forpotential violence byboarding windows.

HawaiiHawaii

Pa.Pa.Pa.

N.H.N.H.Vt.Vt.

Mass.Mass.

R.I.R.I.Conn.Conn.N.Y.N.Y.

N.J.N.J.Del.Del.Md.Md.W.Va.W.Va.W.Va.

OhioOhioOhio

Wis.Wis.Wis.Minn.Minn.

IowaIowaIowa

N.D.N.D.N.D.S.D.S.D.S.D.

Neb.Neb.Neb.

Ind.Ind.Ind.

Mich.Mich.Mich.

Ill.Ill.

Mo.Mo.Mo.Kan.Kan.Kan.

Wy.Wy.Wy.

Colo.Colo.UtahUtahUtahNev.Nev.Nev.

IdahoIdahoIdaho

Wash.Wash.

Ore.Ore.

Calif.Calif. Ariz.Ariz.Ariz.N.M.N.M. Okla.Okla.Okla.

Ark.Ark.Ark. Tenn.Tenn.Tenn. Ky.Ky.Ky.Va.Va.

N.C.N.C.N.C.

Fla.Fla.Fla.

S.C.S.C.S.C.

Ga.Ga.Ga.

La.La.La.TexasTexasTexas

MaineMaine

Mont.Mont.Mont.

D.C.D.C.

AlaskaAlaska

Ala.Ala.Ala.Miss.Miss.Miss.

Trump306

Clinton232

2016results

223 212BIDEN TRUMP

270 electoral votes needed towin

Not yet called: 103

Each squarerepresents oneelectoral vote.

The electoral map as of 1:10 a.m ETWednesday

Source: Associated PressTHE WALL STREET JOURNAL

uncertainty hanging high, trad-ers appeared to revert to someof the most trusted trades ofthe past few years: betting ontechnology stocks rising, cur-rencies in emerging marketsfalling and bond yields, whichmove inversely to prices, re-treating from recent highs.

Futures linked to the Nas-daq 100, which heavily weightsshares of big tech companies,advanced 2.7%, at one pointdarting higher so quickly thattrading was briefly halted. S&P500 futures added about 1%,while Dow Jones Industrial Av-erage futures rose 0.4%.

“There was a tremendous

belief that there was going tobe a giant blue wave comingtonight, and now we’re notseeing those things we thoughtwe were going to see,” saidThomas di Galoma, managingdirector of rates trading atSeaport Global Securities inNew York.

With news networks show-ing increasingly tight marginsbetween the two presidentialcandidates in a number ofstates and odds forecast by thebetting markets fluctuatingfrom hour to hour, Mr. di Ga-loma said he wasn’t surprisedby the volatility sweepingacross markets. He added that

he planned to pull an all-nighter.

“I want to see this re-solved,” Mr. di Galoma said.

Stocks typically rise regard-less of who has control inWashington, but the trajectoryof policies affecting everythingfrom energy to health care candetermine which sectors leadthe way. The S&P 500 is up4.3% this year.

In recent weeks, many WallStreet strategists coalescedaround predictions that Mr. Bi-den would win the presidentialrace, and that Democratswould potentially take controlof Congress. In their estimates,

that would result in a sweepingfiscal stimulus package, helpingbenefit stocks broadly, as wellas shares of smaller, domesticcompanies.

“If that blue wave isn’t therethen it’s...back to the play-book,” said Charlie McElligott,a cross-asset strategist at No-mura Securities InternationalInc., pointing to how Nasdaqfutures were strongly outper-forming their peers. “A lot ofthat positioning for a futureparadigm shift, that catalystisn’t there.”

Mr. McElligott said liquid-ity—or how easy it is to get inor out of positions—in futures

markets appeared thin attimes. That can exacerbateswings both up and down.

Large tech companies likeAmazon.com Inc. rose in off-hours trading, as did chipstocks such as Skyworks Solu-tions Inc. that analysts use togauge momentum in the tech-nology sector.

The prospect of gridlock inCongress—which can compli-cate the calculus around morefiscal stimulus—also sent gov-ernment bond yields lower. Theyield on the 10-year Treasurynote slipped to 0.83% afterhovering around five-monthhighs earlier in the evening.

Tech Stocks Lead Volatile Rally as Results Come In

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won in 2018. Maria Elvira Sala-zar, a Cuban-American journal-ist, beat Rep. Donna Shalalaand Carlos A. Giménez, themayor of Miami-Dade Countywon his race against Rep. Deb-bie Mucarsel-Powell. Demo-crats attributed it to Mr. Bi-den’s unpopularity with Cuban-Americans.

It could take a week to knowthe outcome of tight races in Il-linois, Michigan, Minnesota,New Mexico, Virginia, Utah andPennsylvania, and even longerfor close contests in New York,New Jersey, California andAlaska. In 2018, late wins inCalifornia expanded the ini-tially narrow Democratic Housemajority.

House Speaker Nancy Pelosi(D., Calif.) is expected to main-tain control of the chamber.Should Democrats win controlof the White House and Senate,she is preparing to act onhealth care, immigration andcampaign finance overhauls.

“House Democrats arepoised to further strengthen

our majority—the biggest,most diverse, most dynamicwomen-led majority in history,”Ms. Pelosi told reporters onTuesday.

Republicans sought to labelDemocrats running in toughdistricts—many running onmoderate platforms—as liber-als or socialists, hoping to winvoters who oppose policiessuch as Medicare for All andthe Green New Deal.

They were hopeful Trumpvoters would expand the GOP’sranks in the House.

“There were about eightmillion Trump voters from2016 who didn’t show up in2018 because President Trumpwasn’t on the ballot—that’s oneof the reasons we lost theHouse,” House Minority WhipSteve Scalise (R., La.) said onPBS on Tuesday. “If those eightmillion people, they’re going tovote for President Trump…thathelps us win those seats back.”

Democrats also have in-vested in winning state delega-tions. They targeted races in

Alaska, Montana, Pennsylvaniaand Michigan, among others.Republicans currently hold 26state delegations, and Demo-crats control 23, with Pennsyl-vania tied.

Democrats currently hold232 seats in the House, with197 held by Republicans andone by a Libertarian. The CookPolitical Report put Democrats’likely net gain at 10 to 15 seats,with a potential for more. In-side Elections with NathanGonzales predicted Democratswould win a net gain of 14 to20 seats.

Many House elections wereexpected to be tied to the re-sult of the presidential race inthe district. The national WSJ/NBC News poll published onSunday showed Democraticnominee Joe Biden leadingPresident Trump 52% to 42%among registered voters. Re-spondents preferred a Congresscontrolled by Democrats overRepublicans by 48% to 43%.

Mr. Trump has said polls un-dercount his true support,

pointing to his upset win in2016.

Considered most at-risk onTuesday were Republicans whomanaged to survive the blueshift that swept Democrats topower in the House two yearsago, when Democrats picked up31 seats in districts previouslywon by Mr. Trump. Many ofthe suburban seats are in tradi-tionally right-leaning metro ar-eas that have become more di-verse in recent years andwhere some voters have cooledon the president.

Republican Rep. Ann Wag-ner was in a tight race againstJill Schupp, a state senator, tohold her seat in the St. Louissuburbs, where Mr. Trump wonby 10 points in 2016. Some sub-urban voters—particularlywomen—turned away from Mr.Trump largely because of theirconcerns over his personality,rather than policy, said a Re-publican strategist who workedon races in the battlegroundareas.

In Kent County, Mich., bothparties have their eyes on aseat held by retiring Rep. Jus-tin Amash, a libertarian. Re-publican Peter Meijer is facingoff against Democratic HillaryScholten. The district has beenheld by conservatives for de-cades, but residents say thearea has changed.

The president’s loyal basemade it hard for Republicancandidates to distance them-selves too much from him inthose areas, said Doug Heye, aHouse Republican strategist.“You get no benefit of thedoubt when you are critical ofTrump, and Trump supportersthink you are a traitor,” whenyou criticize the president, hesaid.

Republicans are looking atareas where Democrats hadsurprise wins in 2018 that theyhope to bring back to the redcolumn.

In Oklahoma, DemocraticRep. Kendra Horn faced off

with Republican state legislatorStephanie Bice in a district Mr.Trump won by more than 13points in 2016. In rural NewMexico, Rep. Xochitl TorresSmall and GOP challengerYvette Herrell were vying forcontrol of a district that Mr.Trump won by about 10 points.

Republicans also hoped totopple Minnesota Rep. CollinPeterson, who has served inthe House since 1991 and thisyear faces Michelle Fischbach,a former lieutenant governorfor the state.

Democrats in tough raceshave benefited from having Mr.Biden at the top of the ticket,strategists said.

Another factor that contrib-uted to expanding the potentialfor Democrats in 2020 wasfundraising. Many Democraticcandidates outpaced their op-ponents in early fundraising,allowing them to advertiseearly. Outside Republicangroups like the CongressionalLeadership Fund—the HouseGOP super PAC—had to spendin tight races in Oklahoma,New York and Utah to intro-duce candidates who startedtheir campaigns with littlecash.

The House Democrats’ cam-paign arm raised over $300million this election cycle, itschairwoman, Rep. Cheri Bustosof Illinois, said on Tuesday. Be-cause of that, the party spentin 11 districts held by Republi-cans that the president won byat least 10 points.

“You make your own luckgoing into any election. Wemade one-third of a billion dol-lars’ worth of luck,” she said.

Ms. Bustos said that whilemany people expected Demo-crats this year to simply defendthe House seats they won inthe 2018 midterms, they hadset their hopes on Democraticincursions into traditionallydeep-red districts in Arkansas,Virginia and Texas, among oth-ers.

WASHINGTON—Close U.S.House contests were still beingcounted late Tuesday as Demo-crats waited to see if theywould expand their majorityand Republicans sought to holdseats in the suburbs.

While more than half theraces in the 435-member Househad been decided, the outcomeof many tight races in subur-ban areas remained uncertain.Democrats’ hopes of making in-roads in deep-red districts wonhandily by President Trump in2016, meanwhile, were fizzlingas GOP incumbents defendedtheir seats.

Control of the House was ex-pected to stay in Democratichands this election cycle, non-partisan campaign watcherssaid. Both parties said theydidn’t expect final results Tues-day night and that the finalHouse margin wouldn’t beknown for days or weeks, withheavy mail-in voting because ofthe coronavirus pandemic ex-pected to complicate thecounts.

A handful of freshmen Dem-ocrats who had ousted GOP in-cumbents in 2018 won re-elec-tion. Reps. Mikie Sherill of NewJersey, Jason Crow of Colo-rado, Dean Phillips of Minne-sota and Sharice Davids of Kan-sas all won a second termTuesday night.

Republicans in more safelyred seats that Democrats hadhoped to oust also managed tohang on, an early indicationthat a blue wave was unlikelyto materialize. GOP Reps. JohnCarter in Texas, Mike Turner inOhio and French Hill in Arkan-sas all were re-elected, dashingDemocratic hopes of venturinginto territory won comfortablyby Mr. Trump in 2016.

Several Republican womenwere elected in safe districtsand the GOP picked up twoseats in Miami that Democrats

BY NATALIE ANDREWSAND KRISTINA PETERSON

Democrats Fight to Widen Their Majority in House

Voters filled out their ballots at Life Stream Church in Allendale, Mich., on Tuesday.

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crat MJ Hegar conceded therace to Republican Sen. JohnCornyn, and South Carolina,where Republican Sen. LindseyGraham defeated DemocratJaime Harrison, the AP pro-jected.

In Iowa, Sen. Joni Ernst wonre-election to a second term,defeating Democrat TheresaGreenfield, according to the AP.

Republican Rep. Roger Mar-shall also fended off a challengefrom Democrat Barbara Bollierto win a Senate seat in Kansas

left open by the retirement ofGOP Sen. Pat Roberts, the APsaid.

Attention will next turn toGeorgia, where two Senateseats are in play. If no candi-date gets more than 50% of thevote in Georgia, as strategistsand pollsters say is likely, thetwo contests would go to run-offs, with the outcome not de-termined until January. The APprojected that Republican Sen.Kelly Loeffler was headed for aJan. 5 runoff in Georgia against

Democratic Rev. Raphael War-nock.

Senate Majority LeaderMitch McConnell (R., Ky.) usedhis re-election victory speechTuesday night to defend theU.S. Constitution and call forunity in the country, in a nod tothe polarized political climatethat will animate Congress andthe White House next year.

“Tonight Kentucky saidwe’re keeping our front rowseat in the Senate,”Mr. McCon-nell said after winning his sev-

enth term.“We don’t get to know which

presidential candidate will be-gin a new term in January,” hesaid. “We don’t know whichparty will control the Senate,but some things are certain al-ready. We know great chal-lenges will remain before us,challenges that could not careless about our political polar-ization. We know our nextpresident will need to unite thecountry even as we all continueto bring different ideas and

ELECTION 2020

commitments to the table.”In his victory speech, Mr.

Hickenlooper called for thecountry to step back from thepartisan path it has traveledduring a tension-filled year.

“We’ve got to get Washing-ton working for everyone,” saidMr. Hickenlooper. “Regardless ofwhich party ends up controllingthe Senate, I want you to knowthat I will work with anyoneand everyone to help Colora-dans. We’ve had enough of lead-ers in Washington thinking itwas their job to only representblue America or red America.”

Both parties are cautioningthat all the Senate outcomesmight not be known right away.

Sen. Susan Collins (R.,Maine) said on the Hugh Hewittradio show Tuesday that if nei-ther she nor her Democratic op-ponent, Sara Gideon, earned50% of the vote, “We probablywould not know for certain whowon for another week,” becauseof the state’s complicatedmethod for counting votes.

The president was a factorfor some Republicans. Mr.Trump was behind in the pollsin Maine, creating a potentialdrag for Sen. Collins, who hasdeclined to say whether shewill support him.

“This was the first time Ididn’t vote for Susan Collins—the very first time since shestarted running,” said Pat Hov-sepian, 76, a Democrat wholives in Biddeford, Maine. “It’slike she gave up on the peoplethat live in Maine and is so inline with Trump that I justcouldn’t vote for her again.”

In North Carolina, the presi-dent also was on the minds ofvoters, who were deciding be-tween Republican Sen. ThomTillis and Democratic chal-lenger Cal Cunningham, a 47-year-old former state senatorand a veteran of the wars inIraq and Afghanistan.

Arizona Senate candidateMark Kelly, a Democrat, ex-pressed cautious optimism onTuesday about his chances ofousting Republican Sen. MarthaMcSally.

In Michigan, Republican JohnJames, a businessman and vet-eran, was hoping to unseatDemocratic Sen. Gary Peters.Some voters say that Mr. Petersis vulnerable in part becauseMr. James, who is Black, can ap-peal to minority voters.

—Eliza Collins, MichelleHackman, Madeleine Ngo,

Joshua Jamersonand Jim Carlton

contributed to this article.

WASHINGTON—SenateDemocrats gained their firstseat Tuesday night in theirquest to win control of the U.S.Senate, with former DemocraticGov. John Hickenlooper unseat-ing incumbent GOP Sen. CoryGardner in Colorado, the Asso-ciated Press projected. Yet theiropportunities to retake thechamber were shrinking as votecounting went deeper into elec-tion night.

Republicans also picked up aseat by defeating DemocraticSen. Doug Jones in deep-redAlabama, the AP projected,with Tommy Tuberville, the Re-publican candidate and formerAuburn head football coach,winning. A number of GOP-heldraces hung in the balance asvotes continued to be counted.

Democrats need to gainthree seats to win a majority ifDemocrat Joe Biden wins theWhite House or four if Presi-dent Trump wins re-election.

Republicans are fighting tomaintain their Senate majority;they currently hold 53 of 100seats. The GOP is defending 23seats this year, compared with12 for Democrats, with highlycompetitive re-election battlesof Republicans in Iowa, Maine,North Carolina, Arizona andGeorgia viewed as the crucialraces most likely to determinewhether Democrats will takecontrol of the chamber.

In 2016, GOP incumbentswere able to localize their ownelections. This year, voters saidtheir decisions were swayed inpart by how the White Houseand Congress responded to thecoronavirus pandemic, the en-suing crises in health care andthe economy, and whether theywant to maintain a GOP-heldchamber in Washington to actas a check on Mr. Biden if hewins.

Those issues have raisedDemocrats’ hopes for a few up-sets in Republican-leaningMontana, South Carolina, Kan-sas, Texas and Alaska, whereRepublicans were fending offstronger-than-usual challengesfrom Democratic candidateswho have far outraised them.

Those hopes were dashedTuesday in Texas, where Demo-

BY SIOBHAN HUGHESAND LINDSAY WISE

Senators in Colorado, Alabama DefeatedRepublicans battle tokeep their majority asErnst, Graham,McConnell, Cornyn win

Republican Tommy Tuberville, above, ousted Sen. Doug Jones, a Democrat, in Alabama. Below, Georgia Democratic Senate challengerRaphael Warnock, with former gubernatorial candidate Stacey Abrams, was headed to a runoff, while Sen. Joni Ernst (R.,Iowa.) won.

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ELECTION 2020

HowAmericaVoted: APVoteCast Findings from thePresidential Race

MEN

Bygender

WOMEN

46% of total voters

53%

73% of total

12%

13% of total

23%

27%of total

34%

39% of total

36%

21% of total

xx%

10% 36% 24% 25%

45%

17%xx%

2% 27% 14%

WHITE

ByRace

BLACK

HISPANICOR LATINO

ASIAN

18-29YEARS

ByAge

30-44

45-64

UNDER $50,000

By Income

$50,000TO $100,000

GREATERTHAN$100,000

URBAN

By Location

SUBURBAN

SMALLTOWNORRURAL

65ANDOLDER

HIGHSCHOOLOR LESS

ByEducation

SOMECOLLEGE

COLLEGEGRADUATE

POSTGRADUATE

Voted for Biden For Trump

Apre-election and Election Day survey interviewed about 140,000 peoplewho said they voted in the election or intended to. Here are the preliminary results,which offer an early look at voting patterns and trends aswe await voting results from across the nation.

Note: Results may not equal100% due to rounding.

Source: AP VoteCast conducted by NORC at the University of Chicago for the Associated Press and Fox News. The survey has two components. Results are based partly on a telephone and online survey ofapproximately 30,000 Americans, including about 3,000 interviews with members of the NORC AmeriSpeak panel and an online survey of about 110,000 voters, conducted Oct. 28–Nov. 3. Sample includesvoters drawn randomly from a national list of registered voters and adults participating through online panels. The margin of error for the national survey is expected to be: +/–0.6 pct. pt.

48%

49%

57%

41%

45%

53%

90%8%

62%

34%

56%

40%

49%

50%

50%

47%

55%

42%

51%

47%

68%

30%

66%

32%

72%

26%

50%

48%

50%

48%

58%

40%

61%

37%

53%

44%

45%

53%

56%

41%

Most important issue for voters

41%

Coronavirus The economyand jobs

Health care Racism Lawenforcement

Immigration Abortion

27%9% 8% 4% 3% 3% 1%

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4%

Bryanna Matthews, 18, in Pinellas Park, Fla., voted for Joe Biden.

parish priest and attorney inGuadalupe, Ariz., said he bur-ied 21 people who have diedfrom Covid-19. He voted forMr. Biden.

“He has caused the prob-lems that we have,” he said ofthe president.

David Yates, 61, a retiredcontractor who now works ata Lowe’s Cos. store, wore ahandgun in his belt as hevoted for Mr. Trump in Mill-creek Township, Pa.

“Explain to me how this isDonald Trump’s fault for thiscoronavirus,” said Mr. Yates.

“This is nothing that anyonecould control.”

The federal government’sresponse to the pandemic wasviewed as a deciding factor by95% of voters. Mr. Biden, whostressed that he would betterheed the advice of doctorsthan Mr. Trump has, wasbacked by slightly more thanhalf of those voters.

Asked who was better pre-pared to handle the pandemic,about half of voters picked Mr.Biden, while a little more thana third picked the incumbent.Mr. Trump was viewed as

stronger on managing theeconomy than Mr. Biden byabout 7 percentage points.

The vast majority of voterssaid they had made up theirminds before Election Day,with about three-quarters say-ing they have known theirchoice “all along.” Anothertwo in 10 said they decidedover the course of the cam-paign, while just 5% said theydecided in the last few days.

With the strong possibilityof delayed tabulations, a quar-ter of voters said they are veryconfident that results will becounted accurately and slightlymore than four in 10 said theyare somewhat confident. An-other quarter said they are notvery confident, while 7% saidthey are not at all confident.Among those expressing theleast confidence, Mr. Trumpreceived 60% of the vote.

Mr. Biden found strongersupport in suburban America,traditionally a critical swingarea in presidential elections.He had the support of 57% inthose areas, compared to 41%for Mr. Trump.

“Every time I see some-thing about Trump, it’s justnegative,” said Angel Gaston,34, who lives in Burnsville, aMinneapolis suburb. She votedfor Mr. Biden.

But Grant Haughton, 77,said he liked how Mr. Trumpprojected toughness on racial-justice protests. “I don’t seeany more protests withTrump,” said Mr. Haughton,who lives in suburban SterlingHeights, Mich.

According to the survey,Mr. Trump narrowly won alarger share of white votersnationally than Mr. Biden, 52%to 46%, while Mr. Biden wonnine in 10 Black voters. AmongLatino and Hispanic voters,Mr. Biden won roughly two-thirds of the vote nationally.In the battleground state ofFlorida, he beat Mr. Trumpamong Hispanics, 59% to 40%.

Mr. Trump continued tofind strong support in ruralAmerica, with 62% backinghim there compared to 36%for Mr. Biden.

Voters with less than a col-lege degree were the mostlikely to support Mr. Trump,with 48% of those voters back-ing him. Mr. Biden receivedthe support of 60% of thosewith a college degree orhigher.

The vast majority held agloomy view on the nation’strajectory, with 63% saying itis going in the wrong direc-tion. In the battleground stateof Pennsylvania, that numberwas roughly even with the na-tional total.

Survey participants wereequally grim on their assess-ment of the economy, with sixin 10 rating it poor or not verygood and four in 10 viewing itas good or excellent.

Mr. Biden built an 18-per-centage-point advantageamong women voters. Menwere more closely divided,with 49% backing Mr. Bidenand 48% supporting Mr.Trump.

Each candidate won about

nine of 10 votes from his partynationwide, with the indepen-dent vote more heavily favor-ing Mr. Biden over Mr. Trump,51% to 33%.

Among those 65 and older,Mr. Biden and Mr. Trump re-ceived roughly equal shares ofsupport. In Florida, where se-niors accounted for almost athird of the electorate, Mr.Trump outperformed Mr. Bi-den, 54% to 45%, within thatage group. Mr. Biden receivedmore support from voters ages18 to 29 than Mr. Trump, 63%to 33%.

While both parties soughtto expand the electorate, Mr.Biden saw stronger supportfrom first-time voters, win-ning six in 10 of them.

More than three-quarters ofvoters said it was very impor-tant for the next president tobring the country together.Within that group, Mr. Bidenwas supported by roughly sixin 10.

Roughly four in 10 voterssaid Mr. Trump has madeWashington work better, whilehalf said worse and roughlyone in 10 said he hasn’tchanged the nation’s capital.

The survey was conductedOct. 28 through Nov. 3 byNORC at the University of Chi-cago. It has a margin of errorof plus or minus less than 1percentage point on the fullsample.

—Douglas Belkin, Shan Li,Eliza Collins, Kris Maher,

Aaron Zitner, Deena Winterand Joshua Jamerson

contributed to this article.

him, with the racial divide hemade worse,” he said. “It’s likehe did everything he could toprove he was unfit for office.”

In Bucks County, a subur-ban area near Philadelphia,James Faber and his wife,Karen Faber, said they ap-proved of Mr. Trump’s recordon the economy and felt an-other coronavirus shutdownwould be damaging.

As small-business owners—Mr. Faber, 71, owns a car deal-ership and Mrs. Faber runs achild-care center—they areboth dealing with the effectsof lockdowns. Mrs. Faber, 63,said her center shut down inMarch and reopened in June,and business is still down 50%because parents are afraid ofthe virus. The couple fear thata Biden presidency would fur-ther hurt small businesses.

“He’s going to shut thecountry down,” Mr. Faber saidof Mr. Biden.

On a central question of thecampaign—balancing a pan-demic that has resulted inmore than 230,000 reporteddeaths in the U.S. against fur-ther damage to the economy—about six in 10 voters said itwas more important to limitspread of the disease, whileabout four in 10 said limitingadditional damage to theeconomy was more critical.The numbers were similar inthe swing states of North Car-olina, Pennsylvania, Floridaand Georgia.

Among those who think thefederal government’s top prior-ity should be reducing thespread of Covid-19, about eightin 10 backed Mr. Biden, whileabout 8 in 10 of those whothink the first concern shouldbe limiting additional damageto the economy backed Mr.Trump. On Mr. Trump’s han-dling of the pandemic, nearly 6in 10 voters nationally said theydisapproved of the job he hasdone, while about 4 in 10 ap-proved.

David Myers, an 81-year-old

ContinuedfromPageOne

Voters SplitOn Virus,Economy

Kayla Smith, 23, voted for Donald Trump in Pinellas Park, Fla.

Voters queued up to enter the Coliseum in St. Petersburg, Fla., to vote in person on Election Day.

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Judge’s USPS OrderIsn’t Met in Time

Lawyers representing thefederal government said theU.S. Postal Service couldn’tcomply in time with a last-minute order from a federaljudge to sweep a dozen mail-processing facilities in criticalstates to ensure that no bal-lots were being held up.

U.S. District Court JudgeEmmet G. Sullivan issued anElection Day order that thePostal Service send inspectorsinto facilities in Arizona, Penn-sylvania, Michigan, Georgia,Florida and several otherstates to make sure therewere no ballots that hadn’tbeen delivered.

In an afternoon reply tothe court, the agency said itcouldn’t meet the afternoondeadline set by the court butthat it was working to com-ply. The Postal Service said itwas in the process of search-ing 220 facilities that processpolitical mail for potential inci-dents involving election mail,including the facilities identi-fied by the judge.

The last-minute legal ma-neuvering came as part of alawsuit filed earlier this yearagainst the Postal Service bythe NAACP.

In a statement, the PostalService said the agency hasbeen regularly canvassing itsfacilities to ensure that politi-cal mail, including ballots, bal-lot requests and voter regis-tration materials, weren’t leftbehind since January 2020,the start of the primary sea-son.

—Byron Tau

David Myers, a local parish priest, visiting his local polling place Tuesday in Guadalupe, Ariz.

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City workers counted ballots as they came in at the Pennsylvania Convention Center in Philadelphia on Tuesday.

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ELECTION 2020

OVERLAND PARK, Kan.—Dennis Randall showed up tovote on Tuesday at the BlueValley High School gymnasiumhere and checked in with a pollworker seated behind a plexi-glass shield. Then he waitedfor someone to disinfect thevoting machine before steppingup to mark his choices with adisposable pen emblazonedwith an “I Voted” slogan.

“The thing that impressedme is you don’t have any phys-ical contact with anything ex-cept the pen,” said Mr. Ran-dall, 68 years old, who wasone of the first to vote in thisKansas City, Mo., suburb afterthe school doors opened at 6a.m. on Tuesday.

For U.S. voters used to thesame election ritual every fouryears, Tuesday was full ofstrange sights.

Philadelphia poll workersgave gloves to voters. SouthCarolinians were given cottonswabs to make selections on atouchscreen. To provide moreroom for social distancing,arenas and stadiums whereteams like the SacramentoKings and Los Angeles Dodg-ers usually play were turnedinto polling stations.

Covid-19 already changedthe way people are voting thisyear. It was a big reason 101.9million people cast early bal-lots, compared with 58.8 mil-lion in 2016, according to datacompiled by the AssociatedPress. On Tuesday, it changedhow polling stations operate,as most election officials triedto follow guidance from thefederal Centers for DiseaseControl and Prevention.

For Olathe, Kan., poll super-visor Christina Kliewer, thepandemic even meant shecouldn’t bake Election Daycookies, as she did in 2016.

The U.S. is now experiencinga Covid-19 surge. The seven-dayaverage of new daily cases isthe highest the country hasever seen at 83,805 cases, andthe number of people in hospi-tals has reached the highestlevel since mid-August.

In Johnson County, Kan.,population 600,000, new re-ported cases set a daily recordof 287 on Friday. Schools andrestaurants are open—with ca-pacity limits—and most citiesand towns require masks to beworn in public.

Voter enthusiasm in thearea has been driven both bythe presidential election,where President Trump wasprojected by the AssociatedPress to be the winner in Kan-sas, and a competitive race for

U.S. Senate. The campaigns ofRepublican Rep. Roger Mar-shall and Democratic state Sen.Barbara Bollier, who are vyingto succeed retiring GOP Sen.Pat Roberts, spent a record$55 million combined. LateTuesday, Mr. Marshall was thewinner, the AP said.

A record 265,000 of JohnsonCounty’s roughly 430,000 reg-istered voters had cast theirballots by mail or early in-per-son as of Tuesday afternoon.Yet lines at the polls on Tues-day still ran as long as 30 peo-ple, separated by social-dis-tancing markers on the floor.

One issue many local gov-ernments faced was findingelection staffers to replace thenormal cohort of older volun-teers and workers who bowedout because of their highCovid-19 risk.

In California’s SacramentoCounty, where the workers arepaid $16.47 an hour, the highnumbers of people left unem-ployed by pandemic businessclosures helped, said JannaHayes, spokeswoman for thecounty.

In Johnson County, 1,700 ofthe 2,200 total paid workerswere replaced by younger peo-ple, said county elections com-missioner Connie Schmidt.

Many jurisdictions decidednot to enforce mandates requir-ing people to wear masks inpolling places to avoid creatinga possible barrier to people ex-ercising their right to vote.

Fresno County, Calif.,planned to direct voters whorefuse to follow the statewidemask mandate to fill out theirballots outside the polling sta-tion, said Brandi Orth, countyclerk and registrar of voters.

In Kansas, the Secretary of

State directed local officials toallow those not wearing masksto vote alongside those wearingthem—with no different rules.

Robert Wachter, chairman ofthe Department of Medicine atthe University of California, SanFrancisco, said voting in personrepresented a risk similar toshopping in a grocery store.

On Tuesday morning at theBlue Valley High School gym,Nancy Lane and Robyn DeSau-tel were the only ones of morethan a dozen voters standing atballot machines whose faceswere uncovered. “Masks areharmful,” said the 54-year-oldMs. DeSautel, a chiropractor.Ms. Lane added: “There’s toomuch conformity.” Both womensaid they voted for Mr. Trump.

Even though he didn’t feelpersonally afraid, Miguel Bo-jorquez donned a black maskwhen he stopped at a pollingstation inside the Arts andHeritage Center in Overland

Park to cast his vote for Mr.Trump. “I did it out of respectfor elders,” said the 27-year-old small-business owner.

Aime Katumba said he wasso fearful of contracting thecoronavirus that he had barelyleft his home the past twomonths. But the 48-year-old African immigrant wantedto vote in his first presidentialelection after becoming a U.S.citizen two years ago, so heventured out anyway.

An information-technologystudent, Mr. Katumba said hewas pleased it took only 10minutes to go in and out of thepolling station at the Arts andHeritage Center and that hedidn’t have to touch anythingexcept the pen to fill out hisballot. “It was so nice, not whatI expected at all,” said Mr. Ka-tumba, who voted for formerVice President Joe Biden.

—Chad Day in Washingtoncontributed to this article.

ment in the ensuing four yearscame among suburban womenmoving against the president,but he offset his losses there,at least to some extent, by cre-ating new voters among work-ing-class white men.

In sum, the most bitterpresidential campaign in mem-ory, conducted against thebackdrop of a pandemic andsummer of racial reckoning,seems not to have altered thefundamental contours of theAmerican body politic. Therehave been changes in the mar-gins, to be sure, but the mas-sive turnout seen in this year’svoting seems to have only con-firmed with greater intensityhow deep the divides run.

What all this says about theability of those in Congressand the White House to gov-ern effectively is hard to say.There have been plenty of im-portant issues on the table inthe 2020 presidential debate:the level of taxation, the ur-gency of counteracting climatechange, the contours of theAmerican health-care system,the country’s willingness toaccept new immigrants.

But at its heart, the 2020race was more about culturalissues and attitudes: Shouldthe country worry more aboutpublic health or economichealth? Should a summer ofsocial unrest leave Americansworrying more about systemicracism or a breakdown of lawand order? Is the country’sgrowing diversity a strength torelish or a hurdle to overcome?

At first blush, it doesn’t ap-pear the election showed aconsensus emerged on any ofthose questions. Instead, thedebate over all of them seemsdestined to carry on.

The presidential campaignplayed out across a map re-

ContinuedfromPageOne

the beginning of counting, of-ficials said, but not the report-ing of results.

In Nevada, a state courtjudge said 30 precincts inClark County should remainopen an hour later than sched-uled, after issues were raisedby both Democrats and Repub-licans. A lawsuit filed by thestate Republican Party andTrump campaign cited Twitterposts from Nevada’s secretaryof state telling voters standingin line at some county pollingplaces to be patient as techni-cal problems slowed themfrom opening.

A few polling sites in Phila-delphia, Detroit and someother areas initially saw longlines before thinning out. Someofficials attributed the moremanageable lines to the longerearly-voting period and wider

use of voting by mail.Tens of millions of Ameri-

cans were expected to voteTuesday, adding to the recordnumber of roughly 100 millionAmericans who already votedby mail or early in-person.

Concerns about cyber-intru-sions, especially by foreigngovernments and their agents,also didn’t materialize like theydid in the 2016 election. Thehead of the National SecurityAgency and U.S. Cyber Com-mand, Army Gen. Paul Naka-sone, said the level of foreigninterference appeared less sig-nificant than what officials wit-nessed during the largely quiet2018 midterms.

He said his agencies wouldbe on high alert until votes arecertified next month as thereremained ample opportunitiesfor Russia, Iran or others to

attempt to try to undermineconfidence in the election.“Our operations, our focus,our work does not end today,”he said. “This is the start of atime frame that we see be-tween now and the certifica-tion of the vote.”

A legal adviser to DemocratJoe Biden’s presidential cam-paign said Election Day votingsaw “minimal issues and dis-ruptions” with some minor de-lays at a few voting sites inFlorida, North Carolina andArizona.

“By and large, voting is pro-ceeding smoothly,” said BobBauer. He said rejection ratesof ballots have been very lowin battleground states such asFlorida, Wisconsin and NorthCarolina.

Many Democrats and someformer Trump administration

officials have criticized Presi-dent Trump’s repeated remarksthat the vote may be riggedagainst him as contributing tothe charged atmosphere. Hiscalls for supporters to monitorthe voting have fueled concernsamong election officials aboutunauthorized, self-appointedindividuals disrupting pollingplaces. The White House hassaid Mr. Trump is seeking toprevent voter fraud.

Georgia’s Fulton County wasstationing a law enforcementofficer at each of its 255 poll-ing stations Tuesday becauseof concerns that armed individ-uals or others might try to in-timidate voters, according toits election director.—Erin Ailworth, Dustin Volz,

Ben Chapmanand Sara Randazzo

contributed to this article.

investigations into unfoundedclaims about improper votingadministration. “The misinfor-mation being shared online isunprecedented and relentless,”said Ms. Roh.

The election took placeamid contentious partisan pol-itics and after months of pro-tests that saw occasional vio-lence and sometimes drewarmed extremists. Election of-ficials and law enforcementanticipated dealing with pro-testers and individuals bran-dishing guns around voters,and some cities are bracing forpossible postelection violence.

Overall, election and otherofficials said problems whenthey cropped up fell within thescope of technology mishapsand other discrete issues thattypically occur on Election Day.

“Our goal is no news is goodnews,” said Milwaukee MayorTom Barrett. “I will say thatthe day started out smoothly. Itis continuing to run smoothly.”

Malfunctions with pollingstation systems arose in Ohio,New York City and a few otherplaces around the country onTuesday. North Carolina or-dered 10 precincts to extendvoting hours after some pollingstations opened late due toequipment issues and otherssaw voting interrupted.

Georgia extended hours in25 polling places in six coun-ties over technical and otherissues. A pipe also burst at aballot processing facility inFulton County, which includesa swath of Atlanta, delaying

Voting on the final day ofthe 2020 election proceededwith some voting-system prob-lems, misinformation andphone calls intended to intimi-date, but without the longlines, demonstrations andother jarring disruptions offi-cials prepared for.

Election officials in Ne-braska and Michigan warnedvoters of anonymous robocallsmeant to discourage voting,and federal law-enforcementagencies are investigating. Ne-braska said the calls tell votersto “stay safe and stay home”while residents of Flint, Mich.,received calls telling them toavoid long polling lines by vot-ing Wednesday.

“Obviously this is FALSEand an effort to suppress thevote,” Michigan Attorney Gen-eral Dana Nessel wrote onTwitter.

Pennsylvania, a state bothpresidential campaigns see aspivotal, saw a heated mix ofchallenges. A Republican law-suit asked a federal judge tothrow out some ballots in aPhiladelphia suburb alleginglocal officials mishandledthem. Unverified claims aboutdiscarded ballots and votingissues shared on social mediadrew denials by officials, whocalled them misinformation.

Jane Roh, a spokeswomanfor Philadelphia’s district at-torney, said the office was in-undated with calls asking for

BY ALEXA CORSEAND ANDREW DUEHREN

Glitches Seen,But No MajorDisruptions

markably similar to the oneseen four years ago, and elec-tion-night returns confirmedthat that map continues to ac-curately portray the divisionsof America.

It is clear from the votingoutcome that Democrats arebeginning to make inroads instates that once seemed farfrom their grasp—the states ofGeorgia and Texas in particular.Demographics seem destinedto drive both toward them inthe long run, but not enough toput them within their reachnow. In addition, Democratsseem to have ridden a wave ofdemographic change to flip Ar-izona from red to blue.

Similarly, the votes of youngAmericans are flowing towardDemocrats as well, but not yetin enough numbers to radicallyalter the national equation.

In many places, the electionconfirmed, red America isgrowing more red and blueAmerica more blue. PresidentTrump sought to do somethingno president had ever even at-tempted to do before: run forre-election without ever havingtopped 50% job approval in thevenerable Gallup poll. Heshowed, once again, that peo-ple who don’t particularly likehim, and who don’t like manyof the things he does, are will-ing to vote for him.

And Mr. Biden was trying tobridge the gap between aDemocratic Party of the newleft and a Democratic Party ofthe old center, where he hasspent his career.

Yet they both found thatthey were most successful inwinning the votes not of peo-ple who were for them, but ofthose who were against theother guy.

In that sense, the Trumpera, which has been a time ofdeep division, remained pre-cisely that as the nation pon-dered whether to give himfour more years. The two 70-something contenders werebattling deep into Tuesdaynight without a clear outcome,though their battle did con-firm that nobody has yetemerged to bridge some of thenation’s most basic splits.

A DividedNationRemains

BY JIM CARLTON

Voting Sites Employ Precautions

Kali Cruz, above, with her son Mateo, and Aime Katumba, below, were among the voters who tookprecautions to cast their ballots at the Johnson County Arts and Heritage Center in Overland Park, Kan.

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previously called out Alibabafor not reining in illegal activi-ties on the e-commerce com-pany’s websites.

In the summer of 2014, twomonths before Alibaba’s NewYork IPO, officials from a topChinese business regulatorwent to the company’s Hang-zhou headquarters and urged itto clean up sales of fake mer-chandise and protect customerson Taobao, its popular onlinemarketplace. The episode be-came public in early 2015, onlyafter Alibaba had finished rais-ing $25 billion and its shareshad started trading. Mr. Ma wasAlibaba’s executive chairman atthe time, and the company en-gaged in a rare public spat withthe authorities. Alibaba eventu-ally revamped its approach todealing with fake goods.

Regulators are “very awareof the power and influence thatAnt and Alipay have” in China,said Chris Skinner, an indepen-dent commentator who followsthe fintech industry closely andwrote a book called “DigitalHuman” that included a casestudy about Ant. “But how doyou control a beast that’s sobig now?” he said, adding thatthe challenge is how to alignthe company’s objectives withregulators’ wishes.

The latest salvo from finan-cial regulators reflects how“Ant Group is still more of afinancing firm than a techcompany,” said Winston Ma,the former head of NorthAmerica for China InvestmentCorp., the country’s sovereign-wealth fund.

—Xie Yucontributed to this article.

Jack Ma is getting a lessonabout who is in charge.

Chinese regulators on Tues-day suspended the initial pub-lic offering of Ant Group, theonline-finance operation carvedout of e-commerce giant Ali-baba Group, just two daysahead of what was planned tobe the world’s largest-ever ini-tial public offering.

The extraordinary regula-tory action, according to Chi-nese officials and others withknowledge of the process, capsa monthslong tug of war be-tween Mr. Ma, the co-founderof Alibaba and Ant, and topregulators led by Vice Premier

FROM PAGE ONE

Ant IPOAbruptlySuspended

ing with China’s central bankand three other top financialregulatory agencies.

“It’s more than a dressing-down session,” said one of theofficials with knowledge of theevent. Mr. Ma and his teamwere informed of the new regu-lations targeting firms like Ant.“It means the company wouldhave to examine how they dis-close information to its inves-tors, whether it has adequatecapital level to meet the newrules, and whether it should ad-just its overall business scope.”

Already, regulators havebeen concerned about thefrenzy over Ant’s planned IPO.The stock sale would have val-ued Ant at more than the likesof JPMorgan Chase & Co. andGoldman Sachs Group.

By making Ant more like abank, regulators could stifleits growth, reduce its profit-ability and shrink the com-pany’s valuation. Banks aretypically valued much lowerthan tech companies.

The episode harked back tohow the Chinese government

rules to potentially subjectfirms like Ant to more strin-gent capital and other regula-tory requirements, Mr. Liu’steam didn’t want to choke offthe kind of innovation beingchampioned by such firms.

Wary of the potential forheightened regulatory scrutinyover companies like his, Mr. Malashed out. At a Shanghai con-ference late last month, he crit-icized regulators, both at homeand abroad, for stifling innova-tion. “We shouldn’t use the wayto manage a train station toregulate an airport,” Mr. Masaid. “We cannot regulate thefuture with yesterday’s means.”

For Mr. Liu and his regula-tors, Mr. Ma’s comments, whichwent viral on China’s social me-dia, amounted to a direct attackon them, the Chinese officialssay. Shortly after his broadside,Mr. Liu emphasized at a week-end meeting with financial reg-ulators the need for fintechfirms to be regulated. Then, onMonday, Mr. Ma and a coupleof executives from Ant weresummoned to a rare joint meet-

Alibaba Group has become China'smost valuable company,with amarket capitalization in excess of $800 billion.

Source: FactSet

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the Shanghai Stock Exchangesaid it was because of a “sig-nificant change” in the regula-tory environment, withoutelaborating.

In a statement on Chinesesocial media, Ant said: “Wewill overcome the challengesand live up to the trust on theprinciples of: stable innova-tion; embrace of regulation;service to the real economy;and win-win cooperation.” Antwas on track to raise at least$34.4 billion in the IPO, valu-ing it at more than $300 bil-lion. The U.S.-listed shares ofAlibaba, which owns about athird of Ant, fell more than8%, which would be its secondworst day since its 2014 IPO.

The risk that Ant poses tothe financial system is that itacts like a financial institutionbut isn’t regulated like one.Ant runs China’s ubiquitouspayment app, Alipay, and facil-itates investments for its cus-tomers’ savings, sells insuranceand originates short-termloans. Ant provides just a smallamount of the money it lends.The bulk of the funds comefrom more than 100 commer-cial banks that it has teamedwith and from the sale of secu-rities. Ant collects fees for fa-cilitating the transactions.

However, that’s where regu-lators think the risks come in:Ant takes business away fromtraditional lenders and leavesthem with the credit risk fromboth consumer and small-busi-ness loans. Big state-ownedbanks, a powerful lobbyingforce in China, increasinglysee Mr. Ma’s invention as athreat to their businesses.They argue Ant hasn’t been re-quired to abide by the toughbanking regulations on capitaland leverage that they face.Under draft rules, Ant wouldbe required to fund at least30% of each loan it makes inconjunction with a bank orother financial institution.

Mr. Liu, the Chinese leader-ship’s economic czar, has spentthe past few years crackingdown on private funds andother institutions that makeloans outside the traditionallending channel. Those lendersheightened risks in China’s fi-nancial system already strug-gling with too much debt. Hav-ing closed down many of thoselenders, Mr. Liu and his regu-lators in recent months shiftedtheir focus to big fintech firmslike Ant. While drafting new

Liu He, President Xi Jinping’spoint man on economic and fi-nancial policies.

It is hard to overstate theimportance in China of Mr. Maand his two companies. Theyhave become synonymous toinnovation. The media inChina, using Mr. Ma’s Chinesename, calls the country’s ris-ing tech sector, “The era of MaYun.” Mr. Ma’s criticism ofregulators last week for sti-fling innovation appears tohave brought his feud with thegovernment to a head at arisky time for Ant.

For Mr. Liu and his finan-cial regulators, Ant’s businessmodel represents big risksthat must be reined in. Whenit halted Ant’s IPO on Tuesday,

“This looks like a huge viola-tion of the norms, of relationsbetween the government andthe private companies,” he said,adding that companies are sup-posed to operate within thecountry’s regulatory con-straints and political system.

The New York-listed sharesof Alibaba Group Holding Ltd.,which owns a 33% stake in Ant,fell 8.1% on Tuesday followingthe IPO suspension. Alibabasaid in a statement that it willbe proactive in supporting itssister company, and will helpAnt “adapt to and embrace theevolving regulatory frame-work.”

Mr. Ma, who previously ranAlibaba, and his colleagueshave built some of China’s mostvaluable high-tech businesses,an important achievement in acountry whose leaders are ea-ger to see China assume tech-nological leadership.

Alibaba, for its part, hashelped solidify China’s positionin the global capital markets.Last year, the e-commerce giantpulled off a huge secondarylisting in Hong Kong, even asthe financial hub was racked byantigovernment protests andsocial unrest.

The deal helped kick off atrend of U.S.-traded Chinesecompanies seeking backup list-ings closer to home, and hasboosted trading volumes inHong Kong.

The planned Ant listingswould have been a further vic-tory for Hong Kong, and a hugefillip for the nascent STAR Mar-ket.

Ant could revive the IPOdown the road, but that maysee the company reorganizingits business units, revising itsdisclosures and reapplying tolist. Investors could also changetheir views on how much Ant isworth after considering thenew information and Ant’sgrowth prospects in light oftighter regulations.

“Ant has a lot of work aheadof it to get marching ordersfrom regulators,” Prof. Prasadsaid.

—Stella Yifan Xieand Joanne Chiu

contributed to this article.

detail about what led them topull the plug on Ant’s IPO.Close observers of China’s fi-nancial regulatory landscapehave pointed to controversialcomments Mr. Ma made at apublic forum in Shanghai lastmonth that some top Chineseregulators also spoke at.

“We cannot regulate the fu-ture with yesterday’s means,”Mr. Ma said during a speech atthe forum. “There’s no systemicfinancial risks in China becausethere’s no financial system inChina. The risks are a lack ofsystems.”

Before Mr. Ma spoke, China’sVice President Wang Qishansaid at the same event thatChina needed to safeguard itsfinancial system from systemicrisks, and it needed to be a pri-ority for financial institutions.

The billionaire’s comments“looked almost like a directcontradiction to the lines beingproposed by one of the mostpowerful people of China,” saidMartin Chorzempa, a researchfellow at Peterson Institute forInternational Economics.

sector were exchanged” at themeeting, and that it would em-brace regulation and serviceChina’s economy and its citi-zens.

On the same day, the coun-try’s banking regulator re-leased draft rules on micro-lending that, whenimplemented, could slow theexpansion and profitability ofAnt’s fast-growing consumerand business lending units.

Regulators didn’t go into

the China Banking and Insur-ance Regulatory Commission,the China Securities Regula-tory Commission and the StateAdministration of Foreign Ex-change said late in the daythat they had summoned Mr.Ma, Ant’s executive chairman,Eric Jing, and its Chief Execu-tive Simon Hu to a meeting,without providing details.

Ant said Monday that“views regarding the healthand stability of the financial

China. It sells insurance andmutual funds to millions ofpeople and manages the coun-try’s largest money-marketmutual fund.

Ant has billed itself as atechnology company instead ofa financial firm, and avoidedsome of the tough capital re-quirements and leverage ratiosthat banks in the country aresubject to.

Stock exchanges in HongKong and Shanghai, as well asChina’s securities regulator,had earlier greenlighted Ant’splans to go public in a fairlyexpedient manner.

The listing would have beenthe biggest ever market debuton Shanghai’s fledgling Nas-daq-style Science and Technol-ogy Innovation Board. Thebourse, known as the STARMarket, is a pet project ofPresident Xi Jinping of China,and the code name Ant usedfor its IPO was “Project Star.”

The meeting called by thefour financial regulators onMonday changed everything.The People’s Bank of China,

Chinese mobile-payments net-work Alipay had been goingfull steam ahead for months inpreparation for the IPO, whichwould have beat the record$29.4 billion raised by SaudiAramco last year while bypass-ing the biggest exchanges inthe U.S.

Ant’s stock sales, whichwere split evenly betweenHong Kong and Shanghai, wereheavily oversubscribed by in-stitutional investors from theU.S. to China, as well as smallinvestors, who submitted about$3 trillion in orders for itsshares. Investors from China’snational pension fund to globalprivate-equity firms and asset-management giants BlackRockInc. and Fidelity Investmentswere in line to reap windfallsfrom Ant’s market debuts.

The dual listings had valuedsix-year-old Ant at more than$300 billion, putting it on parwith Mastercard Inc. and mak-ing it worth more than mostU.S. and Chinese banks.

“The fact that [Chinese reg-ulators] waited till so close tothe listing to pull it is verystriking,” said Eswar Prasad, aprofessor of trade policy andeconomics at Cornell Univer-sity. “This sort of thing doesn’thappen without everybody inthe top echelon of the politicalrealm coming on board.”

He said the move brings to ahead concerns regulators havelong had about the opacity ofAnt’s operations and the over-size influence it has on the Chi-nese payments and financiallandscapes.

Alipay, which has more thanone billion users in mainlandChina, handled more than $17trillion in digital payments inthe year to June, and has facil-itated large volumes of con-sumer and business lending in

ContinuedfromPageOne

BY LINGLING WEIAND JING YANG

Chinese Regulators Send a Message to Ant’s Jack Ma

The media in China, using Jack Ma’s Chinese name, calls the country’s tech sector, ‘The era of Ma Yun.’

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The financial-technology giant’s listing would have been the biggest market debut yet on Shanghai’s fledgling Nasdaq-style Science andTechnology Innovation Board, the bourse known as the STAR Market. Ant used the code name ‘Project Star’ for its initial offering.

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ception. Here, there is zerotolerance for the coronavirus,which is seen as a dangerousbut beatable enemy that needsto be aggressively suppressed.

Most of these places, whichare all in the Asia-Pacific re-gion, no longer record cases asdaily counts or curves, but as

one-off headline-grabbingevents. Even a handful of in-fections is treated as a threatto be crushed. Public-healthmessaging has focused on pre-venting Covid-19 from estab-lishing a foothold.

Life in these parts has re-turned to normal in most ways.

Even mask-wearing has relaxedin many areas. These placesnever experienced the kind ofwidespread transmission seenin the U.S., Europe, LatinAmerica and India. Most usedstrictly enforced restrictionson movement and mingling tocontrol the first wave and re-

Different PathsDaily confirmedCovid-19 cases, seven-day rolling average

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WORLD NEWS

As the coronavirus surgesin the U.S. and Europe, someparts of the world are stickingto a different path: zero cases,or near that.

These places are easy tospot.

The emergence of around adozen Covid-19 infections in theChinese city of Qingdaoprompted authorities to testnine million residents. NewZealand, where cases are rare,traced a September cluster to atrash-can lid. Thailand recentlywelcomed its first foreign tour-ists in months—39 visitors fromlow-risk China—but imposed a14-day quarantine, concernedthat the nearly vanquished vi-rus could sneak back in.

Vietnam hasn’t recorded alocally transmitted case sinceSeptember. Taiwan set a re-cord of more than 200 dayswithout domestic infec-tions. Australia, much of whichhas been virus-free for weeks,touched zero new infectionsnationwide on Sunday.

“In Australia, 10 or 12 casesa day is regarded as a disas-ter,” said Shane Oliver, theSydney-based chief economistat AMP Capital, an invest-ment-management firm.

Ten months since the coro-navirus emerged, the world re-mains divided between funda-mentally different approachesto the pandemic.

Vast populations are learn-ing to live with Covid-19 intheir midst. Their countriesare trying to manage and miti-gate the spread but acceptthat the pathogen will con-tinue circulating.

In places that belong to theother camp, the disease hasreceived a far more hostile re-

By Niharika Mandhanain Singapore

and Rachel Pannettin Sydney

Asian Enclaves Zero In on Quashing VirusAggressive measureslargely eliminate casesas rest of world looksto contain outbreaks

opened their economies whencases were very low. New out-breaks could then be isolatedand largely stamped outthrough testing and tracing.

Holding case counts closeto nil has meant keeping bor-ders shut. Nearly all travelersto zero-tolerance jurisdictionsserve two-week quarantines indesignated facilities. Travelbubbles have proved tough tonegotiate even between no-vi-rus governments. Many fami-lies are still separated by bor-der closures or face a longwait in quarantine when theyare permitted to travel be-cause of an illness or death.

The trade-off, officials say,is necessary to keep deathslow and enable the domesticeconomy to open comfortably.

It is a starkly different pic-ture from Western countries,where tough restrictions onactivities outside the home arereturning, including in theU.K., France and Belgium, ashospitalizations rise again. Inthe U.S., the seven-day averageof new cases is now the high-est the country has seen, and

families are fatigued.“A lot of places are realizing

that control of the virus isprobably the best way to keepan economy ticking along,” saidSimon Milne, director of theNew Zealand Tourism ResearchInstitute at Auckland Universityof Technology. “If you open upquickly, yes, you get that sugarhit to the economy, but youhave to close down more ag-gressively again, which makesthat withdrawal all the worse.”

China’s gross domestic prod-uct expanded by 4.9% in thethird quarter from a year ear-lier. Taiwan’s growth came inat 3.3%, buoyed by strong ex-ports and a rebound in domes-tic consumption. Vietnam isone of the few Southeast Asiancountries expected to deliverpositive growth this year. Allthree have crushed the virus.

Other small economies aretaking more of a hit. In tour-ism-dependent Thailand, whichhas fewer than 3,800 cases and59 coronavirus deaths, anaversion to even a few infec-tions has prevented leadersfrom reopening to other low-risk countries, causing a severedownturn. Hospitality execu-tives are calling for a con-trolled relaxation of rules.

In New Zealand, businessesthat rely on foreign travelersand students—pegged atroughly 5% of its economy—are likely to shrivel if a near-absolute travel ban persists.

“Because we’ve gone forelimination, I think we’re go-ing to keep our borders closedfor a very long time,” said Jar-rod Kerr, chief economist atKiwibank in New Zealand.

As the pandemic drags on,countries suppressing the vi-rus face a conundrum: Canthey hold the line if much ofthe world fails to controlCovid-19?

“Clearly, the longer thisgoes on, the greater there is ofan incentive to reopen bordersas the economic pain starts toget worse and worse once youenter a second tourist season,”said James Pomeroy, a Lon-don-based global economistwith HSBC.

Thailand, which has an aversion to even a few infections, admitted the first foreign tourists in months in October from low-risk China.

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WORLD NEWS

government, or in churchesand other buildings.

Videos posted on Twitterby local residents showed tinroofs blown off and dozens oftrees knocked down by strongwinds, as well as violentswells battering the Nicara-gua’s Caribbean shore.

The slow speed at whichthe storm was moving—it hadslowed to 3 mph before land-fall—is cause for concern, as itcould bring about catastrophiclandslides and floods in com-ing days, said Mario Montoya,a meteorologist at the CentroAlexander von Humboldt, anonprofit in the Nicaraguancapital Managua.

Eta is forecast to movewestward across a sparselypopulated area of Nicaragua,and later in the week acrossHonduras and parts of Guate-mala as a tropical depression,bringing heavy rain to the re-gion with the threat of flood-ing through Friday.

Eta is the 28th named At-lantic storm of the currenthurricane season, which runsthrough November.

The storm ties the recordfor the number of namedstorms set in 2005. It threat-ens to be the most damagingto Central America in morethan two decades.

MEXICO CITY—HurricaneEta crashed into northeasternNicaragua on Tuesday as aCategory 4 storm, knockingdown trees and power lines,damaging homes and threat-ening to bring significantflooding to Nicaragua andneighboring Honduras.

After meandering offshore,the center of the storm madelandfall around 4 p.m. ETTuesday south of PuertoCabezas on Nicaragua’s Carib-bean coast, with maximumsustained winds near 140miles an hour.

Guillermo González, head ofNicaragua’s disaster-manage-ment agency, said the coastalarea had been feeling the ef-fects of the storm sincearound midnight Monday. Asof midday Tuesday, there werereports of fallen trees, downedelectricity and telephoneposts, damaged roofs and ris-ing levels of rivers.

“The good news is that upuntil now, we don’t have re-ports of human casualties,” hesaid.

Mr. González said around30,000 people had taken ref-uge either at homes of rela-tives, in shelters set up by the

BY ANTHONY HARRUPAND JUAN MONTES

Hurricane Eta StrikesNicaragua’s Coastline

People stood outside a house surrounded by floodwaters brought onby Hurricane Eta in Wawa, Nicaragua, on Tuesday.

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and Mr. Paty gave a class onthe limits of free speech. Heshowed students what trig-gered the massacre: cartoonsthe satirical magazine pub-lished of the Prophet Muham-mad. Days later, police say, aChechen Islamist decapitatedMr. Paty outside the middleschool. The killing was trig-gered, prosecutors said, by vid-eos that a parent, angry overMr. Paty’s lesson, posted on so-cial media.

Mr. Paty was “making repub-licans,” President, EmmanuelMacron said in a eulogy for theslain teacher. “If this task todaymay seem daunting, especiallywhere violence, intimidationand sometimes resignation takeover, it is more essential andmore pressing than ever,” Mr.Macron said.

What makes someoneFrench, in the eyes of believersin the republic, is an accep-tance of its ideals—equality,liberty and fraternity—as aform of color- and ethnicity-blind identity.

France’s minorities, many ofwhom are Muslims who tracetheir heritage to former colo-nies in North Africa, don’t livein an U.S.-style melting pot.People of all faiths and back-grounds are expected to subor-

dinate their religious identityto a uniform French one.

That is in part why succes-sive French governments havemoved to expand the reach oflaws on strict secularism acrossthe public sphere.

In keeping with those stan-dards, Amira Zaiter, a 30-year-old nursing assistant of Tuni-sian heritage, was in the habitof removing her Islamic head-covering before starting work.

When the pandemic broadsidedFrance in March, Ms. Zaitervolunteered to work nights inthe intensive-care unit of a Nicehospital. When eastern France,an epicenter of the country’sfirst wave, needed reinforce-ments, Ms. Zaiter reported forduty there as well.

“I came back exhausted,physically and emotionally,”Ms. Zaiter said. She was also ahero, applauded by strangers intheir windows every evening.

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Then the attack on NotreDame Basilica happened. Thesuspect, who came from Tuni-sia, arrived in a migrant boaton the Italian island of Lampe-dusa in late September beforecoming to Nice in October, au-thorities said.

Ms. Zaiter said she is nowgreeted with suspicion whenwalking in the street, whereshe wears her headcovering.

In early October, Mr. Macrondelivered a speech decryingsome Islamic associations andschools that he said were try-ing to create a parallel societygoverned by different rules andvalues than those of the FrenchRepublic. Such activity, he said,constituted a form of “Islamicseparatism” that his govern-ment aimed to stamp out withnew laws.

Nawel Boumehdi, a 32-year-old cook in Nice, said suchrhetoric has left her feeling un-welcome. “The attacks, the vi-rus, it creates this climate ofconstant fear,” she said. “Peo-ple need to stop telling us weneed to integrate ourselves intoFrench society. My dad camehere from Morocco when hewas 22. He had to integratehimself, learn French and figureout a way to make a living. Iam French. I grew up here.”

NICE, France—France is en-during an autumn of agony.Covid-19 is filling up the coun-try’s hospitals. Its churches andschoolyards are haunted by Is-lamist terrorism.

It is a combination that hasplaced the French Republic andits people in an unusual stran-glehold. Freedom of expressionand the right to assemble enmasse are what animate dailylife in modern France.

The pandemic, however, hasdriven the French into lock-down, thrusting them into so-cial isolation and economic un-certainty, while the terroristattacks have sown dissensionand hardened divisions.

The spring lockdown deliv-ered the first shock to EliasPanou, a mechanic in Nice,forcing him to work throughthe summer without rest tofeed his wife and children.

On Oct. 29, he was bracingfor France’s second nationallockdown when he learned thathis friend Vincent Loquès wasone of three people killed in asuspected terrorist attack onNotre Dame Basilica. Mr. Lo-quès was the church sacristan.Mr. Panou sang in the choirwith Mr. Loquès’s mother.

There was no time for thekinds of solemn public memori-als and marches that Francehas traditionally mustered inresponse to atrocities. Hourslater, Mr. Panou and millions ofother French were confined totheir homes.

“I have received a hammerblow,”Mr. Panou said. “Vincentdid not deserve this. France didnot deserve this.”

This autumn is turning outto be especially brutal for citi-zens engaged in defending theFrench Republic’s ideals. Thatwas the mission facing SamuelPaty, a 47-year-old historyteacher, when he convened hisclass of middle-school studentsnear Paris for the first timesince the pandemic shutschools in March.

France had just opened atrial into the Charlie Hebdo at-tack—five years after the fact—

BY NOEMIE BISSERBEAND STACY MEICHTRY

Attacks, Pandemic Rattle France

Nawel Boumehdi, a cook in Nice, said, ‘The attacks, the virus, it creates this climate of constant fear.’

Covid is filling uphospitals. Churchesand schools arehauntedby terrorism.

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THEWALL STREET JOURNAL. * * * * * * Wednesday, November 4, 2020 | A14A

Republican AssemblywomanNicole Malliotakis declaredvictory late Tuesday over U.S.Rep. Max Rose after amassinga 36,591-vote lead, but the As-sociated Press hasn’t declareda winner in the race to repre-sent parts of Brooklyn andStaten Island.

With 89% of the in-personvotes reported—cast both onElection Day and during ninedays of early voting—Ms. Mal-liotakis led 128,072 to 91,481,according to the New YorkCity Board of Elections.

Around 77,000 absenteeballots were requested fromvoters in the district, and41,663 have already been re-turned, the board said Tues-day. Enrolled Democrats sub-mitted 15,859 more absenteeballots than enrolled Republi-cans, according to the Board.

To be counted, a ballotmust be both postmarked byNov. 3 and received by electionofficials by Nov. 10. By law, theabsentee votes can’t be openeduntil after polls close on Elec-tion Day, and the process ofcounting them can take weeks.

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If Ms. Malliotakis is able tohold the lead, she would bethe only GOP member of Con-gress representing New YorkCity.

Mr. Rose, a Democrat, wasfighting for a second term af-ter he was elected as part of ablue wave in 2018, but the 11thCongressional District pro-vided more votes for PresidentTrump than Hillary Clinton in2016. The president backedMs. Malliotakis, a former may-oral candidate who cam-paigned on a theme of law andorder.

“This race was about ashining city that, in a matterof months, lost its luster,closed its businesses, boardedup its windows and turnedover its streets to the criminalelement,” Ms. Malliotakis said.

Speaking to reporters onStaten Island, Mr. Rose said heunderstood he was fightingfrom a deficit but wasn’t con-ceding the race.

“As a soldier who fought forour democracy, I believe everyvote should be counted,” hesaid.

Three other seats in theU.S. House of Representatives

have been rated as tossups bythe nonpartisan Cook PoliticalReport.

Rep. John Katko, a Republi-can from Syracuse, is facingDemocrat Dana Balter, a col-lege professor. Rep. AnthonyBrindisi, a Democrat fromUtica, is facing Claudia Ten-ney—a Republican whom hedefeated in 2018.

On Long Island, DemocratJackie Gordon and Assembly-man Andrew Garbarino, a Re-publican, are vying for a SouthShore seat now held by retir-ing GOP Rep. Peter King.

As of Friday, around 1.4 mil-lion people in the countiesoutside New York City had re-quested absentee ballots, andnearly 900,000 had been re-turned, according to the NewYork State Board of Elections.

Dustin Czarny, the Demo-cratic elections commissionerin Onondaga County, which ishome to a majority of the vot-ers in Mr. Katko’s district, saidhis county had received 52,831absentee ballots as of Mondayafternoon. With 429 of 681election precincts in the dis-trict reporting to the StateBoard of Elections, Mr. Katko

led Ms. Balter 115,103 to85,801.

Onondaga County is alsohome to two competitive racesfor the New York state Senate.Democrats hope to make gainsin seven districts around thestate where incumbent GOPsenators aren’t on the ballotbecause they either retired orwere elected to another office.

Republicans are targetingfirst-term Democrats in SouthBrooklyn, the Hudson Valleyand on Long Island. The GOPhas benefited from indepen-dent expenditures by law en-forcement unions and a cos-metics heir.

Susan Lerner, executive di-rector of the governmentwatchdog group CommonCause New York, said it wasnormal that competitive raceswouldn’t be resolved on elec-tion night—particularly withmore absentee ballots cast as aresult of the pandemic.

“New York voters shouldunderstand that they will notknow the results of many closeraces until more than a weeklater, and that this is not thedeath of democracy but a signof life,” she said.

BY JIMMY VIELKIND

Contests Remain Too Close to Call

we wouldn’t have lost over200,000 lives.”

Daniel Wiig, a Republican,said he voted for PresidentTrump because he believes theeconomy was strong under theadministration before the pan-demic. The virus has devas-tated New York City’s economy.

“Certain governments likeNew York have overblown it,”Mr. Wiig said of the pandemic.“People have lost their jobs,people have committed suicide,people are alone. That’s notTrump, that’s the local side.”

As of 9 p.m. Tuesday, a to-tal of 2,346,302 people in NewYork City had voted on Elec-

tion Day and during the early-voting period that went fromOct. 24 through Nov. 1, accord-ing to the city’s Board of Elec-tions. The numbers don’t in-clude mail-in absentee ballots.More than 2.7 million peoplevoted in New York City in the2016 presidential election.

In New York state, 2.5 mil-lion residents participated inearly voting, accounting for19.5% of eligible voters. Offi-cials said that as of Oct. 27,about one million additionalabsentee ballots from aroundthe state had been returned.Together, these figuresamount to slightly more than

45% of the number of votescast in the state during the2016 presidential election.

At P.S. 33 Chelsea Prep inManhattan, Candice Agard, 30,said she held off on votingearly because she expected itwould lead to a light turnouton Election Day.

“I was hoping it would workto my benefit,” said Ms. Agard,a software engineer who casther ballot for Mr. Biden. Sheadded that she was relieved tobe finally showing support forher candidate, especially sincethe pandemic has brought un-certain times. “This is some-thing we do have control

over,” she said of the election.Voting lines moved quickly

in rural upstate areas.John Geurtze Jr., 65, voted

at the Town Hall in New Scot-land, N.Y. “I voted to get rid ofTrump,” he said.

In Brooklyn, Ron Grady andhis wife, Debbie Grady, stooddown the street from the FortHamilton polling place in BayRidge, waving Trump flags.Mr. Grady said that recentprotest movements to defundpolice departments around thecountry were hurting the na-tion. “We’ve got lawlessness,rioting, attacking store ownersand restaurants,” he said.

GREATER NEW YORK

New Yorkers headed to thepolls on Tuesday to vote in thepresidential election and localraces, with the coronaviruspandemic, the state’s financialcrisis and crime weighing ontheir minds.

Many voters cast ballotsquickly without any waits, astark difference from thehourslong lines that plaguedsome early-voting sites in thepast two weeks.

At Fort Hamilton HighSchool in Bay Ridge, Brooklyn,voters trickled into theschool’s gym shortly afterpolling opened at 6 a.m.

Frank Sossi, 57 years old,said he voted for former VicePresident Joe Biden alongsidehis 22-year-old daughter, Dan-ielle Sossi. They said theTrump administration’s pan-demic response along with thepresident’s character influ-enced their decision.

“We need a change,” saidMr. Sossi, who identifies as anindependent. “We think that ifthere was a better response,

BY STEPHANIE YANGAND EMMA TUCKER

Short Wait Times Greet Voters in CityNew Yorkers say thepandemic, economyand crime are keyfactors in their choices

Ron and Debbie Grady showed their support for President Trump in Brooklyn. Candice Agard cast her ballot for Joe Biden in Manhattan.

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Voters cast their ballots at a Brooklyn polling place Tuesday. Absentee ballots could determine the results of several races.

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Manhattan’s central busi-ness district was subduedTuesday—even by standardsset during the coronaviruspandemic—as retailers boardedup stores in anticipation ofpossible unrest over the presi-dential election.

In 2016, the streets of Mid-town Manhattan were abuzzon Election Day. The two pres-idential contenders, DonaldTrump and Hillary Clinton,held their main gatherings inMidtown—Mr. Trump at theNew York Hilton Midtown andMrs. Clinton at the Jacob K.Javits Convention Center.

The scene on Tuesday wasdifferent, in part because offears of protests going awryand potential looting. Countlessstores were covered in ply-wood, particularly in the TimesSquare area and the 34thStreet shopping district, includ-ing at Macy’s flagship store.

The New York Police De-partment deployed hundredsof officers at polling sitesaround New York City. It alsostationed additional officersoutside Trump Tower on Man-hattan’s Fifth Avenue.

People still went abouttheir business, but with a cer-tain unease.

“It’s fear of the unknown,”said Michael Hall, 52 yearsold, as he walked throughTimes Square

Many retailers were con-cerned about a repeat of thevandalism and looting thatsometimes followed BlackLives Matter protests in thesummer, said Mark Dicus, ex-ecutive director of the SoHoBroadway Initiative, a neigh-borhood improvement group.

Businesses that boarded upsaid they didn’t know what toexpect but wanted to be careful.

“People are a little bitscared, and I am as well,” saidHassan Munir, the supervisorof New York Gifts and Souve-nirs, a store a few blocks from

Trump Tower.NYPD officials said Tuesday

afternoon that voter turnouthad been light to medium, andthat no major incidents hadbeen reported. “It’s been rela-tively quiet and a normalElection Day so far,” NYPDChief of Department TerenceMonahan said.

Police officials said theyhad no intelligence to indicatethere would be violence in thecity, though thousands of offi-cers would be on standby overthe coming days should theybe needed. They urged peace-ful protesters to separatethemselves from anybody whoappeared to want to causetrouble.

The protests that did takeplace on Tuesday were small.More than a dozen peoplegathered at Cadman Plaza inBrooklyn in the afternoon be-fore they started marching inthe street, chanting a call andresponse accompanied by mu-sical instruments.

Several blocks away, workerswere putting up a fence aroundan Apple store and boarding upwindows at a Target storealong a commercial corridor inDowntown Brooklyn. Two po-lice officers and several NYPD

vans followed closely behindthe group as they marcheddown Atlantic Avenue.

Rodrick Covington, who ledthe group singing into a mega-phone, said the intention wasto encourage enthusiasmabout voting on Election Day.

In the evening, around 50people marched from UnionSquare to lower Manhattan,holding “Trump/Pence OUTNOW” signs. A large policepresence followed the peacefulprotest.

Uneasy RetailersPrepare for UnrestOver Election Result

‘People are a littlebit scared, and I amas well,’ said onestore supervisor.

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New Jersey VotesTo Make Pot Legal

New Jersey voters ap-proved a ballot measure le-galizing recreational mari-juana, setting the stage for anew market for cannabis inthe Northeast.

The ballot measure addsan amendment to the stateconstitution allowing peopleages 21 and older to usemarijuana. The amendmentallows the state to set up aregulated market to grow,distribute and sell the drug.

New Jersey lawmakers inthe Democratic-controlledLegislature were unable tosecure enough support topass legislation to legalize thesubstance in 2019, despitethe backing of top Demo-crats, including Gov. Phil Mur-phy. The governor has saidenforcement of marijuanalaws has had a disproportion-ate impact on Black and La-tino New Jerseyans.

“Let me be BLUNT: Legal-izing marijuana is a matter ofsocial justice, racial justice,and economic justice,” Mr.Murphy tweeted Monday.

—Joseph De Avilaand Paul Berger

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“Rap Lives Matter” shirt fea-turing deceased hip-hop art-ists such as Tupac Shakur.

And now that the weatheris cooling, it’s sweatshirtsgalore. “I think the public’sgoing to love it,” he says ofhis selection, which includesa “WILD AND FREE STAY

WOKE TRUST NOBODY” de-sign featuring a snarlingpanther.

O ther vendors take aminimalist approach.Achilleas Fabiatos, who

lost his job managing a Greekrestaurant, now tends a Man-hattan stand offering just one

item—a box of 50 disposablemasks for $10. He earns $3 to$5 profit per box, dependingon the wholesale rate.

“It’s a very honest living,”he says. “I give you a goodprice. You want it, you buy it.”

Not everybody welcomesthe new vendors, of course.

Anthony ’the Ultimate Hustla’Peterson, above, stays apacewith trends and recently addedsweatshirts to his offerings.Desmin McBride, left, startedselling disinfectant wipes andother supplies after he lost hisjob, and has since expanded.Achilleas Fabiatos, below, sellsjust one item, disposable masks.

METRO MONEY | By Anne Kadet

Crisis Sparks New Wave of Street VendorsIf you like

street vendorsas much as Ido, you havebeen de-lighted by all

the new sidewalk standspopping up around New YorkCity, hawking everythingfrom leopard-print facemasks and empanadas tolucky Buddha statues. Thesobering part: Many are runby people who lost their jobsbecause of the pandemic.They’ve taken to the streetsin hopes of earning a living.

Desmin McBride, who losthis event-staffing job atBrooklyn’s Barclays Center inMarch, was among the firstof this new wave. Early in thepandemic, some neighbor-hoods weren’t taking the cor-onavirus seriously, he says,and their store shelves werestill stocked with gloves,hand sanitizer and wipes. Hebought inventory to resellfrom a folding table, first inDowntown Brooklyn, then athis current location on East14th Street in Manhattan.

Within weeks, he didn’thave to source his own in-ventory—there were dealersdelivering items directly tostreet vendors around thecity. With many storesclosed in the lockdown,there was little competition,at least initially. All spring,sales were “super good,”says Mr. McBride.

T he picture brightenedfurther when, in thewake of social-justice

protests, Mayor Bill de Bla-sio said the police would nolonger enforce street-vendorregulations.

Mr. McBride, like manyvendors, was operating with-out a license because of thecity’s longstanding morato-rium on issuing new permits.Following the mayor’s an-nouncement, he says, he feltfree to expand. He grew hisstand to three tables andadded additional items in-

cluding ball caps and GeorgeFloyd pins.

While he has gotten someflack from passersby whosay he is capitalizing on thepandemic, that isn’t how hesees it. “I saved a lot oflives,” Mr. McBride says.

It has been interesting towatch the vendors stayahead of the trends. Theywere offering Clorox wipeswhen stores were out ofstock, Black Lives Matter T-shirts before the demonstra-tions and Biden-Harris pinsshortly after the ticket wasannounced.

“It’s the way we eat now—we have to stay on our toesand think,” says Anthony“the Ultimate Hustla” Peter-son, a personable salesmanwho jumped into the street-vending scene after hiswholesale makeup businessdried up in the lockdown.

Thanks to his wholesalecontacts, he got started de-livering items such as masksand wipes to vendors city-wide, then launched his ownstand on East 116th Street inHarlem. When the vendingscene there got too crowded,he tried Midtown. “Butthere’s nobody there,” hesays of the desolate officedistrict. “You don’t catch mewhere nobody else is!”

Now, he has settled inDowntown Brooklyn near thecorner of Fulton Street andElm Place, where he staysapace with trends. Early on,he predicted people would tireof blue medical masks. Hisevolving selection, priced atfive masks for $20, includesDior knockoffs and pink se-quin designs for parties.

“You got women who wantto be bling-bling, shiny-sexy,and guys who want to besporty,” says Mr. Peterson.“That’s a good thing.”

When temperatures rosein the summer, he was readywith T-shirts printed by afriend. Social-justice themeswere hot. He also designedsome originals including a

The city’s storefront smallbusinesses are frustrated bythe “explosive” growth inunlicensed vending this year,says Randy Peers, presidentand CEO of the BrooklynChamber of Commerce.“They are directly competingwith bricks-and-mortar busi-nesses struggling to reopen.”

He and other businessleaders are calling on the cityto better enforce regulations.

A spokeswoman for themayor’s office says the po-lice will continue respondingto illegal-vending complaintsas the city transfers enforce-ment to civilian agencies. Anew enforcement system, setto launch in the near future,would support small busi-ness of all kinds, she says.

S o how do the city’s vet-eran street vendors,who typically had been

earning $50 to $100 a daybefore the pandemic, viewthe new arrivals?

Some told me that be-tween the decline in pedes-trian traffic and growingcompetition, sales are down30% to 40% from last year’slevels—a challenging trend.

But there is also a sort ofbrother-and-sisterhood atplay. Christopher “Red” Cobb,a homeless man who hasbeen operating a Manhattansidewalk stand for eightyears, selling used items in-cluding books and dishes,says he recently relocatedfrom Union Square West tohis current place a block eastbecause so many new vendorswere crowding his old spot.

But he is still happy tocounsel the people who stopby his stand seeking adviceon how to start their ownsidewalk operations—includ-ing whether it’s consideredkosher to sell clothing fromtheir own closet.

“It’s not competition, ev-eryone’s in need,” he says.“They need to eat.”

anne.kadet@wsj.com

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TheWall Street Journal CMONetwork connects leaders of the world’s most influential brands to examinewhat—and who—is driving trends and provide the facts they need to chart the path forward.

Member Voices | Four of ourmembers respond to the belowquestion:

Are you satisfied with the progress big digital platforms have made towardbeing more accountable in terms of brand safety and measurement?

LindaDuncombeExecutive Vice President and ChiefMarketing,Product and Digital Officer, City National Bank

“We can’t paint every digital platformwith the same brush–some organizationsare doing a lot of good in this area, whileothers need to be more accountable whenit comes to safety and measurement.Brands and consumers alike are facedwith the current world we live in wheredigital platforms are more important thanever. The pandemic has everyone lookingfor digital platform solutions like neverbefore–we all need and want to stayconnected. Clearly, keeping it as partof the conversation and holding companiesaccountable is really important.”

TheWall Street Journal news organization was not involved in the creation of this content.

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Jones&Co.,Inc.Allrightsreserved.6DJ10087

Membership is by invitation: CMONetwork@wsj.com Learnmore: CMONetwork.wsj.com/inquire

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Julian JacobsCo-Head, UTAMarketing, United Talent Agency

“We have a long way to go. The pandemichas not only accelerated consumption andaudience growth on these platforms, butsimultaneously opened up new opportu-nities for advertisers. Unfortunately, thereremains a gap in the development andinnovation behind brand safety tools andcapabilities. Advertisers, agencies andcreatives must come together–we havethe responsibility to develop educationalcampaigns to shed light on this very issuein order to get to where we need to be.”

Kevin IaquintoExecutive Vice President and ChiefMarketing Officer,Blue Yonder

“In my view there is still much work to dohere. The large digital platforms bear muchresponsibility for ensuring consumer privacy,along with brand safety and measurement.The unintended consequences of what hasbeen built are clear and more control iswarranted. In order to stem the tide of futureregulations, more proactive commitment inthis area is going to be needed to ensure thatbrand advertising is as fraud-free, safe andviewable as possible.”

Luis VazquezSenior Vice President,Worldwide Sales &Marketing,Tupperware Brands

“The pandemic has been a test to see howdigital platforms approach brand safety.There is credit to be given to the industryfor trying to prune away false information,mobilize support for essential causes, andeducate advertisers and publishers onnavigating through the crisis. But a gapneeds to be filled to ensure digital platformshave the right measures to protect brandintegrity. With data privacy at the forefront,there remains a challenge for our disciplineto find the right platforms that enablebrands to quantify the correlation amongmarketing efforts, reputation and thebottom line.”

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PERSONAL JOURNAL.FAMILY & RELATIONSHIPS

“They don’t want to send theirchildren back to school but theyalso don’t like this distance learn-ing,” says Ms. Morrow.

There are no nationwide num-bers showing how many parentsare changing their minds. Anec-dotally, most parents seem to besticking with their original deci-sions so far, despite rising anxiety,say administrators and educationexecutives. Many schools allowfamilies to switch to remote at anytime but limit switching to in-per-son to designated time periods,such as quarterly.

In New York City, the country’sbiggest school district, about 54%of parents opted for fully remotelearning in an Oct. 16 survey, upfrom 30% in mid-August, accord-

in-person learning for older ele-mentary students for most of No-vember. Middle school and high-school students remain remote.

In Portage, Ind., rising casesworried Stephanie Williams, a 33-year-old nursing assistant, aboutsending her two elementary-school sons back to school when itreopened for in-person learning inOctober. Earlier in the fall, she hadtold the school they’d go in per-son. But she grew increasinglyworried about exposing her youn-gest child, who has respiratoryproblems, and mother-in-law, whobaby-sits.

She agonized over the decision.She wasn’t sure whether theschool would be able to keep her

Pleaseturntothenextpage

School ChoicesSecond‑GuessedAs Covid RisesHealth risks, disruption and anxiety fuel a newround of difficult family decisions about school

ing to NYC Department of Educa-tion data. Parents had a windowin August to select in-personlearning at the beginning of theyear, and another window endingin mid-November to go in-personfor the rest of the year.

Parents in some other bigschool districts don’t have achoice: Los Angeles Unified SchoolDistrict and Chicago PublicSchools aren’t yet offering in-per-son learning for the majority oftheir students.

In Denver, where the Parnellslive, about 4.5% of studentschanged their learning option be-tween Sept. 29 and Oct. 26, withmost of those switching to remote,says a spokesperson. At the end ofOctober, the district decided to nixRA

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planning to phase-in students whowish to return to campus startingnext week. The Hoods are waitingto see whether coronavirus casescontinue to rise in their area.

The complexity of reintroducingspecial-needs students to in-per-son school is great because theywon’t be returning to what theyhad known before, Dr. Rich said.

The Hoods plan to prepare Jo-siah for seeing teachers wearingmasks and other protective gearby wearing those items aroundhim before he goes back. They aretrying to get him used to wearinga mask, but he won’t keep one onfor more than a few minutes.“How do we get young childrenwith special needs to socially dis-tance?” Ms. Hood wonders.

In addition to safety concerns,they worry about how Josiah willadjust to yet another new routine.A week or two before he returns,they plan to drive to school in themorning and again in the after-noon so he gets used to the trip.They will adjust his schedule toclosely mirror his school day.

“If we can get him back inschool soon, great,” Mr. Hood said.“I know I can’t do all the thingsthe teachers can.”

HowRemoteLearningUpended aBoy’sWorldtkt

Before the pandemic, 10-year-old Josiah Hood had a team of17 people helping him with

physical therapy, occupational ther-apy, speech therapy and behavioraltherapy at home and at school.

When the school he attends forchildren with developmental dis-abilities abruptly closed in March,Josiah, who has autism, was sud-denly without the structure androutine he needed to thrive.

The nationwide school shut-down last spring came as a jolt toall students, but for those withspecial needs, it was earthshaking.Now, as many schools across thecountry begin transitioning stu-dents back into classrooms, it’s be-coming clear that the path backwill be precarious.

Special-needs students havebeen among the first invited back,but in some districts they have re-turned only to find substituteteachers. Other districts havepushed back reopening plans dueto rising cases of coronavirus orhave closed schools just days afterreopening, sending special-needsstudents into a tailspin once again.

As soon as Josiah’s schoolclosed, not only did all of hisschool support come to a halt—sodid home visits from private thera-pists, because he is immunocom-promised.

“The only way I know how tocope is to figure out solutions. Butwhen Covid hit, I cried in theshower for a solid hour,” Josiah’smother, Sara Hood, said. “I wasthinking, ‘What if he regresses?’ Six

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months of work with him can go outthe window in two weeks. I remem-ber my husband, myself and mymother-in-law staring at each otherlike, ‘What are we going to do?’ ”

After the initial panic, Ms. Hoodwent into fix-it mode. She re-searched everything she couldabout the services Josiah neededand divided duties among her newteam of three. Last year, she gotcertified in Applied BehavioralAnalysis, a set of techniques thatcan help people with autism im-prove social skills and communica-tion, so she made that her focus.Her husband, Evander “Ziggy”Hood, a National Football Leaguefree agent, took on the task ofhelping Josiah with physical ther-apy. Her mother-in-law, who liveswith them in Washington, D.C., re-searched how to help Josiah withoccupational therapy.

“The first two weeks were awful.Josiah was frustrated and we werefrustrated and I was crying becauseI felt I was failing,” Ms. Hood said.

She recalled one time when herhusband was doing physical therapywith Josiah, trying to help him bal-ance on a ball. “It was like a circus,”she said. “It was one of those mo-ments where you had to decide ifyou want to laugh or cry, and wedecided to laugh.”

Maintaining a routine is criticalfor many children with specialneeds, and for those on the autismspectrum in particular. “Kids onthe autism spectrum tend to bevery concrete thinkers, so anytimetheir environment or routinechanges it is seen as a challenge tobe resisted or feared,” said Mi-chael Rich, a pediatrician at Bos-ton Children’s Hospital.

The Hoods created a routine tomimic school, with lessons andtherapies going from 8 a.m. to 1:30p.m. and breaks for recess andlunch. The Hoods posted every-thing on a giant color-coded calen-dar, with picture cards to showtheir nonverbal son what he wouldbe doing and how long it would

Ten-year-old Josiah Hood has physical therapy sessions at home now withhis father, Ziggy Hood; on a break with his mother, Sara Hood.

take. They installed an indoorswing, and set up a sensory cornerwith textured fabrics, kinetic sandand dried macaroni, like the onehe had at school.

About six weeks into the shut-down, school resumed online andthere was more structure for Jo-siah, including a virtual morningmeeting with his teacher andclassmates and video sessions withschool therapists. The Hoods alsowere overseeing remote school fortheir 8-year-old son, Jeremiah,who doesn’t have special needs.

It has been a major adjustmentfor the family. Mr. Hood, who ishoping to play football for onemore season before he retires, getsup early to work out so that he’sback before the boys begin theirschool day. “It’s like a tag team,”he said. He relieves his motherwhen she needs a break, steps inwhen Sara has to take calls and of-ten takes Josiah outside to getfresh air and exercise.

“I don’t mind being a stay-at-home dad right now,” Mr. Hoodsaid. “Sara has sacrificed enoughfor me and my career.”

Ms. Hood is a fitness influencerand a partner at an influencer anddigital-marketing agency; she alsois creating a spicecompany. Sheworks from thetime the boys go tosleep into the earlymorning. “I call 8p.m. to 2 a.m. thesecond half of myworkday,” she said.

All the work thatwent into estab-lishing a routinecan be undone inan instant, how-ever, and this fall,the Hoods are fac-ing some toughchoices. SendingJosiah back toschool would in-volve a lot of work,and if school wereto close again,they’d be back atsquare one.

Josiah’s school is

Tom and Jennifer Parnell changed their minds about sending their kids to school in person; for now they learn at home.

started out virtual are reconsider-ing amid social isolation worries,but feel increasing apprehensionabout the virus.

For many families, it’s not justthe virus risk that creates con-cerns, but also the upheaval thatrising cases wreak on the schoolexperience: classes quarantine fordays, schools switch between in-person and remote-learning, fami-lies can’t rely on consistent child

care. Kids thrive on rou-tine and structure; shift-ing school plans make itdifficult to establish hab-its and schedules. “Itwasn’t ever clear what theright thing to do was andpeople just don’t haveenough information,” saysYe Li, an assistant profes-sor at the University of

California, Riverside who studiesjudgment and decision-making.

Kimberly Morrow, a Los Ange-les-based home-school teacher andauthor, says parents she speaks toare rethinking their choices “al-most daily” and are concernedwith the rise in cases. “They don’tfeel their children are getting theattention they need,” she says.

Over the summer, Jenni-fer Parnell told herkids’ school that shewould send her second-and fourth-graders backas soon as their Denver

elementary school reopened for in-person learning in late October.But as coronavirus cases mountedin the fall, she second-guessed herdecision.

“Cases were going upand we were enteringcolder season,” she re-calls. “Things are stillvery uncertain.” Sheworried not only aboutcatching the virus, butalso about disrupting herkids’ routines once moreif the school had to goall-remote again.

By October, she had changed hermind: “I called them up and said, ‘Ithink we want to stay virtual.’”

Rising Covid cases across thecountry are fueling a new round ofdifficult decisions about school forfamilies. Some who were sendingkids in person, or planned to, havereversed course. Others who

BY ALINA DIZIK

54%of parents inNew York Cityschools choseremote in anOctober poll.

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Routines help. A very clean housekeeps me in a good mental space,as do well-tended gardens andplanning/executing good menus.But with winter coming, some ad-justments are necessary. Once thebulbs go in, gardening will be

As the pandemic drags on,Ellen Byron wrote about newways to recharge in an arti-

cle on Oct. 26. Readers weighed inwith their own ideas on the sub-ject. Here is an edited selection ofreader responses:

We have learned in recent yearsabout mindfulness and self-care;These must be balanced withthinking about others and theworld around us.

The pandemic has provided anenormous time slot for somethingcalled rest and relaxation. Iworked for 25 years commutingtwo hours into NYC each waywhile being a single parent raisinga daughter. I would have nevercomplained about working fromhome!

Basically the pandemic is de-toxing major segments of ourcountry while others are used tomodest lifestyles and disciplines.For example, my husband was di-IL

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agnosed with Parkinson’s fiveyears ago just as we retired.Since, we have avoided crowdedrestaurants and events withcrowds, in addition to venueswhich are not mobility-friendly.

Tonight we will take in Lyricsand Lyricists from the 92d StreetY on Zoom while we dine in oursmall apartment with one of myelegant versions of Marsala.

Creativity, innovation, imagina-tion are key components and skillsfor resilience.

—Connie MitchkoFlorham Park, N.J.

I get together with several folksmuch older than myself once ortwice a week for coffee. They areall much more afraid of dyingfrom loneliness than COVID. Formyself, I visualize a very warmbeach with warm water and see-ing smiling faces as a cure for“stress.”

—Peter Sullivan

ing illness from COVID-19 and ofdiscrimination if ICU beds are inshort supply, I’m hardly encour-aged by the advice, “Think twoyears ahead.”“Think two years ahead”Really gets me seething,Fighting down my dreadThat I won’t be breathing.

—Felicia Nimue AckermanProvidence, R.I.

Tired all the time? Get outand get fresh air and sun-shine and travel across ourvast land. I dropped morethan a stone (14 pounds) bywalking trails and steppingup my physical activity andeating healthy.Plopping in front of a com-puter can be tiring, espe-cially when you live in fearand anxiety. Not being ableto eat at your favorite res-taurant or buy goods from a

business that went belly upcan be frustrating and depressing.So what do you do? Enjoy cooking.Cook for yourself to your taste andexperience the pleasure of servingyourself and eating healthy but de-licious food.

—Girish Kotwal

LETTERS

Readers Share Their TipsOn Pandemic Fatigue

Abby Hempy, 24, a graduate stu-dent, and Tucker Alsup, 29, a re-search engineer, both at MichiganTech in Houghton, Mich., on their1998 BMW 528i racing art car, astold to A.J. Baime.

Ms. Hempy: I first heard aboutthe Grassroots Motorsports$2,000 Challenge a while ago. Ialways wanted to do it but neverhad the time. Since the coronavi-rus shut down the AdvancedPower Systems lab where I workat school, I had time on myhands. The rules of the competi-tion are that you have to put to-gether a racing car with a $2,000budget, then you compete at theevent in Florida in three competi-tions. It’s in the spirit of keepingracing cheap, because anyone canwin if they spend enough money.I bought a BMW for $800 andstarted working on it.

Mr. Alsup: I wanted to help. Abbyhas worked on all kinds of proj-ects, but hasn’t done a lot of hard-core engine-bay mechanical work,which I have been doing for a longtime. So I started working on thecar with her.

Ms. Hempy: We spent last sum-mer on the car in the yard of oneof my professors, because we didnot have a shop. We tore apartthe engine and the more wefixed, the more we realized westill had to fix. Meanwhile, wehad to find sponsors to help with

our expenses. BF Goodrich do-nated a couple sets of racingtires, and an organization thatsupports women in racing calledShift Up Now donated money.

Mr. Alsup: Abby picked up the me-chanical stuff quickly. Also, shewas taking care of the budget, andI am not a big fan of doing thatstuff. We decided I would do thedriving in the competition. I grewup go-karting and had competedin a couple county-fair races.

Ms. Hempy: I have always beeninvolved in dance and art. Mymother is an artist. BMW has ahistory of collaborating with art-ists, creating art cars and racingthem. So that became the themebehind our car. I named the teamOnofrio Pollock after two artiststhat inspire me. Judy Onofrio isan artist from where I am from inMinnesota, known for her giantsculptures. And Pollock, as inJackson Pollock, an artist fromNew York from the first half ofthe 20th century. I used rocksfrom the shores of the KeweenawPeninsula on the car, so it ex-presses a little bit of whereTucker and I now live.

Mr. Alsup: We could not afford atrailer, so the week before thecompetition, which was on Oct.23-24, we drove the car fromnorthern Michigan to Florida,stopping in North Carolina [wherethese pictures were taken]. Thecompetition was awesome! Wecame in 27th in the autocrossevent [a timed competition inwhich drivers navigate a course]and also in the drag race, out of32 cars. We were 20th in the con-cours [cars are judged for innova-tion and presentation]. We werenot super competitive, but we hada ton of fun.

Ms. Hempy: We didn’t place reallywell, but everyone was intriguedby our car. Other teams were fo-cused on quickness, and when weexplained that our initial goal wasto build an art car, people got onboard. On the ride back, Tuckerand I were already making plansfor next year’s car.

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MY RIDE | A.J. BAIME

ARace Car That’s aWork of Art

With Jackson Pollockin mind, this duo fromMichigan Tech usedrocks to transformtheir 1998 BMW 528i

Tough CallsOn SchoolFor Familieschildren safe but also felt badkeeping them away fromclassmates. “The kids get adifferent experience whenthey are in class versus athome,” she says.

In September, she changedher mind and opted to stayremote. “We decided it wouldbe better to keep them athome and see what happensto everybody else, as horribleas that sounds,” says Ms. Wil-liams. Now she hopes to beable to send them back inJanuary. Within the PortageTownship Schools district,about 75% are currently at-tending in-person, with 5% ofparents switching their choicefor the second quarter, saysspokesperson Amanda Alaniz.

Other families are strug-gling with social isolation. InSouthlake, Texas, Marci Leeoriginally chose to keep bothher kids remote; both she andher husband have immune-system challenges. But sheworried as she saw herfourth-grade son become in-creasingly unhappy. “It’s diffi-cult for any parent,” says Ms.Lee, an entertainment publi-cist. “He doesn’t have thatzest for life.”

After going back and forthfor weeks, they decided tosend their younger son back inperson. “We felt his mentalhealth was more importantthan our health risks,” saysMs. Lee, who will reconsiderthe plan next quarter. Theirolder son, who can drive him-self to baseball practice andsee friends, will stay remotefor now.

The changed in-personschool experience is discour-aging some families. In Inver-ness, Ill., Tracy Callahan andher 15-year-old son decided tostay virtual after learning thedetails of the school’s “hybrid”instruction model. After anall-remote start to the year,students who opted for in-per-son learning still wouldn’t beattending class in person ev-ery day, and some teachershave opted to remotely in-struct kids who are in person.

Her son didn’t like theprospect of new rules andless freedom to socialize atschool, she says. At home,he’s able to order takeout forlunch and enjoys workingwith his online study group.“It’s not like I’m some meanmom,” Ms. Callahan says. “Myson absolutely said, ‘I don’twant to do this.’”

ContinuedfrompageA15

Elle Parnell, 10, plays with herbrother Reid at home..

The BMW 528i that Abby Hempyand Tucker Alsup turned into aracing ‘art car’ is adorned from thehood to the trunk with pebbles fromthe shores of Lake Superior.

quiet for the winter, so otherforms of exercise need to bepicked back up.

—Thomas Beckett

As a 73-year-old whose age putsher at high risk of life-threaten-

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THEWALL STREET JOURNAL. Wednesday, November 4, 2020 | A17

Ariana Grande has ex-pressed an ambition torelease music “in the waythat a rapper does”—thatis, when she feels like it

rather than when her label thinksthe time is right. As the singer hasmatured and seized control of hercareer, she’s come close to that de-sire. In just a little over two years,she’s released three studio albumsand a live record, including hernew LP, “Positions” (Republic), outnow. And she’s the rare artist whois both prolific and consistent.Most pop singers this deep into acareer have taken an ill-advisedturn at some point, perhaps agenre experiment or movie tie-ingone awry. To cite one example,compare Ms. Grande, now 27, withMiley Cyrus, a child television starof the same age who has releasedsome great singles and some trulyawful full-length records whileleaping from one genre to thenext. But since Ms. Grande’s 2013debut, “Yours Truly,” which had aslightly antiquated theatricality re-flecting her past in musical the-ater, her records are filled withup-to-the-minute pop and R&B,featuring guest spots from equallyrelevant stars. Ms. Grande hasgreat taste, a powerhouse voice,and a likable public persona, andso far she’s made few mistakes.

From one angle, “Positions”—asolid and well-produced collectionof sex-focused R&B slow jams—ex-tends her streak. It’s a particularly

single-minded album, withoutsongs that scream “hit single,” andthe tracks are beautifully recordedand mixed to frame Ms. Grande’svoice. There are orchestral toucheshere and there, but they’re mostlysubtle, keeping the focus on the re-cord’s slinky rhythms. This is mu-sic firmly in the singer’s comfortzone. And it’s predictably slick andaccomplished, if also a little safe.

Ms. Grande has the multioctaverange of a diva, but her rhythmicphrasing owes a lot to hip-hop,with clipped vowels clustered intophrases that gather energy andthen burst forward at just theright moments. That’s her modeon the opening “Shut Up.” Backedby plucked and bowed strings andlittle else, Ms. Grande strutsahead and confidently bats asidecritics, half-rapping her words.The following “34+35” adds crisp,minimal percussion as it zeroes inon the record’s overriding theme

freedom. Fear and vulnerabilitycan wait for another day—“Posi-tions” is all about fantasy.

At times, the spacious produc-tion and artful blend of hip-hop,R&B and pop bring to mind musicreleased in the first half of the2000s, a golden age for radio hits.Scott Storch, a producer fromthat era, contributes to “My Hair,”one of this record’s highlights.There’s nothing particularlyclever about the lyrics, on thissong or elsewhere—“Come runyour hands through my hair”pretty much covers it—but thetrack exhibits his characteristiccolor, including a steel-drum-likeaccent, a horn, and a neo-discostring line. Ms. Grande takes hislead with one of her best vocalperformances on the record,jumping up an octave and addinga bit of gospel growl on the cho-rus. “Love Language” adds an-other welcome twist, with piano

and hints of clubby Europop.But these are outliers. Most of

the record comprises slow-to-midtempo numbers designed forbedrooms rather than dancefloors, and too many of thesetracks bleed together. There’s acertain thrill in hearing Ms.Grande in her raunchiest mode,but the melodies on songs like“Nasty” and “West Side” arenothing special. As “Positions”wears on, the lack of hooks be-comes a problem. It’s true that,given the after-hours mood, mas-sive singalong choruses might bea distraction, but some variety ora new wrinkle in Ms. Grande’saesthetic would have helped. Thisyear, she hit No. 1 on the Hot 100twice—with Lady Gaga on “Rainon Me,” one of the most explosivepop songs of the year, and alsowhen paired with Justin Bieber onthe ballad “Stuck With U,” a tunewith more warmth and charmthan anything here.

“Positions” is about mood andvibe more than breakout songs, arecord that hums along nicely butnever detonates. And while Ms.Grande has clearly mastered thestyles found here, it would be in-teresting to see her move on tosomething else, to try her hand atsongs where she’s not so assuredand has more to lose.

Mr. Richardson is the Journal’s rockand pop music critic. Follow him onTwitter @MarkRichardson.

of carnality: Here, Ms. Grande setsthe scene for a night of ecstasy,with some sex acts described ex-plicitly and others requiring arith-metic to decode. And “Motive,” asleek house number with a guestrap from Los Angeles vocalist DojaCat, completes the opening trip-tych. Lyrically, this album is an in-vitation to inhabit her world ofwealth, confidence, and sexual

ARTS IN REVIEW

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Ariana Grandeperforming live in

Los Angeles in 2018

Though slickly produced, it sounds like music in search of a spark

MUSIC REVIEW | MARK RICHARDSON

‘Positions’: PopDiva’sSafe Set of Slow Jams

Once upon a time, networksitcoms filled the autumnair like falling leaves, some

developing into hits, spinoffs andfranchises, others being raked intopiles and set on fire. The 30-min-ute comedy—more like 22 minutes,with commercials—is an art in it-self, but its status has seemed iffyin the wake of bingeable series ofhour-long installments, high-endcasts, high-flown themes andhighly untraditional decency stan-dards. And yet it persists. Why?Because sometimes you just wantan apple-cider doughnut instead ofThanksgiving dinner.

Accordingly, “B Positive” doesseem like an effort to put somestarch on the network table, and afew steroids in the formula. An ex-ecutive producer is sitcom peren-nial Chuck Lorre (“Two and a HalfMen,” “The Big Bang Theory”),who has other current hits as well(“Young Sheldon,” “The KominskyMethod”). The director of the firsttwo episodes (all that were avail-able due to pandemic production)is James Burrows (“Cheers,”“Taxi,” “Frasier”). The creator isMarco Pennette, whose careergoes back to the fabled “Kate & Al-lie.” The themes include renal fail-ure, organ transplants, promiscu-ity, drug and alcoholic abuse anddeath, none of which are a soft-pedaling of anything in the Covidera, and make the show feel like itwas made for adults. It also has

close-to-perfect casting.Thomas Middleditch (“Silicon

Valley”), who is blessed with whatmight be called Resting AnxietyFace, is Drew, a therapist with anonline degree who learns that hiskidneys are in collapse. He needs adonor; his doctor (Jason Kravits)suggests family. “Great,” Drew says,“a Republican kidney.” It will helpyou pee, the doctor says, “it won’ttell you what bathroom to use.”Gratuitous, perhaps, but funny.

Among Drew’s problems is hisnative misanthropy, which meanshe doesn’t have a lot of friends,period, and certainly not “kidneyfriends.” A divorced dad of one, hehas enough of a social circle to beinvited to a wedding, where hisplight has made him desperateenough to confide in an old high-school classmate, Gina. She is suf-ficiently moved to offer him one ofher kidneys, and sufficiently in-ebriated to fall out an open win-dow.

As Gina, Annaleigh Ashford—aTony-winner for “You Can’t Take ItWith You” and an actress with ahint of Judy Holliday—is a comedydelinquent of constant delight. Thewriting sparkles; so does Ms. Ash-ford. The edginess of the dialogue,the rather outré subject matterand a seeming disregard for whathas long constituted the stuff ofnetwork sitcoms are, in a word, re-freshing.

The question, naturally, is:

TELEVISION REVIEW | JOHN ANDERSON

On CBS, Kidney-Donor Comedy

Where can it go? Mr. Lorre’sshows have never shied away fromsitcom tropes, and the “Odd Cou-ple” dynamic seems fated to domi-nate “B Positive,” especially asDrew tries to keep Gina on thestraight and narrow long enoughto appropriate her vital organ. Butthe show has been set up withenough sidebars to avoid routine.Gina, whose permanent address isunclear since she owes some shadypeople money, works as a vandriver for a senior-living facility,

whose residents are played by,among other familiar TV faces,Bernie Kopell (“The Love Boat”)and Linda Lavin. Drew makesfriends—OK, acquaintances—at thedialysis center he visits three daysa week, an acerbic group played byDarryl Stephens, Terrence Terrell,Briga Heelan and David AnthonyHiggins.

There have been ambitious ex-plorations of the half-hour formatin recent seasons, “Fleabag,” “Bet-ter Things” and “Russian Doll”

among them—all women-focusedshows, it’s worth noting. Ms. Ash-ford is the tart source of most ofthe comedy in “B Positive,” a showthat manages to make some seri-ous points about health withoutkilling the mood. For instance, theNational Kidney Registry thatDrew calls tells him it has a 10-year waiting list. The hold music is“Stayin’ Alive.”

B PositiveBegins Thursday, 8:30 p.m., CBS

CBS

Thomas Middleditch as Drew and Annaleigh Ashford as Gina in the new sitcom ‘B Positive’

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A18 | Wednesday, November 4, 2020 THEWALL STREET JOURNAL.

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

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

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Omaha 71 41 pc 71 46 sOrlando 79 67 pc 82 69 pcPhiladelphia 65 49 s 67 51 sPhoenix 93 66 pc 96 70 sPittsburgh 64 46 s 64 43 pcPortland, Maine 44 39 pc 60 47 sPortland, Ore. 67 57 c 58 46 rSacramento 79 47 s 81 51 sSt. Louis 75 55 pc 72 52 sSalt Lake City 71 45 s 72 51 sSan Francisco 69 55 pc 70 54 sSanta Fe 71 40 s 71 39 sSeattle 64 53 sh 54 43 rSioux Falls 73 42 s 70 48 sWash., D.C. 66 49 s 68 50 s

Amsterdam 53 41 sh 54 40 sAthens 71 58 pc 70 59 pcBaghdad 93 65 pc 86 59 pcBangkok 89 76 pc 89 76 cBeijing 56 32 pc 62 37 pcBerlin 51 40 c 51 45 sBrussels 52 34 pc 50 34 sBuenos Aires 72 60 pc 72 63 sDubai 90 73 pc 89 72 pcDublin 50 36 s 50 35 sEdinburgh 51 44 pc 55 44 pc

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CASTPARTY | By Victor Barocas &David Liben-Nowell

Across1 Not saying aword

4 Statement no.8 Traffic tie-ups14 Columbus sch.15 Begin to

unravel16 Stay in all day,

maybe with hotchocolate and acrossword

17 Darkest color19 Like enoki

mushrooms20 Garfield’s canine

pal21 Cut the wool

from23 Big event24 Rental contract

26 Person withpressingbusiness?

28 Giraffe relative30 Emulate a DJ or

a political handler31 Paper people:

Abbr.32 Intimidate33 Take out35 Textile worker36 Neanderthal

homes37 Inseparable pals,

for short41 Moccasins, for

example43 Estate tax payers44 CIA or IRS

employee47 Heaps

48 Bad lighting?49 Do some

needlework51 Community with

barn raisings53 Sequence of

gigs54 Bounce back, as

stock prices56 “Call on me!

I know!”59 Landlords’

employees61 Dined while

adhering to socialdistancing

63 Spotter’s words64 12-time Gold

Glove winnerWillie

65 Multi-volumeword ref.

TheWSJ Daily Crossword | Edited by Mike Shenk

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

F A R M S T A T U M O C TI C E U P A M I N O C H ES H A D O W B O X E R E A RH E M T A L C P S A L M

V O T E O F T H A N K SO G D E N R O I L SM O R E P I G E O N P O DA B U P A R T O N E R H OR I G U N I O N S J A N E

D E L I S M A Y O RS P E L L C H E C K E RC R A F T T R I O E C OO I L A N C H O R W O M A NO D E B U S E S E X I S TP E R S T I R S D I T T O

66 Must67 Debone the

chicken or dicethe onions, say

68 Big jewelry chainDown1 Swagger, slangily2 Like many itemssold on eBay

3 Seriouslydamage

4 CIO’s partner5 Boorish6 Hidden collection7 Moppet8 Some Spanishwines

9 Agree without aword

10 Straighten11 Buyer’s incentive12 Led to feel a false

sense of safety13 Mammoth hunt

weapons18 Devices made

largely obsoleteby cellphones

22 Material forcobblers

25 Demeanor27 Bad news for a

QB28 Like 27 or 29, but

not 2829 Of crucial

importance

30 Fourth prime33 Territory that

became states in1889

34 Dick who ledNBC’s Olympiccoverage

36 Indulges38 Device at the end

of the line, andwhat each set ofcircled lettersrepresents

39 Counterpart to to40 Nine-digit ID42 Slangy refusal43 “Yes” in

Yokohama44 Is part of the cast

of45 Complain46 Spot cover, of a

sort50 Statement of

beliefs51 Place to do the

rite thing?52 “Yeah, right!”55 Nightstand

topper57 First-rate58 Lamarr of

“Samson andDelilah”

60 Opp. ofaccelerando

62 Nile slitherer

won’t be any Sunday confessionalsin 2020, however, because the Ti-gers have a bye this weekend.

Most every other major pro-gram in college football wasn’t solucky and scrambled the rhythm oftheir practices this week to leaveTuesday free. Nowhere will thisschedule switch carry more conse-quences than for top-ranked Clem-

son, who will travel South Bend,Ind., on Saturday to face No. 4Notre Dame in a game that has bigimplications for the College Foot-ball Playoff race.

Swinney isn’t the only coachmiffed by losing a crucial Tuesdaypractice.

In the swing state of Florida,Gators’ coach Dan Mullen said,

At the height of theBlack Lives Matter pro-tests over the summer,the National CollegiateAthletic Association

began a drive to bar practices onElection Day so that players couldvote.

On Tuesday, collegiate athleteshad the day off to do their civicduty.

But the move to stoke enfran-chisement became a point of irri-tation for one important group:big-time college football coaches.

“I didn’t really understand theday off thing,” Clemson coachDabo Swinney said recently. “Mostof our guys have already been vot-ing. There will be a few who govote here, but certainly alwayshave the time to go get that done.”

Taking a hiatus from organizedteam activities on Nov. 3 was agrass-roots idea that started withGeorgia Tech assistant basketballcoach Eric Reveno in June follow-ing the death of George Floyd andit quickly spread across multipleconferences and universities. TheNCAA Student Athlete AdvisoryCommittee proposed an officialrule change and by mid-Septemberit was codified as an official offday.

“We know it represented thevoice of student-athletes acrossthe country who continue to ex-press a desire to increase theircivic engagement at local, stateand federal levels,”said University ofPennsylvania athleticdirector Grace Cal-houn, who chairs theNCAA Division ICouncil.

As social justicemovements spilledinto the sports worldover the summer,Clemson was one ofdozens of universitiesthat made a signifi-cant push to get allathletes registered tovote. Even Alabamacoach Nick Saban—who admitted on theday after the presi-dential election in2016 that he wasn’taware America hadheaded to the polls—organized a drive toget his entire rosterset up with absenteeballots.

Though givingplayers an extra dayof rest midweek might seem like ano-brainer, it’s disruptive in asport as steeped in routines as col-lege football, where coaches comeup with slogans that correspond toevery possible kind of practice. AtLouisiana State, for example, coachEd Orgeron starts every week with“Tell the Truth Monday” followedby “Competition Tuesday.” There

BY LAINE HIGGINS

College Teams Took a Break to VoteAthletes had the day off to do their civic duty. But the midweek interruption left some coaches grouchy.

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“It’s actually unfortunate to methe NCAA did this.” His squad al-ready lost several workouts in Oc-tober due to a Covid-19 outbreak.

Oklahoma coach Lincoln Rileyproposed setting aside two hoursof the day for athletes to vote be-tween practices and classes in-stead. “To take the whole day tome, I think it’s a little bit of anoverreaction.”

To be sure, most coaches in thePac-12 Confer-ence are onboard with thedemocraticallyminded off day.They also won’tplay their firstgame of the sea-son until fivedays after theelection.

The off day is particularly prob-lematic to coaches of programsthat recruit nationally.

“Our roster is from all over thecountry. For them to run out tothe local polls, they won’t be goingover [to] the Clay Middle Schoolto vote,” said Notre Dame coachBrian Kelly on Monday. He addedthat 90 of the program’s 114 play-ers had submitted absentee ballotsas of Oct. 31.

The Fighting Irish adjusted to

the Election Day pause by askingplayers to come in on Sundaymorning despite the team’s planenot arriving back in South Bendfrom their Saturday game at Geor-gia Tech until around midnight.Players also had to take an extraantigen test on Sunday becausethe lab handling Notre Dame’s PCRtests, which usually has over 36hours to process postgame tests,couldn’t turn around results in un-

der 12 hours be-fore the team’sSunday practice.

“Less than anideal situation,”said Kelly.

Clemson alsoshifted its usualMonday andTuesday train-ing sessions up

by a day, but planned a differentapproach for this week. At an Oc-tober team meeting, the Tigers de-cided to hold player-led workoutsat team facilities on Nov. 3.

“I don’t think that is the smart-est thing to not practice on thatday,” Swinney explained.

Whether or not Kelly agrees,that’s not what his team was set todo.

“We’re giving out ‘VOTE’ stick-ers on campus,” he said.

Clemson coach Dabo Swinney, above, wasn’t thrilled that the Tigers had toskip practice on Nov. 3. Left, Notre Dame’s Daelin Hayes and coach Brian Kelly.

The off day isparticularly problematicto coaches of programsthat recruit nationally.

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THEWALL STREET JOURNAL. Wednesday, November 4, 2020 | A19

AvengingA ConspiracyThe Last AssassinBy Peter Stothard(Oxford, 274 pages, $27.95)

BOOKSHELF | By James Romm

‘T hey had to be like the Furies of tragedy, houndingdown the guilty until the last stain was cleansed.”So writes esteemed British journalist Peter

Stothard of the Roman commanders who punished thekillers of Julius Caesar. That sentence both summarizesthe plot of his taut historical narrative, “The LastAssassin,”and also exemplifies its darkly lyrical style. Inprose that evokes (and often quotes) tragic verse, Mr.Stothard tells a grim tale that spans 15 chaotic years and19 violent deaths.

The story of Caesar’s fall has been retold countlesstimes, most notably by Plutarch and Shakespeare, but theevents that followed that cataclysmic event in 44 B.C. arefar less familiar, in part because they’re so complex.Caesar’s murderers, whose numbers may have ranged intothe 30s, scattered in many directions after the Ides ofMarch, when they realized their support at Rome wasdangerously thin. Caesar’s avengers, led by Marc Antonyand Octavian, took after them, but these two rivals for

power were often at odds,each willing to partner withconspirators now and againto do the other harm.

The multi-prongedmanhunt covers threecontinents and claims nearlya score of victims. The mostnotorious conspirators,Brutus and Cassius, tooktheir own lives after losingthe Battle of Philippi in 42B.C. A less prominent figure,Gaius Trebonius, was the firstconspirator killed, after twodays of gruesome torture;Cassius Parmensis, a poet andplaywright of small repute,

was the last. This Parmensis is thus the “last assassin” ofthe book’s title, a man who lived to see Antony’s defeat atActium, in 31 B.C., but fell victim the next year to thevictorious Octavian (later known as Augustus).

A tale of such breadth and scope, with characters oftenshifting venue or changing political partners, would striketerror into many authors, but Mr. Stothard is a writer ofrare talent. Former editor of both the Times of Londonand the Times Literary Supplement, he has a longstandingpassion for the classical world and has used it as atouchstone in his previous memoirs and political studies.Here, in his first historical narrative, he weaves a tense,fast-paced tale from the many strands of a turbulent era.In an opening list of 13 assassins and five of their supporters,he lays out the path we will follow: All will meet theirdooms, one by one, chapter by chapter.

Mr. Stothard makes Cassius Parmensis the central threadof this tangled skein, and not only for reasons of longevity.Parmensis was a literary man, an author of severaltragedies. A single line of his plays has survived: nocteintempesta nostrum devenit domum, “late at night hecame down to our house,” describing the prelude to thenotorious rape of Lucretia by the Roman prince Tarquin.Mr. Stothard deploys this haunting verse at three points inhis story, describing it as “the line of Cassius Parmensisthat so fitted the fears of the time.” The refrain helpsdeepen the tragic tones of this tale.

Roman sources record that Parmensis was a student ofEpicureanism, and this too seems to endear him to Mr.Stothard’s heart. “The Last Assassin” often exploresEpicurean thought, which explained all phenomenaaccording to physical laws and not the mythic forces thatinspired dread. Since Epicureans thought of death as meredissolution, rather than a journey to an afterlife, they foundnothing fearful in it—or so they professed. When deathactually loomed, as Mr. Stothard imagines, Parmensis toofell prey to monstrous visions.

“Rejecting the fear of death was a skill of logic, a lessonthat could be learnt,” Mr. Stothard writes, as thoughinhabiting Parmensis’s thoughts. “Only the material wasreal. . . . He knew all that. He absolutely knew it. But thenagain, like all student Epicureans, Parmensis knew thatknowledge was not enough.” The gap between philosophicideals and lived realities forms an important theme of thisbook. (Strangely though, Mr. Stothard pays no attention toStoicism, the principal creed that Brutus and other leadingconspirators followed.)

Though not a scholar by trade, Mr. Stothard hasgrounded “The Last Assassin” in the historical sources forthis era, as he discusses in an endnote. The letters ofCicero, many of which give intimate details of the day-by-day course of events, serve him well, as do the later worksof Plutarch, Appian and Cassius Dio. But he freely departsfrom these sources to explore what certain people werethinking or feeling, or even to briefly look at the worldthrough their eyes.

The torturer called the Samarian, employed in the attackon Gaius Trebonius, is a striking example. He is mentionedonly once, obliquely, in a speech of Cicero. Yet Mr. Stotharddevotes two riveting paragraphs to this shadowy figure:“He knew about heating knives, sharpening whips andhauling a human body on the rack of wood and iron thatthe Romans called a horse. He knew how to challengedeniers of the fear of death.”

This sort of free indirect discourse is more typical offiction than ancient history, but Mr. Stothard wields it soexpertly that only the most umbratic scholar would object.In the instance quoted above, he has clearly done hisresearch on Roman methods of torture and uses theSamarian as an opportune way to share intriguing details.As with Plutarch, who is evidently not only a source but aninspiration, his focus is always on the human dimension ofhis story, the quirks and foibles of his huge ensemble cast.

“The Last Assassin” is by no means an easy read,especially for those who feel oppressed by a welter ofpolysyllabic names. But the vigor of Mr. Stothard’s prose,and the acuity of his insight, will propel many readerspast all difficulties, into an ancient Roman world that isstartlingly real.

Mr. Romm is the editor and translator of “How to Give:An Ancient Guide to Giving and Receiving,” a sampling ofStoic wisdom.

Amanhunt across continents sought to find—and punish—the men who plotted the murderof Julius Caesar. Each would meet his doom.

At 18, I Wasn’t Mature Enough to Vote

I ’ll never forget the electionof 1971.

It was a turbulent time.Thousands of people were ar-rested in anti-Vietnam Warprotests. President Nixon wasmaking lawlessness a cam-paign issue, and I faced thedraft. Still, I had fallen in lovewith a girl down the street,which put me inside a peacefulbubble. For a moment, I feltmature.

That summer the countryalso saw a bitter fight overpassage of the 26th Amend-ment to lower the voting age.Despite opposition by thosewho thought 18-year-olds tooimmature to vote, it was rati-fied that July. I would turn 18on Oct. 22; Election Day was 11days later. I was in college, soI requested an absentee ballot.

On the ballot were names Ididn’t know running for of-

fices I hadn’t heard of. In achoice I would regret, I wrotein the name of my girlfriend’sfather. It seemed an innocuousand private expression of love.

So I thought. Living nextdoor to my girlfriend, in ahouse whose lawn sproutedlittle American flags, was a

woman who worked in the lo-cal polling office. Startled tofind an offbeat write-in vote,she figured out the sender,which wasn’t difficult giventhe small number of absenteeballots in a little town in anoff-year election. She gleefullyspread the news.

When I returned forThanksgiving, I cared lessabout the unlawful patrioticpolling worker than the humil-iation. Teenagers mocked mewith their version of a recentTemptations song: “I guessyou’ll say / What can make mevote this way? My girl!” I hadproved opponents of the 26thAmendment right: 18-year-oldswere too immature to vote.

Even years later, I never gotsympathy. My wife was incred-ulous. Others said things like,“18-year-olds do awfully dumbthings.” My son said, “Whydidn’t you vote for your dog?”He had a point. Misty, a blacklab, was loyal and competentat her job, and protected theentire family without takingsides. She was mature—push-ing 60 in dog years—andwould have been the first fe-male mayor of the village.

Back at school afterThanksgiving, I was assigned

the Federalist Papers. “Theaim of every political constitu-tion is, or ought to be, first toobtain for rulers men whopossess most wisdom to dis-cern, and most virtue to pur-sue, the common good of thesociety,” wrote James Madisonin Federalist No. 57. The citi-zens in the nation they werebuilding didn’t vote insidebubbles, as I had.

Everyone lives in some sortof bubble. Only when we iden-tify them can we vote outsidethem. That’s when we trulybelong to the same nation asthe authors of the FederalistPapers.

Mr. Crease is a professor inthe philosophy department atStony Brook University. Hismost recent book is “TheWorkshop and the World:What Ten Thinkers Can TeachUs About Science and Author-ity.”

By Robert P. Crease

In 1971 I wrote inmy girlfriend’s dad.A poll worker toldeveryone in town.

OPINION

As this piecegoes to press,Am e r i c a n sacross thecountry arestill voting. Idon’t knowwho will winthe election,and there’s as i gn i f i c an tchance you

don’t either, even if you’rereading this on Wednesday.But the most important ques-tion isn’t who wins; it iswhether the outcomestrengthens—or further un-dermines—trust in governinginstitutions.

Can Americans come to-gether across divisions to af-firm some simple truths? Ev-ery legitimate vote should becounted, and the results of thecount—whenever it is com-pleted—should be respected.

That a ballot has been castdoesn’t always mean that itshould be counted. Some mail-in ballots will fail to conformto the relevant state proce-dures. Others will arrive afterthe deadlines established bylegislatures and courts. Con-testing these ballots is legiti-mate, and mechanisms are inplace to resolve most of thesedisputes.

That said, there is no legalbasis for challenging an entirecategory of legitimate ballotscounted after election night.President Trump’s repeatedstatements that the results in

An Election Doesn’t Have to Tear Us Apartthe early hours of Wednesdaymorning should determine theoutcome of the contest arewrong and dangerous. What-ever Mr. Trump intends, hisremarks undermine his sup-porters’ willingness to acceptthe results of a contest thatmay not be settled until daysafter the polls close.

Unless Joe Biden wins someof the hotly contested South-ern and Southwestern statesthat Mr. Trump carried in2016 (North Carolina, Florida,Georgia, Texas and Arizona),the race will come down tothe Blue Wall—Pennsylvania,Michigan and Wisconsin—where Mr. Trump in 2016pulled off surprising victoriesby narrow emargins.

Along with nearly everyother state in the country, allthree Blue Wall states have re-ceived record numbers ofmail-in ballots. Unlike mostother states, however, Penn-sylvania and Wisconsin don’tallow the processing of mail-inballots until Election Day, andMichigan doesn’t begin untilthe day before. With millionsof envelopes to open, signa-tures to verify, and ballots toprepare for tabulation, thesestates will be hard pressed tofinish counting by Friday.

If the election is close inthese three states, the leadcould easily change hands be-tween election night and thefinal count. Surveys indicatethat the majority of PresidentTrump’s supporters planned

to vote in person on Nov. 3,while the majority of Mr. Bi-den’s were mailing in theirballots. Any effort to stop thecount and freeze the results asof election night would leavemillions of legal and legiti-mate ballots uncounted, sub-verting the will of the people.

One hopes that Mr. Trumpwon’t turn his words into ac-tion. But if he does, the nationwould be in crisis—unless theindividuals and institutionswho can shape public percep-tions act responsibly.

Part of this will require re-thinking television coverage.Networks compete to callraces early, but there is reasonto wait, and this year is an ex-ample. A pandemic shiftedtens of millions of voters awayfrom in-person voting towardmail-in ballots. The networkscan help make Americansmore comfortable with thefact that the outcome in manystates may not be known forsome days.

The print press has a roleto play as well. A coalition ofnewspapers, including thosewho endorsed PresidentTrump for re-election and

those who supported Mr. Bi-den, should unite to back thelegally established electoralprocess.

The 2016 election remindedAmericans that the outcomeof presidential contests is de-termined by the Electoral Col-lege and not by a popularvote. In this election, Ameri-cans have learned that eachstate controls how its electionprocesses. Starting the day af-ter the election, the bipartisanNational Governors Associa-tion should defend the legiti-macy of the process, howeverlong it takes to count the bal-lots.

If the election result isn’tknown on Wednesday, themost important person in thecountry won’t be either Presi-dent Trump or Mr. Biden, butSenate Majority Leader MitchMcConnell. As the senior Re-publican in the legislativebranch, the course he pursueswill influence his colleaguesand rank-and-file Republicans.

If Mr. Trump persists in re-jecting the legitimacy of votescounted after election night,what will Sen. McConnell do?Will he defend the rule of law,or will he back the president’seffort to maintain power bynullifying the valid votes ofmillions of Americans? If heacts as the patriot I believehim to be, he will do the rightthing. If he doesn’t, he will beremembered as the man whointensified a crisis he couldhave ended.

Both parties candefend the legitimateprocess of counting,even if it takes days.

POLITICS& IDEASBy WilliamA. Galston

The mediacontretempsof the day,the departureof irasciblel e f t - w i n gj ou rna l i s tGlenn Green-wald fromthe news sitehe co-f o u n d e d ,

TheIntercept.com, is only partlya result of his insistence on tak-ing seriously new evidence thatJoe Biden became mixed up inhis son’s influence-peddlingbusiness, which his editors ap-parently thought overwrought.

A back story is the lingeringmiasma over the press’s han-dling of the Steele dossier andits promotion of the Russiacollusion story. Mr. Greenwaldand a handful of colleagues onthe left inconveniently havenot been satisfied with thepress’s non-accountability in

the matter. He published apiece under the headline “Rob-ert Mueller ObliteratedTrump-Russia Conspiracy The-ories.” He published anotheron the “The 10 Worst, MostEmbarrassing U.S. Media Fail-ures on the Trump-RussiaStory.” He and a few others,such as Matt Taibbi of RollingStone, spent recent years dem-onstrating the unweird propo-sition that a journalist can beboth anti-Trump and anti-lies-about-Trump.

If his name rings a bell, Mr.Greenwald was an ally of Ed-ward Snowden and continuesto defend the betrayer and

100 Years of Media Lyingleaker of American in-telligence secrets.Whatever the merits ofthe position, it left himskeptical of former in-telligence chiefs JohnBrennan and JamesClapper in their latestbrazenness, demandingthat newly revealed in-formation about the Bi-dens be treated as Rus-sian disinformationdespite a lack of evi-dence of Russian in-volvement and despitethe Bidens themselvesnot denying the authen-ticity of the newly dis-closed information.

Alas, there’s no signof this being slappeddown as it should. Weare in danger of becom-ing like Russia, where intelli-gence officials try to controlour domestic politics with liesand intimidation. What wasthe “objectivity” that journal-ists once prized and now treatas an encumbrance except anall-purpose wall against suchpressures and temptations topublish fantasy in place of re-ality? Unfortunately, a naturalsuspicion is that the institu-tional press rallied around theBidens partly in an unspokenhope that Tuesday’s electionwould let it slink away fromany reckoning over the collu-sion hoax.

The year 2020 will be mem-orable for a few reasons but itwouldn’t hurt to mark the100th anniversary of journalistand critic Walter Lippmann’s“Liberty and the News.” In re-issuing the book in 2007,Princeton University Presscalled it the classic account ofhow the press threatens de-mocracy whenever it has anagenda other than the freeflow of ideas.

Lippmann, at 31, was notyet the Pulitzer-sanctified

friend and nagger of the pow-erful he would become, with asyndicated column that ranfrom 1931 to 1967. His youthfulcritique rings bells today. Hecomplained of a press addictedto “standardized constellationsof ideas,” who “come to be-lieve [their] habitual emphasisis the only possible one,” andwho self-interestedly exagger-ate and overplay the impor-tance of whatever is being re-ported (in our age to the pointof hysteria).

He had faith in the readernot to be siloed or bubbled aswe like to say now. The pub-lic’s “desire to know, the dis-like of being deceived andmade game of” was a founda-tion of our every democratichope. And a reporter’s highestfunction was to provide rele-vant and reliable facts. “In hisprofessional activity it is nobusiness of [the reporter’s] tocare whose ox is gored.”

What stands out for me,though, is his repeated invoca-tion of phrases such as the“uses of evidence,” “standardsof evidence,” “a sense of evi-

dence.” A century laterours is still a profes-sion that doesn’t treatevidence seriously, thata hundred times a dayblithely asserts propo-sitions that the re-ported facts don’t sup-port. A culture ofactual stupidity reignsin many newsroomswhere careful reason-ing is jauntily eschewedin favor of treatingfacts as unrelatedadornments on prede-termined story lines.

Of course nothing isnew under the sun. Theparable of the em-peror’s new clothes isbelieved to date, insome form, to the 14thcentury. The term

groupthink was popularized inthe 1970s. Lippmann spoke of“stereotypes”; today we talkabout “narratives.” Lately be-havioral economics has con-tributed the terms “availabilitybias” and “preference falsifica-tion” for our incentive to be-lieve what others believe, orpretend to, as well as our dis-incentive to invest in learningabout a topic if all we want isto exhibit the approved opin-ion.

These will always be hur-dles to an honest and compe-tent press as long as we have apress. A mainstream media incahoots with dishonest andmanipulative intelligencesources, on the other hand, isa special problem that falls toour generation to put right. Idon’t underrate the commer-cial motives at play. Peopleflock to websites that tell themwhat they want to hear; theyalso seek out information thatis objective and reliable. Bothmay be good businesses butwe in journalism, especiallythe cable channels, need to de-cide which business we’re in.

A 1920 pundit and a2020 provocateurhave in a common arespect for facts.

BUSINESSWORLDBy Holman W.Jenkins, Jr.

Walter Lippmann

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A20 | Wednesday, November 4, 2020 * * * * * * THEWALL STREET JOURNAL.

Masks Are No Panacea but Make Good SenseRegarding Dr. Joseph A. Ladapo’s

“Masks Are a Distraction From thePandemic Reality” (op-ed, Oct. 29):In February when epidemeologistChen Chien-Jen, was Taiwan’s vicepresident, he instituted the strictestmask mandate of any country with aweekly allocation of high-qualitymasks to everyone. Despite directflights from Wuhan, Taiwan has hadonly seven Covid deaths in sevenmonths.

Dr. Ladapo cites an old study fromJune. The University of Kansas re-cently released a study on the effec-tiveness of mask wearing which saysKansas counties with a mask man-date have an infection rate 50%lower compared with those without.Taiwan and Kansas conducted large-population studies that leave littledoubt that masks work. We need tomake high-quality, three- or four-layer surgical or N95 masks availableto everyone, together with a strongnational mask mandate as Taiwanhas.

If we follow Taiwan’s lead, wecould lower the coronavirus’s repro-duction rate to under one, therebycontrolling it.

THOMAS HALLQUIST, DDSOshkosh, Wis.

Masks are low-tech and, thoughthere is some scientific debate, pro-vide either a small or a large benefitin preventing the spread of the virus.I believe we can walk and chew gum(i.e., implement other safeguards) atthe same time.

PROF. JOEL E. FISHMAN, M.D., PH.D.University of Miami School of

MedicineMiami

Dr. Ladapo fails to distinguish be-tween the effectiveness of govern-

ment mandates to wear masks andthe effectiveness of actually wearingmasks. Mask mandates in the U.S. ha-ven't been as effective as they couldbe because many people aren’t com-plying. It is indisputable that U.S.-manufactured N95 masks stop 95% ofviral particles from entering thewearer’s nasal passages and therebygreatly reduce the chance of infec-tion. This is why our health-careworkers wear them. Studies haveshown that the cloth masks worn bythe public can offer protection to thewearer in the 30% to 50% range, de-pending on the fit and fabric used.And if two people are in close prox-imity and talking to one another, andboth individuals are wearing clothmasks, the protection is even greater.Wearing masks curbs the spread ofthe Covid virus, and the more peoplewho wear masks, the greater the re-duction in infections.

ROBERT SOMMERS, PH.D.Jacksonville, Fla.

What is it about masks that en-courages facile rationalizationagainst common sense? Which doyou believe, obscure statistical stud-ies or your own eyes? And if requiredto spend 45 minutes in a Walmartstore, which would you rather have:no one wearing masks or everyone?

MARK WETMOREVermillion, S.D.

Dr. Lodapo fails to address an im-portant lack in current debates aboutcontrolling and combating the virus.Citizens and politicians alike havegrasped tightly onto the idea ofmasks as a helpful measure for a rea-son: It is something concrete, physi-cal and positive we all can do.

BETH RICCIARDIPort Washington, N.Y.

LETTERS TO THE EDITOR

“It was the typical “His lawyer said,her lawyer said.’”

THEWALL STREET JOURNAL

Letters intended for publicationshould be emailed to wsj.ltrs@wsj.com.Please include your city, state andtelephone number. All letters are sub-ject to editing, and unpublished letterscannot be acknowledged.

Brazil’s Government Is Protecting Its ForestsPresident Jair Bolsonaro has de-

clared on multiple occasions thatthe Brazilian government maintainsa zero-tolerance policy toward envi-ronmental crime (“Illegal LoggersUndercut Brazil Forest Efforts,”World News, Oct. 29). Those wordshave been translated into actions. Aspecial legislation—the Guarantee ofLaw and Order decree—was adoptedto allow the use of the armed forcesin the protection of the Amazonrainforest. Thousands of troops havebeen deployed to that end. In thecase of Rondônia, the object of par-ticular attention in the story, Bra-zil’s federal police launched an oper-ation last July against illegal loggingin that state. Other similar opera-tions have been implemented,achieving concrete results. In Octo-ber, the federal police also disman-

tled a criminal group involved in il-legal timber trade acting inconservation units and indigenouslands in the states of Goiás andPará.

The Brazilian administrationformed a National Council for theLegal Amazon, headed by Vice Presi-dent Hamilton Mourão, to fight envi-ronmental crimes in the Amazonrainforest and foster sustainable de-velopment. A task force, with a totalcost on the order of $70 million,started its work in May under theauspices of the council. It has seizedmore than six million cubic feet ofillegal wood, and more than $260million in environmental fines havebeen paid since then.

NESTOR FORSTER JR.Ambassador of Brazil to the U.S.

Washington

Exaggeration Keeps Democratic Pols UnitedRegarding Lance Morrow’s “The

Amazing, Horrifying Age of Exagger-ation” (op-ed, Oct. 28): Talk aboutexaggeration! Didn’t Mr. Morrowwatch the hearings for Judge AmyConey Barrett’s confirmation? Ac-cording to the Democratic opposi-tion (without even asking her aquestion), she was going to elimi-nate health care for millions ofAmericans. And then after her con-firmation, Sen. Chuck Schumer saidthat this was “one of the darkestdays” in the history of the Senate.

One reason for this hyperbole isthat members of the opposition cannever accept gracefully that theylost on any issue. It is interestingthat there have been Republicancongressmen and senators whoseem to think for themselves basedon moral principles such as Rand

Paul, Lisa Murkowski, Susan Collinsand the late John McCain. However,the Democratic opposition has beenconsistently a unified bloc. Doesthat mean that Democrats can’tthink for themselves? What is theinfluence that Nancy Pelosi andChuck Schumer have that can keeptheir members from even consider-ing or voting for something thattheir leadership doesn’t want? Is itall a matter of money and power?Is that why we elected our repre-sentatives?

PAUL B. VISCONTIScottsdale, Ariz.

Teachers Should Weigh LessRisk for Greater Benefits

In response to David R. Hender-son and Ryan Sullivan’s “End theSchool Shutdown” (op-ed, Oct. 21),reader Douglas Peterson wrote thathe believes teachers are overly ex-posed to Covid when they are atschool (Letters, Oct. 28). On the con-trary, research has shown that chil-dren are at very low risk of gettingsick from the virus and, importantly,that teachers and day-care workersare no more likely to become in-fected than most other professions.

For those teachers who continueto avoid schools, logic dictates thatthey also avoid stores and restau-rants given the risk of those loca-tions likely exceeds that of a school.I wonder if any of these concernedteachers have set foot in a grocerystore or have gone out to dinnersince March. I’m just asking for afriend.

ED RYDERChicago

Pepper ...And Salt

What Those Two A-BombsOn Japan Helped Avoid

Regarding William Lloyd Stear-man’s “I Owe My Life to the A-Bomb”(op-ed, Oct. 28): America’s plans forthe invasion of Japan included a con-comitant order for Purple Heart med-als in anticipation of a large numberof casualties. Thankfully those med-als weren’t needed then, but thatstockpile was ample enough to bedistributed during Korea, Vietnam,two wars in Iraq, and Afghanistan.

PAUL L. NEWMANMerion Station, Pa.

Philly, Catholics and Foster Kids

R eligious liberty is America’s first free-dom, enshrined in the opening 16wordsof the Bill of Rights. But the rise of pro-

gressive secularism is puttingincreased tension onAmericanpluralism. Case in point is Ful-ton v. Philadelphia, an appealfrom a Catholic foster agencythat the Supreme Court willtake up Wednesday.

To the left, the case is simple: Catholic SocialServices (CSS)won’t certify gay couples for fos-ter placements. Philadelphia says this violatesthe city’s nondiscrimination rules,meaning thatCSS can no longer be contracted as a fosteragency unless it changes its policy. CSS sued. Tohear progressives, what it’s asking for is a reli-gious license to discriminate against Philly’sLGBT citizens.

The details aremore complicated. Religiouswork in this sphere goes back centuries, andCSSsays the first Catholic orphanage in Philadelphiadates to 1798. Today about two dozen agenciesfacilitate foster care. For decades, that includedCSS. It serves all children, regardless of sexual-ity. If a gay couplewere to ask for a home study,CSS would refer them elsewhere. “But the re-cord shows,” it says, “that no same-sex couplehad ever approached CSS in this way.”

The genesis of the casewas a Philadelphia In-quirer article in 2018 that highlighted the CSSpolicy. Soon thereafter, CSS says a city officialpushed it to change its approach, saying that it’s“not 100 years ago” and urging it to follow “theteachings of Pope Francis.”The official, accord-ing to the city, is also Catholic and was merelytrying to find common ground.

WhenCSS refused to budge, the city froze itsfoster referrals and its contract was allowed toexpire. An appeals court sidedwith the city, say-ing that CSS is owed no exemption, since thenondiscrimination policy is “a neutral, generallyapplicable law.”The precedent here is the 1990ruling inEmploymentDivision v. Smith, inwhichaNative Americanwas denied state benefits af-ter using peyote in a ritual.

CSS argues that the appeals court waswrong, that its beliefs were treatedwith hostil-ity. It adds that foster care isn’t a “public accom-

modation” like a restaurant.Agencies weigh prospectiveparents based on subjectivejudgments about their familylives. The city may considerrace when placing specificchildren.

Maybe that’s enough to win, but CSS alsoasks the Court to throw out Smith as “unsup-ported by the text, history, and tradition of theFree Exercise Clause.”An amicus brief by a Jew-ish group adds that minority faiths have themost at stake: Imagine a hypothetical law that“required practices incompatible with kosheranimal slaughter.” The brief cites the case of afamily denied damages after a child was givenan autopsy “against the commands of theirHmong faith.”

Philadelphia counters that CSS does not havea constitutional right towork “on the City’s be-half, with City funds, pursuant to a City con-tract, in amanner that the City has determinedwould be harmful to its residents.”An obvioussolution is for Philadelphia to give CSS an ex-emption,while explaining to the public that fos-ter care exists to help children and that gay cou-ples are welcomed by other agencies.

But theprogressivewinnersof the culturewarseem unwilling to give quarter to the losers. In2008BarackObama said he believed “thatmar-riage is the union between amanand awoman.”Adecade later, CSSwas told that its policy, basedon the sameview, disqualified it from longstand-ing good work with Philadelphia’s children.Meantime, Joe Biden wants to renew the effortto foist contraceptives onto the health plans of-fered by the Little Sisters of the Poor.

In a big, diverse country of 330million peo-ple, questions of religion are best approachedwith an inclination toward pluralism and an at-titude of live and let live. But if that’s toomuchto hope as militant secularism advances, thenat least the faithful have the First Amendment.

The Supreme Court’snext religious libertycase could be big.

Britain Locks Down, Again

L ess than a year ago Boris Johnson wona historic victory, and an 80-seat parlia-mentarymajority, in the U.K.’s last gen-

eral election. You might haveforgotten, because now Mr.Johnson is lurching from onepolitical misstep to another.The newCovid-19 lockdown heannounced over the weekendmay be the worst.

Everything about this second lockdown isgoing wrong for Mr. Johnson so far. His an-nouncementwas botched—pre-empted by leaksto themedia fromwithin his own government,which forced him to unveil the measures daysearlier than planned. He looksmuddled and in-decisive because he is imposing a month-longlockdown when only weeks ago he argued atwo-week lockdown would be a “disaster.”

The new policy is motivated by concern overswamping the socialized National Health Ser-vice if coronavirus cases keep rising. The NHSis swamped every year by seasonal flu, al-though themodelsmay bewrong to assume thesamewould happen this year. Social distancingand handwashing appear to have suppressednormal flu in the southern hemisphere thissummer.

The nebulous science and bad economics ofthe new lockdown are prompting a rebellionamong Tories, about a dozen of whom mayvote against their Prime Minister Wednesdaywhen the lockdown comes before Parliament.Several dozen more are unhappy with the re-striction but may toe the line for now. They’reworried about whether there is an exit plan af-ter senior government minister Michael Goveon Sunday hinted the lockdown could be ex-tended through Christmas.

Mr. Johnson has been forced to promise hewon’t do this, and he has agreed to submit anyextension beyond Dec. 2 to Parliament. He can’t

assume he’d win that vote ifthe public can’t celebrateChristmas.

Part ofMr. Johnson’s politi-cal trouble arises because theoppositionLabourParty claimsthe new lockdown wouldn’t

have been necessary if only Mr. Johnson hadacted sooner. That’s easy for Labour to say sincethey’re not accountable for the economicwreck-age. But the message might resonate with frus-tratedvotersnow imagininganothermonth stuckin their homes and, for many, off work.

A new political challenge is arising fromNi-gel Farage, who’s converting his old Brexit Partyinto a new anti-lockdown party called ReformUK.Mr. Farage’s critics often brand him an op-portunist, but his base has always been Eng-land’s northernworking class and he knows hissupporters.

Those voters handed Mr. Johnson the elec-tion victory in December on the strength of thePrime Minister’s Brexit convictions, but theystand to lose themost economically the longerlockdowns grind on.Mr. Johnson should worryif Mr. Farage spies a new political opportunityamong these crucial voters.

Polls still show around 70% of Britons saythey support lockdownmeasures, but public be-havior such as haphazard social distancing andfudging of current restrictions on socializingsuggest lockdown fatigue ismounting. Someonewill have to find a workable balance amongCovid precautions, the economy, human natureand mental health. Mr. Johnson’s latest lock-down isn’t it.

The new U.K. shutdownis a political blunderby Boris Johnson.

So Much for the Landslide

A surge of unexpected votes for DonaldTrump has confounded the forecast-ers—again. Whether it’s enough to

carry him to victory in theElectoral College, as it did in2016, was uncertain as wewent to press Tuesday night.But by making the 2020 raceclose, and perhaps taking itinto overtime, Mr. Trump haspulled off a second huge political surprise. Atleast a few pollsters might be looking for a newline of work.

The analysts called Florida for PresidentTrump, as he outperformed his numbers from2016. Georgia and North Carolinawere trendingred, but Arizona seemed to have flipped to Dem-ocrats from four years ago. The revenge of theJohnMcCain Republicans? Decisive states in theUpperMidwest, includingWisconsin andMichi-gan, were too close to call.

Pennsylvania, as expected, was an electoralmess. At the last update Tuesday night, Phila-delphia had tallied only about 76,000 of350,000mail ballots. Some counties won’t evenstart to count these votes until Wednesday.

Either candidate had a path to win by ourdeadline. But it’s already clear that the biggestearly losers are the pollsters. The mainstreammedia polls all hadMr. Biden winning in a walkwith a popular vote margin in the upper singledigits. They were off in particular on Florida.The outlier pollsters like the Trafalgar Group,

often derided by their colleagues, seem to havebetter judged the electorate.

Mr. Biden still seems likely to win the popu-lar vote, but the margin willbe narrower than predictedand the Electoral College wasstill up for grabs. Lamentingthe Electoral College is ahardy perennial, but both par-ties know that it’s the mea-

sure of victory or defeat. Both campaigns fo-cused on those swing states.

The tight race reminds us that democracyis surprising, and humility is good journalismpractice. Especially in this year of Covid-19 andan economic recession, Democrats thoughtthey were set up for a blue wave. But whilethey looked set late Tuesday to retain a Housemajority, the Senate was still in doubt and GOPincumbents looked to be holding on in Iowaand North Carolina.

Another surprise was Mr. Trump’s appar-ently strong performance among minorities,especially among Hispanic-Americans. He didespecially well with those voters in Miami-Dade County in Florida.

The reasons will take some study, but ourguess is that one was the economy’s strongperformance before the pandemic. This liftedwages for low-skilled workers in particular af-ter the slow growth Obama years. If Mr. Trumpdoes win a second term, his late focus on theeconomy will be part of the explanation.

Trump confounds thepollsters again as therace goes to the wire.

REVIEW & OUTLOOK

OPINION

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THEWALL STREET JOURNAL. Wednesday, November 4, 2020 | A21

A Diagnosis for American Polarizationasked her if she felt anythingpositive about her white iden-tity, the question could haveprovoked her. Besides, Icouldn’t think of anything pos-itive about white people thatdidn’t sound racist, even to myown ears. Nor could I think ofa single shortcoming in an-other ethnic group that didn’tsound racist. Even exploringthe topic in my own thoughtsfelt somehow wrong.

As her therapist, I wantedto help, but it wasn’t clear howto do so. Would it have beenracist to ignore her commentsor racist to explore them?Should she be free to see her-self as black if she wanted? Orshould she embrace her whiteidentity? Or neither—should Iencourage colorblindness?

The case was riddled withpitfalls. I think this is largelywhat people mean by “politicalcorrectness.” It isn’t that peo-ple are frustrated they can’t say rac-ist things. It is that virtually anycomment about race can be framedas racist. It is a maze without an es-cape, or at least it can feel that way.But eventually I found a frameworkfor understanding my patient.

Splitting is a defense mechanismby which people unconsciouslyframe ideas, individuals or groups ofpeople in all-or-nothing terms—forexample, all good or all bad. Theterm was popularized in its currentusage by the psychoanalyst MelanieKlein in the 1930s and ’40s. Itsname describes how intolerablethoughts and feelings are split offfrom the subject’s awareness, lead-ing to a partial view of the world.To see our opponents as pure evil,we have to split off the parts ofthem that are admirable. To see our-

selves as purely righteous, we haveto split off our shortcomings.

At the root of this process is dis-tress over contradictions. It can bepainful to think that the people weidealize are flawed and the peoplewe loathe have virtues. By pushingthese conflicts out of awareness,splitting reduces anxiety and makesthe world appear more coherent—inthe short term. It also severely dis-torts reality, making it hard to de-velop solutions to problems, whichoften grow worse as a result. Split-ting can warp identity, morality,memories and desires. It makes con-versation difficult, impairs relation-ships and can even lead to mentalillness.

Splitting was theorized by Kleinto be an entirely unconscious pro-cess, so people don’t realize they’re

doing it, or why. They’re unaware ofthe uncomfortable mix of emotionsthat arose, the anxiety that drovethem to split, or their inability totolerate nuance.

How can we overcome splitting?In psychoanalysis, they say “inter-pret the defense before the content.”This means it is more effective totalk about splitting and how it worksbefore shifting the dialogue to thepros and cons. Until we address theprocess of splitting itself, contraryevidence rarely penetrates.

After I found this framework formy patient, my views on identitypolitics changed dramatically. I sawsplitting throughout our culture, andnot only on race, but also on genderand other categories. Nonsplit com-ments can sound racist or sexist tomany people. This affects most dis-

cussions of free speech, work-place discrimination andmore.

Take a hypothetical sex dis-parity in mental health. Ifwomen were to have depres-sion more often than men, sex-ism and male privilege wouldbe normal explanations. But ifmen were to have a greater in-cidence of depression, thecauses would likely includehigh female emotional intelli-gence, toxic masculinity and soforth. In other words, itdoesn’t matter which group isover- or underrepresented. Thecauses are the same: male bad-ness and female goodness. Allnonsplit explanations end upsounding false and immoral—especially coming from a whiteman.

People often rationalizetheir splitting. It can be ar-gued that distorting the truthto frame entire groups as all

good or all bad is “social justice.”Nonsplit observations can be dis-missed as “social constructs” whilesplit comments describe important“lived realities.” But none of theserhetorical moves change the factthat splitting distorts reality, ishurtful, and fosters division andhatred.

By the time I had developed thisformulation, the patient had lefttreatment for unrelated reasons. Itwas heartbreaking. I think this ap-proach could have helped her andothers, too. Encouraging nonsplit di-alogue could make the world a moreenlightened place. It might evencure our disorder.

Mr. Hartz is a psychologist inNew York City and a member of Het-erodox Academy.

By Andrew Hartz

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W hy are evidence andreason largely absentfrom political discus-sion? Why are well-supported facts often

no match for emotion? Much of itcan be explained by a process called“splitting.” Though little known tothe public, the term is used widelyby mental-health professionals.

I first noticed splitting a fewyears ago, when I provided psycho-therapy to a depressed college stu-dent. At first our sessions focusedon her depression, but my patient, awhite woman, took frequent detoursinto racial politics. She “loved” Mal-colm X and railed against “whiteprivilege.” Then she told me thatshe “identified” as black.

She said she felt “black on the in-side” because she “got it” andwasn’t ignorant or hateful. Every-thing she said about black peoplewas positive, even idealizing. Theywere always blameless, strong vic-tims. By contrast, everything shesaid about white people was aggres-sively critical and shaming. Theywere ignorant oppressors, fragile,selfish and guilty. One had no power;the other had all of it, and so forth.This led me to believe that she feltblack because whiteness for her wasintolerably negative, whereas black-ness was appealing.

I was unsure how to respond. If I

‘Splitting’ is a defensemechanism by which weframe ideas or people inall-or-nothing terms.

OPINION

What’s So Great About High Voter Turnout?Nearly 100 millionpeople voted beforeElection Day, whichis just under three-quarters of the totalvote in 2016. Partly,that’s due to pan-demic fear ofcrowded pollingplaces, but it alsoreflects a muchbroader concern

about the current state of politics inAmerica.

Some people vote out of civicduty, others when they are excited,and still others when they are anx-ious or even scared. But in a typicalpresidential year, more than 40% ofall eligible voters don’t vote at all.Since 1980, the average turnout hasbeen 56%, according to the Ameri-can Presidency Project at the Uni-versity of California, Santa Barbara.This year, predicts MichaelMcDonald, the University of Floridapolitical scientist who administersthe U.S. Elections Project, turnoutmay reach 65%, which is not onlywell above average for the past 40years but a significant jump fromthe 59% who turned out in 2016.

The last time 65% of eligible votersparticipated in a presidential elec-tion was in 1908.

We had hints of what was tocome in the 2018 midterms. Fouryear earlier, turnout was the loweston record for any midterm electionsince World War II. In 2018, it wasthe highest in more than a century.Demographically, people with lowerlevels of education and income areless inclined to vote, as are recentimmigrants. Democrats point to“voter suppression” as the reason,conveniently ignoring that blackturnout has grown since the 1990s,even in states with strict voter IDlaws, and that in 2012 it surpassedthe rate of white voter turnout. Ananalysis of the 2018 elections bythe Pew Research Center reportedthat “all major racial and ethnicgroups saw historic jumps in voterturnout.”

The most likely culprit of lowervoter turnout in the U.S. is wide-spread apathy. A 2008 Census Bu-reau survey of eligible but unregis-tered voters found that the largestpercentage of respondents (46%)said they were “not interested inthe election” or “not involved in

politics.” Another 17.5% stated thatthey were “too busy” to vote, and12.9% said that they didn’t care forthe candidates or for the campaignissues being discussed. Just 6%cited registration problems.

Every so often there are calls for“universal” or mandatory votinglaws to get more people engaged.But it’s the people who care aboutthe outcome of an election who are

most likely to participate. Do we re-ally want their votes diluted by un-interested people who are votingonly because it’s required by law?In a way, voter indifference can sig-nal a healthy democracy. Peoplewho decide that voting isn’t worththeir time are expressing content-ment, a certain level of satisfactionwith how much or how little politicsand politicians intrude on their

daily lives.Voter turnout in 2008 was the

highest since 1960 and no doubt re-flected the historic nature of BarackObama’s election. This year, the up-tick in voting most likely reflectsthe electorate’s apprehension aboutthe country’s future with DonaldTrump at the helm, or at leastthat’s what Joe Biden and the Dem-ocrats hope. Mr. Biden spent the fi-nal days of his campaign appealingto the black voters who didn’t turnout for Hillary Clinton in Detroitand Philadelphia four years ago andthus may have cost her importantswing states. They are the samevoters I spoke with in New YorkCity’s Harlem neighborhood a weekafter Mr. Trump was elected andmost of the nation was still inshock.

The people I encountered weren’tTrump supporters, but neither werethey especially surprised by his vic-tory or panicky. If anything, theystruck me as impassive. A ministertold me that he supported the presi-dent-elect’s law-and-order messagebut that the federal government canonly do so much about inner-citycrime. A hair salon owner from

West Africa told me that shethought Mr. Trump’s rants aboutwalls and deportations were mostlybluster. An off-duty police officersaid that Mrs. Clinton had spent toomuch time talking about foreignpolicy, which to him made hersound out of touch with what washappening here.

We’ll have to wait for the resultsto find out whether these attitudeshold four years later, but in impor-tant ways this relative indifferenceturned out to be warranted. Beforethe Covid outbreak, low-income mi-norities were experiencing recordlow levels of poverty and unemploy-ment, and no one should be sur-prised if the president improves hisperformance among black and His-panic voters on Tuesday.

In the end, that may not beenough to compensate for a 44%job-approval rating or a sharp de-cline in support among seniors andsuburban women. But whether ornot he wins a second term, Mr.Trump has succeeded demonstrablyin undermining the left’s notionthat Democratic governance issomehow a prerequisite for reduc-ing social inequality in America.

In 2016, people in Harlemsaid they were neithersurprised nor worriedabout Trump’s victory.

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How Rabin’s Assassination Gave New Life to Oslo

I sraeli Prime Minister YitzhakRabin was assassinated at a peacerally on Nov. 4, 1995. The day 25

years ago marks one of the lowestmoments in Israeli—and even Jew-ish—history. This is not, as many be-lieve, because Rabin’s assassinationkilled the Oslo peace process betweenIsrael and the Palestinians. It didn’t.Hamas terrorism and Yasser Arafat’slies did that. But that makes it no lessessential to memorialize and even rit-ualize Rabin’s death. As the primeminister warned minutes before hismurder: “Violence erodes the basis ofIsraeli democracy. It must be con-demned and isolated.”

After two bullets felled Rabin, theIsraeli democratic miracle that theJewish people had built since 1948

seemed in danger. But at Rabin’s fu-neral the eulogies didn’t stress a uni-fying, nonpartisan worry about de-mocracy, peace or national survival;instead, they emphasized one politicalcamp’s fear that the Oslo process wasthreatened. President Bill Clinton de-fined Rabin as “a martyr for peace”rather than an avatar of democracy.Oslo—one diplomatic strategy thathad already begun to fail—was in thisway consecrated and romanticized.Rabin’s legacy became about perpetu-ating “his” peace process.

This spin overlooked Rabin’s grow-ing skepticism about Palestinian in-tentions as Hamas bombs explodedand Arafat, president of the new Pal-estinian Authority, green-lighted ter-rorism. Rabin was particularly devas-tated by the Bus No. 5 suicidebombing in Tel Aviv on Oct. 19, 1994,in which 22 civilians were murdered,

and the Beit Lid bus stop suicidebombings on Jan. 22, 1995, whoseperpetrators murdered 20 young sol-diers and one civilian. The Beit Lid at-tack also included an aborted plan toambush Rabin. But Rabin’s doubtswere buried with him.

We have opposed the Oslo Accordssince Rabin signed them in 1993. In-stalling a dictator like Arafat in Ra-mallah was a strange way to makepeace. Predictably, his regime op-pressed Palestinians and threatenedIsraelis. The assassination abruptlyshifted our energies from debatingOslo to mourning our leader.

The conventional wisdom is thatRabin’s assassin killed hope for peace.True, the evil act was intended to de-rail Oslo, but it backfired. MakingRabin a peace-process martyr artifi-cially extended Oslo’s life. Suddenly,peace-process skeptics found them-

selves accused of pleasing the mur-derer. Sighing “If only Rabin werealive,” Oslo’s champions across theworld could blame Israel for everyclash, absolving Arafat and Palestin-ian terrorists of responsibility.

For 25 years the perpetual peace-processors have demanded more Is-raeli concessions, believing that onemore withdrawal or gesture will ap-pease Palestinian maximalists. Thereis a magical faith that if only a braveleader like Rabin emerged, he couldbring peace whatever the circum-stances—whether Israel’s partner rec-ognizes its right to exist or not.

As Jews, the world experts at turn-ing tragedies into nation-building op-portunities, we should have usedRabin’s monstrous murder to restoreunity and strengthen democracy. Un-fortunately, partisan furies overpow-ered metaphysical hopes.

Likud’s unexpected victory overRabin’s successor, Shimon Peres, in1996 further fouled the atmosphere.Peres’s disappointed supportersblamed the victor, Benjamin Netan-yahu, for the rhetoric that killedRabin. “First you murdered, then youstole” the election, some Peres sup-porters cried. Only a few made thisawful accusation publicly, but manybelieved it privately. Nearly everyoneon Israel’s left blamed anyone on Is-rael’s right for Rabin’s death—and foranything else that misfired with thePalestinians. Every Oslo critic becamea Brutus.

These ridiculous accusationshelped right-wing ideologues dodgethe hard questions and necessarysoul-searching about their behaviorduring the anti-Oslo campaign: Didwe cross the line with posters ofRabin in an Arafat-style kaffiyeh oran SS uniform? Did we dehumanizeour opponents? Did we fuel thelynch-mob atmosphere?

If memorializing Rabin remains sointertwined with idealizing Oslo, themagnitude of the assassin’s crimerisks being minimized when peace fi-nally breaks out or a different ap-proach works. Today the Abraham Ac-cords offer a new and improvedmodel of peacemaking. Rather thantrusting demagogues like Arafat, whoneed Israel as the Palestinians’ enemyfor their own survival, the latestagreements are with willing partnersin the United Arab Emirates and Bah-rain. By normalizing relations, theplan is to build trust from the bottomup through cultural, economic anddiplomatic exchange.

It is time to stop politicizingRabin’s assassination, a tragedy ofbiblical proportions. Let’s master themoral lesson about debating withraised voices and firm principleswithout turning violent or writing offone another. Building on tradition,this awful anniversary should becomea new Jewish fast day. It would makea moral statement: We affirm the im-portance not of mere tolerance, but oftrue acceptance of our fellow citizensand their right to disagree with us.

Mr. Sharansky was a political pris-oner in the Soviet Union and a minis-ter in four Israeli governments. Mr.Troy is a professor of history atMcGill University. They are co-au-thors of “Never Alone: Prison, Politics,and My People,” on which portions ofthis article are based.

By Natan Sharanskyand Gil Troy

The murder of the Israeliprime minister should beremembered as a blow notto peace but to democracy.

Alex Abad-Santos writing atVox.com, Nov. 3:

For four years Tim Fitzgerald, aPR coordinator, has locked away apair of Saint-Laurent sneakers . . . inthe deepest, darkest part of hiscloset. He was an intern and workingat YSL in 2016 and decided to donthe pair on Election Day. Fitzgeraldwore them all day, including to votefor Hillary Clinton for president.

“We all thought it was cute. Ivoted that night and then it all hap-pened,” Fitzgerald told me. . . .

“I think the next morning I putthem back in their box and just putthem back in the closet and justnever thought about them again. I’mnot superstitious, but they just felttainted and brought back the traumaof that night,” Fitzgerald told me.

Notable & Quotable

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WORLDWATCH

NIGERIA

Extremists Kill 12,Kidnap 9 Others

Insurgents killed at least 12people and abducted ninewomen and young girls in Nige-ria’s troubled northeast, resi-dents said Tuesday.

The incident occurred Sundaymorning at Takulashi village, lessthan 12 miles from Chibok inBorno state. That is where BokoHaram extremists abducted 276schoolgirls from their dormito-ries in 2014, causing interna-tional outrage.

“The attackers killed menand went away with womenand young girls,” said Uba Kolo,a member of the local Civilian

Joint Task Force vigilantegroup.

The military hasn’t com-mented on the attack.

Boko Haram and a break-away faction, the Islamic StateWest Africa Province, havebeen abducting girls as part oftheir violent campaign to estab-lish strict Islamic rule in north-east Nigeria.

Both groups are also in-volved in abducting high-profilepeople like aid workers formoney.

They are known to executehostages when demands aren’tmet.

Nigeria’s army has for morethan a decade battled to quellthe insurgency.

—Associated Press

BAHRAIN

State Convicts 51On Militancy Charges

Bahrain said it convicted 51people, more than half of themabroad, on charges of belongingto a militant group amid ayearslong crackdown on dissent.

The government describedthose convicted as belonging toan unnamed militant group thatreceived orders from Iran’s para-military Revolutionary Guard. Italleged the Guard supplied weap-ons and funding to aid the groupin plans to strike “economic andvital installations, security patrolsites, the headquarters of theMinistry of Interior and (the)Bahrain Defense Force.”

Bahrain said some of thosearrested had targeted a bankATM and a transportation com-pany, while others allegedly pos-sessed gasoline bombs andother items. The arrests tookplace last year, the statementsaid.

Of those convicted, the king-dom described 27 as “fugitivesabroad.” The suspects receivedsentences ranging from fiveyears to life in prison. One de-fendant was acquitted.

The statement named noneof those convicted. Lawyers whodefended them in court couldnot be immediately identified.Iran’s mission to the United Na-tions did not respond to a re-quest to comment.

—Associated Press

UGANDA

Leading OppositionCandidate Arrested

Ugandan police again arrestedBobi Wine, a popular singer andopposition presidential hopeful,shortly after he was successfullycertified as a candidate in nextyear’s election.

Mr. Wine, who is seeking tounseat Uganda’s long-timeleader, was dragged from his carby police. The local NBS Televi-sion, reporting from the scene,said the singer, whose real nameis Kyagulanyi Ssentamu, was putinto a police van amid violentscuffles between police and hissupporters.

He was returned to his house

later Tuesday on the outskirts ofKampala, the capital.

Police said Mr. Wine was re-moved from his vehicle becauseauthorities feared he had “plansof holding illegal processions”into Kampala following his certi-fication. Another presidentialcandidate, Patrick Amuriat of theopposition Forum for DemocraticChange, was similarly arrested.

Critics say President YoweriMuseveni, in power since 1986,increasingly depends on thearmed forces to assert his au-thority. Mr. Museveni was nomi-nated as a candidate Monday.

Mr. Wine, 38, has capturedthe imagination of many Ugan-dans. He is especially popularwith poor people in urban areas.

—Associated Press

WORLD NEWS

following raids on nearly twodozen houses across Austriaon Tuesday. Two people werearrested in the Swiss cantonZurich in relation to the Vi-enna attack, Swiss and Aus-trian authorities said.

Authorities said Mr. Fejzu-lai was released from prison inDecember because he wasyoung and showed good be-havior, and had been in a de-radicalization program run bya nongovernmental organiza-tion.

The attack is likely to rekin-dle a debate in Europe, whichis experiencing a new wave ofterrorist attacks, about thecomparatively short prisonsentences for some terrorismconvictions and what to dowith radicalized convicts whohave served their terms. De-spite being known to securityservices, Mr. Fejzulai still

managed to procure illegalweapons and plan his attackundetected, underlining thedifficulties European countriesface in keeping tabs on thou-sands of extremists.

Mr. Fejzulai is believed tohave acted alone during theattack, Mr. Kurz said, but thepeople arrested are suspectedof sharing his violent ideologyand will now be investigatedfor possible links to the crime.

An Austrian security officialsaid investigators pored overone terabyte of video datafrom the night of the attackand established that, contraryto some witnesses’ claims, noother shooter was present.

Mr. Fejzulai, born in theAustrian town of Mödling toethnic Albanians from NorthMacedonia, was sentenced to22 months in prison in April2019 for trying to travel to

Syria to join Islamic State, ac-cording to Austrian officials.After his release in December,he received a subsidizedapartment in a housing projectin Vienna under a deradical-ization program aimed at fa-cilitating reintegration.

According to several neigh-bors interviewed there onTuesday, Mr. Fejzulai hostedmeetings at the apartmentwith other men.

“Young men with longbeards came in and out of hisapartment, and they oftenwould hand out copies of theQuran to residents,” said Mar-tin Wimmer, who owns a shopin the building where Mr. Fej-zulai lived.

On the eve of the attack,Mr. Wimmer and anotherneighbor said they saw Mr. Fe-jzulai help an older womancarry her shopping bags into

her home. “He was always po-lite and quiet, but we all knewhe was an Islamist,” said theneighbor.

Authorities said Mr. Fejzu-lai posted a photo of himselfbefore the attack on social me-dia with the assault rifle, pis-tol and machete he used in theattack.

Nikolaus Rast, a criminaldefense lawyer in Vienna whodefended Mr. Fejzulai in 2019,said he was shocked to dis-cover that his former clientcarried out the attack. Mr. Fej-zulai came from a normal fam-ily that had nothing to do withradical Islamist ideology be-fore he got caught up with thewrong people, Mr. Rast said.

Mr. Fejzulai, who playedsoccer competitively at theage of 16, became radicalizedafter frequenting a Viennamosque, the Austrian securityofficial said.

The mosque was raided bypolice on Tuesday morning.The improvised basementprayer house is located next toan office of the Austrian asy-lum authority and investiga-tors are looking into whetherit was used to recruit refugeesarriving to the country. OnTuesday afternoon, themosque was closed.

Ebrahim Afsah, a professorof Islamic law at Vienna Uni-versity, said the failure to stopthe spread of Islamism—amovement seeking to impose astrict interpretation of Islamiclaw on society, includingthrough violence—was partlydue to efforts by the state tonurture Muslim religious insti-tutions as a bulwark againstradicalization.

—Benoit Fauconcontributed to this article.

VIENNA—The gunman sus-pected of killing four people inan attack in Vienna was con-victed on terrorism chargeslast year after trying to joinIslamic State in Syria but wasreleased from prison afterserving part of his term, au-thorities said Tuesday.

The terror group claimedresponsibility for the attackcarried out by Kujtim Fejzulai,a 20-year-old who authoritiessay opened fire on passersbyand people enjoying a lastnight out on Monday, beforeAustria’s coronavirus lock-down took effect. The groupposted a video of the assail-ant’s pledge to its leader ononline channels, according tothe SITE Group that monitorsextremists.

“He was a dedicated Isla-mist terrorist who hadpledged his allegiance to theIslamic State terror organiza-tion,” Austrian Chancellor Se-bastian Kurz told The WallStreet Journal in an interview.

Fourteen members who po-lice said were part of a net-work supporting Mr. Fejzulai—some of whom police say areIslamists with criminal re-cords—were arrested and willstay in detention under ajudge’s order while the investi-gation continues, Mr. Kurzsaid. The arrests were made

ByWilliam Boston,Ruth Bender

and Bojan Pancevski

Vienna Suspect Had Terror TiesAlleged gunman wholeft four dead wasconvicted of seekingto join Islamic State

Chancellor Sebastian Kurz, right, and other Austrian officials paid respects in Vienna on Tuesday.

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Mrs. Kirchner’s time in office.The government says its eco-

nomic policy has aimed to en-sure long-term financial stabil-ity, with the first step being therestructuring of debt with pri-vate bondholders. It blames itseconomic troubles on the previ-ous administration, and said thedownturn has been made worseby the coronavirus pandemic.

Mr. Fernández took over acash-strapped government anda languishing economy saddledwith fast-rising unemploy-ment, a far cry from the Kirch-ner years when a commodityboom meant an economicwindfall and steady growth.

He seemed to be in controlthis year, with his approvalrating about 70% as he imple-mented an early lockdown thatinitially worked. After default-ing for the ninth time in Ar-gentina’s history, his govern-ment reached a deal with

bondholders to restructure $65billion in foreign debt. His ap-proach to dialogue appeared toyield better results for Argen-tina than Mrs. Kirchner’s bitterconfrontations with creditors.

As his deputy, Mrs. Kirch-

ner has had an outsize role fora vice president. Some ana-lysts say her priorities havebeen to shield herself from in-vestigations into corruptionallegations during her time aspresident and strengthen thepolitical power of La Cámpora.

Mr. Fernández appointed

her loyalists to key posts, in-cluding the interior ministerand the attorney general. He isadvancing a judicial overhaulthat sparked protests by polit-ical opponents who see it asan attempt to block corruptionprobes into Mrs. Kirchner, in-cluding through the removalof the judges overseeing hercases. She denies wrongdoing.

“Cristina’s influence is un-deniable,” said Matias Caru-gati, an economist with Seido,a Buenos Aires-based consult-ing firm. “So is her discontentwith some of Alberto’s poli-cies.”

That displeasure surfacedthis past week with a 3,000-word letter Mrs. Kirchnerwrote to mark the 10th anni-versary of the death of herhusband, Néstor Kirchner, whoserved as president of Argen-tina from 2003 to 2007.

In it, she took a swipe at

the president’s team, notingthat there have been govern-ment mistakes and appearingto call for a cabinet shake-upby asserting that some minis-ters “don’t function.” Mrs.Kirchner tried to show she isaccommodating, saying she fa-vored compromise with politi-cal opponents and the privatesector to solve the currencycrisis.

Mr. Fernández said hedidn’t see the letter as criti-cism of his administration.

Latin America has a longhistory of powerful formerpresidents like Mrs. Kirchnerinfluencing policy throughhandpicked successors.

“It creates a very unstablesituation. A year on, we stilldon’t know with clarity who isheading the government,” saidJimena Blanco, an economistin Buenos Aires with consult-ing firm Verisk Maplecroft.

When Argentine PresidentAlberto Fernández was electedlast year, many hoped he couldlift the country out of a pain-ful economic recession.

But today, the economyis facing a growing crisis, as hestruggles to come up with aneconomic plan while managinga fractious Peronist coalition.Its leftist base is loyal to VicePresident Cristina Kirchner,the powerful former president.

Under his leadership, thecountry has seen many erraticpolicies that have fueled adeepening currency crisisand undercut confidence inthe government, economistsand political analysts say. Nowinvestors are questioning Mr.Fernández’s ability to avoid afull-blown financial crash inSouth America’s second-big-gest economy. The Interna-tional Monetary Fund expectsgross domestic product tocontract 12% this year amid acoronavirus pandemic that haskilled 30,000 Argentines.

The government’s policieshave prompted foreign busi-nesses to leave, and storeshelves are short of everythingfrom shampoo to car parts.

“There is a complete lack ofconfidence in the managementof the economy, and that reallyrelates to uncertainty over whois making economic policy,”said Benjamin Gedan, an Argen-tina expert at the Wilson Cen-ter, a Washington policy group.He said a crash could fuel pro-tests and political unrest—andpose a risk to Mr. Fernández’sability to govern.

The lack of a clear govern-ing plan has dogged Mr.Fernández from the beginning,as he has grappled with thevarious Peronist factions, whichwere bitterly divided during

BY RYAN DUBE

Economic Woes Test Argentine Leadership

President Fernández, right, is under fire for a foundering economy as he grapples with supporters of Vice President Kirchner, left.

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The lack of a cleargoverning plan hasdogged PresidentAlberto Fernández.

Ivory Coast’s PresidentAlassane Ouattara won a con-troversial third term in officefollowing an election that wasboycotted by the oppositionand harshly criticized byWestern observers.

Mr. Ouattara, a former In-ternational Monetary Fund of-ficial who turned the world’slargest cocoa producer into oneof Africa’s fastest-growingeconomies, won 94% of thevote in Saturday’s election, thecountry’s electoral commissionsaid Tuesday. Even before thefull results were presented, op-position parties had declaredthe vote illegal, citing a two-term limit for presidents, andsaid they would set up theirown transitional government.

The standoff, along with theopposition’s call for its sup-porters to mobilize, hassparked concern of more vio-lence in a country that remainsdivided after two civil wars.

On Tuesday, the United Na-tions High Commissioner forRefugees said 3,200 Ivorianshad fled into neighboring Li-beria, Ghana and Togo in an-ticipation of violence.

More than 40 people died inthe lead-up to the election,while many more were injured,observers from the U.S.-basedCarter Center and the ElectoralInstitute for Sustainable De-mocracy in Africa said Monday.

“The overall context andprocess of the polls did not al-low for a genuinely competitiveelection,” the groups said,pointing to Mr. Ouattara’s deci-sion to run again, the disquali-fication of 40 of 43 oppositioncandidates and the boycott de-clared by the remaining three.

Josep Borrell, the foreign-policy chief of the EuropeanUnion, which due to the coro-navirus pandemic sent a smallteam of experts to monitor thevote instead of a full observa-tion mission, raised concernsover significant disparities invoter turnout across the WestAfrican country. Ivory Coast’selectoral commission saidoverall turnout was 54%, butthe opposition said that turn-out was just 10%, without giv-ing evidence.

Ivory Coast’s vote came onthe heels of last week’s con-tested election in Tanzania, inwhich the opposition accusedPresident John Magufuli offraud. In Ivory Coast’s neigh-bor Guinea, the opposition ischallenging the Oct. 18 re-elec-tion of President Alpha Condéin the country’s constitutionalcourt, arguing that he is alsobreaking a two-term limit.

Mr. Ouattara, who is 78years old, won plaudits earlierthis year for declaring that hewouldn’t run again, insteadpicking his prime minister,Amadou Gon Coulibaly, as can-didate for his Rally of the Re-publicans party. But when Mr.Gon Coulibaly died of a heartattack in July, Mr. Ouattarasaid he had little choice but torerun, arguing that a new con-stitution, passed in 2016, resetthe clock on the two-termlimit. This view was supportedby the country’s top court.

The move added fire to atense election, with oppositionsupporters angry over the ex-clusion of two of Mr. Ouattara’skey challengers: former Presi-dent Laurent Gbagbo and Guil-laume Soro, a former primeminister and rebel leader.

BY GABRIELE STEINHAUSER

IvoryCoastPresident’sElectionContested

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Francis Meynard and hiswife recently checked into aHyatt Regency in HuntingtonBeach, Calif. The oceanfrontproperty features a beach bon-fire and poolside cabanas. Butthe real-estate executivechecked in to work.

“It was very efficient,” Mr.Meynard said, noting that hesaved more than an hour a daycommuting. He would startwork at 8 a.m., finish by 5p.m., breaking for a 45-minutegym session at lunchtime.

He enjoyed this routine somuch, he added, “you don’t re-ally feel guilty about workingin a resort.”

With the pandemic relent-lessly pounding the travel in-dustry, hotel operators such asMarriott International Inc.,

TECHNOLOGY: ZOOM TACKLES TRICKY ROLE OF POLICING ITS SERVICE B4

S&P 3369.16 À 1.78% S&PFIN À 2.20% S&P IT À 1.80% DJTRANS À 3.06% WSJ$ IDX g 0.65% LIBOR3M 0.225 NIKKEI (Midday) 23626.38 À 1.42% Seemore atWSJ.com/Markets

BUSINESS&FINANCE

Facebook Inc. and Apple Inc.are among the tech giants thatin recent years have been bothluring visual artists away fromHollywood and acquiring tech-nology first used to create dig-ital effects for blockbusterslike “Rogue One: A Star WarsStory” and “Avatar.”

While VR is almost com-

pletely immersive, AR super-imposes images onto the realworld. Apple, Google, Face-book, Microsoft Corp. andothers are developing specialglasses or headsets for theseapplications, also called ex-tended reality.

Silicon Valley’s recruitmentof artists and engineers who

built some of Hollywood’smost memorable digital effectsreflects the view that mass-user adoption of AR and VRplatforms depends on creatinglifelike experiences. Populatingthe platforms with realisticcharacters and scenery is cen-tral to that effort.

In recent years, former vi-

sual effects professionals havetraded careers working for topHollywood firms such as In-dustrial Light & Magic (whosecredits include the Star Warsfilms), Digital Domain (Mar-vel) and Weta Digital (“Lord ofthe Rings,” “Jumanji: The NextLevel”) in favor of often

PleaseturntopageB4

Silicon Valley’s biggestcompanies are snapping upthe people and technology be-hind some of Hollywood’sblockbusters in an effort toimprove their augmented- andvirtual-reality offerings.

Alphabet Inc.’s Google,

BY R.T. WATSON

Hilton Worldwide HoldingsInc. and Hyatt Hotels Corp. aredipping their toes into the per-sonal-office business. Withmany people growing bored ofworking in isolation at home

but unable or reluctant to re-turn to their workplace, hotelrooms offer a change of scen-ery, a quiet setting and regu-larly sanitized public spaces.

Some hotels are promoting

day passes at reduced rateswhile others offer longer-termpackages for seven days ormore that waive resort fees orinclude a complimentary sec-ond room for guests’ children.

“The long-term trend of howwe fill hotels will likely shift,”said Peggy Fang Roe, global of-ficer of customer experience atMarriott. “We’re seeing in-creasing leisure travelers, butit’s not 365 days and it’s notgoing to fill all of our hotels.”

Some smaller hotels andinns overseas, from Germanyto Australia, are also pitchingtheir rooms as temporaryworkspaces.

Makeshift offices are the lat-est way that hotel owners aretrying to boost revenue duringtheir most difficult period inmemory, when the collapse incorporate travel has left hotel

rooms mostly empty during theweek. A number of owners na-tionwide have already lookedat more drastic changes, suchas converting their propertiesto apartments or renting themout as homeless shelters.

Marriott last week launchedits program, allowing loyalty-program members to check inand out between 6 a.m. and 6p.m., with no overnight stay in-cluded. This caters to businessprofessionals who are lookingfor alternatives to workingfrom home but still want to bein their own place at night. Thecompany also reached out to itscorporate partners, includingthose in the technology andconsulting industries, to offerthis as an amenity to their staff.

After months of working athome with children, pets or

PleaseturntopageB5

BY ESTHER FUNG

Hotels Attract Remote Workers With Daytime Rates

Marriott’s program aims to offer an alternative to working from home.

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Hollywood’s Special Effects Migrate to Tech Firms

Comcast Corp. is in talkswith Walmart Inc. to developand distribute smart TVs, ac-cording to people familiarwith the matter, as the cablegiant looks to become a domi-nant hub for streaming apps,not just TV channels.

BY LILLIAN RIZZOAND PATIENCE HAGGIN

and we don’t share details ofthose discussions,” said RyanPeterson, vice president ofelectronics at Walmart U.S.

Comcast Chief ExecutiveBrian Roberts said at a confer-ence in September that Com-cast has its sights set on de-veloping smart TVs “on aglobal basis.” Mr. Robertsdidn’t discuss any specificdeals or timing.

Focusing on smart TVs andstreaming technology couldhelp Comcast move beyond itseroding traditional cable TVbusiness, which continues to

PleaseturntopageB2

familiar with the matter said.Walmart, a dominant seller

of TV sets, already has a part-nership with Roku to sellsmart TVs under the Walmartbrand Onn.

The Comcast talks withWalmart are at an early stageand may not result in a pact,people familiar with the talkssaid.

A Comcast spokeswomandeclined to comment.

“We’re constantly havingconversations with currentand new suppliers about inno-vation and new products wecan bring to our customers,

apps and watch programming.That would put Comcast upagainst tech companies thatalready are the major playersin the streaming era’s livingroom—Apple TV maker AppleInc., Fire TV maker Ama-zon.com Inc. and Roku Inc.

The strategy would enableComcast to market to consum-ers nationwide, a change in aU.S. cable industry whereplayers have stuck for decadesto their regional footprints.Comcast would be able to pro-mote its new streaming ser-vice, Peacock, front and centerin the smart TVs, the people

Under the terms the compa-nies are discussing, retail gi-ant Walmart would promoteTV sets running Comcast soft-ware and would get a share ofrecurring revenue from Com-cast in return, the people said.A third party would likelymanufacture the sets, and onepossibility is that they couldcarry Walmart branding, theysaid.

The Comcast software,drawing on expertise the com-pany has developed and tech-nology it has acquired, wouldaim to help consumers navi-gate through their streaming

Comcast, Walmart Talk TV PactUnder the plan, cableand retail giantswould develop,distribute smart sets

%Others

U.S.

Europe

Japan

SouthKorea

Taiwan

China

1990 2000 '10 '20 '30

0

20

40

60

80

100 Forecasts*

30

35

40

45

50

55%

2000’90 ’10 2019

201947% Aerospace

Medical equipment

Pharmaceuticals

Petrochemicals

Chipmanufacturing

Computing hardware

Consumer electronics

49%

25%

23%

19%

12%

8%

3%

0% 10020 40 60 80

Land

Construction and facilities

Equipment

Labor and benefits

Corporate tax reductions

State tax reductions

Property tax reduction

U.S.† Asia average‡ China**

Share of globalmanufacturing capacity by country

U.S. share of the globalsemiconductor sales

U.S. share of chipmanufacturing comparedto other industries, 2019

Comparision of government incentives

Sources: VLSI Research projection, SEMI, BCG analysis (global capacity); Semiconductor Industry Association (U.S. share of sales); BCG analysis of macro-economic data from Oxford Economics (industries); BCG analysis (incentives)

*2020 is an estimate, 2021-30 are forecasts †Based on a best-case scenario with current incentives and recent agreements‡Excludes China **Mainland ChinaNotes: Incentives are on the first 10 years of operation; all countries include a 100% reduction on equipment import costs and a 5% R&D write-offand deferral; not exhaustive

America’s biggest semicon-ductor company by marketvalue, has its chips madelargely outside the U.S. As of2019, the share of semicon-ductor sales by U.S.-basedcompanies was around 47%.

The growth of contractmanufacturers like TSMC, thelargest and most advanced ofits kind, have helped speedthe shift of chip-making out-side the U.S. South Korea’sSamsung Electronics Co. isanother big player in the con-tract chip-making business,and most of its factoriesaren’t in the U.S. The raw ma-terials that go into chip-mak-ing, including industrialchemicals and silicon crystals,also largely come from out-side the U.S.

The U.S. has kept a largerslice of the industrial pie insome other fields of chip-making—especially in ubiqui-tous software tools used todesign the layout of chip cir-cuitry.

The flight of high-techmanufacturing from the U.S.has been a theme for decadesas supply chains and factoriesin Asia developed, taking ad-vantage not just of govern-ment handouts but cheaperlabor and less regulation.That exodus is particularlypronounced in computinghardware and consumer elec-tronics, compared with otherhigh-profile manufacturingsectors.

If things continue on theircurrent trajectory, the U.S.’s

PleaseturntopageB2

In 1990, the U.S. and Eu-rope produced more thanthree-quarters of the world’ssemiconductors. Now, theyproduce less than a quarter.Japan, South Korea, Taiwanand China have risen tosqueeze out the U.S. and Eu-rope. And China is on pace tobecome the world’s largestchip producer by 2030.

The epicenter of chip pro-duction shifted partly becausegovernments outside the U.S.offered often-hefty financialincentives for factory con-struction to build up domes-tic industries. Chip companiesalso have been attracted bygrowing networks of suppli-ers outside of the U.S., and anexpanding workforce ofskilled engineers capable ofoperating expensive manufac-turing machinery.

While manufacturing hasleft the U.S. in recent de-cades, many of the world’slargest chip companies arestill U.S.-based. Intel Corp.,the largest American chipcompany by sales, does muchof its manufacturing in theU.S., although it too hasopened factories in places in-cluding Ireland, Israel andChina. Other big U.S. chipcompanies, though, contractout all their manufacturing toAsian producers such as Tai-wan Semiconductor Manu-facturing Co. Nvidia Corp.,for example, which is based inSanta Clara, Calif., and is

BY ASA FITCHAND LUIS SANTIAGO

Asia CapturesChip ProductionFrom the U.S.

BUSINESSRising farm exportsto China help revivefortunes of farmersand agribusiness. B3

ENERGYSaudis, other OPECproducers considerdeeper cuts as

Covid-19 cases rise. B13

INSIDE

Saudi Aramco, the world’slargest oil producer, said it re-mains committed to paying itsquarterly dividend, amountingto $18.75 billion every threemonths, despite a sharp dropin profit driven by lowercrude prices.

Aramco’s dividend commit-ment has been a bellwetherfor energy investors—a large,recurring payout the companypromised to make in a bid tolure investors to its long-de-layed initial public offeringlast year.

Other big oil companies,such as Royal Dutch Shell PLCand BP PLC, have cut theirdividends in recent months topreserve cash, amid sharplyfalling oil demand and pricesthanks to the pandemic.

Saudi Arabia Oil Co., as itis officially called, said Tues-day that free cash flow camein at $12.4 billion in the quar-ter, significantly below thedividend payout. Aramcodidn’t break out how it wouldmake up the shortfall, but thecompany’s debt ticked higherin the quarter.

Aramco said its net debt asa percentage of total marketvalue, its preferred metric forborrowing, rose to 21.8% atthe end of the quarter, upfrom 20% in the quarter endedJune 30.

The state oil giant is re-viewing plans to expand athome and abroad in the faceof sharply lower oil prices andthe heavy dividend burden,The Wall Street Journal previ-ously reported.

Aramco’s flexibility to cur-tail its dividend is more lim-ited than publicly traded com-panies such as Shell. Aramcosold just a small sliver of itselfto private investors on the lo-cal Saudi exchange last year.The Saudi government stillowns 98% of the company andrelies on Aramco dividends formuch of its funding.

Still, energy watchers havescrutinized the company’smaintenance of the quarterlypayout, looking for any signsthat the current downturn istesting its ability to meet thatobligation. Aramco is one ofthe global oil patch’s hardiestplayers. It benefits from plen-tiful, easy-to-pump oil and aglobal network of buyers, mak-ing it by far one of the lowest-cost producers in the world.

Other companies, such asExxon Mobil Corp., have alsoheld the line on dividends,even as they cut jobs and capi-tal spending.

Aramco said it posted netPleaseturntopageB13

BY SUMMER SAID

AramcoPledgesTo KeepDividend

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gas facilities amid concernsthat the emissions could harmefforts to export the fuelaround the world. But the oiland gas industry has been di-vided over whether to supportstronger regulations.

Some bigger companies in-cluding Exxon Mobil Corp. andRoyal Dutch Shell PLC havewarned the Trump administra-tion that failure to enacttougher regulations couldweaken the argument that gasis a cleaner fuel.

processes to cut carbon emis-sions at its LNG project byabout 90%.

“Our work to date confirmsthat reliable, competitivelypriced LNG and responsibleenvironmental stewardship arenot mutually exclusive,” Mr.Hughes said.

Many American oil and gascompanies are voluntarilymoving to reduce leaks ofmethane—which is a morepowerful greenhouse gas thancarbon dioxide—from oil and

NextDecade, which is planningto make an investment deci-sion on the project next year,declined to provide detailsabout its negotiations.

Patrick Hughes, a seniorvice president at NextDecade,said the company has workedto meet the environmental andsocial goals of its customersamid a global energy transi-tion, pointing to an Octoberannouncement that it will usecarbon capture and storagetechnology and proprietary

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.

AAlibaba........................A8Alphabet...........B1,B4,R4Amazon.com...................B3,B6,B14,R2American Electric Power...................................B12Ant Group..............A1,A8Apple...........B1,B6,R4,R7Archer Daniels Midland.....................................B3Atlas Residential........B6

BBayer...........................B3BlackRock ..............A8,B6BNP Paribas..............B12BP...........................B1,R7Bunge..........................B3

CCargill ..........................B3Chelsfield ....................B6CognetivityNeurosciences...........R7

Cognitive Software.....R5Comcast.......................B1ConocoPhillips...........B13Corteva........................B3Cortland.......................B6

DDaimler........................R7Descartes Labs...........R6Duke Energy..............B12

EeConnect .....................A3Eli Lilly ........................R7Engie............................B2EQT............................B13Etsy .............................R2

Evidation Health.........R7Exxon Mobil ................B1

FFacebook................B1,B4Ferrari........................B14Fidelity Investments..A8Freeport-McMoRan.....B6

GGrainger.......................B6Greystar Real EstatePartners....................B6

Grosvenor Britain &Ireland.......................B6

HHalliburton................B13Hilton...........................B1Huawei Technologies..B2Hyatt Hotels...............B1

IICI Thermal Cameras..A3Intel.............................B1International BusinessMachines.............R4,R7

J - LJogan ThermalCheckpoint................A3

JP Morgan Chase........B6LinkedIn.......................R4

MMarathon PetroleumB13Marriott.......................B1Microsoft..........B1,R4,R7Moderna....................B14

NNetflix....................B3,B6Newmont.....................B6NextDecade.................B2

NextEra Energy.........B12Nvidia..........................B1

OOlayan .........................B6Overstory....................R6

PPanasonic....................R7Pfizer.........................B14Pinterest................R2,R5

RRange Resources......B13Royal Caribbean..........A2Royal Dutch Shell.......B1

SSamsung .....................B1Saudi Arabian OilB1,B13Schlumberger............B13Shenzhen EledyTechnology................A3

SilviaTerra...................R6Southern ...................B12Spotify.........................B3StoreDot......................R7

TTaiwan SemiconductorManufacturing..........B1

TDK..............................R7Twitter ........................B421st Century Fox........B4

UUnilever.......................R6

W - ZWalmart.................B1,R2Walt Disney................B3Wayfair......................B14Wirecard....................B12Zoom...........................B4

INDEX TO PEOPLE

BUSINESS & FINANCE

gramming.The X1, which is licensed by

some other cable providers,could be the road map for thesoftware Comcast would puton smart TVs, Mr. Roberts saidlast month.

Comcast already sells Flexstreaming devices powered bya slimmed-down version of itsX1 software. Those devices,similar to an Apple TV orRoku, are available free tobroadband-only Comcast cus-tomers. Flex’s monthly activeuser base is over one millionComcast subscribers, Mr. Rob-erts said on an earnings calllast week.

Still, Comcast executivesbelieve Flex has a limited fi-nancial payoff and think thecompany can earn higherprofit margins in the long runby embedding software di-rectly into TVs, one of thepeople familiar with the mat-ter said.

The company has said pub-licly Flex “increases the life-time value” of its broadbandcustomers and now contrib-utes to Peacock’s growth.

Comcast also has been mak-ing acquisitions, many withoutmuch fanfare, to bolster itstechnology and enable it to ex-pand its offerings nationwide.In 2017, it acquired Watchwith,an operator of cloud-basedmetadata, search and recom-mendation technology, adopt-ing some of its features for X1.Last year, Comcast boughtDutch company Metrological,which had already helped inte-grate Netflix Inc. and otherstreaming services onto the X1box.

Earlier this year, the cablegiant bought Xumo LLC, anad-supported video service.Xumo, which repackages tradi-tional TV content into newdigital channels, is used by LGElectronics Inc. in its smartTVs. Xumo features will likelybe integrated into the smartTV operating software Com-cast develops.

Comcast’s $39 billion buy-out of European pay TV giantSky also provided some of thetechnology used in its U.S.products.

A - BAdkerson, Richard ......B6Banfield, Bill ...............B5Bourla, Albert...........B14

CChandra, Subash.......B13Clark, Buddy..............B13

DDemosthenes,Alexandra..................B5

Dietrich, Dan...............A3F

Faith, Bob....................B6Fang Roe, Peggy.........B1Fox, Matt ..................B13

GGrosvenor, Hugh.........B6Guilbeault, Steven......B3

HHennigan, Michael....B13

KKestenbaum, Avi ........B5

M - NMa, Jack................A1,A8Mac Gorain, Seamus B13Mannix, James............B6Marcelli, Solita .........B13McLean, Tom...............B5Monier, Stephane.....B13Mueller, Kurt...............B6

Nasser, Amin............B13P

Peterson, Ryan ...........B1Poynder, Marlene........B5

RReyes, Mark................B5Roberts, Brian.............B1

SSchinnerl, Erwin.........B5Shalom, Lisa...............B5Strahan, Gary .............A3

V - WValentino, Henry.........A3Waller, Sarah..............B6Wrubel, Brian..............B6

Focusing on smart TVs and streaming technology could helpComcast move beyond its eroding traditional cable TV business.

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lose subscribers as householdscut the cord. So far this year,the company has lost nearly1.2 million cable TV subscrib-ers. Its broadband access busi-ness, meanwhile, has surged,even during the coronaviruspandemic, adding more than1.4 million customers.

Comcast is under scrutinyfrom activist investor TrianFund Management LP, whichrecently took a stake in thecompany. It isn’t clear whatTrian wants, beyond its beliefthat Comcast shares are un-dervalued.

Comcast is fairly late to thegame in distribution ofstreaming apps. Roku and Am-azon together have a roughly70% share of the U.S. marketfor streaming-media devices,with Apple in third place, ac-cording to research firm ParksAssociates. Alphabet Inc. hasrecently launched a new playfor the market with GoogleTV, a version of its Chrome-cast technology that will comewith a remote control, so us-ers won’t have to cast pro-gramming from their phone totheir TV.

Comcast believes it is in astrong position to compete,given investments it has madein cable technology in recentyears and the vast movie andTV assets the company hasunder its NBCUniversal um-brella.

Comcast has spent nearly adecade developing the soft-ware behind its advanced X1cable set-top box, which wasmeant to move beyond the ba-sic channel menus consumershave seen for years.

It integrates streamingapps, so viewers can togglebetween those and channels,and a voice remote allows con-sumers to search through pro-

ContinuedfrompageB1

Comcast,WalmartIn Talks

A Beijing facility of Japanesechip maker Renesas Electronics.

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French power company En-gie SA has halted negotiationson a multibillion-dollar con-tract to import U.S. liquefiednatural gas, raising alarms inthe American energy industrythat environmental concernscould limit the foreign marketfor the fuel.

Engie didn’t provide detailsabout the proposed LNG dealwith NextDecade Corp., whichwas reportedly a $7 billion,20-year contract, or the rea-son it canceled talks with theHouston-based exporter.

Last month, Politico andFrench news outlet La Lettre Areported that the French gov-ernment, which owns about24% of Engie, had pushed En-gie to delay or cancel the dealover concerns about the envi-ronmental and climate impactof fracking, and related emis-sions of methane, a potentgreenhouse gas. France’s Min-istry of the Economy and Fi-nance didn’t respond to a re-quest for comment.

NextDecade is courting po-tential customers for its pro-posed Rio Grande LNG exportfacility in Brownsville, Texas,which it has said could havethe capacity to export 27 mil-lion metric tons of LNG a year.

BY COLLIN EATONAND SARAH MCFARLANE

French Firm Stops U.S. LNG Talks

The French government owns about 24% of Engie. An Engie R&D center in Stains, France.

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share of chip-making is ex-pected to shrink further incoming years, in part becauseChina’s capacity is increasingquickly.

This trend has caused con-cern in Washington as theU.S.’s technological rivalrywith Beijing heats up. Chinais pouring tens of billions ofdollars into its chip industry,hoping to eventually match orsurpass other countries.

Chips are increasingly be-ing viewed across the globeas a national-security prioritybecause of the powerful rolethey play not only in con-sumer technology but in mili-taries and cyberwarfare. TheU.S. has placed new restric-tions on China’s industry inrecent years, including black-listing Chinese telecom giantHuawei Technologies Co. andpreventing some Chinesechip-makers from buyingAmerican manufacturingequipment without a license.

The coronavirus pandemichas given further impetus toa U.S. push to bring more ofthe chip-making industryback to American soil. Fac-tory shutdowns because ofthe health crisis disruptedsupply chains in Asia, fuelingconcern that the industry’sconcentration there could im-pact U.S. access to a criticaltechnology during times ofcrisis.

Analysts say U.S. govern-ment incentives could help toreverse that trend. A topchip-making factory—the kindthat makes central processingunits that go into comput-ers—can easily cost morethan $30 billion to build andoperate for 10 years, analystsestimate. So financial assis-tance to defray some of thosecosts can change the calculuson whether to invest or not.

The U.S. historically hasn’toffered federal incentives tochip-making, although statesdo provide a variety of en-ticements for factory-build-ing, including subsidized landand tax breaks. In Asia, bycontrast, countries typicallyoffer free or cheap land, andgive more help with purchas-ing manufacturing equipmentthat accounts for most of thecost of chip-making.

ContinuedfrompageB1

Asia WinsOn ChipProduction

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THEWALL STREET JOURNAL. Wednesday, November 4, 2020 | B3

Year-to-date performance infutures prices*

Source: FactSet*Continuous contracts

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–20

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J F M A M J J A S O N

Corn

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Leanhogs

shows, films and music.Canada’s regulatory reach is

the latest example of howcountries are trying to ensurea level playing field betweendomestic industries and largeglobal technology companies,which aren’t necessarily sub-jected to local laws when itcomes to providing their

wares, such as entertainment,and paying taxes.

“This is about our culturalsovereignty. It’s about invest-ment and jobs. It’s about eq-uity,” said Steven Guilbeault,Canada heritage minister. “Weare asking these large andwealthy companies to investin Canadian artists, in the

Rising agricultural exportsto China are helping revive thefortunes of some agribusinesscompanies and farmers, afterthe coronavirus pandemic up-ended the U.S. farm sector.

China’s effort to boost porkproduction, and buy more U.S.grain and meat following thisyear’s U.S.-China trade agree-ment, are driving a surge ofU.S. farm goods across the Pa-cific in recent months, accord-ing to government estimates.Growing demand around theworld for food staples likevegetable oil and starch arekeeping U.S. agriculture com-panies’ processing plants hum-ming, industry executives said.

“China has come roaringback from the pandemic,” saidJuan Luciano, chief executive ofArcher Daniels Midland Co.,on a conference call last week.“Their recovery has surprisedeverybody.” Grain giants ADMand Bunge Ltd. attributed ris-ing profits during their mostrecent quarters in part tohigher commodities exports.

Greg Heckman, CEO ofBunge, said higher demandhad the company’s soybeanprocessing plants running at arecord pace in recent months,churning out feed ingredientsfor Chinese hog farmers racingto rebuild the country’s porksupply after a deadly swinedisease cut deeply into theChina’s pork supplies. Aspokeswoman for closely heldCargill Inc. said China’s needfor grain is likely to persist.

U.S. pork exports to Chinaover the first eight months of2020 totaled more than $1.5billion, representing a record,according to U.S. Department

BY JACOB BUNGE

government payments to re-cord levels, though farmerbankruptcies this year havecontinued to rise.

Farm commodity sales toChina are increasing as de-mand grows generally for foodingredients and animal feed,agriculture industry executivessaid, while dry weather slowedplanting in Brazil and raisedconcerns about the eventualsize of that country’s harvest.

Recent crop-price ralliesare lifting some farmers’ spir-its, said Angie Setzer, vicepresident of grain for Michi-gan-based Citizens LLC, whichtrades in corn and soybeans.“There’s more of a pep in thestep of the farmers,” she said.

Improved prospects forfarmers could help seed andpesticide suppliers such asBayer AG and Corteva Inc., andfarm equipment maker Deere &Co., reap higher profits.

Some agriculture-marketobservers warned that Chinamay not meet U.S. targets forimports, and could back out of

duction and trade battles. Thepandemic added to that eco-nomic slump this year by dis-rupting the U.S. food industryand snarling global commerce.

The Trump administrationhas responded by boosting

of Agriculture data. China’spurchased or contracted salesof corn are at an all-time highof 8.7 million tons, the USDAand the Office of the U.S.Trade Representative said inan October report, and U.S.soybean sales to China havesurged since early August.

The agencies’ report esti-mated Chinese buyers hadcommitted to $23.6 billion inU.S. agricultural purchases sofar this year, following a so-called phase one trade dealbetween Washington and Bei-jing, agreed in January.Though only about $12.7 bil-lion of that figure has beenshipped to China through Sep-tember, according to calcula-tions by the Peterson Institutefor International Economics,and the total remains far be-low the U.S. target of $33.4billion for 2020, agribusinessexecutives have been upbeat.

Farmers across the U.S. grainbelt for years have been strug-gling with low crop and live-stock prices due to high pro-

BUSINESS NEWS

Exports to China Lift AgribusinessU.S. sales of pork, cornand soybeans havesurged, in turn leadingto crop-price rallies

Bayer scrapped a crucial partof the deal—a $1.25 billionproposal for resolving possiblefuture lawsuits since the weed-killers continue to be sold—af-ter a federal judge voiced con-cerns about its structure.

Bayer on Tuesday said com-pleting a new proposal pro-tecting it from future lawsuitswould require more time butthat a new solution wouldprobably cost in the range of$2 billion, instead of $1.25 bil-lion. Investors have been eagerto see Bayer complete thedeal. Mr. Baumann declined toprovide details of what such asolution would look like, buthe said Bayer had reached anagreement in principle for adeal that addressed the con-cerns raised by the judge.

Bayer has yet to sign finaldeals for all pending claims.The company said it hadreached final settlement dealsfor some 88,500 of roughly125,000 total filed and unfiledRoundup claims. Some ana-lysts said they were hopefulthis meant a final deal wascoming soon.

Prudential Financial Inc.posted growth in the thirdquarter despite a low inter-est-rate environment and fall-out from the coronavirus pan-demic.

Prudential’s profit in-creased almost 5% to $1.49billion in the quarter endedSept. 30, up from $1.42 billionthe same quarter last year,the company reported Tues-day evening.

“During the third quarter,we continued to execute onour 2020 priorities. We con-tinued to reprice productsand pivot to less rate-sensi-tive products,” said CharlesLowrey, Prudential chairmanand chief executive.

“We also took further mea-sures to rotate our earningsmix toward higher growthmarkets,” he said.

Prudential, one of the larg-est U.S. insurers, kicked off

the insurance earnings seasonthis week.

The company is often seenas the bellwether for thequarter’s insurance-industryperformance.

Assets under managementfor the Newark, N.J.-basedcompany increased 8.5% to$1.65 trillion, with assets un-der management by the com-pany’s global investmentmanagement arm at a recordhigh.

For insurers like Pruden-tial, profit comes from invest-ing client’s premiums untilclaims are due.

These investments arelargely in the form of pre-mium bonds. Lower interestrates mean lower returns onthese investments.

Because the Federal Re-serve has said that interestrates will remain low foryears to come, Prudentialand other insurers have re-evaluated their products,raising prices on some, elim-inating others.

Prudential has also put afocus on cutting costs.

The firm said that it has al-ready cut $135 million thisyear out of its $140 milliongoal.

It also plans to slash an ad-ditional $250 million by theend of 2023 for a total of$750 million in cuts.

“We are continuing to im-prove how we help our cus-tomers, and our employeesare creating new ways ofworking,” said Mr. Lowrey.

Prudential reported itsearnings after the marketclosed on Tuesday. It endedthe day with its shares up2.8%.

BY LOGAN MOORE

PrudentialNavigatesPandemicWith GainIn Profit

BERLIN—Bayer AG posteda loss for the third quarter asthe coronavirus pandemiccompounded problems theGerman chemical and drug gi-ant has been facing since itsacquisition of Monsanto justover two years ago.

Bayer also said it wouldneed an extra $750 million ontop of a settlement worth upto $10.9 billion it announcedover the summer to resolve alegal battle with U.S. plaintiffsalleging the Roundup weedkill-ers inherited from Monsantocause cancer. Bayer has con-sistently denied that Roundupor its ingredients cause cancer.

Bayer, the inventor of aspi-rin, bet big on agriculture withits $63 billion acquisition ofMonsanto in 2018. The movewas supposed to help the Ger-man company tap into risingdemand driven by rapid popu-lation growth. Instead, it ex-posed Bayer to open-ended le-gal liabilities and a marketthat has been severely dis-rupted by the pandemic.

Last month, Bayer issued aprofit warning for 2021, blam-ing low prices for major crops,falling demand for biofuel andtougher competition in the soymarket. Bayer then said it ex-pected to write down thevalue of assets in the agricul-tural business in the “mid tohigh-single-digit billion euros”range.

Bayer swung to a net lossof €2.74 billion, equivalent toabout $3.2 billion, in the threemonths ended Sept. 30 from a

net profit of €1.04 billion. Thecompany said it had to makenoncash impairment chargesof €9.3 billion on various as-sets in its agriculture unit, in-cluding goodwill. Sales fell 14%to €8.51 billion, dragged downmostly by the crops-scienceunit. Crop-science sales hurtnotably in North America, dueto a high level of product re-turns from farmers, such as oncorn, due to lower than antici-pated plantage acreages thisyear.

“The impact of the pan-demic is placing additionalstrain on our Crop Science Di-vision,” said finance chiefWolfgang Nickl.

Sales in the pharmaceuti-cals division, which suffered atthe beginning of the pandemicas hospitals around the worldpostponed regular treatmentsto deal with the surge inCovid-19 patients, continuedto recover in the quarter butstill declined 6.1% comparedwith the year-earlier period.

In the second quarter, prob-lems related to the Monsantopurchase had already pushedBayer to a net loss of nearly$11 billion as money was setaside to cover the proposedRoundup settlement deal.

Chief Executive WernerBaumann defended the Mon-santo purchase on a call withreporters, arguing that long-term growth prospects for thefarming branch remained in-tact, despite the current crisis.

Besides troubles on theglobal agriculture market,Bayer’s Roundup settlementplan also hit snags. In July,

BY RUTH BENDER

Bayer Posts Loss on Crop-Science Problems

A weedkiller sample at a Bayer CropScience facility in Frankfurt.

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Chinese hog farmers, who are racing to rebuild the country’s pork supply, are buying large amounts of animal feed. A farmer in Heihe, China.

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same way Canadian broad-casters already have regula-tory obligations.”

Mr. Guilbeault said Can-ada’s Liberal government in-tends to pursue additional tax-related issues focused onbigger companies in the tech-nology sector, such as Face-book Inc. and Alphabet Inc.’sGoogle. The discussion of digi-tal taxes, as proposed by Euro-pean countries such as France,has triggered trans-Atlanticfriction and the threat of tar-iffs from Washington on Euro-pean goods and services.

The changes are outlined inlegislation to be introduced tothe Canadian legislature forapproval. The Liberal govern-ment runs a minority govern-ment, so it would require thesupport of another party toput through changes.

Some of the crucial regula-tory details will be establishedby Canada’s broadcast regula-tor, the Canadian Radio-televi-sion and TelecommunicationsCommission, after legislationis passed.

Officials said the changes

are meant to address a regula-tory imbalance, as streamingservices from abroad are mak-ing inroads in the Canadianeconomy at the expense of thedomestic cultural industry.Under the proposed revamp,online-streaming serviceswould be defined as broad-casters under Canadian law,and thereby subject to thesame rules as legacy domesticbroadcasters.

In 2018, or the most recentannual figures available, Can-ada’s broadcasters contributedroughly 20% of revenue to fi-nance Canadian programming.

A Netflix spokeswoman saidthe company was reviewingthe proposed changes, andstood ready to work in part-nership with Canada’s culturalsector. In 2017, Netflix signeda deal with the Canadian gov-ernment, pledging to spend aminimum C$500 million overa five-year period on originalCanadian productions.

Representatives from Dis-ney, Amazon and Spotifydidn’t respond to requests forcomment.

Canada proposes to compelonline streaming services toset aside part of their revenueto fund domestic televisionand music production as thegovernment looks to forceglobal digital players to makea bigger contribution to thelocal economy.

The move, unveiled Tues-day by Canadian officials,would also order streamingservices such as Netflix Inc.,Amazon.com Inc.’s PrimeVideo, Walt Disney Co.’s Dis-ney+, and Spotify TechnologySA to meet certain Canadian-content requirements, such asmore programming to servethe country’s francophone andindigenous populations.

Canada’s broadcast regula-tor estimates, according to itsmost recent financial data,that streaming services recordannual revenue of roughly 5billion Canadian dollars, or theequivalent of $3.77 billion.Canada is eyeing nearly C$1billion a year to finance themaking of Canadian television

BY PAUL VIEIRA

Canada Proposes Cultural Levy on Streaming Services

Minister of Canadian Heritage Steven Guilbeault in February.

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agreed purchases. Anotherwave of coronavirus-drivenshutdowns could again disruptthe U.S. food industry. Ascases have jumped, agriculturefutures over the past weekhave given back some of theirrecent gains.

At Citizens, Ms. Setzer saidhigher crop prices in recentmonths have helped ease ne-gotiations with farmers, whoare often reluctant to arrangesales when prices are down.Citizens has agreed on pricesfor about 86% of the soybeansthat farmers have committedto sell since Sept. 1, comparedwith only about half at thesame time last year, she said.

‘China has comeroaring back fromthe pandemic,’ saysthe CEO of ADM.

Anti-China sentiment amongtrading partners is up ....... B14

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recently left Hollywood for ajob in technology. He nowworks developing AR plat-forms for one the world’s larg-est tech companies.

Hollywood’s visual effectsindustry has struggled in re-cent years. Even as its workhas become ubiquitous in filmand television, falling priceshave made it increasingly dif-

Meanwhile, Silicon Valleyhas been pouring billions ofdollars into extended-realitytechnology, creating jobs thatsome visual-effects profession-als find hard to turn down.

“The difference is, in tech,you are broadly treated morelike a human being,” said oneveteran visual effects artistwho, like many of his peers,

TECHNOLOGY WSJ.com/Tech

BY AARON TILLEY

Google uses Light Stage technology to create realistic digital copies of people that can then be imported into AR or VR platforms.

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“Our smartphone world hasbecome so laden, so rich. Wespend so much time lookingdown into this screen, there’svery little more we can dowith that,” says early VR de-veloper Mark Pesce. “The next[thing] is to turn the worldinto the screen…that is whatAR offers.”

In recent years tech compa-

ficult to turn a profit, andcompensation for workers hassuffered.

The reverse has been truein AR and VR. Consulting com-pany Accenture PLC said lastyear it projects companyspending in the immersivetechnologies to grow to $121billion by 2023 from $21 bil-lion in 2020.

tainment channels as well.Mr. Murdoch also sought to

change the perception that theFox News audience is veryconservative. Mr. Murdochsaid 38% of the Fox News au-dience are registered indepen-dents. “We speak to the broad-est audience of anyone in ourcompetitive set,” he said.

The cable-network pro-gramming division posted a3.6% rise in affiliate fees to$973 million and an 18% risein advertising revenue to $299million.

The Fox Broadcast networkhad a tougher quarter. Ad rev-enue fell 15% at $670 millionbecause of fewer sports on thenetwork and less originalscripted programming. Affili-ate fees, on the other hand,rose 23% to $560 million.

Fox said it recognized gainsrelated to cash payment re-ceived from Walt Disney Co.for the reimbursement of Fox’sprepayment of tax liabilitiesfrom Disney’s divestiture ofcertain assets.

The company, whose busi-nesses include Fox News, theFox Broadcast Network, FoxSports and local television sta-tions, was spun off from 21stCentury Fox and began tradingas a separate public companyin March 2019.

News and Fox Business includesthe Fox Sports 1 Network, rose3.1% to $1.33 billion, Fox Corp.said Tuesday, while revenue atthe broadcast division waslargely flat at $1.35 billion.

Advertising revenue de-clined 6.9% because of a pull-back in live sporting eventsrelated to the coronaviruspandemic, and as advertisersreduced their spending. Thedrop was partly offset by thecable unit, which posted an18% increase in advertisingrevenue. Overall revenue fromaffiliate fees rose 10% to $1.53billion.

Fox Corp. and Wall StreetJournal parent News Corpshare common ownership.

In his remarks, Mr. Mur-doch singled out for praise thenews-gathering operations ofFox News, which is often over-shadowed by the network’spro-Trump prime-time lineupof Tucker Carlson, Sean Han-nity and Laura Ingraham.

“The news team has done asuperb job,” he said. Fox Newsis coming off a strong quarterwhere it again dominated itscable-news competition aswell as broadcast television.

He also said the network’scommentators typically beatnot only rival news outlets onthe ratings front but enter-

Fox Corp. boosted profitand revenue on a strong per-formance from Fox News in itslatest quarter, showing howcrucial the cable news net-work is for the media com-pany, as other areas of itsbusiness declined.

Fox News leads all cable-news channels in ratings. FoxCorp. Executive Chairman andChief Executive Lachlan Mur-doch said he expected a slowernews cycle after Election Day,which could result in fewerviewers, though he said hedidn’t expect the network tolose its first-place status.

Revenue for the fiscal firstquarter ended Sept. 30 rose1.9% to $2.72 billion. Analystspolled by FactSet were target-ing $2.58 billion. Operatingexpenses fell to $1.17 billionfrom $1.47 billion.

Fox Corp. posted a profit of$1.1 billion, or $1.83 a share,compared with $499 million,or 80 cents a share, in thecomparable period last year.Excluding special items, earn-ings were $1.18 a share, aheadof the 76 cents a share ana-lysts had expected.

Cable-network programmingrevenue, which besides Fox

BY JOE FLINTAND DAVE SEBASTIAN

News Unit Buoys Fox’s Results,But Drop in Sports Hurts Ad Sales

nies have leaned on the exper-tise of visual-effects profes-sionals as they seek to createlifelike digital objects andcharacters.

While heading the USC In-stitute for Creative Technolo-gies, Mr. Debevec and othersdesigned what many in visualeffects consider the most so-phisticated device for captur-ing digital scans of humansthat can then be animatedlater. The Light Stage, as thedevice is known, is a nine-footdiameter spherical device with14,000 lights and more than40 cameras.

In 2017, Google built itsown, bigger Light Stage. WithMr. Debevec’s help, the com-pany is using the device, inpart, to try to create thor-oughly convincing digital hu-mans for AR and VR plat-forms.

Hao Li, another formerhead of the USC lab, has alsohad digital-character technol-ogy he co-developed for Holly-wood acquired by Silicon Val-ley. Apple bought facial-tracking technology developedby Mr. Li and colleagues andused it as the basis for its Ani-moji, which allows users tomeld their own facial expres-sions with animated creatures.Some of his collaborators onthe project started working atApple shortly after the sale.

Facebook and Alphabet’sYouTube also removed themeeting, saying it violatedtheir policies around support-ing people or organizationsconsidered dangerous.

Zoom also blocked a seriesof follow-up Zoom webinars inOctober organized, in part, bya pro-Palestinian group in con-junction with staff at severalU.S. and overseas universitiesto address what they said wascensorship by the company.Zoom’s action was earlier re-ported by BuzzFeed News.Zoom again said the meetingviolated its rules, because or-

the use of its service for a we-binar at San Francisco StateUniversity. The meeting was tofeature Leila Khaled, a memberof the Popular Front for theLiberation of Palestine, whichthe U.S. government has desig-nated a terrorist organization.

The Lawfare Project, a pro-Israel group, said it lobbiedZoom to block the meeting.Zoom, which didn’t identifywho alerted it to the meeting,said it was blocked becauseMs. Khaled’s affiliation with agroup the U.S. has designateda terrorist organization vio-lated its service terms.

where groups masquerade asothers. The videoconferencingapp’s rules have evolved thisyear, and the company hassaid it wasn’t well-prepared tohandle politically sensitive is-sues when its use took off dur-ing the pandemic.

In cases where Zoom hastaken action and blocked apublic event, the company hassaid it acted once it becameaware of a virtual gatheringthat would transgress its ruleor local laws. “Zoom does notmonitor meeting content,” acompany spokeswoman said.

Zoom in September blocked

Zoom Video Communica-tions Inc.’s rise as a lifeline formany businesses and individu-als during the pandemic isdrawing the company into afraught area that has causedproblems at much larger techfirms: policing its service.

Zoom has been criticized bysome lawmakers and users inrecent months after it blockedpublic events planned on itsservice around politically sen-sitive topics. At times, thosewhom it blocked as well astheir allies have accused thecompany of censorship, echo-ing charges some lawmakerslast week leveled at the chiefexecutives of Facebook Inc.,Twitter Inc. and Google par-ent Alphabet Inc.

Zoom was founded in 2011largely to provide video-com-munications services to busi-nesses. But when Covid-19struck, Zoom won popularadoption, including by manyacademic institutions. Many ofthose users have relied on afree Zoom service. Corporatecustomers still account for thebulk of Zoom’s revenue.

Zoom said users may notuse its service to break thelaw, promote violence, displaynudity or commit other infrac-tions. The policies are similar,though not as sweeping, asthose of social-media compa-nies that also target posts

gram director at Stanford Uni-versity’s Cyber Policy Center.“Content moderation is a bigthankless job,” she said.“You’re constantly doing a jobthat users disagree with, orhalf the public disagrees with,and you get yelled at by Dem-ocrats and Republicans.”

Zoom says it is looking tobetter handle content issues,but it is relatively small, witharound 3,000 employees in to-tal. Twitter has more than5,000 employees, in compari-son, and Facebook has around15,000 people dedicated just tohandling content moderation.Both have years of experiencedealing with such dicey issues,and have evolved their policies

Aparna Bawa, Zoom’s chiefoperating officer, said it isadding staff to its trust andsafety team to deal with sensi-tive issues. “We’ve taken sig-nificant steps,” she said at TheWall Street Journal Tech Liveconference last month.

The China incident, shesaid, sparked soul searching atZoom. She said the companyaims to “balance both our ob-ligations in local jurisdictionsand our own principles for thefree and open exchange ofideas.”

Zoom says it is becomingmore careful about whatevents to block or allow.

Early in the pandemic,Zoom struggled to deal with“Zoombombing”—where peo-ple gain unauthorized accessto a meeting and share hate-speech or pornographic im-ages. Zoom adjusted its soft-ware, by changing defaultsettings and introducing vir-tual waiting rooms.

ganizers said Ms. Khaled wasscheduled to appear. Meetingsabout Zoom’s alleged censor-ship where she wasn’t due toappear were allowed to takeplace, the company said.

“It’s an issue of concern toeveryone who is in higher edu-cation who is more or less de-pendent on Zoom,” said An-drew Ross, a New YorkUniversity professor of socialand cultural analysis and mod-erator of the event.

It wasn’t Zoom’s first expo-sure to the minefield of inter-national politics. In June, it re-sponded to a request from theChinese government andblocked accounts of activistsinvolved in a videoconferenceon the 1989 Tiananmen Squaremassacre. Zoom took actionnot just against accounts fromparticipants in China, but alsooverseas, including in the U.S.,saying it was complying withChinese law. It later restoredthe accounts outside Chinasaying they were suspendedby mistake and promised to dobetter in the future.

Tech companies increas-ingly are caught betweenthose who say they need totake more responsibility forpotentially harmful or contro-versial content people dissem-inate using their services, andothers who accuse the compa-nies of censoring. But the bat-tle has previously focused onsocial-media platforms, ratherthan a communications toollike Zoom.

“The more visible Zoom is,the more pressure on them tobe content police,” saidDaphne Keller, a formerGoogle lawyer and now a pro-

ZoomWrestles With Policing Its UsersVideo service doesn’tmonitor meetingcontent but can blockcontroversial groups

A San Francisco elementary-school teacher speaks to students learning remotely over Zoom Video.

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higher-paying gigs at techcompanies developing AR andVR applications and hardware.

“It’s harder to make asmuch money working in visualeffects,” said Paul Debevec, aveteran of the visual-effectsindustry who is now a profes-sor at the University of South-ern California. About 4½ yearsago Google hired Mr. Debevec,an award-winning pioneer inthe creation of convincing dig-ital humans, to help the com-pany advance extended reality.

“A lot of the most talentedindividuals that I’ve metthrough the visual effects in-dustry find their way into thetech industry,” he said. Threeof Mr. Debevec’s team joinedhim at Google.

Working in visual effects infilm and TV can mean long,unpredictable hours, limitedcompensation, poor job secu-rity and paltry benefits—manycall it the “cool tax” one paysfor the pleasure of working inHollywood.

ContinuedfrompageB1

Tech FirmsHire TalentFrom Films

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Who should hold thetitle to the house?

How the house is titled iscrucial. Depending on your sit-uation, you’ll want to makesure that you and your partnerdiscuss the legality of home-ownership with your respec-tive, independent lawyers, saidMr. Reyes, the financial plan-ner at Albert. Titling optionsinclude sole ownership, jointtenancy with rights of survi-vorship, or tenants in common.

Titling can play a crucial roleduring a breakup or when onepartner dies. It will also deter-mine who gets howmuch equityin the house.

If the couple own propertyas tenants in common and thedeceased partner doesn’tname the surviving partner asthe beneficiary of the house,the survivor could become aco-owner with their late part-ner’s relatives or heirs, saidTom McLean, a financial plan-

to put their “best foot for-ward” by having the individualwith the most income, bestFICO and best debt-to-incomego through the applicationprocess, he said.

The buyer who is morequalified can be the only oneon the mortgage and this couldresult in a favorable interestrate and mortgage terms if theother partner has a low creditscore, for example.

The mortgage holder will besolely responsible for the entiredebt, so if you break up andyou hold the mortgage, you willowe all the money, he said.

Lenders also let both part-ners apply for the mortgage to-gether—allowing incomes anddebts to be combined.

The lowest of the two FICOscores, however, will be used.Applying together could allowthe couple to borrow more, de-pending on their financial situ-ation.

nancial-planning app.Make sure you discuss your

finances with full transpar-ency, including any debts orincome the other partner isn’taware of. You’ll also need todecide if and to what extentyou will share finances goingforward, he said.

It will be important to dis-cuss how repairs, propertytaxes and other home ex-penses will be shared or han-dled. Having a joint bank ac-count dedicated to houseexpenses such as repairs maybe a good idea, he said.

Who should apply forthe mortgage?

Unmarried couples buying ahome together can benefitfrom greater flexibility whenapplying for a mortgage, saidBill Banfield, executive vicepresident of capital markets atRocket Mortgage.

They have the opportunity

BUSINESS NEWS

loud roommates, some white-collar workers say they are ea-ger for quieter spaces, espe-cially if they have a deadline, animportant call or a presentation.

“I live in Manhattan, so theliving space is cramped andnoisy,” said Lorenzo Haggiag,a cybersecurity executive whosaid he is looking to book hisfirst day pass stay in a Mar-riott hotel near his Hell’sKitchen neighborhood.

“You can hear the noisefrom the streets, the sirensfrom the fire department. Thewalls in my building are thin.If my neighbor plays the televi-sion or music loudly, you couldhear that,” said Mr. Haggiag,who lives in a one-bedroomapartment with his girlfriend.

Marriott’s day pass is avail-able in cities such as Atlanta,Phoenix, Dallas and New York,and some locations abroad. Atthe Ritz-Carlton in Atlanta, theday pass costs half as much asan overnight stay, said ErwinSchinnerl, the hotel’s generalmanager. Rates are around$135 for a standard guestroom and $270 for a suite.

Some smaller-hotel ownerssaid such “desks for a day”promotions help to raise occu-pancy rates but aren’t a long-term solution since demand islimited to people living nearby.

“These day-rentals are atemporary Band-Aid to an in-dustry that is hemorrhaging,”said Lisa Shalom, whose fam-ily owns the Andrew Hotel inNew York’s Long Island.

But these programs are stillnecessary to shift people’s per-ceptions, hotel executives said.They will recognize that goinginto hotels is something peoplecan do and be safe, even if theyaren’t prepared to stay over-night, said Marlene Poynder,general manager at ConradNew York Downtown. The lux-ury hotel offers a day-use ratestarting at $300 that includesa breakfast and lunch roomservice and a cocktail at 4 p.m.

ContinuedfrompageB1

Hotels LureRemoteWorkers

As U.S. home sales rise to a14-year high and familiessearch for larger spaces inquarantine, more unmarriedcouples may be consideringbuying a house together. Forthem, there is a different setof risks, both financial andpractical, to consider.

The number of unmarriedpartners living together nearly

tripled in the pasttwo decades to 17million, with anotable increase

among those aged 65 or older,according to the U.S. CensusBureau. In turn, some financialadvisers are getting more re-quests for advice from couplesof all ages who want to buy ahome together but have no in-terest in getting married.

For example, Andrew Feld-man, a financial planner in Chi-cago, recently received a callfrom one of his clients who isliving with her boyfriend andhis two children. They are run-ning out of space and she in-tends to buy a house within afew weeks and have him payrent to help cover the mortgage.

While this would work outwell for everyone in the shortterm, it is risky because, onher current budget, it would bevery difficult for her to keepthe house without his help.

“The upside is easy but thedownside is a big unknown,”Mr. Feldman said.

Here is a guide for what toconsider before you buy aplace together.

How do you know if youand your partner areready to buy a house?

If you haven’t discussedhow you and your partnershare money and expenses,you will want to do that firstbefore committing to buying ahouse, said Mark Reyes, a fi-nancial planner at Albert, a fi-

BY VERONICA DAGHER

ner in Olympia, Wash.For younger couples, tenants

in common tends to be themost common form of titling, aseach often wants to have anownership stake but may notwant the other person to inheritthat stake (as would be the caseif they owned the home in jointtenancy with rights of survivor-ship), said Avi Kestenbaum, apartner at Meltzer, Lippe, Gold-stein & Breitstone.

What if we break up?If the relationship doesn’t

work out, there are some keyquestions the couple will needto answer, Mr. Kestenbaumsaid, such as will there be aforced sale or can one partnerbuy out the other and for whatprice, and how will the pro-ceeds be split?

Mr. Kestenbaum recom-mends a written and signed le-gal agreement, such as a simplepartnership agreement solelydealing with the home, to an-swer these questions and toalso spell out each of the par-ties’ rights and obligations, evenif the relationship continues.

What are the taxbenefits?

One of the benefits to buy-ing a home as an unmarriedcouple is the ability to bunchitemized deductions on oneperson’s tax return and takethe standard deduction on thepartner’s tax return, said Alex-andra Demosthenes, a certifiedpublic accountant and finan-cial planner in Boca Raton, Fla.

If the couple were marriedbut filing separate tax returns,they would have to either bothitemize or both take the stan-dard deduction. However,when the couple isn’t married,one individual can itemizetheir deductions (if the total ishigher than the standard),claiming the mortgage inter-est, property taxes and allother allowable deductions,while their partner can chooseto take the standard deduction.

This could maximize deduc-tions for the couple over andabove what they could claim asa married couple, resulting inmaximum tax savings, she said.

Couples Say ‘WeDo’ toOwningHomesBy following tips,unwed partners canmitigate many hurdlesto buying houses

JACK

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B6 | Wednesday, November 4, 2020 THEWALL STREET JOURNAL.

highly discounted prices. Thefund sold its roughly half stakein Water Tower Place, a mall inChicago, to its partner Brook-field Asset Management for anominal amount, according topeople familiar with the matter.

It also sold Stamford TownCenter, a retail property oncevalued at over $200 millionfor $20 million, essentially thevalue of the land, people said.

Several retailers includingApple Inc., H&M, and jewelryseller Pandora have left thatTown Center to go to a newermall.

“In the best interest of in-vestors, we have taken a num-ber of steps to reposition theinvestment mix and asset val-uation of the Trumbull Prop-erty Fund over the past 18months,” a fund spokes-woman said. The fund isn’trequired to sell assets “ortake other extraordinary stepsto fulfill redemption re-quests,” she added.

in an email that many funds putin redemption requests whenthe market “sold off.” Now thatmarkets have stabilized somefunds are now “rethinkingthose requests,” he said.

J.P. Morgan Asset Manage-ment’s $40 billion StrategicProperty Fund is meeting re-demption requests partly byselling some of its more stableproperties, such as officebuildings with long-termleases to tenants with goodcredit, say people familiarwith the firm.

The firm recently agreed tosell a fully leased Seattle of-fice building to Amazon.comInc. for more than $625 mil-lion, according to people fa-miliar with the matter. J.P.Morgan also has agreed to sellthe Crescent office complex inDallas for more than $650 mil-lion, according to people fa-miliar with the matter.

UBS Trumbull, meanwhile,has been dumping properties at

after the financial crisis.The average queue for a

real-estate core fund is equalto 8% of the assets in thefunds, which before the pan-demic were redeemable uponrequest, industry participantssay. The longest redemptionqueue is for the UBS Trum-bull Property Fund, where itamounts to about 40% of thefund’s $18 billion of assets.

Chicago’s MetropolitanWater Reclamation DistrictRetirement Fund is amongthe investors trying to with-draw from the UBS fund, ask-ing for $32 million, accordingto an August report by Mar-quette Associates, a consultantto the pension

With the redemption queueat more than $8 billion, “weanticipate a significant lag, ex-tending beyond 2021 beforethe redemption request ismet,” the report said.

Brian Wrubel, chief execu-tive of Marquette, pointed out

cil of Real Estate InvestmentFiduciaries have investorswaiting to redeem tens of bil-lions of dollars of investments,according to industry partici-pants. The Council said itdoesn’t tabulate redemptions.

Those 25 funds had a totalof $267.1 billion gross real-es-tate assets at the end of Sep-tember, according to theCouncil. Their redemption is-sues mean more headaches forcash-starved investors in thesefunds, including public pen-sions that, as of March 31,held $4.93 trillion less thanthe cost of promised futureobligations, according to Fed-eral Reserve data.

A Council index tracking theperformance of core funds—including their income andchanging property values—fell1.6% in the second quarter of2020 from the first quarter. Itwas the index’s first declinesince 2009, when this group offunds began a yearslong rally

A rendering of a roof terrace planned for a project by Grosvenor Britain & Ireland, which bought a former biscuit factory in London's Bermondsey neighborhood.

professionally managed, pur-pose-built properties with arange of lifestyle amenities iswhat fuels the opportunity” inthe U.K., said Bob Faith, chiefexecutive of Greystar Real Es-tate Partners.

The Charleston, S.C.-basedfirm has built a $5.3 billionportfolio of multifamily build-ings in the U.K. since 2013.Greystar said it plans to de-liver 10,000 multifamily unitsin London by 2022, up fromsome 5,600 today. Other U.S.property firms, including At-las Residential and Cort-land, own and operate multi-family buildings in U.K. cities.

Multifamily’s investmentboom comes at a challengingtime for commercial propertyin the U.K. According to real-estate agent Savills, commer-cial investment volumesreached £7.2 billion in the

third quarter, about half theactivity typical for a thirdquarter. Shopping malls andleisure sectors like hotels andrestaurants have been particu-larly hard hit by the pandemic.

If Covid-19 hits the Britisheconomy even harder, it couldpressure the multifamily busi-ness and rents. But for now,these properties have beenperforming well in part be-cause people are working andspending more time at home,so they have been willing topay up for nicer spaces. Brit-ain enters a second lockdownon Thursday, keeping the qual-ity of their housing at theforefront of people’s minds.

James Mannix, head of resi-dential development and in-vestment at Knight Frank, saidthe roots of the current boomgo back to the 1980s, whenConservative governments be-

gan replacing the 20th-centurysystem of rent control withone that allowed for annualrent increases and tenant evic-tion for those who fall behindon rent.

Meanwhile, homeownershiplevels are dropping. In 2007,almost three-quarters of Brit-ons owned their home. By2016, this had fallen to aroundsix in 10.

Renting is particularly com-mon in higher-priced neigh-borhoods. In London, one-third of all households rent,according to CBRE. It forecaststhis will more than double by2030.

One of the highest-profileinvestors in multifamily hous-ing—“build to rent” or BTR, asit is known in Britain—is the29-year-old Duke of Westmin-ster, Hugh Grosvenor.

The duke’s wealth, esti-

Some of the most conserva-tive real-estate funds are suf-fering from falling propertyvalues, putting their fundmanagers in a tough spot asinvestors look to cash out.

These real-estate investmentvehicles are known as “core”funds because they buy higherquality properties and limittheir debt. The biggest corefunds have raised billions ofdollars from pensions and otherinstitutional investors that seeksteady, lower-risk returns.

Now that the pandemic hascaused values of hotels, retailproperties and even many of-fice buildings to tumble, inves-tors are lining up to cash outof these funds. That has putfund managers in a bind: Theyeither have to sell propertyinto a stormy market to raisethat cash, or tell investorsthey can’t get some or all ofthe money they want back.

The San Diego EmployeesRetirement System tried to re-deem about $85 million fromthe $9.5 billion AEW CoreProperty Trust in the firstquarter, but its consultant saidit has received only a fractionof its request. “To date, 16%has been paid, and it willlikely take several quarters toreceive the full amount,” saida September report fromTownsend Group.

A spokeswoman for AEWsaid that the Core PropertyTrust fund in late March sus-pended all payouts due to thepandemic but resumed meet-ing a portion of requests inthe second quarter.

Overall, more than 15 of the25 open ended core fundstracked by the National Coun-

BY PETER GRANTAND ESTHER FUNG

Redemption Requests Stress Funds as Prices FallQuarterly change of NCREIFopen-ended core fund index

Source: National Council of Real EstateInvestment Fiduciaries

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UBS Trumbull sold for a nominal amount the roughly half stake it had in Water Tower Place, a Chicago mall.

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mated at $13 billion, is largelybased on prime central Lon-don real estate. But sevenyears ago, his property firm,Grosvenor Britain & Ireland,bought a 15-acre former bis-cuit-factory site in the Ber-mondsey neighborhood ofSouth London with plans tobuild new apartments there.

Work began on the site inOctober, and the first apart-ments are likely to be ready in2024, Grosvenor said.

Property companyGrainger, which refocused itsbusiness on multifamily apart-ments in 2016, has operatedprimarily in midmarket neigh-borhoods where rental de-mand from young profession-als is high. Grainger has builta 6,045-unit BTR portfolioworth £1.68 billion. Another8,536 units are planned overthe next three to five years.

Kurt Mueller, director ofcorporate affairs for Grainger,said the pandemic hasstrengthened demand forhigh-quality rentals.

“More and more peoplehave realized how important itis to have a nice property anda good landlord,” Mr. Muellersaid.

Some developers are exper-imenting with luxury options.Saudi Arabia’s Olayan Groupand developer Chelsfield areworking on a prime multifam-ily development in upscaleKnightsbridge.

When completed in 2022,the 35 apartments will “targetthe top end of the rental mar-ket” among domestic and for-eign customers, said SarahWaller, who is managing theproject.

Multifamily housing is arelatively new phenomenon inthe U.K., but it is rapidlydrawing a crowd of new in-vestment from both sides ofthe Atlantic.

Britons have traditionallyaspired to homeownership,whether a single-family housein the country or a townhouseor apartment in the city. Butas home prices climbed, grow-ing at an average of 6.9% an-nually since 1980, renting hasevolved from a temporary riteof passage for 20-somethingsto a long-term lifestyle.

One-third of Britain’s 35-to-44-year-olds were rentingin 2017, compared with fewerthan one in 10 in 1997, accord-ing to government data pub-lished in February.

That means demand forrental apartments is soaringacross the U.K. and multifam-ily housing is starting to takehold. The sector is on pace in2020 for a record investmentof £4.02 billion, equivalent toabout $5.2 billion, up from£2.83 billion in 2019, accord-ing to real-estate agencyKnight Frank.

There are now 46,000 mul-tifamily units in the U.K., indevelopments of 75 homes ormore, with another 84,000 un-der way.

“The same trends we see inthe U.S. where renters want

BY RUTH BLOOMFIELD

MultifamilyHousingBooms inU.K.Real-estate firms,including that of aduke’s, are betting onthe growing sector

A rendering of multifamily apartment buildings planned for the Bermondsey neighborhood.

GRO

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THE PROPERTY REPORT

Freeport-McMoRan Inc.Chief Executive Richard Adker-son says he has a fine office atthe mining company’s Phoenixheadquarters, looking outacross the city. He just isn’tsure he wants to return to it.

The pandemic left compa-nies around the world lookingat when, and in what numbers,they will return to headquar-ters. Freeport-McMoRan ispondering whether it needsone.

Businesses including JPMorgan Chase & Co. and Net-flix Inc. have pushed to getemployees back into the office.Others, including Apple Inc.and BlackRock Inc., say theyplan to go back, but in a lim-ited way.

At Freeport-McMoRan, acopper miner, some executivesare exploring ditching theirdowntown Phoenix headquar-ters. They say remote workinghas worked well so far, andemployees are saving time bynot commuting. Staff can meetwhen needed at an existing,open-plan satellite office onthe outskirts of the city, theysay.

“We are showing we can getthe work done remotely…weare questioning ourselves—dowe really need the headquar-ters?” Mr. Adkerson said.

Mr. Adkerson and other se-nior executives say that such amove could have downsides,and the company hasn’t madea final call. Before any deci-sion, the company plans totest different concepts for us-ing the main office. Executivessay they also need to deter-mine how the absence of an

office would affect collabora-tion and teamwork, and affectnew employees joining the or-ganization. “They are two bigquestions we have not an-swered to our satisfaction,”Mr. Adkerson said.

The conversations underway at Freeport echo debatesat companies around theworld as they measure what, ifanything, has changed forgood as the pandemic has dis-rupted life and business. Thediscussions are pivotal notonly for big companies andworkers but also for city taxrevenues and the businessesand jobs that depend ondowntown workers.

Headquarters have plentyof corporate fans. “There isstill going to be a need for hu-mans to interact,” said TomPalmer, the CEO of NewmontCorp., a mining companybased in Denver, “even if youwill need a lot less floorspace.”

At Freeport, only about 5%of its 28,000 global employeeswork in office settings. Themining company’s Freeport-McMoRan Center in Phoenix isa leased space where about850 employees and contrac-tors take up the top eight ofthe tower’s 26 floors.

Freeport executives say thepandemic has shown thattechnology allows workers toget by without being in the of-fice. The company conductedseveral employee surveys inwhich a majority of employeesview remote work positively,too.

“Rather than standing oversomebody’s shoulder lookingat their computer and thespreadsheet, you share thescreen, and people are lookingat it together,” said KathleenQuirk, Freeport’s chief finan-cial officer. Preparing the com-pany’s first-quarter resultsfrom home was difficult andinvolved late nights. The sec-ond quarter “was very close toroutine,” she said.

Another incentive is costs.The S&P 500 company de-clined to say how much moneyit would save by ditching itsheadquarters, but Ms. Quirksaid it has been part of theconversation.

BY ALISTAIR MACDONALD

MiningFirmMullsGiving UpIts BaseIn Phoenix

At Freeport, about5% of its 28,000employees work inoffice settings.

P2JW309000-0-B00600-1--------XA

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B8 | Wednesday, November 4, 2020 THEWALL STREET JOURNAL.

NetStock SymClose Chg

A B CABB ABB 25.45 0.52AcadiaPharm ACAD 46.60 0.96AECOM ACM 47.40 0.44AES AES 20.27 0.27Aflac AFL 36.24 0.72

s AGCO AGCO 86.94 6.82AGNC Invt AGNC 13.94 -0.05Ansys ANSS 315.91 4.68ASETech ASX 4.68 0.05ASML ASML 372.06 6.85AT&T T 27.46 0.12AbbottLabs ABT 109.56 2.08AbbVie ABBV 87.96 -0.29Abiomed ABMD 260.80 5.95AcceleronPharma XLRN 104.00 1.64Accenture ACN 225.71 5.52ActivisionBliz ATVI 76.26 -0.14AdaptiveBiotech ADPT 48.22 2.38Adobe ADBE 454.02 9.08AdvanceAuto AAP 157.43 6.05AdvMicroDevicesAMD 76.58 1.88

s AgilentTechs A 107.03 1.79AgnicoEagle AEM 82.49 1.51AirProducts APD 289.04 2.35AkamaiTech AKAM 95.67 -0.14Albemarle ALB 97.62 0.78Albertsons ACI 15.22 0.56Alcon ALC 59.22 2.07AlexandriaRlEstARE 155.75 0.83AlexionPharm ALXN 117.02 2.19Alibaba BABA 285.57 -25.27AlignTech ALGN 465.01 6.57

Alleghany Y 580.91 15.58Allegion ALLE 104.08 2.57AlliantEnergy LNT 56.44 -0.25Allstate ALL 92.92 2.02AllyFinancial ALLY 28.56 0.96AlnylamPharmALNY 129.05 4.14Alphabet A GOOGL 1645.66 21.34Alphabet C GOOG 1650.21 24.18Alteryx AYX 128.20 5.95AlticeUSA ATUS 27.24 0.46Altria MO 37.39 0.91AlumofChina ACH 5.66 0.21Amazon.com AMZN 3048.41 43.93Ambev ABEV 2.25 0.07Amcor AMCR 11.14 0.29Amdocs DOX 57.00 -0.23Amedisys AMED 260.23 5.85Amerco UHAL 358.74 7.29Ameren AEE 84.32 1.11AmericaMovil A AMOV 11.96 0.28AmericaMovil AMX 12.17 0.25AEP AEP 90.89 -0.34AmerExpress AXP 96.29 2.89AmericanFin AFG 77.47 0.40AmHomes4RentAMH 28.69 0.31AIG AIG 32.89 0.44AmerTowerREITAMT 234.23 0.74AmerWaterWorksAWK 157.10 2.80AmericoldRealty COLD 36.79 0.55Ameriprise AMP 167.45 3.00AmerisourceBrgnABC 102.15 3.21Ametek AME 105.29 3.02Amgen AMGN 220.06 -0.15Amphenol APH 116.50 1.43AnalogDevicesADI 119.75 1.27

Anaplan PLAN 54.88 0.41AngloGoldAshAU 25.41 0.13AB InBev BUD 53.85 1.61AnnalyCap NLY 7.29 0.05Anthem ANTM 293.46 15.21Aon AON 179.96 -0.68ApolloGlbMgmtAPO 39.32 0.90Apple AAPL 110.44 1.67ApplMaterials AMAT 61.83 1.50Aptargroup ATR 119.56 1.37

s Aptiv APTV 101.79 3.91Aramark ARMK 28.73 0.33ArcelorMittal MT 14.46 0.46ArchCapital ACGL 31.91 0.55ArcherDaniels ADM 47.90 -0.66AresMgmt ARES 41.61 -0.49arGEN-X ARGX 257.46 7.97AristaNetworks ANET 249.49 33.37ArrowElec ARW 81.18 1.38ArrowheadPharm ARWR 59.47 1.25AscendisPharma ASND 166.45 3.96AspenTech AZPN 112.46 1.37Assurant AIZ 126.31 -3.62AstraZeneca AZN 51.70 1.08Athene ATH 34.99 2.57Atlassian TEAM 182.06 -2.23AtmosEnergy ATO 97.63 2.12Autodesk ADSK 248.31 7.57Autohome ATHM 99.25 0.84Autoliv ALV 78.36 2.36ADP ADP 166.48 5.02AutoZone AZO 1164.65 23.50Avalara AVLR 144.14 1.37Avalonbay AVB 151.15 5.81Avangrid AGR 51.25 1.02

NetStock SymClose Chg

NetStock SymClose Chg

Avantor AVTR 23.71 0.30s AveryDennisonAVY 145.21 3.51AxaltaCoating AXTA 25.78 0.14AxonEnterprise AAXN 101.68 3.73BCE BCE 40.82 0.36BHP Group BHP 49.55 1.46BHP Group BBL 40.29 1.30BP BP 16.18 0.08B2Gold BTG 6.77 0.21Baidu BIDU 134.11 0.06BakerHughes BKR 15.88 0.17

s Ball BLL 93.75 3.55BancoBilbaoViz BBVA 3.07 0.16BancoBradesco BBDO 3.21 0.09BancodeChile BCH 16.09 -0.03BancSanBrasil BSBR 5.62 0.06BcoSantChile BSAC 14.29 -0.19BancoSantander SAN 2.17 0.08BanColombia CIB 26.27 0.54BankofAmerica BAC 24.69 0.61BankofMontreal BMO 61.99 1.88BankNY Mellon BK 35.99 0.89BkNovaScotia BNS 42.81 0.77Barclays BCS 5.88 0.37BarrickGold GOLD 27.78 0.62BauschHealth BHC 16.29 -1.05BaxterIntl BAX 77.26 -1.41BectonDicknsn BDX 237.72 2.93BeiGene BGNE 300.00 1.00BentleySystems BSY 35.96 0.18Berkley WRB 63.54 1.54BerkHathwy B BRK.B 206.63 2.32BerkHathwy A BRK.A 3106594284.00BerryGlobal BERY 48.83 1.50BestBuy BBY 118.82 3.10BeyondMeat BYND 146.35 2.79Bilibili BILI 44.62 0.16Bill.com BILL 99.74 3.02Bio-Techne TECH 266.34 6.34Bio-RadLab A BIO 601.57 10.55

s Bio-RadLab B BIO.B 600.00 9.00Biogen BIIB 247.01 -1.98BioMarinPharm BMRN 72.61 -0.81BioNTech BNTX 87.22 0.12BlackKnight BKI 91.43 2.49BlackRock BLK 629.26 14.39Blackstone BX 51.98 0.65Boeing BA 153.65 5.05BookingHldgs BKNG 1669.58 65.45BoozAllen BAH 83.68 2.49BorgWarner BWA 36.34 0.74BostonBeer SAM 1003.80 -34.94BostonProps BXP 77.90 1.85BostonSci BSX 35.15 0.60BrightHorizons BFAM 157.54 1.48BristolMyers BMY 61.24 1.75BritishAmTob BTI 32.65 0.43Broadcom AVGO 353.76 2.51BroadridgeFinl BR 143.66 2.89BrookfieldMgt BAM 31.95 1.92BrookfieldInfr BIP 44.93 1.28BrookfieldPropREIT BPYU 14.92 0.07

s BrookfieldRenew BEPC 69.55 -0.19Brown&Brown BRO 44.32 -0.09Brown-Forman B BF.B 72.94 2.08Brown-Forman A BF.A 67.40 2.71Bruker BRKR 43.98 -0.05Bunge BG 56.48 -1.59BurlingtonStrs BURL 197.59 5.01CBRE Group CBRE 51.93 -0.74CDW CDW 130.72 4.27CF Industries CF 27.02 -1.05CGI GIB 62.53 1.45CH Robinson CHRW 89.22 1.88CME Group CME 153.48 1.20CMS Energy CMS 65.30 0.95CNA Fin CNA 32.43 0.77CNH Indl CNHI 8.55 0.46CNOOC CEO 94.78 1.38CRH CRH 38.32 1.54CRISPR Therap CRSP 86.82 0.66CSX CSX 84.22 2.46CVS Health CVS 59.45 1.37CableOne CABO 1794.95 34.30CabotOil COG 16.80 -0.62CadenceDesign CDNS 113.59 3.08CaesarsEnt CZR 50.11 3.45CamdenProperty CPT 98.38 3.87CampbellSoup CPB 47.89 0.21CIBC CM 77.55 1.88CanNtlRlwy CNI 104.91 2.44CanNaturalRes CNQ 16.68 0.49CanPacRlwy CP 320.40 6.80

NetStock SymClose Chg

Canon CAJ 18.09 0.32CanopyGrowth CGC 20.46 -0.47CapitalOne COF 77.57 1.89CardinalHealth CAH 48.79 1.27Carlisle CSL 129.13 0.77Carlyle CG 25.34 -0.05CarMax KMX 93.12 4.04Carnival CCL 13.71 0.16Carnival CUK 11.77 0.15

s CarrierGlobal CARR 36.95 1.85Carvana CVNA 191.00 5.99CaseysGenStores CASY 174.60 6.77Catalent CTLT 95.51 6.98Caterpillar CAT 167.69 4.42Celanese CE 118.62 1.12Cemex CX 4.26 0.10Centene CNC 64.64 2.26CenterPointEner CNP 21.79 0.32CentraisElBras EBR 5.59 0.15CeridianHCM CDAY 87.20 3.11Cerner CERN 72.45 0.58CharlesRiverLabs CRL 237.45 4.63CharterComms CHTR 591.99 3.56CheckPoint CHKP 118.30 2.79Chegg CHGG 73.17 0.29Chemed CHE 489.33 7.87CheniereEnergy LNG 48.02 0.97CheniereEnerPtrs CQP 35.61 -0.76Chevron CVX 71.74 -0.41Chewy CHWY 64.24 3.45ChinaEastrnAir CEA 20.04 0.35ChinaLifeIns LFC 11.31 0.37ChinaMobile CHL 31.84 0.41ChinaPetrol SNP 41.59 0.81ChinaSoAirlines ZNH 27.42 1.01ChinaTelecom CHA 32.59 0.72ChinaUnicom CHU 6.34 0.13Chipotle CMG 1209.55 21.01Chubb CB 135.28 0.66ChunghwaTel CHT 38.31 0.06Church&Dwight CHD 89.00 1.10ChurchillDowns CHDN 163.59 10.54Ciena CIEN 39.65 0.50Cigna CI 183.88 9.04CincinnatiFin CINF 73.69 1.47Cintas CTAS 330.02 9.65CiscoSystems CSCO 36.68 0.78Citigroup C 43.53 1.32CitizensFin CFG 29.01 0.98CitrixSystems CTXS 115.97 1.54Clarivate CCC 29.00 1.17Clorox CLX 212.25 -2.67Cloudflare NET 53.05 1.00Coca-Cola KO 49.35 0.73Coca-Cola Euro CCEP 35.74 -0.43Cognex CGNX 70.16 2.54CognizantTech CTSH 71.94 1.14

s ColgatePalm CL 83.11 2.95Comcast A CMCSA 42.62 1.22Comerica CMA 48.81 1.60CommerceBcshrs CBSH 65.86 2.00ConagraBrands CAG 36.25 0.65ConchoRscs CXO 42.43 -1.34ConocoPhillips COP 29.31 -0.92ConEd ED 81.32 1.54ConstBrands A STZ 184.84 8.45Cooper COO 323.96 3.44

s Copart CPRT 116.38 2.98CoreLogic CLGX 75.93 -0.47Corning GLW 33.67 1.20Corteva CTVA 32.93 -0.55CoStar CSGP 879.94 29.06Costco COST 371.96 7.57CoupaSoftware COUP 255.55 8.26Credicorp BAP 119.74 2.38CreditSuisse CS 10.19 0.56Cree CREE 64.93 1.07CrowdStrike CRWD 126.86 2.39CrownCastle CCI 160.35 0.87CrownHoldings CCK 92.26 2.70CubeSmart CUBE 34.48 0.40

s Cummins CMI 232.03 4.35CureVac CVAC 48.58 1.50CyrusOne CONE 71.71 0.62

D E FDISH NetworkDISH 26.29 0.47DTE Energy DTE 126.46 0.76DadaNexus DADA 30.73 -1.49Danaher DHR 234.76 2.32Darden DRI 93.10 1.26DarlingIngred DAR 45.42 1.58Datadog DDOG 90.14 1.81

NetStock SymClose Chg

s DaVita DVA 92.95 3.88DeckersOutdoorDECK 251.59 -3.31Deere DE 239.96 8.26DellTechC DELL 61.75 1.46DeltaAir DAL 30.90 0.68DentsplySirona XRAY 47.77 0.07DeutscheBank DB 9.96 0.32DexCom DXCM 331.77 19.77Diageo DEO 133.78 3.00DigitalRealty DLR 145.89 -0.06DiscoverFinSvcsDFS 69.36 2.15DiscoveryB DISCB 28.47 -5.53DiscoveryA DISCA 21.12 ...DiscoveryC DISCK 19.20 0.07Disney DIS 124.02 3.89DocuSign DOCU 208.43 6.87

s DolbyLab DLB 80.15 2.25DollarGeneral DG 214.10 4.58DollarTree DLTR 93.65 2.53DominionEner D 82.91 1.25Domino's DPZ 383.24 7.21Donaldson DCI 49.44 1.24Dover DOV 117.16 2.29Dow DOW 48.73 0.91DrReddy'sLab RDY 66.47 0.55DraftKings DKNG 37.47 1.75Dropbox DBX 18.20 0.23DukeEnergy DUK 95.52 1.70DukeRealty DRE 40.27 1.23Dun&BradstreetDNB 26.78 0.73Dunkin' DNKN106.03 -0.16DuPont DD 59.61 0.81Dynatrace DT 35.38 0.88ENI E 15.18 0.26EOG Rscs EOG 35.02 -0.13EPAM Systems EPAM 314.12 0.42EastmanChem EMN 84.63 1.31

s Eaton ETN 111.25 3.91EatonVance EV 61.47 1.04eBay EBAY 48.92 1.05Ecolab ECL 192.61 3.76Ecopetrol EC 9.54 0.18EdisonInt EIX 58.41 0.86EdwardsLife EW 74.21 1.61ElancoAnimal ELAN 31.24 -0.59Elastic ESTC 99.98 0.74ElectronicArts EA 120.74 0.93EmersonElec EMR 70.40 2.44Enbridge ENB 27.72 0.23EncompassHealth EHC 63.34 0.29EnelAmericas ENIA 6.59 -0.09EnergyTransfer ET 5.50 0.33EnphaseEnergy ENPH 104.75 0.92Entegris ENTG 80.06 3.01Entergy ETR 108.19 2.85EnterpriseProd EPD 16.57 0.17Equifax EFX 150.00 8.15Equinix EQIX 752.28 13.96Equinor EQNR 13.13 -0.23Equitable EQH 22.42 0.48EquityLife ELS 61.93 1.76EquityResdntl EQR 52.53 3.22ErieIndemnity A ERIE 240.38 4.45EssentialUtil WTRG 42.33 0.50EssexProp ESS 224.03 7.03EsteeLauder EL 224.79 0.94Etsy ETSY 130.45 4.01EverestRe RE 215.64 8.64Evergy EVRG 56.98 0.67EversourceEner ES 91.98 1.39ExactSciences EXAS 126.15 4.26Exelixis EXEL 21.09 0.48Exelon EXC 42.47 1.51Expedia EXPE 98.80 4.08ExpeditorsIntl EXPD 86.89 -1.73ExtraSpaceSt EXR 116.85 1.00ExxonMobil XOM 33.41 -0.58F5Networks FFIV 135.93 4.70FMC FMC 104.65 -2.30Facebook FB 265.30 3.94FactSet FDS 319.48 8.30FairIsaac FICO 402.71 11.86

s Farfetch FTCH 34.18 2.18Fastenal FAST 46.22 1.70Fastly FSLY 68.93 3.82FedEx FDX 274.48 7.50Ferrari RACE 196.01 12.83FiatChrysler FCAU 12.96 0.34FidNatlFin FNF 32.62 0.66FidNatlInfo FIS 128.49 4.52FifthThirdBncp FITB 24.51 0.40FirstRepBank FRC 129.10 1.88FirstSolar FSLR 87.24 -1.65

NetStock SymClose Chg

FirstEnergy FE 30.12 0.19Fiserv FISV 98.95 1.66FiveBelow FIVE 136.61 4.76Five9 FIVN 149.19 5.00FleetCorTech FLT 235.14 4.61Flex FLEX 14.15 0.39Floor&Decor FND 79.02 4.21FomentoEconMex FMX 54.21 1.44FordMotor F 7.88 0.17Fortinet FTNT 112.41 1.82Fortis FTS 39.97 0.21Fortive FTV 64.99 1.67FortBrandsHome FBHS 84.94 0.36FoxA FOXA 27.04 -0.36FoxB FOX 26.70 -0.19Franco-Nevada FNV 141.06 2.64FranklinRscs BEN 20.01 0.42

s FreeportMcM FCX 18.77 0.53FreseniusMed FMS 38.88 0.78

G H IGCI LibertyA GLIBA 80.22 0.95GDS Holdings GDS 87.47 1.46GFLEnvironmentalGFL 20.50 0.75GSXTechedu GSX 68.66 3.15Galapagos GLPG 120.51 5.98Gallagher AJG 107.99 1.46Gaming&LeisureGLPI 38.68 1.19Gap GPS 20.95 0.12

s Garmin GRMN110.62 0.73Gartner IT 140.80 15.78

s Generac GNRC 221.54 8.97GeneralDynamicsGD 138.20 2.11GeneralElec GE 7.85 0.33GeneralMills GIS 60.89 1.16GeneralMotorsGM 35.35 0.80Genmab GMAB 34.38 0.41Genpact G 36.38 0.72Gentex GNTX 28.98 0.69GenuineParts GPC 98.15 4.63Gerdau GGB 4.03 0.14GileadSciencesGILD 58.83 0.30GSK GSK 35.26 0.86GlobalPaymentsGPN 165.90 5.54Globant GLOB 181.14 1.77GlobeLife GL 85.15 1.90GoDaddy GDDY 74.14 2.05GoldFields GFI 11.82 0.04GoldmanSachsGS 197.93 7.73GoodRx GDRX 47.50 0.67Graco GGG 63.36 0.70Grainger GWW 371.22 7.99Grifols GRFS 17.30 0.08Grubhub GRUB 75.08 1.45GuardantHealthGH 107.69 2.60Guidewire GWRE 99.27 3.58HCA HealthcareHCA 136.09 5.49HDFC Bank HDB 60.15 1.11HD Supply HDS 42.65 1.01HP HPQ 18.62 0.21HSBC HSBC 22.54 1.13Halliburton HAL 12.99 0.19HartfordFinl HIG 39.52 0.18Hasbro HAS 84.71 2.31HealthcareAmerHTA 26.00 1.11HealthpeakProp PEAK 28.53 0.28Heico HEI 112.97 4.34Heico A HEI.A 99.48 3.25HenrySchein HSIC 60.41 -1.81Herbalife HLF 46.39 0.86Hershey HSY 142.72 1.94Hess HES 36.91 -1.13HewlettPackardHPE 9.32 0.41HighwoodsPropHIW 31.38 0.86Hill-Rom HRC 88.47 -1.93Hilton HLT 90.65 2.65Hologic HOLX 71.92 1.36

NetStock SymClose Chg

HomeDepot HD 277.37 6.63HondaMotor HMC 24.49 0.26Honeywell HON 179.21 5.60HorizonTherap HZNP 73.45 -0.22HormelFoods HRL 50.00 0.54DR Horton DHI 69.46 0.28HostHotels HST 11.38 0.44HowmetAerospace HWM 18.63 0.78HuanengPowerHNP 15.42 0.54Huazhu HTHT 38.93 -0.39Hubbell HUBB 153.65 3.71HubSpot HUBS 298.97 8.09Humana HUM 423.43 14.85JBHunt JBHT 128.72 6.29HuntingtonBcshs HBAN 11.09 0.28HuntingIngallsHII 156.90 7.40IAA IAA 59.54 1.55ICICI Bank IBN 11.97 0.41IdexxLab IDXX 444.10 13.05

s IHS Markit INFO 83.93 1.61ING Groep ING 7.61 0.45Invesco IVZ 13.98 0.50IPG Photonics IPGP 194.97 4.32IQVIA IQV 160.14 5.01IcahnEnterprises IEP 51.35 0.60Icon ICLR 190.37 4.04IDEX IEX 180.42 1.66

s IllinoisToolWks ITW 208.20 6.12Illumina ILMN 296.63 3.75ImperialOil IMO 14.38 0.42Incyte INCY 84.95 0.51Infosys INFY 14.30 0.05

s IngersollRand IR 38.75 2.77Inphi IPHI 138.63 0.78Insulet PODD 223.10 7.13Intel INTC 44.85 0.39InteractiveBrkrs IBKR 48.76 0.94ICE ICE 96.06 1.40InterContinentl IHG 52.98 2.15IBM IBM 114.16 1.25IntlFlavors IFF 107.23 2.16IntlPaper IP 46.52 1.47Interpublic IPG 19.35 0.43Intuit INTU 324.73 8.31IntuitiveSurgical ISRG 682.00 6.02InvitatHomes INVH 28.00 0.34IonisPharma IONS 47.00 0.23iQIYI IQ 24.92 -0.27iRhythmTechs IRTC 221.00 9.00IronMountain IRM 27.30 0.78ItauUnibanco ITUB 4.17 0.07

J K LJD.com JD 82.69 0.37Joyy YY 92.27 -2.38JPMorganChase JPM 103.41 3.16JackHenry JKHY 156.15 4.38JacobsEngg J 101.94 2.82JamesHardie JHX 26.00 1.13JazzPharma JAZZ 148.65 1.40JFrog FROG 71.81 1.32J&J JNJ 138.50 -0.19

s JohnsonControls JCI 44.22 0.28JonesLang JLL 115.26 -2.56JuniperNetworks JNPR 20.10 0.43KB Fin KB 38.24 0.93KE Holdings BEKE 66.82 -3.00KKR KKR 34.89 -0.16KLA KLAC 210.88 8.65KSCitySouthernKSU 183.52 5.40Kellogg K 64.38 0.44KeurigDrPepperKDP 27.80 0.76KeyCorp KEY 13.77 0.34KeysightTechs KEYS 107.72 2.98KimberlyClark KMB 135.35 1.00KinderMorganKMI 11.99 0.10KingsoftCloud KC 31.27 1.60

NetStock SymClose Chg

Tuesday, November 3, 2020

How to Read the Stock TablesThe following explanations apply to NYSE, NYSEArca, NYSE American and Nasdaq Stock Marketlisted securities. Prices are composite quotationsthat include primary market trades as well astrades reported by Nasdaq BX (formerly Boston),Chicago Stock Exchange, Cboe, NYSE National andNasdaq ISE.The list comprises the 1,000 largest companiesbased on market capitalization.Underlined quotations are those stocks withlarge changes in volume compared with theissue’s average trading volume.Boldfaced quotations highlight those issueswhose price changed by 5% or more if theirprevious closing price was $2 or higher.

Footnotes:s-New 52-week high.t-New 52-week low.dd-Indicates loss in the most recent fourquarters.FD-First day of trading.h-Does not meet continued listingstandardslf-Late filingq-Temporary exemption from Nasdaqrequirements.t-NYSE bankruptcyv-Trading halted on primary market.vj-In bankruptcy or receivership or beingreorganized under the Bankruptcy Code,or securities assumed by such companies.

Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. andchanges in the closing prices from 4 p.m. the previous day.

Borrowing Benchmarkswsj.com/market-data/bonds/benchmarks

MoneyRates November 3, 2020

Key annual interest rates paid to borrowor lendmoney inU.S. andinternationalmarkets. Rates beloware a guide to general levels butdon’t always represent actual transactions.

InflationSept. index ChgFrom (%)

level Aug. '20 Sept. '19

U.S. consumer price indexAll items 260.280 0.14 1.4Core 269.054 0.11 1.7

International rates

Week 52-WeekLatest ago High Low

Prime ratesU.S. 3.25 3.25 4.75 3.25Canada 2.45 2.45 3.95 2.45Japan 1.475 1.475 1.475 1.475

PolicyRatesEuro zone 0.00 0.00 0.00 0.00Switzerland 0.00 0.00 0.50 0.00Britain 0.10 0.10 0.75 0.10Australia 0.25 0.25 0.75 0.25

Overnight repurchaseU.S. 0.12 0.09 1.65 -0.07

U.S. government rates

Discount0.25 0.25 2.25 0.25

Federal fundsEffective rate 0.0900 0.0900 1.6200 0.0600High 0.1000 0.1000 1.6500 0.1000Low 0.0500 0.0500 1.5800 0.0100Bid 0.0800 0.0800 1.6000 0.0100Offer 0.1100 0.1100 1.6300 0.0500

Treasury bill auction4weeks 0.080 0.085 1.620 0.00013weeks 0.095 0.100 1.565 0.00026weeks 0.110 0.110 1.580 0.080

Secondarymarket

FannieMae30-yearmortgage yields

30days 1.953 1.920 3.388 1.751

Notes ondata:U.S. prime rate is the base rate on corporateloans posted by at least 70%of the 10 largestU.S. banks, and is effectiveMarch 16, 2020.Other prime rates aren’t directly comparable;lending practices varywidely by location;Discount rate is effectiveMarch 16, 2020.SecuredOvernight FinancingRate is as ofNovember 2, 2020. DTCCGCFRepo Index isDepository Trust&Clearing Corp.'sweightedaverage for overnight trades in applicableCUSIPs. Value traded is in billions ofU.S. dollars.Federal-funds rates are Tullett Prebon rates asof 5:30 p.m. ET.Sources: Federal Reserve; Bureau of LaborStatistics; DTCC; FactSet;Tullett Prebon Information, Ltd.

60days 1.987 1.952 3.403 1.804

Other short-term rates

Week 52-WeekLatest ago high low

Callmoney2.00 2.00 3.50 2.00

Commercial paper (AA financial)90days 0.15 0.13 2.53 0.04

LiborOnemonth 0.13763 0.14463 1.80475 0.13763Threemonth 0.22475 0.21325 1.96050 0.20863Sixmonth 0.24388 0.24650 1.92625 0.23375One year 0.33400 0.33175 2.01200 0.32763

Euro LiborOnemonth -0.576 -0.566 -0.360 -0.621Threemonth -0.535 -0.530 -0.142 -0.540Sixmonth -0.523 -0.512 -0.052 -0.526One year -0.473 -0.459 0.008 -0.474

SecuredOvernight FinancingRate0.11 0.09 1.65 0.01

Value 52-WeekLatest Traded High Low

DTCCGCFRepo IndexTreasury 0.130 65.900 1.720 0.002MBS 0.129 35.900 1.763 0.011

Week —52-WEEK—Latest ago High Low

HavertyFurn HVT 26.67 -0.1Hovnanian HOV 38.40 7.7Huntsman HUN 25.66 -0.4IHS Markit INFO 85.00 2.0Identiv INVE 7.25 4.5IderaPharm IDRA 3.14 2.7IllinoisToolWks ITW 209.55 3.0Immunovant IMVT 45.50 0.7Infr&EnerAltWt IEAWW 0.69 10.2IngersollRand IR 38.99 7.7InspireMedical INSP 160.90 31.8JohnsonControls JCI 45.08 0.6Kadant KAI 131.46 8.1LatticeSemi LSCC 36.80 4.3LefterisAcqn LFTRU 9.96 0.1Leslie's LESL 23.64 4.5LifeSciAcqn LSAC 15.79 0.3LincolnElectric LECO 108.30 2.8Littelfuse LFUS 208.70 2.2LiveOakBcshs LOB 39.68 3.7MallardAcqn MACUU 10.07 -0.2Matson MATX 58.34 10.4MaxLinear MXL 28.53 3.3MettlerToledo MTD 1080.94 2.1NIO NIO 35.87 6.5Navistar pfD NAVpD 26.30 5.4NewBeginnings NBA.U 10.05 ...Orbcomm ORBC 5.24 12.9PackagingCpAm PKG 123.99 4.6Pennant PNTG 47.94 7.1Pentair PNR 53.08 4.2PerkinElmer PKI 135.49 0.4Pinduoduo PDD 100.26 6.7ProvidenceService PRSC 126.00 2.0QuantaServices PWR 68.27 1.3RegalBeloit RBC 107.65 1.9RibbitLeapA LEAP 11.78 0.3Rockwell ROK 254.79 3.3SPS Commerce SPSC 89.68 3.3SQZ Biotech SQZ 16.42 12.1SVB Fin SIVB 313.67 1.2Saia SAIA 159.62 5.2Saratoga7.25Nts SAK 26.33 1.8SchmittIndustries SMIT 5.40 2.3ScholarRock SRRK 47.44 -8.1ShattuckLabs STTK 28.58 4.1SleepNumber SNBR 67.72 1.8Sony SNE 87.25 1.1SoCopper SCCO 54.94 -0.5StifelFinlPfdC SFpC 27.51 0.8SummitStateBk SSBI 13.95 7.2Systemax SYX 30.00 2.5ThermoFisherSci TMO 501.73 2.3

52-Wk %Stock Sym Hi/Lo Chg

Timken TKR 64.50 1.8Tortoise II A SNPR 10.45 -0.9TraneTech TT 142.37 2.7UltragenyxPharm RARE 102.77 6.8UnitedTherap UTHR 137.34 1.9UplandSoftware UPLD 46.20 7.2WattsWater WTS 116.83 2.0WorthingtonInds WOR 51.84 2.3ZebraTech ZBRA 322.90 8.9

LowsATIF ATIF 0.76 -41.7AbeonaTherap ABEO 0.99 1.9AdvantageSolns ADV 7.89 -5.5ApreaTherap APRE 20.50 0.6BellicumPharm BLCM 2.84 -4.0BenitecBiopharm BNTC 2.55 3.8BiondVaxPharm BVXV 2.61 4.4BrickellBiotech BBI 0.48 -4.0BullHornUn BHSEU 9.79 0.1CVR Partners UAN 0.57 -2.7CaliforniaRscs CRC 12.50 0.1Check-Cap CHEK 0.27 -3.6CohnRobbinsA CRHC 9.65 ...D8 Holdings DEH.U 9.89 ...EsperionTherap ESPR 23.90 -16.5FoleyTrasII Wt BFT.WS 0.99 -2.0FortressValueIIWt FAII.WS 1.17 -4.5GasLog GLOG 2.34 -0.4GreatAjaxNts24 AJXA 23.37 0.9GreenwichLife GLSI 3.37 -0.3HallofFameWt HOFVW 0.14 -4.4HappinessBiotech HAPP 1.64 ...IntercorpFinSvcs IFS 20.26 1.6JaguarHealth JAGX 0.19 4.4JupiterWellness JUPW 4.90 -9.3KBLMergerIV KBLM 6.12 -13.8LAIX LAIX 1.61 -0.9LiminalBioSci LMNL 4.15 -4.8MallardAcqn MACUU 9.90 -0.2MetenEdtechX METX 2.48 -5.7NabrivaTherap NBRV 0.47 -2.3Neovasc NVCN 0.79 -0.1NorthernOil&Gas NOG 3.51 -5.11347 Property PIH 2.94 -2.4OptheaADR OPT 11.64 -2.9RaMedicalSys RMED 0.17 8.3RiverNorthDoublPfd OPPpA 24.40 -0.2Tim TIMB 9.92 -1.5TitanPharm TTNP 0.10 -3.2trivago TRVG 1.26 0.8uCloudlink UCL 10.00 -6.5Zomedica ZOM 0.06 0.7

52-Wk %Stock Sym Hi/Lo Chg

Tuesday, November 3, 2020

New Highs and Lows | WSJ.com/newhighs

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Americanand Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latestsession. % CHG-Daily percentage change from the previous trading session.

KinrossGold KGC 8.22 0.02KirklandLakeGoldKL 47.14 0.91Knight-Swift KNX 38.85 1.00KoninklijkePhil PHG 48.40 1.57KoreaElcPwr KEP 9.01 0.11KraftHeinz KHC 31.78 0.11Kroger KR 32.74 0.68L Brands LB 33.73 0.71LHC Group LHCG 223.71 6.64Line LN 51.57 0.32LKQ LKQ 34.39 1.45LPL Financial LPLA 82.78 2.25L3HarrisTech LHX 178.81 8.41LabCpAm LH 210.49 3.26LamResearch LRCX 370.53 19.58LamarAdv LAMR 69.06 3.69LambWeston LW 67.23 1.56LasVegasSands LVS 49.02 -0.15Lear LEA 126.61 3.68Leidos LDOS 87.96 2.23Lennar B LEN.B 60.42 1.45Lennar A LEN 74.37 1.86LennoxIntl LII 291.25 7.67LeviStrauss LEVI 16.07 0.24LiAuto LI 24.05 1.17LibertyBroadbandC LBRDK 139.76 1.57LibertyBroadbandA LBRDA 138.99 1.70LibertyGlobal A LBTYA 19.53 0.74LibertyGlobal C LBTYK 19.27 0.83LibertyFormOne A FWONA 34.32 1.09LibertyFormOne C FWONK 37.22 1.11LibertyBraves A BATRA 21.54 1.10LibertyBraves C BATRK 21.40 1.13LibertySirius C LSXMK 36.07 0.93LibertySirius A LSXMA 35.92 0.89EliLilly LLY 130.98 -0.65

s LincolnElectric LECO 107.85 2.92LincolnNational LNC 37.39 1.02Linde LIN 234.09 5.51LithiaMotors LAD 249.18 9.80LiveNationEnt LYV 53.34 3.11LloydsBanking LYG 1.48 0.08LockheedMartin LMT 363.44 11.02Loews L 37.89 0.56LogitechIntl LOGI 88.14 3.06Lowe's LOW 164.65 4.42LufaxHolding LU 12.66 -1.14lululemon LULU 327.13 11.63LumenTech LUMN 9.11 0.23Lumentum LITE 81.79 0.37Lyft LYFT 26.23 1.73LyondellBasell LYB 72.86 0.95

M NM&T Bank MTB 110.01 3.97MGMGrowthPropMGP 28.05 0.92MGM ResortsMGM 21.75 0.78MinisoGroup MNSO 20.24 0.94MKS Instrum MKSI 115.07 2.90MPLX MPLX 18.46 0.46MSCI MSCI 369.47 12.62MagellanMid MMP 35.98 0.15MagnaIntl MGA 52.98 1.64ManulifeFin MFC 14.48 0.75MarathonPetrolMPC 31.91 0.61Markel MKL 975.66 15.63MarketAxess MKTX 539.69 0.90Marriott MAR 96.09 3.19Marsh&McLenMMC 106.57 1.68MartinMariettaMLM 276.16 5.17MarvellTech MRVL 37.19 0.30Masco MAS 55.96 1.22Masimo MASI 235.00 9.64Mastercard MA 295.39 5.42MaximIntProductsMXIM 70.80 0.98McAfee MCFE 16.09 -0.37

NetStock SymClose Chg

Continued on Page B9

DividendChangesDividend announcements fromNovember 3.

Amount Payable /Company Symbol Yld% New/Old Frq Record

Amount Payable /Company Symbol Yld% New/Old Frq Record

IncreasedCDWCorp. CDW 1.2 .40 /.38 Q Dec10 /Nov25CommerceBancshares CBSH 1.6 .27 /.2449 Q Dec18 /Dec02Ellington Financial EFC 9.3 .10 /.09 M Dec28 /Nov30Entergy ETR 3.5 .95 /.93 Q Dec01 /Nov12Enviva Partners EVA 6.6 .775 /.765 Q Nov27 /Nov13Estee Lauder Cl A EL 0.9 .53 /.48 Q Dec15 /Nov30TaitronComponents TAIT 6.3 .04 /.035 Q Nov30 /Nov13

ReducedNorth EurOil Royalty Tr NRT 11.2 .02 /.11 Q Nov25 /Nov13

ForeignAssuredGuaranty AGO 2.8 .20 Q Dec02 /Nov18MiXTelematicsADR MIXT 2.2 .06156 Q Dec03 /Nov20Pyxis Tankers Pfd. A PXSAP 11.1 .1991 Nov20 /Nov13ShawCommunicationsB SJR 5.4 .0741 M Jan28 /Jan15ShawCommunicationsB SJR 5.4 .0741 M Feb25 /Feb15WestpacBankingADR WBK 9.4 .21821 Dec28 /Nov10

SpecialCapital Southwest CSWC 11.1 .10 Dec31 /Dec15Wingstop WING 0.5 5.00 Dec03 /Nov20

KEY:A: annual;M:monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:spin-off. Highs

AGCO AGCO 87.49 8.5AcadiaHealthcare ACHC 37.57 6.6AcmeUnited ACU 29.85 1.6AddusHomeCare ADUS 117.77 8.0AgilentTechs A 108.11 1.7AjaxI AJAX.U 10.20 0.2AlaskaCommSys ALSK 3.07 59.2AllegroMicro ALGM 21.43 6.3AlmadenMinerals AAU 1.16 -8.7AltraIndlMotion AIMC 47.00 3.2AptivPfdA APTVpA 125.81 3.6Aptiv APTV 103.15 4.0AveryDennison AVY 146.02 2.5Ball BLL 93.95 3.9BiohavenPharm BHVN 81.46 4.3BioLifeSols BLFS 32.00 4.6BioLineRX BLRX 3.30 10.5Bio-RadLab B BIO.B 600.00 1.5BrookfieldRenew BEPC 71.96 -0.3BrookfieldRenew BEP 59.34 1.4CSW Industrials CSWI 93.15 4.2CarrierGlobal CARR 37.01 5.3ChesapeakeUtil CPK 102.03 0.9CohnRobbinsWt CRHC.WS 1.00 -2.2ColgatePalm CL 83.42 3.7CollectorsUniv CLCT 70.00 19.3CommunityHlthSys CYH 8.55 19.3CiaSiderurgica SID 3.89 6.9ConstructionPtrs ROAD 22.50 4.8Copart CPRT 118.77 2.6Crocs CROX 56.00 2.5Cummins CMI 233.02 1.9DanaherPfdB DHRpB 1361.41 1.5DaVita DVA 93.83 4.4dMYTechII Wt DMYD.WS 1.70 13.7DolbyLab DLB 80.49 2.9DuddellStreet DSACU 9.90 0.2DycomInds DY 70.94 2.3Eaton ETN 111.99 3.6EnsignGroup ENSG 63.55 3.5EnvivaPartners EVA 44.87 0.8Farfetch FTCH 34.66 6.8FreeportMcM FCX 19.02 2.9Freshpet FRPT 126.79 5.8Garmin GRMN 111.78 0.7Generac GNRC 222.20 4.2GeneralFinNts25 GFNSZ 25.23 0.5GreenBrickPtrs GRBK 19.95 11.6HalozymeTherap HALO 32.62 11.3HavertyFurn A HVT.A 26.42 9.6

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Net YTDFund NAV Chg %Ret

American Century InvUltra 66.76 +0.38 28.0American Funds Cl AAmcpA p NA ... NAAMutlA p NA ... NABalA p NA ... NABondA p NA ... NACapIBA p NA ... NACapWGrA NA ... NAEupacA p NA ... NAFdInvA p NA ... NAGwthA p NA ... NAHI TrA p NA ... NAICAA p NA ... NAIncoA p NA ... NAIntBdA p NA ... NAN PerA p NA ... NANEcoA p NA ... NANwWrldA NA ... NASmCpA p NA ... NATxExA p NA ... NAWshA p NA ... NABaird FundsAggBdInst 11.80 +0.02 7.3CorBdInst 12.12 +0.01 7.1

BlackRock FundsHiYBlk 7.45 +0.01 0.2HiYldBd Inst 7.45 +0.02 0.1BlackRock Funds AGlblAlloc p 19.75 ... 5.9BlackRock Funds InstStratIncOpptyIns 10.04 ... 3.0Bridge Builder TrustCoreBond 10.91 +0.02 7.2CorePlusBond 10.63 +0.02 7.1Intl Eq 11.53 +0.16 -3.8LargeCapGrowth 18.76 +0.17 18.5LargeCapValue 12.55 +0.23 -7.0ClearBridgeLargeCapGrowthI 63.52 +0.36 NAColumbia Class IDivIncom I 23.06 +0.35 -4.1Dimensional Fds5GlbFxdInc 10.89 ... 1.5EmgMktVa 24.17 +0.24 -14.0EmMktCorEq 20.53 +0.19 -4.0IntlCoreEq 12.25 +0.17 -10.0IntSmCo 17.01 +0.17 -9.6IntSmVa 15.86 +0.21 -17.7LgCo 25.41 +0.31 4.0

Net YTDFund NAV Chg %Ret

TAUSCoreEq2 19.73 +0.31 -0.9US CoreEq1 25.61 +0.37 0.1US CoreEq2 23.14 +0.35 -1.1US Small 31.62 +0.62 -9.0US SmCpVal 28.02 +0.68 -17.9USLgVa 32.05 +0.65 -15.5Dodge & CoxBalanced 92.97 +1.14 -5.6Income 14.68 +0.03 6.9Intl Stk 35.58 +0.67 -18.4Stock 166.32 +2.98 -11.5DoubleLine FundsCoreFxdIncmI 11.18 +0.02 3.6TotRetBdI 10.69 +0.02 3.5Edgewood Growth InstitutiEdgewoodGrInst 48.92 +0.59 27.0Fidelity500IdxInstPrem 114.91 +1.40 4.0Contrafund K6 17.08 +0.07 18.1ExtMktIdxInstPre 67.39 +0.90 5.6FidSerToMarket 11.32 +0.14 4.3IntlIdxInstPrem 39.08 +0.57 -9.0MidCpInxInstPrem 23.50 +0.41 ...SAIUSLgCpIndxFd 17.75 +0.22 3.9SeriesBondFd 10.72 +0.01 6.6

Net YTDFund NAV Chg %Ret

Tuesday, November 3, 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 e and sapply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotesx and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incompleteprice, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund nottracked. NS-Fund didn’t exist at start of period.

Mutual FundsSeriesOverseas 10.72 +0.10 -0.6SmCpIdxInstPrem 19.96 +0.38 -4.9TMktIdxInstPrem 94.20 +1.17 4.3USBdIdxInstPrem 12.38 +0.02 6.6Fidelity Advisor INwInsghtI 36.42 +0.18 11.4Fidelity FreedomFF2020 16.27 +0.13 3.5FF2025 14.42 +0.12 3.3FF2030 17.81 +0.17 2.8Freedom2020 K 16.26 +0.13 3.5Freedom2025 K 14.40 +0.12 3.3Freedom2030 K 17.80 +0.17 3.0Freedom2035 K 14.92 +0.16 2.0Freedom2040 K 10.43 +0.13 1.7Fidelity InvestBalanc 25.58 +0.23 9.2BluCh 139.95 +0.60 35.4Contra 16.23 +0.08 19.2ContraK 16.26 +0.08 19.2CpInc r 9.91 +0.03 0.2DivIntl 42.01 +0.40 3.7GroCo 30.35 +0.08 42.1GrowCoK 30.42 +0.08 42.2InvGrBd 11.73 +0.02 7.8LowP r 43.22 +0.77 -7.3Magin 11.83 +0.11 16.0NASDAQ r 138.35 +0.57 22.8OTC 15.09 +0.01 25.8Puritn 24.38 +0.20 10.6SrsEmrgMkt 21.77 +0.27 5.5SrsGlobal 12.40 +0.17 -5.8SrsGroCoRetail 25.55 +0.06 43.9SrsIntlGrw 18.25 +0.24 4.2SrsIntlVal 8.41 +0.16 -15.1TotalBond 11.13 +0.02 7.0Fidelity SAITotalBd 10.56 +0.02 6.5

Fidelity SelectsSoftwr r 23.76 +0.08 23.6Tech r 26.02 +0.07 36.1First Eagle FundsGlbA 56.21 +0.79 -3.0Franklin A1CA TF A1 p 7.64 -0.01 2.4IncomeA1 p 2.08 +0.01 -6.8FrankTemp/Frank AdvIncomeAdv 2.06 +0.01 -6.7FrankTemp/Franklin AGrowth A p 128.37 +1.32 14.4RisDv A p 71.25 +1.33 3.1Guggenheim Funds TruTotRtnBdFdClInst 29.64 +0.04 11.7Harbor FundsCapApInst 99.40 +0.22 NAHarding LoevnerIntlEq 24.12 +0.36 1.3Invesco Funds YDevMktY 45.69 +0.48 0.2JPMorgan I ClassCoreBond NA ... NAEqInc NA ... NAJPMorgan R ClassCoreBond NA ... NALord Abbett AShtDurIncmA p NA ... NALord Abbett FShtDurIncm NA ... NAMetropolitan WestTotRetBd 11.58 +0.01 7.3TotRetBdI 11.58 +0.01 7.6TRBdPlan 10.89 +0.01 7.5MFS Funds Class IGrowth I 150.29 +0.71 18.2ValueI 40.59 +0.75 -7.8MFS Funds Instl

IntlEq 26.16 +0.43 -6.1Old Westbury FdsLrgCpStr 15.43 +0.17 2.4Parnassus FdsParnEqFd 50.26 +0.50 7.4PGIM Funds Cl ZTotalReturnBond 14.74 +0.03 NAPIMCO Fds InstlAllAsset NA ... NAHiYld 8.73 +0.02 0.5InvGrdCrBd 11.01 +0.03 NATotRt 10.88 +0.02 NAPIMCO Funds AIncomeFd 11.71 +0.01 NAPIMCO Funds I2Income 11.71 +0.01 NAPIMCO Funds InstlIncomeFd 11.71 +0.01 NAPrice FundsBlChip 151.72 +0.58 22.0DivGro 53.38 +0.82 1.1EqInc 26.80 +0.56 -14.8EqIndex 87.96 +1.07 3.9Growth 87.82 +0.46 19.7HelSci 92.74 +0.74 13.9LgCapGow I 53.74 +0.31 22.0MidCap 102.04 +1.13 7.0NHoriz 80.35 -0.33 35.3R2020 22.78 +0.17 3.1R2025 18.36 +0.16 3.3R2030 26.72 +0.27 3.2R2035 19.63 +0.21 3.2R2040 27.93 +0.32 3.2PRIMECAP Odyssey FdsAggGrowth r 48.33 +0.26 7.6Putnam Funds Class YStDurInc 10.10 ... 1.4Schwab Funds

1000 Inv r 74.63 +0.90 NAS&P Sel 51.38 +0.63 NATSM Sel r 58.34 +0.72 NATIAA/CREF FundsEqIdxInst 24.37 +0.30 4.4VANGUARD ADMIRAL500Adml 305.76 +3.73 4.0BalAdml 40.93 +0.33 6.1CAITAdml 12.22 -0.01 3.0CapOpAdml r 164.52 +1.59 4.3DivAppIdxAdm 34.65 +0.55 3.9EMAdmr 36.90 +0.33 1.4EqIncAdml 70.65 +1.33 -9.0ExplrAdml 104.21 +1.39 7.2ExtndAdml 100.18 +1.35 5.7GNMAAdml 10.73 +0.01 3.4GrwthAdml 114.08 +0.63 22.4HlthCareAdml r 88.80 +1.33 4.1HYCorAdml r 5.79 +0.01 1.3InfProAd 28.07 +0.08 8.8IntlGrAdml 135.70 +2.01 32.0ITBondAdml 12.56 +0.01 8.4ITIGradeAdml 10.58 +0.01 8.3LTGradeAdml 11.73 +0.05 10.8MidCpAdml 221.96 +3.92 1.9MuHYAdml 11.67 -0.01 2.2MuIntAdml 14.64 ... 3.3MuLTAdml 12.02 -0.01 3.5MuLtdAdml 11.20 ... 2.6MuShtAdml 15.93 ... 1.6PrmcpAdml r 145.50 +1.56 0.9RealEstatAdml 111.20 +2.70 -13.3SmCapAdml 76.44 +1.28 -2.8SmGthAdml 76.82 +0.59 10.3STBondAdml 10.86 ... 4.3STIGradeAdml 10.97 ... 4.3TotBdAdml 11.55 +0.02 6.6TotIntBdIdxAdm 23.33 +0.01 4.0

TotIntlAdmIdx r 27.77 +0.36 -5.7TotStAdml 82.18 +1.02 4.5TxMCapAdml 172.31 +2.13 5.2TxMIn r 12.84 +0.19 -7.9USGroAdml 149.00 +0.47 33.7ValAdml 40.76 +0.80 -10.8WdsrllAdml 62.86 +1.02 -1.9WellsIAdml 66.21 +0.55 2.3WelltnAdml 74.75 +0.68 1.7WndsrAdml 63.80 +1.22 -10.8VANGUARD FDSDivdGro 30.44 +0.51 0.5INSTTRF2020 24.93 +0.17 3.4INSTTRF2025 25.48 +0.20 3.0INSTTRF2030 25.77 +0.23 2.6INSTTRF2035 26.03 +0.25 2.1INSTTRF2040 26.29 +0.28 1.6INSTTRF2045 26.48 +0.30 1.1INSTTRF2050 26.53 +0.30 1.2INSTTRF2055 26.63 +0.30 1.2IntlVal 32.96 +0.48 -12.2LifeCon 21.62 +0.13 4.2LifeGro 36.52 +0.37 1.8LifeMod 29.51 +0.24 3.1PrmcpCor 26.90 +0.33 -3.7STAR 29.27 +0.26 7.8TgtRe2015 15.77 +0.08 3.9TgtRe2020 33.62 +0.23 3.4TgtRe2025 20.44 +0.17 3.0TgtRe2030 37.39 +0.33 2.6TgtRe2035 22.99 +0.22 2.1TgtRe2040 39.76 +0.42 1.6TgtRe2045 25.00 +0.28 1.2TgtRe2050 40.25 +0.45 1.2TgtRet2055 43.70 +0.50 1.2TgtRetInc 14.49 +0.07 4.3TotIntBdIxInv 11.67 +0.01 4.0

USGro 57.48 +0.18 33.6WellsI 27.33 +0.22 2.2Welltn 43.29 +0.39 1.6WndsrII 35.42 +0.57 -2.0VANGUARD INDEX FDSIdxIntl 16.60 +0.21 -5.8SmValAdml 50.17 +1.22 -13.6TotBd2 11.47 +0.02 6.1TotIntlInstIdx r 111.04 +1.43 -5.7TotItlInstPlId r 111.07 +1.44 -5.7TotSt 82.15 +1.02 4.4VANGUARD INSTL FDSBalInst 40.93 +0.33 6.1DevMktsIndInst 12.86 +0.19 -7.8DevMktsInxInst 20.09 +0.28 -7.9ExtndInst 100.17 +1.34 5.7GrwthInst 114.09 +0.63 22.4InPrSeIn 11.44 +0.04 8.9InstIdx 295.52 +3.59 4.0InstPlus 295.54 +3.60 4.0InstTStPlus 70.31 +0.88 4.5MidCpInst 49.03 +0.86 1.9MidCpIstPl 241.82 +4.27 1.9SmCapInst 76.44 +1.28 -2.8STIGradeInst 10.97 ... 4.3STIPSIxins 25.43 +0.02 3.5TotBdInst 11.55 +0.02 6.6TotBdInst2 11.47 +0.02 6.2TotBdInstPl 11.55 +0.02 6.6TotIntBdIdxInst 35.01 +0.02 4.0TotStInst 82.19 +1.02 4.5ValueInst 40.76 +0.80 -10.8WCM Focus FundsWCMFocIntlGrwIns 21.59 +0.26 14.2Western AssetCoreBondI NA ... NACorePlusBdI 12.36 +0.02 NACorePlusBdIS 12.35 +0.01 NA

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

Data provided by

NetStock SymClose Chg

McCormickVtgMKC.V 189.05 5.30McCormick MKC 187.68 2.51McDonalds MCD 216.80 4.24McKesson MCK 160.01 7.98MedicalProp MPW 19.07 0.45Medtronic MDT 103.13 0.70MelcoResorts MLCO 16.33 0.32MercadoLibre MELI 1233.97 18.11Merck MRK 76.92 0.21MetLife MET 39.97 1.27

s MettlerToledo MTD 1065.50 22.25MicrochipTechMCHP 108.97 3.86MicronTech MU 51.08 1.37Microsoft MSFT 206.43 4.10MidAmApt MAA 123.32 3.48MiratiTherap MRTX 221.05 4.94MitsubishiUFJ MUFG 4.18 0.13MizuhoFin MFG 2.63 0.07MobileTeleSysMBT 8.03 0.20Moderna MRNA 69.08 1.97MohawkInds MHK 116.99 2.30MolinaHealthcare MOH 211.59 12.74MolsonCoorsB TAP 38.68 1.13Mondelez MDLZ 54.42 0.08MongoDB MDB 226.97 2.79MonolithicPowerMPWR 314.39 -0.87MonsterBev MNST 79.52 1.60Moody's MCO 269.18 3.25MorganStanleyMS 51.18 1.80Morningstar MORN 199.31 4.30Mosaic MOS 17.19 -2.37MotorolaSol MSI 166.00 2.53Mylan MYL 15.14 ...MyoKardia MYOK 223.49 0.21NICE NICE 235.67 6.07

s NIO NIO 35.50 2.18NRG Energy NRG 32.73 0.56NVR NVR 4118.98 89.71NXP Semi NXPI 138.88 1.57Nasdaq NDAQ 124.91 1.73NationalGrid NGG 61.43 1.77Natura&Co NTCO 15.99 0.05NatWest NWG 3.32 0.28nCino NCNO 72.56 3.36

NetApp NTAP 46.29 1.35NetEase NTES 85.91 1.58Netflix NFLX 487.22 3.10Neurocrine NBIX 95.87 -0.11NewFortressEnerNFE 36.38 -0.10NewOrientalEduc EDU 160.79 -0.57NYTimes A NYT 40.57 0.10NewellBrands NWL 19.50 0.59Newmont NEM 66.67 1.94NewsCorp A NWSA 13.50 0.21NewsCorp B NWS 13.38 0.19NextEraEnergyNEE 76.02 0.89Nike NKE 124.59 2.20Nikola NKLA 18.84 0.26NiSource NI 24.03 0.58Nokia NOK 3.39 0.12NomuraHoldings NMR 4.77 0.14Nordson NDSN 200.31 3.31NorfolkSouthernNSC 223.50 8.44NorthernTrustNTRS 82.54 3.49NorthropGrumNOC 304.82 8.19NortonLifeLockNLOK 21.57 0.63Novartis NVS 81.05 1.28NovoNordisk NVO 65.26 0.23Novocure NVCR 113.83 1.67NuanceComms NUAN 32.57 1.07Nucor NUE 50.05 1.18Nutrien NTR 38.40 -3.19NVIDIA NVDA 520.78 17.55

O P QOGE Energy OGE 32.51 0.74ONEOK OKE 28.92 -0.31OReillyAuto ORLY 449.05 7.59OakStreetHealthOSH 48.57 1.76OccidentalPetrolOXY 9.69 0.04Okta OKTA 208.50 4.64OldDomFreightODFL 198.14 4.39OmegaHealthcareOHI 30.23 0.49Omnicom OMC 50.05 1.33ON Semi ON 25.05 0.69OneConnectFinTechOCFT 20.22 -0.13OpenText OTEX 37.61 1.21Oracle ORCL 56.80 0.35Orange ORAN 11.17 -0.11

Orix IX 63.71 1.97OtisWorldwideOTIS 62.71 0.57OwensCorningOC 66.89 -1.22PG&E PCG 9.67 0.02PNC Fin PNC 119.39 4.94POSCO PKX 48.91 1.05PPD PPD 33.63 0.93PPG Ind PPG 136.86 1.68PPL PPL 28.84 0.73PRA HealthSci PRAH 103.13 3.61PTC PTC 92.16 5.28Paccar PCAR 91.78 2.95

s PackagingCpAm PKG 123.25 5.38PagSeguroDig PAGS 38.60 1.11PalantirTech PLTR 10.50 -0.04PaloAltoNtwks PANW 227.92 6.07PanAmerSilver PAAS 33.97 1.17ParkerHannifin PH 226.20 8.18Paychex PAYX 86.54 3.24PaycomSoftware PAYC 369.14 8.54Paylocity PCTY 186.19 5.63PayPal PYPL179.81 -7.95Pegasystems PEGA 116.01 2.61Peloton PTON 111.70 -1.74PembinaPipeline PBA 21.34 0.38PennNational PENN 56.06 3.03

s Pentair PNR 52.81 2.11Penumbra PEN 249.69 1.52PepsiCo PEP 137.04 1.89

s PerkinElmer PKI 133.15 0.51Perrigo PRGO 45.36 -0.25PetroChina PTR 29.83 0.81PetroleoBrasil PBR 6.88 0.16PetroleoBrasilA PBR.A 6.86 0.19Pfizer PFE 36.19 -0.04PhilipMorris PM 71.82 0.19Phillips66 PSX 47.52 -0.44

s Pinduoduo PDD 97.72 6.10PinnacleWest PNW 81.76 0.69Pinterest PINS 59.58 1.20PioneerNatRscs PXD 82.20 -0.60PlainsAllAmPipe PAA 6.57 0.07PlugPower PLUG 16.95 1.48Pool POOL 364.18 6.89PostHoldings POST 90.68 2.45

NetStock SymClose Chg

NetStock SymClose Chg

PrincipalFin PFG 41.80 2.09Procter&Gamble PG 141.22 2.72Progressive PGR 94.47 0.07Prologis PLD 104.39 2.52PrudentialFin PRU 67.78 1.85Prudential PUK 26.17 1.57PublicServiceEnt PEG 59.32 0.83PublicStorage PSA 235.48 2.67PulteGroup PHM 43.15 1.00Qiagen QGEN 49.26 0.60Qorvo QRVO 128.46 0.52Qualcomm QCOM 125.45 1.48

s QuantaServices PWR 67.32 0.87QuestDiag DGX 126.50 1.66Quidel QDEL 257.25 8.84

R SRELX RELX 21.16 0.79RH RH 359.74 18.61RPM RPM 88.15 0.04RaymondJamesRJF 79.98 1.52RaytheonTechRTX 57.04 1.29RealtyIncome O 59.25 -0.39RegencyCtrs REG 37.43 1.23RegenPharm REGN 557.19 8.61RegionsFin RF 14.03 0.27ReinsGrp RGA 103.99 1.49RelianceSteel RS 111.59 0.67RenaissanceReRNR 165.50 2.10Repligen RGEN 178.01 7.87RepublicSvcs RSG 92.40 2.54ResMed RMD 202.46 5.66RestaurantBrandsQSR 54.00 2.24ReynoldsCnsmr REYN 29.69 0.10RingCentral RNG 257.01 -0.54RioTinto RIO 58.82 1.41RitchieBros RBA 64.72 1.51RocketCos. RKT 19.38 0.45

s Rockwell ROK 253.37 7.98RogersComm BRCI 41.30 0.20Roku ROKU 203.49 -3.39Rollins ROL 59.42 1.27RoperTech ROP 383.35 2.41RossStores ROST 91.64 3.05RoyalBkCanadaRY 72.19 1.63

NetStock SymClose Chg

RoyalCaribbeanRCL 57.57 0.55RoyalDutchA RDS.A 26.87 0.20RoyalDutchB RDS.B 25.49 0.41RoyalGold RGLD 121.69 0.23RoyaltyPharma RPRX 38.12 0.54Ryanair RYAAY 85.44 2.93SAP SAP 109.71 3.88S&P Global SPGI 334.75 6.83SBA Comm SBAC291.01 -2.51SEI Investments SEIC 50.95 1.39SK Telecom SKM 21.59 0.48SS&C Tech SSNC 62.05 2.15StoreCapital STOR 27.48 0.74

s SVB Fin SIVB 310.57 3.59Salesforce.com CRM 237.13 4.68Sanofi SNY 47.55 1.14SantanderCons SC 21.73 0.54SareptaTherap SRPT 141.34 4.05Schlumberger SLB 15.76 0.18SchwabC SCHW 42.56 1.30ScottsMiracleGro SMG 158.02 2.68Sea SE 166.39 6.72Seagate STX 50.35 1.78Seagen SGEN 168.50 -0.01SealedAir SEE 41.53 1.04SempraEnergy SRE 129.10 1.48SensataTechs ST 45.37 0.58ServiceCorp SCI 48.95 1.55ServiceNow NOW 480.05 4.05ShawComm B SJR 16.72 0.20SherwinWilliams SHW 710.09 0.79ShinhanFin SHG 28.57 0.58Shopify SHOP 941.72 26.73Sibanye-Stillwater SBSW 12.96 0.44SimonProperty SPG 64.99 0.28SiriusXM SIRI 5.82 0.04Skyworks SWKS138.80 -3.32SlackTech WORK 25.38 0.33Smartsheet SMAR 50.67 1.28SmithAO AOS 53.30 0.45Smith&Nephew SNN 36.25 1.14Smucker SJM 116.98 0.32Snap SNAP 41.17 0.38SnapOn SNA 163.92 0.11Snowflake SNOW 262.13 9.90

NetStock SymClose Chg

SOQUIMICH SQM 38.00 0.09SolarEdgeTech SEDG 206.37 -61.35SolarWinds SWI 21.26 0.41

s Sony SNE 86.41 0.91Southern SO 59.86 0.85

s SoCopper SCCO 53.92 -0.29SouthwestAir LUV 38.85 0.45Splunk SPLK 194.78 3.44Spotify SPOT 236.53 4.93Square SQ 158.21 2.98StanleyBlackDck SWK 173.63 4.92Starbucks SBUX 88.39 2.42StateStreet STT 62.38 2.70SteelDynamics STLD 32.32 0.43Steris STE 176.38 -5.19STMicroelec STM 32.15 1.05StoneCo STNE 53.38 0.43Stryker SYK 208.26 5.48SumitomoMits SMFG 5.84 0.17SunComms SUI 141.20 2.06SunLifeFinancial SLF 41.74 1.44SuncorEnergy SU 11.90 0.15SunRun RUN 54.00 -0.18Suzano SUZ 9.10 0.32SynchronyFin SYF 26.66 0.70Synnex SNX 141.39 4.21Synopsys SNPS 221.74 5.96Sysco SYY 60.25 3.16

T U VTAL Education TAL 66.86 0.52TC Energy TRP 39.87 0.91TE Connectivity TEL 101.78 2.28Telus TU 17.21 0.17TJX TJX 53.99 2.25T-MobileUS TMUS 111.12 0.73TRowePrice TROW 132.15 3.18TaiwanSemi TSM 87.69 1.98TakeTwoSoftware TTWO 158.88 4.85TakedaPharm TAK 15.84 0.10TandemDiabetes TNDM 113.07 5.07Tapestry TPR 24.06 0.43Target TGT 156.73 2.34TeckRscsB TECK 13.48 -0.07TeladocHealth TDOC 195.24 4.84

NetStock SymClose Chg

TeledyneTech TDY 326.98 13.60Teleflex TFX 332.19 12.22Ericsson ERIC 11.50 0.24TelefonicaBrasVIV 7.34 -0.11Telefonica TEF 3.44 0.04TelekmIndonesia TLK 17.69 0.3410xGenomics TXG 137.32 1.27TencentMusic TME 14.87 0.12Teradyne TER 89.83 0.13Terminix TMX 48.21 1.46Tesla TSLA 423.90 23.39TevaPharm TEVA 8.88 0.08TexasInstruments TXN 147.30 1.70Textron TXT 39.44 1.72

s ThermoFisherSci TMO 491.50 10.95ThomsonReuters TRI 82.35 3.333M MMM 165.51 2.57Tiffany TIF 131.00 0.08Toro TTC 84.73 1.61TorontoDomBk TD 45.58 0.99Total TOT 32.37 0.62ToyotaMotor TM 135.87 2.63TractorSupply TSCO 135.99 2.59TradeDesk TTD 586.08 26.92Tradeweb TW 56.40 0.05

s TraneTech TT 141.26 3.71TransDigm TDG 508.56 14.13TransUnion TRU 82.33 2.57Travelers TRV 126.34 2.42Trex TREX 70.90 -0.84Trimble TRMB 52.68 1.94Trip.com TCOM 29.15 -0.17TruistFinl TFC 44.76 1.28Twilio TWLO 280.37 6.99Twitter TWTR 41.73 2.26TylerTech TYL 395.26 7.82TysonFoods TSN 56.49 -1.14UBS Group UBS 12.73 0.79UDR UDR 34.57 1.78UGI UGI 33.81 0.56Uber UBER 35.77 0.96Ubiquiti UI 192.04 6.68UltaBeauty ULTA 217.53 6.75

s UltragenyxPharm RARE 102.00 6.47UnderArmour CUA 13.01 0.23

NetStock SymClose Chg

UnderArmour AUAA 14.77 0.31Unilever UN 58.69 1.15Unilever UL 58.96 1.15UnionPacific UNP 185.38 6.14UnitedAirlines UAL 34.02 0.24UnitedMicro UMC 5.38 0.16UPS B UPS 163.48 3.93UnitedRentalsURI 201.45 8.78US Bancorp USB 40.82 1.08

s UnitedTherap UTHR 136.50 2.52UnitedHealth UNH 321.35 9.25UnitySoftwareU 98.07 3.94UnivDisplay OLED 198.79 4.96UniversalHealthBUHS 118.21 4.33VEREIT VER 6.66 0.30VF VFC 70.75 1.98VICI Prop VICI 23.92 0.28VailResorts MTN 232.26 1.97Vale VALE 10.99 0.27ValeroEnergy VLO 39.48 -0.42VarianMed VAR 172.87 0.33VeevaSystems VEEV 270.94 2.90Ventas VTR 42.98 2.01VeriSign VRSN 191.51 2.31VeriskAnalytics VRSK 187.95 5.80Verizon VZ 57.75 0.05VertxPharm VRTX 211.14 3.72ViacomCBS A VIACA 31.29 0.53ViacomCBS B VIAC 30.13 0.53Vipshop VIPS 21.36 ...Visa V 188.34 3.60Vistra VST 18.39 0.65VMware VMW 131.93 4.93Vodafone VOD 13.92 0.11VornadoRealtyVNO 34.03 1.53VoyaFinancial VOYA 50.02 1.25VulcanMatls VMC 150.16 0.72

W X Y ZWEC Energy WEC 104.25 1.11W.P.Carey WPC 65.91 2.01WPP WPP 41.30 1.94Wabtec WAB 65.62 3.94WalgreensBootsWBA 37.37 1.58Walmart WMT 142.78 2.38

NetStock SymClose Chg

WarnerMusic WMG 26.65 0.41WasteConnectionsWCN 100.68 1.13WasteMgt WM 114.71 4.04Waters WAT 217.13 -5.09Watsco WSO 233.64 4.71Wayfair W 274.11 18.47Weibo WB 40.53 -1.08WellsFargo WFC 22.09 0.19Welltower WELL 59.01 2.27WestPharmSvcsWST 277.03 5.63WesternDigitalWDC 37.48 0.45WesternUnionWU 20.60 0.27WestlakeChemWLK 74.01 3.08WestpacBankingWBK 12.73 0.18WestRock WRK 39.76 0.65WeyerhaeuserWY 28.39 0.27WheatonPrecMetWPM 47.15 0.44Whirlpool WHR 197.77 5.04Williams WMB 18.98 0.21Williams-SonomaWSM 96.25 4.13WillisTowers WLTW 180.51 0.94Wipro WIT 4.85 0.08Wix.com WIX 244.85 -8.39Workday WDAY 209.18 3.70WynnResorts WYNN 74.57 -1.28XP XP 42.34 1.22XPO Logistics XPO 94.16 3.73XcelEnergy XEL 72.98 1.20Xilinx XLNX 120.82 2.34XPeng XPEV 22.21 1.49Xylem XYL 91.61 3.02Yandex YNDX 57.71 0.83YumBrands YUM 96.77 1.52YumChina YUMC 53.15 0.50ZTO Express ZTO 29.07 -0.26ZaiLab ZLAB 84.60 2.66

s ZebraTech ZBRA 319.22 26.15Zendesk ZEN 114.66 4.69Zillow C Z 91.69 2.53Zillow A ZG 92.46 2.67ZimmerBiomet ZBH 136.41 3.89Zoetis ZTS 163.14 0.25ZoomVideo ZM 451.51 -1.49ZoomInfoTech ZI 37.62 0.67Zscaler ZS 134.65 0.22Zynga ZNGA 9.51 0.24

NetStock SymClose Chg

Continued From Page B8

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BIGGEST 1,000 STOCKSNY

P2JW309000-0-B00900-1--------NS

B10 | Wednesday, November 4, 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. 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%

N D J2020

F M A M J J A S O N

t

5-yearadjustable-ratemortgage (ARM)

t5-year Treasury

note yield

Selected ratesFive-yearARM,Rate

Bankrate.comavg†: 3.22%HanscomFederal CreditUnion 2.50%HanscomAFB,MA 800-656-4328

WebsterBank 2.63%Hartford, CT 888-493-2783

AssociatedBank,NA 2.88%Rockford, IL 800-682-4989

GlensFallsNatl Bank Trust Co 2.88%Glens Falls, NY 518-793-4121

FlorenceSavingsBank 3.00%Florence,MA 800-644-8261

Yield/Rate (%) 52-WeekRange (%) 3-yr chgInterest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)

Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00Prime rate* 3.25 3.25 3.25 l 4.75 -1.00Libor, 3-month 0.22 0.21 0.21 l 1.96 -1.17Moneymarket, annual yield 0.21 0.19 0.19 l 0.71 -0.12Five-year CD, annual yield 0.59 0.61 0.59 l 1.45 -0.8830-yearmortgage, fixed† 3.08 3.04 2.93 l 4.22 -0.8415-yearmortgage, fixed† 2.62 2.56 2.48 l 3.57 -0.62Jumbomortgages, $510,400-plus† 2.98 3.09 2.93 l 4.42 -1.31Five-year adjmortgage (ARM)† 3.22 3.23 2.85 l 4.61 -0.24New-car loan, 48-month 4.14 4.13 4.13 l 4.56 1.13Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largestbanks.† Excludes closing costs.

Sources: FactSet; Dow JonesMarket Data; Bankrate.com

BenchmarkYieldsandRatesTreasury yield curveYield to maturity of current bills,notes and bonds

0.00

0.50

1.00

1.50

2.00

2.50%

1

month(s)3 6 1

years2 3 5 7 10 20 30

maturity

t

Tradeweb ICETuesday Close

tOne year ago

Forex RaceYen, euro vs. dollar; dollar vs.major U.S. trading partners

–10

–5

0

5

10%

2019 2020

Euros

Yen

s

WSJ Dollar index

s

Sources: Tradeweb ICEU.S. Treasury Close; Tullett Prebon; DowJonesMarketData

International Stock IndexesLatest YTD

Region/Country Index Close Net chg % chg % chg

World TheGlobalDow 2989.80 54.35 1.85 –8.0DJGlobal Index 433.81 7.76 1.82 –0.05DJGlobal exU.S. 248.40 4.35 1.78 –5.8

Americas DJAmericas 786.19 14.56 1.89 3.3Brazil SaoPauloBovespa 95979.71 2027.31 2.16 –17.0Canada S&P/TSXComp 15939.15 242.28 1.54 –6.6Mexico S&P/BMV IPC 37466.09 478.23 1.29 –14.0Chile Santiago IPSA 2425.47 –34.22 –1.39 –27.3

EMEA StoxxEurope600 356.01 8.15 2.34 –14.4Eurozone EuroStoxx 347.59 8.17 2.41 –14.0Belgium Bel-20 3154.13 76.55 2.49 –20.3Denmark OMXCopenhagen20 1347.41 11.63 0.87 18.6France CAC40 4805.61 114.47 2.44 –19.6Germany DAX 12088.98 300.70 2.55 –8.8Israel TelAviv 1354.97 9.85 0.73 –19.5Italy FTSEMIB 18986.24 586.21 3.19 –19.2Netherlands AEX 554.48 10.57 1.94 –8.3Russia RTS Index 1108.15 38.82 3.63 –28.5SouthAfrica FTSE/JSEAll-Share 53187.81 569.77 1.08 –6.8Spain IBEX35 6751.60 166.00 2.52 –29.3Sweden OMXStockholm 703.99 11.06 1.60 3.4Switzerland SwissMarket 10003.82 212.14 2.17 –5.8Turkey BIST 100 1150.71 17.12 1.51 0.6U.K. FTSE 100 5786.77 131.79 2.33 –23.3U.K. FTSE250 17491.70 311.18 1.81 –20.1

Asia-PacificAustralia S&P/ASX200 6066.40 115.10 1.93 –9.2China Shanghai Composite 3271.07 45.95 1.42 7.2HongKong HangSeng 24939.73 479.72 1.96 –11.5India S&PBSESensex 40261.13 503.55 1.27 –2.4Japan Nikkei StockAvg 23295.48 … Closed –1.5Singapore Straits Times 2497.22 54.09 2.21 –22.5SouthKorea Kospi 2343.31 43.15 1.88 6.6Taiwan TAIEX 12736.01 144.70 1.15 6.2Thailand SET 1221.33 19.17 1.59 –22.7Sources: FactSet; DowJonesMarketData

MajorU.S. Stock-Market IndexesLatest 52-Week % chg

High Low Close Net chg % chg High Low %chg YTD 3-yr. ann.

DowJones

Industrial Average 27640.21 27138.69 27480.03 554.98 2.06 29551.42 18591.93 -0.0 -3.7 5.3TransportationAvg 11617.34 11315.62 11559.96 343.54 3.06 11988.83 6703.63 4.6 6.0 5.8UtilityAverage 899.45 885.33 889.78 13.22 1.51 960.89 610.89 4.9 1.2 5.7Total StockMarket 34792.49 34265.47 34611.39 648.96 1.91 36434.12 22462.76 10.0 4.8 8.9Barron's 400 753.16 742.32 749.80 16.51 2.25 767.01 455.11 6.9 2.4 3.0

NasdaqStockMarketNasdaqComposite 11213.92 11004.84 11160.57 202.96 1.85 12056.44 6860.67 32.3 24.4 18.2Nasdaq 100 11356.08 11115.55 11279.91 195.15 1.76 12420.54 6994.29 37.4 29.2 21.5

S&P500 Index 3389.49 3336.25 3369.16 58.92 1.78 3580.84 2237.40 9.6 4.3 9.2MidCap400 1988.76 1957.97 1980.51 43.40 2.24 2106.12 1218.55 -0.9 -4.0 2.6SmallCap600 923.04 906.46 918.90 23.51 2.63 1041.03 595.67 -7.2 -10.0 0.7

Other IndexesRussell 2000 1620.77 1571.95 1614.30 45.70 2.91 1705.22 991.16 0.9 -3.2 2.6NYSEComposite 12936.90 12781.17 12877.45 215.28 1.70 14183.20 8777.38 -3.5 -7.4 1.3Value Line 482.76 469.87 480.75 10.88 2.32 562.05 305.71 -10.4 -12.9 -3.8NYSEArcaBiotech 5330.97 5251.05 5308.17 82.66 1.58 6142.96 3855.67 17.9 4.8 8.1NYSEArcaPharma 637.10 629.10 630.32 5.35 0.86 675.64 494.36 5.0 -3.6 5.5KBWBank 81.71 80.41 81.07 2.14 2.71 114.12 56.19 -25.5 -28.5 -7.4PHLX§Gold/Silver 148.31 145.57 147.41 2.72 1.88 161.14 70.12 57.9 37.9 22.2PHLX§Oil Service 30.48 29.05 29.52 0.38 1.31 80.99 21.47 -58.7 -62.3 -39.7PHLX§Semiconductor 2319.91 2279.32 2302.73 42.66 1.89 2433.48 1286.84 33.1 24.5 21.0CboeVolatility 36.44 34.19 35.55 -1.58 -4.26 82.69 11.54 171.4 158.0 57.3

§NasdaqPHLX Sources: FactSet; DowJonesMarketData

LateTradingMost-activeandbiggestmoversamongNYSE,NYSEArca,NYSEAmer.andNasdaq issues from4p.m. to6p.m.ETas reportedbyelectronictradingservices, securitiesdealers and regional exchanges.Minimumsharepriceof$2andminimumafter-hoursvolumeof50,000shares.

Most-active issues in late tradingVolume AfterHours

Company Symbol (000) Last Net chg % chg High Low

SPDRS&P500 SPY 8,922.1 336.06 0.03 0.01 336.17 334.71Finl Select Sector SPDR XLF 5,749.5 24.82 -0.03 -0.12 24.86 24.76CnsmrStaples Sel Sector XLP 5,560.9 64.40 0.11 0.17 64.41 64.17InvescoQQQTrust I QQQ 3,583.2 274.65 ... ... 275.07 273.61

Apple AAPL 2,921.6 110.35 -0.09 -0.08 110.84 110.08iShares CoreMSCI EM IEMG 2,585.7 54.40 -0.08 -0.15 54.48 54.26Intel INTC 2,547.6 44.85 ... ... 44.96 44.74iSharesRussell 2000ETF IWM 2,535.1 160.75 0.51 0.32 161.05 159.80

Percentage gainers…Digirad DRAD 1,369.2 3.50 0.97 38.07 3.60 2.58SuperMicro Computer SMCI 65.8 26.23 3.02 13.01 27.37 23.21ItauUnibancoHoldingADR ITUB 176.1 4.46 0.29 6.95 4.60 4.06Chemours CC 52.8 22.44 0.68 3.13 22.78 21.76CanopyGrowth CGC 83.3 20.96 0.50 2.44 20.96 20.25

...And losersIronMountain IRM 147.0 26.66 -0.64 -2.34 27.50 26.66KARAuctionServices KAR 54.8 15.93 -0.38 -2.33 16.60 15.51AmkorTechnology AMKR 176.0 11.90 -0.26 -2.14 12.16 11.90VeevaSystemsClA VEEV 76.1 265.32 -5.62 -2.07 276.70 264.81Livent LTHM 139.3 11.34 -0.24 -2.07 11.63 11.31

TradingDiaryVolume,Advancers, Decliners

NYSE NYSEAmer.

Total volume* 860,859,195 10,607,209Adv. volume* 729,989,252 7,258,991Decl. volume* 126,015,957 3,238,309Issues traded 3,150 270Advances 2,480 196Declines 585 65Unchanged 85 9Newhighs 62 2New lows 13 2ClosingArms† 0.75 1.06Block trades* 5,514 106

Nasdaq NYSEArca

Total volume*3,202,926,639 275,245,977Adv. volume*2,517,157,076 211,152,177Decl. volume* 655,243,040 63,641,051Issues traded 3,615 1,419Advances 2,821 1,200Declines 691 199Unchanged 103 20Newhighs 52 16New lows 27 6ClosingArms† 1.06 2.45Block trades* 14,126 1,372

* PrimarymarketNYSE, NYSEAmerican NYSEArca only.†(TRIN)A comparison of the number of advancing and decliningissueswith the volumeof shares rising and falling. AnArmsof less than 1 indicates buying demand; above 1indicates selling pressure.

PercentageGainers... Percentage Losers

Volume %chg from Latest Session 52-WeekCompany Symbol (000) 65-day avg Close % chg High Low

NIOADR NIO 215,905 92.0 35.50 6.54 35.87 1.66BeasleyBroadcast Cl A BBGI 128,424 66694.7 1.70 37.10 5.15 1.15Apple AAPL 106,718 -36.8 110.44 1.54 137.98 53.15General Electric GE 97,302 -3.7 7.85 4.39 13.26 5.48SPDRS&P500 SPY 89,841 27.6 336.03 1.77 358.75 218.26

ProShUltraProShrtQQQ SQQQ 85,070 28.6 23.68 -5.09 162.15 18.95Sundial Growers SNDL 80,049 350.2 0.19 12.97 4.02 0.14Finl Select Sector SPDR XLF 75,634 36.3 24.85 2.22 31.38 17.49Transocean RIG 75,363 201.1 0.87 20.89 7.28 0.65Bank ofAmerica BAC 64,821 11.1 24.69 2.53 35.72 17.95* 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

AptevoTherapeutics APVO 30,345 68431 11.23 78.25 11.73 2.94VanguardSC600GrETF VIOG 616 2922 161.41 2.55 171.98 99.36FrequencyElectronics FEIM 196 2807 10.05 5.24 12.19 5.95iShMorningstar SCGrowth JKK 202 2755 251.87 2.47 262.27 133.27InnovationNextGenProto KOIN 129 2463 32.60 2.45 35.75 20.62

LeaderShares Equity Skew SQEW 187 2425 29.05 2.07 30.14 23.78XtrkrMSCIUSAESGLdrs USSG 1,197 1815 30.74 1.93 32.55 20.12LeaderShsActivist Ldrs ACTV 475 1749 25.12 1.99 25.36 24.00KBLMerger IV KBLM 105 1647 7.84 -13.75 11.50 6.12WisdomTreeBloomUSDBullUSDU 846 1475 26.47 -0.11 32.49 26.08* 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 Index11160.57 s 202.96, or 1.85%

High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *†P/E estimate *†Dividend yield *†All-time high:

36.81 25.28

30.25 22.25

0.76 0.99

12056.44, 09/02/20

8200

8850

9500

10150

10800

11450

12100

July Aug. Sept. Oct.

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 2453.690 0.600 0.540 1.870 0.400 7.08 5.11

U.S. Treasury Long, Barclays4709.240 1.510 1.430 2.370 0.980 14.18 10.31

Aggregate, Barclays 2265.170 1.250 1.200 2.410 1.020 6.33 5.01

Fixed-RateMBS, Barclays 2224.260 1.340 1.330 2.690 0.930 3.94 3.63

HighYield 100, ICEBofA 3190.541 4.559 4.602 10.740 4.235 1.945 3.653

MuniMaster, ICEBofA 585.205 1.152 1.120 3.441 0.838 4.193 3.895

EMBIGlobal, J.P.Morgan 888.243 4.850 4.800 7.480 4.523 2.783 3.490

Sources: J.P.Morgan; S&PDowJones Indices; BloombergBarclays; ICEDataServices

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

AptevoTherapeutics APVO 11.23 4.93 78.25 11.73 2.94 23.3InspireMedical Systems INSP 160.50 38.75 31.83 160.90 40.53 165.0Infr EngyAlternatives IEA 8.88 1.76 24.72 9.41 1.63 231.3MedleyManagement Cl A MDLY 6.45 1.26 24.28 33.00 2.80 -80.0RevlonCl A REV 5.20 1.00 23.81 25.24 3.96 -78.5

LordstownMotors RIDE 15.99 2.92 22.34 31.80 9.50 61.2GWPharmaceuticalsADR GWPH 108.21 18.92 21.19 141.98 67.98 -19.7JAKKSPacific JAKK 5.75 1.00 21.05 14.40 3.00 -26.3FulcrumTherapeutics FULC 11.16 1.89 20.39 22.96 5.90 75.2TeleNav TNAV 4.76 0.79 19.90 6.50 3.45 1.1

Galera Therapeutics GRTX 9.58 1.56 19.45 19.50 5.58 ...VivoPower International VVPR 7.09 1.15 19.36 24.33 0.59 453.9CommunityHealth Systems CYH 8.46 1.37 19.32 8.55 2.25 184.8CollectorsUniverse CLCT 69.13 11.18 19.29 70.00 13.26 152.9TremontMortgageTrust TRMT 3.43 0.51 17.47 6.86 1.63 -27.2

MostActiveStocks

Latest Session 52-WeekCompany Symbol Close Net chg % chg High Low %chg

SolarEdgeTechnologies SEDG 206.37 -61.35 -22.92 317.88 67.02 147.8OneSpan OSPN 18.20 -4.31 -19.15 33.33 10.88 -7.4Greenhill GHL 10.56 -2.50 -19.14 23.08 7.28 -39.6Intrepid Potash IPI 9.18 -1.96 -17.59 31.70 6.00 -68.5AmbowEducationADR AMBO 2.20 -0.45 -16.98 6.43 1.10 58.3

EsperionTherapeutics ESPR 24.20 -4.79 -16.52 76.98 23.90 -40.7Build-A-BearWorkshop BBW 3.78 -0.65 -14.67 5.68 1.01 5.3KBLMerger IV KBLM 7.84 -1.25 -13.75 11.50 6.12 -25.8Mosaic MOS 17.19 -2.37 -12.12 22.50 6.50 -20.6Kennametal KMT 29.06 -3.62 -11.08 38.73 14.45 -13.4

IRSA-InversionsGDR IRS 3.80 -0.43 -10.17 7.58 2.57 -24.0ProShUlt BloombgNatGas BOIL 36.08 -3.98 -9.94 156.10 22.50 -76.6MicroUSBigBanks 3X Inv BNKD 9.51 -1.05 -9.92 97.12 9.00 -66.5Aurinia Pharmaceuticals AUPH 13.97 -1.53 -9.87 21.93 4.90 166.1ForteBiosciences FBRX 35.05 -3.76 -9.69 53.99 6.33 261.8

VolumeMovers Ranked by change from65-day average*

Track the MarketsCompare the performance of selectedglobal stock indexes, bond ETFs,currencies and commodities atwsj.com/graphics/track-the-markets

CommoditiesPricing trends on some rawmaterials, or commodities

Tuesday 52-Week YTDClose Net chg %Chg High Low %Chg % chg

DJCommodity 638.07 4.32 0.68 657.83 433.70 0.73 -0.66TR/CCCRB Index 147.02 1.12 0.77 187.39 106.29 -19.26 -20.86Crude oil,$per barrel 37.66 0.85 2.31 63.27 -37.63 -34.20 -38.32Natural gas,$/MMBtu 3.059 -0.185 -5.70 3.354 1.482 6.88 39.74Gold,$per troy oz. 1908.50 18.10 0.96 2051.50 1452.10 28.88 25.60

CURRENCIES & COMMODITIES

CurrenciesU.S.-dollar foreign-exchange rates in lateNewYork trading

US$vs,Tues YTDchg

Country/currency inUS$ perUS$ (%)

AmericasArgentina peso .0127 78.6833 31.4Brazil real .1737 5.7564 43.2Canada dollar .7612 1.3138 1.1Chile peso .001317 759.50 2.7Colombiapeso .000262 3819.50 16.4EcuadorUSdollar 1 1 unchMexico peso .0474 21.1167 11.6Uruguay peso .02325 43.0200 15.8Asia-PacificAustralian dollar .7163 1.3961 –2.0China yuan .1498 6.6777 –4.1HongKong dollar .1290 7.7521 –0.5India rupee .01340 74.625 4.6Indonesia rupiah .0000686 14585 5.1Japan yen .009569 104.50 –3.8Kazakhstan tenge .002308 433.36 13.5Macau pataca .1251 7.9910 –0.3Malaysia ringgit .2406 4.1565 1.6NewZealand dollar .6700 1.4925 0.5Pakistan rupee .00625 160.100 3.3Philippines peso .0207 48.301 –4.8Singapore dollar .7353 1.3600 1.0SouthKoreawon .0008839 1131.39 –2.1Sri Lanka rupee .0054248 184.34 1.7Taiwan dollar .03494 28.621 –4.3Thailand baht .03222 31.040 4.3

US$vs,Tues YTDchg

Country/currency inUS$ perUS$ (%)

Vietnam dong .00004314 23180 0.03EuropeCzechRep. koruna .04368 22.894 1.0Denmark krone .1574 6.3544 –4.6Euro area euro 1.1722 .8531 –4.3Hungary forint .003227 309.89 4.9Iceland krona .007155 139.76 15.4Norway krone .1066 9.3777 6.8Poland zloty .2580 3.8760 2.2Russia ruble .01263 79.150 27.5Sweden krona .1133 8.8291 –5.7Switzerland franc 1.0963 .9122 –5.7Turkey lira .1190 8.4021 41.2Ukraine hryvnia .0349 28.6500 21.0UK pound 1.3064 .7655 1.5Middle East/AfricaBahrain dinar 2.6522 .3771 ...Egypt pound .0637 15.7071 –2.1Israel shekel .2930 3.4133 –1.2Kuwait dinar 3.2669 .3061 1.0Oman sul rial 2.5975 .3850 –0.01Qatar rial .2747 3.641 –0.1SaudiArabia riyal .2666 3.7508 –0.01SouthAfrica rand .0624 16.0377 14.6

Close Net Chg %Chg YTD%Chg

WSJDollar Index 88.25 –0.58–0.65 –1.47

Sources: Tullett Prebon, DowJonesMarketData

Dow Jones Industrial Average27480.03 s554.98, or 2.06%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

27.32 20.36

22.26 18.15

2.24 2.24

29551.42, 02/12/20

23000

24000

25000

26000

27000

28000

29000

July Aug. Sept. Oct.

Current divisor 0.15198707565833

Bars measure the point change from session's open

tt

Session high

Session low

Session open

Close Open

CloseDOWN UP65-day moving average

S&P 500 Index3369.16 s58.92, or 1.78%High, low, open and close for eachtrading day of the past three months.

Year agoLast

Trailing P/E ratio *P/E estimate *Dividend yield *All-time high

37.25 23.48

25.01 18.55

1.79 1.89

3580.84, 09/02/20

2900

3025

3150

3275

3400

3525

3650

July Aug. Sept. Oct.

65-day moving average

*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index

MARKETS DIGEST

P2JW309000-0-B01000-3--------XA

THEWALL STREET JOURNAL. Wednesday, November 4, 2020 | B11

Metal &PetroleumFuturesContract Open

Open High hi lo Low Settle Chg interest

Copper-High (CMX)-25,000 lbs.; $ per lb.Nov 3.0945 3.1175 3.0845 3.0870 0.0135 2,068Dec 3.0860 3.1230 3.0795 3.0925 0.0155 124,113Gold (CMX)-100 troy oz.; $ per troy oz.Nov 1891.50 1892.00 1891.50 1908.50 18.10 351Dec 1896.40 1912.20 1887.60 1910.40 17.90 414,992Jan'21 1911.60 1913.90 s 1911.50 1914.00 18.30 1Feb 1903.40 1919.00 1895.20 1917.40 17.70 62,782April 1907.00 1924.00 1900.50 1922.40 17.60 27,183June 1913.20 1927.60 1905.80 1926.90 17.50 19,063Palladium (NYM) - 50 troy oz.; $ per troy oz.Nov … ... ... 2292.40 78.10 ...Dec 2225.50 2309.70 2223.90 2297.80 77.40 8,470Platinum (NYM)-50 troy oz.; $ per troy oz.Nov 868.10 875.40 868.10 871.40 15.60 45Jan'21 862.60 886.60 858.10 875.00 15.50 49,577Silver (CMX)-5,000 troy oz.; $ per troy oz.Nov 24.160 24.160 24.160 24.305 0.299 216Dec 24.170 24.485 23.975 24.334 0.301 117,276CrudeOil, Light Sweet (NYM)-1,000bbls.; $ per bbl.Dec 37.03 38.32 36.57 37.66 0.85 366,840Jan'21 37.37 38.63 36.93 37.99 0.81 252,173Feb 37.82 39.02 37.35 38.41 0.78 133,774March 38.24 39.43 37.79 38.83 0.75 144,237June 39.38 40.42 38.89 39.85 0.61 206,494Dec 40.63 41.49 40.17 40.96 0.38 249,247NYHarborULSD (NYM)-42,000gal.; $ per gal.Dec 1.1162 1.1417 1.1000 1.1271 .0148 124,760Jan'21 1.1259 1.1526 1.1105 1.1377 .0155 56,692Gasoline-NYRBOB (NYM)-42,000gal.; $ per gal.Dec 1.0590 1.0883 1.0411 1.0769 .0249 134,430Jan'21 1.0520 1.0801 1.0360 1.0693 .0225 58,581Natural Gas (NYM)-10,000MMBtu.; $ perMMBtu.Dec 3.236 3.241 3.041 3.059 –.185 167,043Jan'21 3.364 3.367 3.175 3.195 –.180 207,461Feb 3.327 3.327 3.141 3.159 –.173 87,022March 3.204 3.219 3.043 3.063 –.156 134,331April 3.000 3.001 2.895 2.907 –.095 76,477Oct 3.069 3.079 2.989 3.006 –.074 96,261

FuturesContracts Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

Contract OpenOpen High hi lo Low Settle Chg interest

Agriculture FuturesCorn (CBT)-5,000bu.; cents per bu.Dec 396.25 403.25 395.25 401.00 3.50 640,758March'21 401.00 407.00 399.50 406.00 4.25 467,145Oats (CBT)-5,000bu.; cents per bu.Dec 293.75 296.00 291.50 296.00 3.50 4,201March'21 293.75 296.50 293.25 296.75 3.50 1,385Soybeans (CBT)-5,000bu.; cents per bu.Nov 1051.00 1068.50 1051.00 1059.00 8.25 4,319Jan'21 1053.00 1070.75 1051.75 1064.25 12.00 381,133SoybeanMeal (CBT)-100 tons; $ per ton.Dec 376.20 379.80 374.50 377.20 2.10 134,951Jan'21 369.90 374.10 369.30 371.90 2.00 88,950SoybeanOil (CBT)-60,000 lbs.; cents per lb.Dec 33.19 33.97 33.18 33.78 .59 130,601Jan'21 33.09 33.85 33.09 33.65 .57 100,105RoughRice (CBT)-2,000 cwt.; $ per cwt.Nov 12.54 12.56 12.53 12.49 –.05 166Jan'21 12.33 12.35 12.23 12.25 –.04 8,760Wheat (CBT)-5,000bu.; cents per bu.Dec 607.00 616.50 604.00 608.00 .50 208,987March'21 608.00 615.50 604.75 610.00 2.00 89,005Wheat (KC)-5,000bu.; cents per bu.Dec 553.00 562.75 552.25 557.00 4.00 105,282March'21 558.00 567.25 556.75 562.25 4.25 70,066Cattle-Feeder (CME)-50,000 lbs.; cents per lb.Nov 137.275 137.350 135.750 136.125 –.850 4,111Jan'21 134.225 134.425 132.700 133.175 –.875 23,413Cattle-Live (CME)-40,000 lbs.; cents per lb.Dec 108.675 108.700 107.575 107.825 –.725 99,533Feb'21 110.675 110.800 110.100 110.300 –.225 68,621Hogs-Lean (CME)-40,000 lbs.; cents per lb.Dec 66.500 66.800 65.150 65.400 –.550 79,172Feb'21 65.950 66.175 64.975 65.525 .225 52,078Lumber (CME)-110,000bd. ft., $ per 1,000bd. ft.Nov 515.70 540.10 510.90 536.40 29.40 437Jan'21 511.70 534.80 505.60 526.10 23.30 1,549Milk (CME)-200,000 lbs., cents per lb.Oct 21.59 21.61 21.59 21.61 .02 4,849Nov 23.66 24.09 s 23.39 23.86 .06 5,520Cocoa (ICE-US)-10metric tons; $ per ton.Dec 2,260 2,295 2,248 2,290 33 52,395March'21 2,263 2,312 2,263 2,308 44 77,225Coffee (ICE-US)-37,500 lbs.; cents per lb.Dec 102.80 106.25 102.75 103.45 .65 86,043

March'21 105.35 108.75 105.35 106.05 .70 81,928Sugar-World (ICE-US)-112,000 lbs.; cents per lb.March 15.00 15.23 s 14.66 14.72 –.25 453,417May 13.91 14.03 13.64 13.67 –.21 166,497Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.Jan 28.32 28.40 s 28.32 28.36 .06 1,834March 28.20 28.22 s 28.20 28.20 .14 3,053Cotton (ICE-US)-50,000 lbs.; cents per lb.Dec 68.74 70.33 68.73 70.24 1.51 108,636March'21 69.60 71.30 69.60 71.20 1.48 85,119Orange Juice (ICE-US)-15,000 lbs.; cents per lb.Nov 114.20 114.20 114.20 114.20 –3.90 62Jan'21 115.15 116.15 114.00 115.20 .10 8,674

InterestRate FuturesUltraTreasuryBonds (CBT) - $100,000; pts 32nds of 100%Dec 216-000 216-020 213-020 214-110 –1-14.0 990,211March'21 213-010 214-110 211-140 212-220 –1-14.0 116TreasuryBonds (CBT)-$100,000; pts 32nds of 100%Dec 172-260 172-280 171-130 172-010 –23.0 1,214,580March'21 173-130 174-020 172-210 173-090 –24.0 12,709TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Dec 138-100 138-110 137-305 138-030 –6.5 3,061,199March'21 137-290 137-300 137-185 137-230 –6.0 18,7255Yr. TreasuryNotes (CBT)-$100,000; pts 32nds of 100%Dec 125-197 125-197 125-145 125-172 –2.0 3,106,642March'21 125-280 125-295 125-242 125-270 –2.0 11,2622Yr. TreasuryNotes (CBT)-$200,000; pts 32nds of 100%Dec 110-131 110-131 110-120 110-122 –.7 1,967,543March'21 110-127 110-131 110-121 110-122 –.7 1,37330DayFederal Funds (CBT)-$5,000,000; 100 - daily avg.Nov 99.9125 99.9150 99.9100 99.9150 .0025 158,227Jan'21 99.9250 99.9300 99.9200 99.9250 .0000 161,74310Yr. Del. Int. RateSwaps (CBT)-$100,000; pts 32nds of 100%Dec 100-315 101-020 100-235 100-290 –9.5 140,958Eurodollar (CME)-$1,000,000; pts of 100%Nov 99.7750 99.7750 99.7675 99.7700 –.0025 149,968Dec 99.7600 99.7600 99.7500 99.7500 –.0050 1,030,903March'21 99.7900 99.7950 99.7850 99.7850 –.0050 1,048,052June 99.7950 99.8000 99.7850 99.7900 –.0050 852,003

CurrencyFuturesJapaneseYen (CME)-¥12,500,000; $ per 100¥Nov .9547 .9577 .9544 .9562 .0021 275Dec .9553 .9581 .9547 .9565 .0021 181,755

CanadianDollar (CME)-CAD 100,000; $ per CADNov .7584 .7632 .7558 .7593 .0034 116Dec .7563 .7632 .7558 .7593 .0034 118,398BritishPound (CME)-£62,500; $ per£Nov 1.2917 1.3079 1.2914 1.3027 .0125 656Dec 1.2918 1.3084 1.2918 1.3029 .0125 142,463Swiss Franc (CME)-CHF 125,000; $ per CHFDec 1.0898 1.0982 1.0892 1.0972 .0091 51,793March'21 1.0924 1.1012 1.0924 1.1004 .0091 152AustralianDollar (CME)-AUD 100,000; $ perAUDNov .7052 .7174 .7030 .7141 .0092 272Dec .7052 .7176 .7030 .7143 .0093 134,622MexicanPeso (CME)-MXN500,000; $ perMXNNov .04696 .04746 .04662 .04692 .00032 56Dec .04657 .04735 .04654 .04678 .00032 117,080Euro (CME)-€125,000; $ per €Nov 1.1644 1.1744 1.1637 1.1710 .0074 1,764Dec 1.1651 1.1751 1.1648 1.1717 .0075 618,877

IndexFuturesMiniDJ Industrial Average (CBT)-$5 x indexDec 26852 27534 26807 27376 580 87,593March'21 26792 27428 26716 27280 582 3,453S&P500 Index (CME)-$250 x indexDec 3337.00 3360.40 3300.90 3361.60 61.10 15,212March'21 … … … 3352.20 61.50 26Mini S&P500 (CME)-$50 x indexDec 3304.00 3382.75 3301.25 3361.50 61.00 2,386,203March'21 3296.75 3372.50 3292.50 3352.25 61.50 29,722Mini S&PMidcap400 (CME)-$100 x indexDec 1932.30 1984.40 1931.10 1976.70 44.60 56,060March'21 … 1971.60 1931.10 1975.20 44.60 ...MiniNasdaq 100 (CME)-$20 x indexDec 11074.75 11347.00 11064.50 11265.75 202.50 218,454March'21 11056.00 11336.00 11055.00 11256.50 203.25 2,082Mini Russell 2000 (CME)-$50 x indexDec 1565.10 1620.10 1564.40 1611.00 46.30 521,474Mini Russell 1000 (CME)-$50 x indexDec 1883.20 1887.30 1846.10 1878.10 35.60 8,882U.S. Dollar Index (ICE-US)-$1,000 x indexDec 94.04 94.06 93.30 93.56 –.58 25,830March'21 93.98 93.98 93.31 93.53 –.58 671

Source: FactSet

Tuesday

Aluminum, LME, $ permetric ton *1834.5Copper,Comex spot 3.0870IronOre, 62%FeCFRChina-s 117.7ShreddedScrap, USMidwest-s,m 281Steel, HRCUSA, FOBMidwestMill-s 700

Fibers andTextilesBurlap,10-oz,40-inchNYyd-n,w 0.6250Cotton,1 1/16 std lw-mdMphs-u 0.6749Cotlook 'A' Index-t *75.75Hides,hvy native steers piece fob-u n.a.Wool,64s,staple,Terr del-u,w 3.22

Grains andFeedsBarley,top-qualityMnpls-u n.a.Bran,wheatmiddlings, KC-u 125Corn,No. 2 yellow,Cent IL-bp,u 3.8800Corn gluten feed,Midwest-u,w 131.8Corn glutenmeal,Midwest-u,w 479.0Cottonseedmeal-u,w 320Hominy feed,Cent IL-u,w 102Meat-bonemeal,50%proMnpls-u,w 275Oats,No.2milling,Mnpls-u 3.1200Rice, LongGrainMilled, No. 2AR-u,w 28.38Sorghum,(Milo)No.2Gulf-u 6.1100SoybeanMeal,Cent IL,rail,ton48%-u 376.20Soybeans,No.1 yllw IL-bp,u 10.4750Wheat,Spring14%-proMnpls-u n.a.Wheat,No.2 soft red,St.Louis-u 6.2300

Tuesday

Wheat -Hard - KC (USDA) $ per bu-u 5.7200Wheat,No.1softwhite,Portld,OR-u 5.9500

FoodBeef,carcass equiv. indexchoice 1-3,600-900 lbs.-u 176.53select 1-3,600-900 lbs.-u 160.65Broilers, National compwtd. avg.-u,w 0.6909Butter,AAChicago 1.4250Cheddar cheese,bbl,Chicago 252.50Cheddar cheese,blk,Chicago 273.50Milk,Nonfat dry,Chicago lb. 107.00Coffee,Brazilian,Comp 0.9614Coffee,Colombian, NY 1.5031Eggs,largewhite,Chicago-u 1.0150Flour,hardwinter KC 15.60Hams,17-20 lbs,Mid-US fob-u 0.81Hogs,Iowa-So.Minnesota-u 70.26Pork bellies,12-14 lbMidUS-u n.a.Pork loins,13-19 lbMidUS-u 0.8261Steers,Tex.-Okla. Choice-u n.a.Steers,feeder,Okla. City-u,w 145.00

Fats andOilsCorn oil,crudewet/drymill wtd. avg.-u,w 42.0000Grease,choicewhite,Chicago-h 0.2800Lard,Chicago-u n.a.Soybean oil,crude;Centl IL-u 0.3466Tallow,bleach;Chicago-h 0.3250Tallow,edible,Chicago-u 0.3300

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; 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 11/2

Source: Dow JonesMarket Data

CashPrices Tuesday, November 3, 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 59.500Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750

MetalsGold, per troy ozEngelhard industrial 1908.00Handy&Harmanbase 1908.30Handy&Harman fabricated 2118.21LBMAGold PriceAM *1886.75LBMAGold Price PM *1889.90Krugerrand,wholesale-e 1985.78Maple Leaf-e 2004.87AmericanEagle-e 2004.87Mexican peso-e 2310.16Austria crown-e 1874.59Austria phil-e 2004.87Silver, troy oz.Engelhard industrial 24.3600Handy&Harmanbase 24.2100Handy&Harman fabricated 30.2630LBMAspot price *£18.5600(U.S.$ equivalent) *23.9750Coins,wholesale $1,000 face-a 18389OthermetalsLBMAPlatinumPrice PM *855.0Platinum,Engelhard industrial 878.0Palladium,Engelhard industrial 2316.0

| wsj.com/market-data/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

0.125 U.S. 2 0.168 s l 0.168 0.129 1.5600.625 10 0.881 s l 0.857 0.698 1.716

2.250 Australia 2 0.108 t l 0.125 0.173 0.839 -6.0 -4.3 -72.11.000 10 0.783 t l 0.834 0.796 1.109 -9.8 -2.3 -60.7

0.000 France 2 -0.716 s l -0.721 -0.659 -0.595 -88.4 -88.9 -215.50.000 10 -0.343 s l -0.350 -0.261 -0.063 -122.4 -120.7 -177.9

0.000 Germany 2 -0.792 s l -0.800 -0.705 -0.652 -96.0 -96.8 -221.20.000 10 -0.617 s l -0.637 -0.534 -0.383 -149.7 -149.4 -209.8

1.000 Italy 2 -0.349 t l -0.340 -0.255 -0.185 -51.7 -50.8 -174.51.650 10 0.703 t l 0.719 0.793 0.995 -17.7 -13.8 -72.1

0.100 Japan 2 -0.120 l -0.120 -0.133 -0.272 -28.8 -28.8 -183.20.100 10 0.046 l 0.046 0.021 -0.180 -83.5 -81.1 -189.5

0.400 Spain 2 -0.580 s l -0.584 -0.515 -0.410 -74.8 -75.2 -197.01.250 10 0.110 t l 0.125 0.226 0.269 -77.1 -73.2 -144.7

0.500 U.K. 2 -0.032 s l -0.067 -0.026 0.528 -20.0 -23.5 -103.24.750 10 0.276 s l 0.220 0.248 0.666 -60.5 -63.7 -105.0

Source: Tullett Prebon

CorporateDebtPrices of firms' bonds reflect factors including investors' economic, sectoral and company-specificexpectationsInvestment-grade spreads that tightened themost…

Spread*, in basis pointsIssuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

MarathonOil MRO 6.600 6.28 Oct. 1, ’37 462 –14 456McDonald's MCD 6.300 2.77 Oct. 15, ’37 112 –12 n.a.GeneralMotors GM 6.250 4.52 Oct. 2, ’43 287 –10 n.a.LloydsBanking LLOYDS 3.750 1.75 Jan. 11, ’27 87 –8 96

Pfizer PFE 3.000 0.83 Dec. 15, ’26 43 –8 47CooperatieveRabobank RABOBK 3.375 0.59 May21, ’25 20 –7 n.a.ViacomCBS VIAC 4.375 3.70 March 15, ’43 205 –7 222BankofAmerica BAC 3.300 0.47 Jan. 11, ’23 26 –6 26

…Andspreads thatwidened themostExelonGeneration … 6.250 4.84 Oct. 1, ’39 316 18 300Canadian Imperial Bank of Commerce CM 3.500 0.38 Sept. 13, ’23 17 11 11BankofMontreal BMO 3.300 0.80 Feb. 5, ’24 41 10 39WestpacBanking WSTP 2.000 0.37 Jan. 13, ’23 16 10 14

AngloAmericanCapital AALLN 4.750 2.24 April 10, ’27 136 8 135BMWUSCapital BMW 3.800 0.75 April 6, ’23 54 7 47BankofNovaScotia BNS 2.375 0.52 Jan. 18, ’23 31 7 26HollyFrontier HFC 2.625 2.84 Oct. 1, ’23 263 7 246

High-yield issueswith thebiggest price increases…BondPrice as%of face value

Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Lastweek

CF Industries CF 4.950 3.56 June 1, ’43 121.530 2.03 119.430Occidental Petroleum OXY 7.875 8.74 Sept. 15, ’31 94.000 2.02 96.250Netflix NFLX 5.875 2.85 Nov. 15, ’28 121.604 1.32 120.316AmericanAirlines AAL 11.750 12.02 July 15, ’25 99.000 1.25 96.000

FordMotor F 7.450 4.80 July 16, ’31 122.000 1.25 119.600Navient NAVI 6.500 3.64 June 15, ’22 104.424 1.18 103.625Gap GPS 8.375 2.91 May15, ’23 113.230 1.18 112.375PulteGroup PHM 6.000 3.64 Feb. 15, ’35 126.125 1.18 n.a.

…Andwith thebiggest price decreasesNabors Industries NBR 4.625 32.97 Sept. 15, ’21 80.095 –0.91 n.a.Royal Caribbean RCL 7.500 9.99 Oct. 15, ’27 87.750 –0.60 88.830Genworth Financial GNW 7.625 7.58 Sept. 24, ’21 100.030 –0.47 100.125Telecom Italia Capital TITIM 6.000 4.41 Sept. 30, ’34 116.350 –0.40 118.875

CF Industries CF 5.375 3.88 March 15, ’44 122.750 –0.38 n.a.Bombardier BBDBCN 8.750 9.49 Dec. 1, ’21 99.250 –0.25 101.000FordMotor Credit … 4.250 3.55 Sept. 20, ’22 101.250 –0.25 101.595Netflix NFLX 5.500 1.63 Feb. 15, ’22 104.875 –0.25 105.375

*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

Source:MarketAxess

BroadMarketBloombergBarclays

2265.17 6.3 U.S. Aggregate 1.250 1.020 2.410

U.S. Corporate IndexesBloombergBarclays

3353.25 6.6 U.S. Corporate 2.040 1.820 4.580

3060.72 5.7 Intermediate 1.380 1.230 4.400

4920.87 8.1 Long term 3.110 2.730 4.930

683.48 6.3 Double-A-rated 1.580 1.300 3.360

885.48 5.8 Triple-B-rated 2.390 2.210 5.350

HighYieldBonds ICEBofA

470.49 0.7 HighYield Constrained 5.533 5.151 11.400

411.89 -5.9 Triple-C-rated 11.380 10.735 19.071

3190.54 -0.1 HighYield 100 4.559 4.235 10.740

424.43 0.7 Global HighYield Constrained 5.546 4.893 11.310

322.71 -1.8 EuropeHighYield Constrained 3.983 2.464 8.183

U.SAgencyBloombergBarclays

1860.35 5.1 U.SAgency 0.530 0.470 1.950

1622.93 3.8 10-20 years 0.390 0.340 1.850

4227.16 10.8 20-plus years 1.630 1.170 2.480

2872.73 5.1 Yankee 1.530 1.430 3.500

Bonds | wsj.com/market-data/bonds/benchmarks

TrackingBondBenchmarksReturn on investment and spreads over Treasurys and/or yields paid to investors comparedwith 52-weekhighs and lows for different types of bondsTotalreturn YTD total Yield (%)close return (%) Index Latest Low High

*Constrained indexes limit individual issuer concentrations to 2%; theHighYield 100 are the 100 largest bonds † In local currency §Euro-zone bonds

** EMBIGlobal Index Sources: ICEDataServices; BloombergBarclays; J.P.Morgan

Totalreturn YTD total Yield (%)close return (%) Index Latest Low High

Mortgage-BackedBloombergBarclays

2224.26 3.5 Mortgage-Backed 1.340 0.930 2.690

2169.31 3.3 GinnieMae (GNMA) 0.830 0.290 2.660

1314.06 3.7 Fanniemae (FNMA) 1.510 1.110 2.690

2016.64 3.6 FreddieMac (FHLMC) 1.500 1.080 2.710

585.21 3.4 MuniMaster 1.152 0.838 3.441

413.21 3.6 7-12 year 1.150 0.771 3.447

469.85 3.7 12-22 year 1.654 1.224 3.690

453.27 2.8 22-plus year 2.358 1.765 4.123

Global Government J.P.Morgan†

613.47 5.2 Global Government 0.570 0.390 1.060

860.94 7.1 Canada 0.840 0.590 1.740

419.60 4.9 EMU§ 0.072 0.059 0.794

794.58 4.7 France -0.130 -0.160 0.430

554.65 3.5 Germany -0.510 -0.740 -0.050

294.80 -1.1 Japan 0.300 0.040 0.320

618.96 3.8 Netherlands -0.400 -0.540 0.080

1080.99 7.6 U.K. 0.640 0.390 1.180

888.24 0.7 EmergingMarkets ** 4.850 4.523 7.480

COMMODITIES wsj.com/market-data/commodities

BANKRATE.COM®MMA,Savings andCDsAverageYields ofMajorBanks Tuesday,November 3, 2020

Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR

National averageSavings 0.09 0.06 0.06 0.09 0.13 0.18 0.21 0.18 0.32Jumbos 0.19 0.07 0.07 0.10 0.14 0.20 0.24 0.19 0.34Weekly changeSavings 0.00 0.00 0.00 0.00 0.00 -0.01 -0.01 -0.01 -0.01Jumbos 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.01 -0.01

ConsumerSavingsRatesBelow are the top federally insured offers available nationwide according to Bankrate.com'sweeklysurveyofhighestyields.For latestoffersandreviewsofthesefinancial institutions,pleasevisit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed.

Highyield savingsBank Yield Bank YieldPhone number Minimum (%) Phone number Minimum (%)

Moneymarket and savings account Six-monthCDLiveOakBank $1 0.70 LiveOakBank $2,500 0.60(866) 518-0286 (866) 518-0286CFGCommunityBank $1,000 0.70 First InternetBank of Indiana $1,000 0.55(888) 205-8388 (888) 873-3424PopularDirect $5,000 0.70 StateBank of India California $1,000 0.50(800) 274-5696 (877) 707-1995

One-monthCD One-year CDLoneStar Bank $1,000 0.20 LiveOakBank $2,500 0.80(713) 358-9400 (866) 518-0286StateBank of India California $1,000 0.15 CFGCommunityBank $500 0.73(877) 707-1995 (888) 205-8388WashingtonSavingsBank $500 0.10 Ally Bank $0 0.65(978) 458-7999 (877) 247-2559

Two-monthCD Two-year CDLoneStar Bank $1,000 0.20 Goldwater Bank $5,000 0.80(713) 358-9400 (480) 281-8200StateBank of India California $1,000 0.15 First InternetBank of Indiana $1,000 0.75(877) 707-1995 (888) 873-3424VirtualBank $10,000 0.15 ComenityDirect $1,500 0.75(877) 998-2265 (833) 755-4354

Three-monthCD Five-year CDBrioDirect $500 0.50 Ally Bank $0 1.00(877) 369-2746 (877) 247-2559Goldwater Bank $5,000 0.35 First InternetBank of Indiana $1,000 0.96(480) 281-8200 (888) 873-3424LoneStar Bank $1,000 0.25 Goldwater Bank $5,000 0.95(713) 358-9400 (480) 281-8200

Highyield jumbos -Minimum is $100,000

Moneymarket and savings account Six-monthCDCFGCommunityBank 0.80 LiveOakBank 0.60(888) 205-8388 (866) 518-0286LuanaSavingsBank 0.60 First InternetBank of Indiana 0.55(800) 666-2012 (888) 873-3424ableBanking, a division ofNortheast Bank 0.60 MerrickBank 0.50(877) 505-1933 (866) 638-6851

One-monthCD One-year CDLoneStar Bank 0.20 LiveOakBank 0.80(713) 358-9400 (866) 518-0286StateBank of India California 0.15 CFGCommunityBank 0.73(877) 707-1995 (888) 205-8388VirtualBank 0.10 Ally Bank 0.65(877) 998-2265 (877) 247-2559

Two-monthCD Two-year CDLoneStar Bank 0.20 Goldwater Bank 0.80(713) 358-9400 (480) 281-8200StateBank of India California 0.15 ComenityDirect 0.75(877) 707-1995 (833) 755-4354VirtualBank 0.15 First InternetBank of Indiana 0.75(877) 998-2265 (888) 873-3424

Three-monthCD Five-year CDBrioDirect 0.50 Ally Bank 1.00(877) 369-2746 (877) 247-2559Goldwater Bank 0.35 First InternetBank of Indiana 0.96(480) 281-8200 (888) 873-3424LoneStar Bank 0.25 Goldwater Bank 0.95(713) 358-9400 (480) 281-8200

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

CommSvsSPDR XLC 60.05 1.49 12.0CnsmrDiscSelSector XLY 147.16 2.20 17.3CnsStapleSelSector XLP 64.29 1.64 2.1FinSelSectorSPDR XLF 24.85 2.22 –19.3FTDJ Internet FDN 189.58 1.73 36.3HealthCareSelSect XLV 105.00 1.46 3.1IndSelSectorSPDR XLI 80.22 2.95 –1.5InvscQQQI QQQ 274.65 1.73 29.2InvscS&P500EW RSP 112.20 2.08 –3.0iSh3-7YTreasuryBd IEI 132.77 –0.05 5.6iShCoreDivGrowth DGRO 40.34 1.79 –4.1iShCoreMSCIEAFE IEFA 60.33 2.58 –7.5iShCoreMSCIEM IEMG 54.48 0.52 1.3iShCoreMSCITotInt IXUS 58.90 1.99 –4.8iShCoreS&P500 IVV 337.28 1.79 4.3iShCoreS&PMC IJH 197.49 2.22 –4.0iShCoreS&PSC IJR 75.39 2.52 –10.1iShS&PTotlUSStkMkt ITOT 76.26 1.90 4.9iShCoreUSAggBd AGG 117.17 –0.04 4.3iShSelectDividend DVY 86.55 1.75 –18.1iShESGAwareUSA ESGU 76.64 1.82 7.5iShEdgeMSCIMinEAFE EFAV 67.57 1.94 –9.4iShEdgeMSCIMinUSA USMV 63.60 1.68 –3.0iShEdgeMSCIUSAMom MTUM 144.92 1.81 15.4iShEdgeMSCIUSAQual QUAL 104.24 1.88 3.2iSh5-10YIGCorpBd IGIB 60.52 –0.12 4.4iShGoldTr IAU 18.17 0.55 25.3iShiBoxx$InvGrCpBd LQD 134.10 0.10 4.8iShiBoxx$HYCpBd HYG 84.44 0.86 –4.0iShJPMUSDEmgBd EMB 110.69 0.81 –3.4iShMBSETF MBB 110.09 –0.03 1.9iShMSCIACWI ACWI 80.45 1.84 1.5iShMSCI EAFE EFA 63.82 2.62 –8.1iShMSCIEmgMarkets EEM 45.48 0.44 1.4iShMSCIJapan EWJ 60.09 2.11 1.4iShNatlMuniBd MUB 115.08 –0.01 1.0iSh1-5YIGCorpBd IGSB 54.78 –0.05 2.2iShPfd&Incm PFF 36.48 0.52 –3.0iShRussell1000Gwth IWF 214.51 1.77 21.9iShRussell1000 IWB 188.18 1.76 5.5iShRussell1000Val IWD 121.14 1.88 –11.2iShRussell2000 IWM 160.24 2.84 –3.3iShRussellMid-Cap IWR 60.01 2.16 0.7iShS&P500Growth IVW 57.47 1.77 18.7iShS&P500Value IVE 114.52 1.74 –12.0iShShortTreaBd SHV 110.69 0.02 0.2iShSilver SLV 22.44 0.13 34.5iShTIPSBondETF TIP 125.27 –0.08 7.5iSh1-3YTreasuryBd SHY 86.37 –0.02 2.1iSh7-10YTreasuryBd IEF 119.92 –0.22 8.8iSh20+YTreasuryBd TLT 157.66 –0.58 16.4iShRussellMCGrowth IWP 178.18 2.23 16.8iShUSTreasuryBdETF GOVT 27.60 –0.14 6.4JPMUltShtIncm JPST 50.75 ... 0.6PIMCOEnhShMaturity MINT 101.90 –0.01 0.3SPDRBlmBarcHYBd JNK 105.10 0.95 –4.1SPDRBloomBar1-3MTB BIL 91.53 ... 0.1SPDRGold GLD 178.92 0.57 25.2SchwabIntEquity SCHF 31.49 2.54 –6.4SchwabUSBrdMkt SCHB 80.40 1.84 4.6SchwabUSDiv SCHD 57.76 1.78 –0.3SchwabUSLC SCHX 81.05 1.80 5.5SchwabUSLCGrw SCHG 114.37 1.86 23.1SchwabUSSC SCHA 73.06 2.83 –3.4SchwabUSTIPs SCHP 61.05 –0.05 7.8SPDRDJIATr DIA 274.65 2.02 –3.7SPDRS&PMdCpTr MDY 360.96 2.23 –3.8SPDRS&P500 SPY 336.03 1.77 4.4SPDRS&PDiv SDY 96.81 1.83 –10.0TechSelectSector XLK 113.10 1.76 23.4UtilitiesSelSector XLU 64.67 1.44 0.1VanEckGoldMiner GDX 39.37 1.92 34.5VangdInfoTech VGT 304.02 1.81 24.2VangdSCVal VBR 119.52 2.29 –12.8VangdSCGrwth VBK 224.19 2.55 12.8VangdExtMkt VXF 135.33 2.55 7.4VangdDivApp VIG 130.19 2.02 4.4VangdFTSEDevMk VEA 40.95 2.55 –7.1VangdFTSEEM VWO 44.49 0.27 0.0VangdFTSEEurope VGK 51.79 2.96 –11.6VangdFTSEAWxUS VEU 50.95 1.82 –5.2VangdGrowth VUG 225.55 1.81 23.8VangdHlthCr VHT 204.52 1.71 6.7VangdHiDiv VYM 82.33 1.55 –12.1VangdIntermBd BIV 92.55 –0.15 6.1VangdIntrCorpBd VCIT 95.37 –0.08 4.4VangdLC VV 156.75 1.79 6.0VangdMC VO 183.07 2.21 2.7VangdMBS VMBS 54.13 0.09 1.8VangdRealEst VNQ 79.93 1.93 –13.9VangdS&P500ETF VOO 308.66 1.76 4.3VangdSTBond BSV 82.72 –0.02 2.6VangdSTCpBd VCSH 82.68 0.02 2.0VangdSC VB 163.48 2.42 –1.3VangdTotalBd BND 87.53 –0.02 4.4VangdTotIntlBd BNDX 58.31 –0.07 3.1VangdTotIntlStk VXUS 52.68 1.93 –5.4VangdTotalStk VTI 171.97 1.92 5.1VangdTotlWrld VT 81.48 1.89 0.6VangdValue VTV 106.28 1.72 –11.3

Closing Chg YTDETF Symbol Price (%) (%)

Tuesday, November 3, 2020

Exchange-TradedPortfolios

Largest 100 exchange-traded funds,latest session

P2JW309000-0-B01100-1--------XA

B12 | Wednesday, November 4, 2020 THEWALL STREET JOURNAL.

S&P500 sectorperformancefor October

Source: FactSet

Utilities

Materials

Financials

Industrials

Consumer discretionary

Consumer staples

Real estate

Health care

Energy

Technology

S&P500 –2.8%

5.0%

0.5

–0.8

–1.0

–1.5

–3.0

–3.0

–3.4

–3.8

–4.7

–5.2

Communications

AmericanElectric Power

Duke Energy

SouthernS&P 500

Share-price and indexperformance since Sept. 2

20

–10

–5

0

5

10

15

%

Oct. Nov.

the past week to trade at 21.21a dollar. Jitters ahead of theelection, concerns that Euro-pean lockdowns will crimp theworld economy, and a tumble inoil prices prompted the decline.

Emerging markets as awhole, excluding China, are oncourse to experience a greaterloss of output than advanced

economies this year and next,the International MonetaryFund said in October.

An expansion of the U.S. def-icit would nonetheless boostcurrencies like Russia’s rubleand Colombia’s peso by weigh-ing on the dollar, said GustavoMedeiros, deputy head of re-search at emerging-market in-

vestor Ashmore Group. “If theU.S. was an emerging market,the dollar would have beentoast a long time ago.”

Few economies are asclosely tethered to the U.S. asMexico, the second-largest ex-porter to America after China.The peso tumbled when inves-tors pulled billions of dollars

BNP Paribas SA’s net profitheld steady in the third quar-ter as income from trading se-curities offset a decline in re-tail banking earnings.

France’s biggest bank saidnet profit for the three monthsto Sept. 30 was €1.89 billion,equivalent to $2.2 billion,slightly down from the sameperiod in 2019. Pretax profitfrom the Paris-based bank’sglobal markets unit soared67% to €648 million. BNPParibas’s shares rose morethan 5%.

European banks have re-ported better-than-expectedresults for the third quarter asthe coronavirus pandemic hitthe economy. It is unclear ifthe progress can continue asFrance, Germany and other na-tions lock down their popula-tions to stem soaring infectionrates.

BNP Paribas Chief ExecutiveJean-Laurent Bonnafé said thebank was demonstrating highresilience in extraordinarytimes.

European governments haveprovided hundreds of billionsof euros of financial support tocompanies and workers toprop up the economy andbanks. In exchange, the Euro-pean Central Bank told banksto refrain from paying cashdividends in 2020. BNPParibas’s common equity Tier1 ratio rose to 12.6% from12.1% in the first nine monthsof the year, partly because itdidn’t pay dividends.

France and Germany an-nounced new lockdowns lastweek and the U.K. governmentsaid England is set to followthis week under the pressureof mounting cases and deaths.French President EmmanuelMacron has announced toughrestrictions requiring peopleto remain inside their homeswhile restaurants, bars andshops deemed nonessentialclose.

Some investors and analystsworry the government supporthas kept the real extent ofproblem loans and underlyingdamage to bank balance sheetsat bay and that a clearer pic-ture will emerge only whenthese programs end.

BNP Paribas said provisionsfor bad loans rose 47% to€1.25 billion in the third quar-ter compared with the sameperiod last year. The provi-sions declined from the previ-ous quarter, in which €1.45 bil-lion was set aside.

The French bank joinedLondon-based Barclays PLCand Frankfurt-based DeutscheBank AG in reporting strongresults from trading and in-vestment banking during thethird quarter.

The Stoxx Europe 600Banks index has fallen 38%this year. BNP Paribas’s sharesare down 37% in 2020, faringbetter than crosstown rivalSociété Générale SA, whoseshares have fallen 59% afterthe bank was hit by coronavi-rus-related trading losses inits investment bank. SociétéGénérale will publish its third-quarter results Thursday.

BY SIMON CLARK

TradingSteadiesProfitsAt BNP

sector will power forward.”Recent gains in the sector

have been led by companies in-cluding American ElectricPower Co., Duke Energy Corp.and Southern Co., all of whichhave risen 12% or more sincethe Sept. 2 market high. Thethree companies, which provideelectricity and natural gas tomillions of customers com-bined, have said that biggermoves into renewable energyare a priority.

For years, large U.S. utilitieshave been committing to ambi-tious goals to reduce carbonemissions as the threat of cli-mate change has become more

glaring and as states have in-creasingly required companiesto generate more of theirpower from renewable sources.

Already, progress is underway: The U.S. in 2019 consumedmore renewable energy thancoal for the first time in morethan 130 years, the U.S. EnergyInformation Administrationsaid this year.

Yet at the same time, EIAdata show, there is still a longway to go. Renewable energysources such as solar and windstill make up only a small pieceof the pie when it comes to U.S.electricity generation, with nat-ural gas still in the lead.

Investors are hopeful thatMr. Biden’s proposed $2 trillionplan to combat climate change,which includes a goal toachieve zero carbon emissionsfrom the grid by 2035, may fur-ther juice utilities stocks. Someare anticipating the potentialfor an infrastructure packagethat could include broad incen-tives for clean energy, includingthe extensions of current taxcredits or the creation of newones, said James Thalacker,managing director at BMO Cap-ital Markets.

“We think that longer-term,this blue wave, if it happens,would definitely benefit the sec-

nue. Investors and journalistshad warned for years of possi-ble fraudulent accounting ormoney laundering at the com-pany and its bank, WirecardBank.

BaFin President FelixHufeld has called the Wire-card collapse a disaster butinsisted Germany’s supervi-sory mechanisms were sound.

ESMA’s findings cast doubt onthat assessment.

The Paris-based regulatorsaid BaFin frequently reportedand provided details aboutWirecard to the finance minis-try—in some cases before ittook any action itself—raisingquestions about its indepen-dence.

The report was also critical

BANKING & FINANCE

While “discovering fraud isnot to a prime responsibilityof the financial supervision offinancial reporting,” said Ste-ven Maijoor, ESMA’s chair-man, “a better supervisoryprocess could have increasedthe chances of discoveringthis earlier.”

A BaFin spokeswoman de-clined to comment on ESMA’sfindings.

Fabio De Masi, deputy floorleader of Germany’s Left Partyand a member of the Bunde-stag’s finance committee, saidthe report was a slap in theface for BaFin. He called forthe regulator to be overhauledand for new restrictions to beput in place between it andthe finance ministry.

BaFin and FREP have beenunder intense scrutiny sinceWirecard filed for insolvencyin June after it said that morethan $2 billion of its cash thatwas believed to be held inbank accounts probably didn’texist. The figure represented abig chunk of its reported reve-

of BaFin for allowing its staffto trade shares in Wirecard,including while it was investi-gating the company.

The fact that even a verysmall proportion of stafftraded shares of Wirecard isconcerning, said ESMA, add-ing that BaFin is currently in-vestigating the issue.

In the U.S., the Securitiesand Exchange Commissionprohibits employees from buy-ing or selling securities issuedby an entity under investiga-tion by the commission.

ESMA also raised concernsabout structural problems inGermany’s oversight of compa-nies. It said neither BaFin norFREP appeared to have enoughpowers to request information,including from auditors, thatcould substantiate suspicionsof criminal activity.

Although the review is non-binding, its findings couldguide the European Commis-sion, the executive arm of theEuropean Union, into makingregulatory changes.

Europe’s top marketswatchdog said it found a seriesof problems with Germany’sregulatory oversight and han-dling of Wirecard AG, the fin-tech darling that collapsedamid allegations of fraud.

The European Securitiesand Markets Authority said ina report Tuesday that BaFin,Germany’s financial and mar-kets supervisor, might lack in-dependence from the Germangovernment and proper inter-nal controls. It pointed to keystaff trading Wirecard shares,including during periods whenit was investigating the com-pany.

ESMA said both BaFin andanother body, the Financial Re-porting Enforcement Panel, orFREP, missed warnings raisedby the press about Wirecard.The two bodies also had trou-ble exchanging informationwith each other because ofstiff rules, including over con-fidentiality, ESMA said.

BY PATRICIA KOWSMANN

Wirecard Probe Faults Regulators

German overseers were found to have missed warnings on the company.

FRANKHOER

MANN/SVEN

SIMON/D

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ESS

tor,”Mr. Thalacker said, addingthat utilities are able to growtheir earnings by investing inrenewable-energy infrastruc-ture. For many other industries,he said, shifting to renewableenergy could come at a cost.

Although a Democraticsweep of the White House andCongress would likely acceler-ate a clean energy shift, Mr.Thalacker said he remains posi-tive on the space regardless ofthe election outcome. DespitePresident Trump’s efforts to re-vive the coal-power industry,an industrywide focus on shift-ing to greener energy has con-tinued—in part, Mr. Thalackersaid, because of the growingcost-efficiency of renewable en-ergy sources.

Mr. Thalacker points to com-panies such as NextEra EnergyInc. as an example of the sec-tor’s progress. NextEra, nowthe nation’s largest renewableenergy company, has had yearsof rapid growth as it built outwind and solar farms nation-wide. The company, which re-cently made a takeover ap-proach to Duke Energy, isamong the best performers inthe utilities sector this year,rising 26%. The S&P 500 hasrisen just 4.3%.

“We think the horse has kindof left the barn on climatechange and we see this continu-ing to gain steam in spite of theelection,” Mr. Thalacker said.

Although many investors areembracing the possibility of aDemocratic sweep, which mightincrease the likelihood of a ro-bust stimulus package, manyacknowledge that Mr. Biden’stax plan could crimp earnings.

Christopher Harvey, head ofequity strategy at Wells FargoSecurities, agreed the utilitiesspace will likely benefit if Mr.Biden is elected. But he also be-lieves the sector’s recent rise istied to its underperformancesince U.S. stocks bottomed thisspring. Stocks have chargedhigher in recent months thanksto fast-growing tech companies:The S&P 500’s informationtechnology segment is up 61%from the March 23 market low.The utilities group, in contrast,has risen 44%.

Utilities stocks have beenstandout performers in the U.S.stock market lately. But not forthe reasons that one tradition-ally might think.

U.S. stocks have been bat-tered by a stretch of turbulencerecently, finishing last weekwith their worst weekly perfor-mance since the market rout inMarch. Given their recentslide—and expectations formore election-induced volatilityahead—a move into utilitiesstocks, a classic defensivetrade, would make sense. In re-ality, however, the outperfor-mance of companies that pro-vide electricity, water and gasstarted much earlier, with thesector beginning to outpacemany of its peers in September.

Since the S&P 500 set its lastrecord Sept. 2, utilities haveclimbed 7.7%, while other typi-cal safety sectors, such as con-sumer staples and health care,have tumbled. Meanwhile, safe-haven assets including gold ha-ven’t seen a surge in demand,either, with the metal finishingFriday with its worst two-month decline since July 2018.

The utilities sector logged thelargest gain in the S&P 500 lastmonth, rising 5% as the bench-mark index fell 2.8%. It was thefirst time since January thatutilities were the top performerof the S&P 500’s 11 groups, andit came as its other sectors—ex-cluding communication ser-vices—tumbled for the month.

The isolated rise in utilitiesshares underscores how the re-cent gains in the sector aremore than just a move tosafety. Instead, investors saythey are betting that the groupwill be a key beneficiary ifDemocratic candidate Joe Bi-den wins the presidential racethanks, in part, to his green-en-ergy proposals.

“The lift in utilities recentlyis not related to the historicaldividend, safety-seeking rota-tion that we’re accustomedto—it’s a new world,” saidJames McDonald, chief execu-tive officer and chief invest-ment officer of Hercules In-vestments. “If Biden wins, this

BY CAITLIN MCCABE

Utilities Outpace S&P on Clean-Energy Hope

NextEra Energy, a leader in renewables, has floated an offer to Duke Energy. A Duke station in Florida.

DOUGLA

SR.

CLIFFO

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stimulus.“The prospects of a blue

wave bode well for emerging-market currencies,” said PiotrMatys, senior emerging-marketstrategist at Rabobank. “If theDemocrats are in full control, itwould be easier for them to im-plement a large-scale fiscalpackage to revive economic ac-tivity, which would be also pos-itive for the export-oriented[emerging-market] economies.”

Many developing economiesremain in a precarious position.Turkey is among the most vul-nerable: Investors’ concernsabout its ability to finance itscurrent-account deficit after aseries of interest-rate cuts werecompounded last month by ten-sions with the U.S. over an air-defense system procured fromRussia. The lira has plumbed aseries of record lows, and fellto its all-time weakest level of8.53 a dollar on Tuesday.

Underscoring the fragility ofemerging-market assets duringthe worst economic downturnin decades, Mexico’s peso gaveup 0.8% of its recent gains over

from stocks and bonds in devel-oping economies in the earlydays of the pandemic. Its recov-ery gathered pace this fall,when investors grew more con-fident that the Democratsmight win the presidency andSenate.

Mexico’s currency would beone of the biggest beneficiariesof more U.S. stimulus, saidClaudia Calich, a fund managerat M&G Investments. M&G hasrecently bought peso-denomi-nated Mexican governmentbonds and, unlike four yearsago, decided not to hedge thecurrency exposure heading intopolling day.

That is a bold move: Thepeso tanked on election nightin 2016 when results pointed tovictory for President Trump,who had taken a tough line onMexico during the campaign.

The rally in emerging-mar-ket currencies signals an easingof the crisis that struck in thespring, when trade, tourismand commodity prices col-lapsed. Investors have sincecautiously returned.

Far from Washington, inves-tors have been betting on aDemocratic victory that theyfigure would benefit manyemerging markets.

That helped Mexico’s pesostrengthen 3.8% in October andhit 20.87 pesos a dollar lastweek, its strongest level inmore than seven months. SouthAfrica’s rand climbed 2.7%

against the U.S.currency, its big-gest monthly ad-

vance since May. Bolstered byAsia’s economic recovery fromthe pandemic, South Korea’swon gained 3.1% in its best per-formance since June 2019.

Money managers are wager-ing that an acceleration ofgrowth in the U.S. would be aboon for emerging marketsthat rely on overseas demandfor goods, services and raw ma-terials. Wall Street views aDemocratic sweep—where theparty wins the White Houseand control of Congress—as theclearest path to more economic

BY JOE WALLACE

Emerging-Market Assets Advance on Hopes of U.S. GrowthInvestors are betting that a Democratic victorywould benefitmany emergingmarkets.Change in value against the dollar since June

Sources: Tullett Prebon (currencies); Institute of International Finance (purchases)

10

–20

–10

0

%

July Nov.

Mexicanpeso

SouthKoreanwon

Turkishlira

Net nonresident purchases ofemerging-market assets

$40

–60

–40

–20

0

20

billion

Jan. July Oct.

BondsStocks

CURRENCIES

P2JW309000-0-B01200-1--------XA

THEWALL STREET JOURNAL. * * * * Wednesday, November 4, 2020 | B13

The discussions come afterU.S. crude futures last weekclosed to as low as $36.17,their lowest finish since June1. They are 40% lower thanthey were at the beginning ofthe year. In recent weeks,Covid-19 cases in the U.S. andEurope have soared, spurringbig economies like Germany,France and the U.K. to reintro-duce tough restrictions ontravel and business to help

slow the spread of the disease.Prices remain at about half

the level that Saudi Arabianeeds to balance its spendingthis year, according to the In-ternational Monetary Fund.Earlier Tuesday, Saudi ArabiaOil Co., or Aramco, Saudi Ara-bia’s state-controlled oil com-pany, said it would pay out itsnormal quarterly dividend of$18.75 billion, despite bringingin just $12.4 billion in cash

during the period.Fast recovery in Libya’s oil

production, now at 800,000barrels a day, compared with100,000 barrels a day in lateSeptember, is also keeping acap on prices, analysts say.Libya recently reopened fieldsand ports after a truce be-tween warring factions there.

Russia, the cartel’s most im-portant oil-market ally, was ini-tially reluctant to endorse a de-

lay in restoring production.Moscow is now open to keepingcurbs in place after consultingRussian oil companies, accord-ing to one Russian oil official.

The United Arab Emirates, acrucial OPEC voice and typi-cally a staunch Saudi ally, isstill reluctant to delay restor-ing production after comingunder pressure from the king-dom to comply with agreedcuts, according to the officials.

the same quarter a year ago.Sales fell 25% to 200 billion ri-yals, hit by refining and chem-icals margins, the companysaid Tuesday.

On a quarter-to-quarter ba-sis, net income rose for thefirst time since June 2019, dueto a partial recovery in crudeprices over the latest three-month period.

After falling steeply earlierin the year, oil prices have sta-bilized somewhat amid

economic reopenings in Chinaand elsewhere in Asia, and fit-ful ebbs to virus cases in theWest.

More recently, a surge inCovid-19 cases in the U.S. andEurope have hit marketsafresh. International oilprices fell Monday to a five-month low, to about $38 abarrel, as investors bet eco-nomic activity would fall inEurope amid several newpandemic lockdowns across

the continent.Like many other companies

that have recently reportedearnings, Aramco said the thirdquarter—in which many globaleconomic indicators showedsigns of better-than-expectedactivity—was encouraging.

“We saw early signs of a re-covery in the third quarterdue to improved economic ac-tivity, despite the headwindsfacing global energy markets,”Chief Executive Amin Nasser

said in the statement.“We continue to adopt a dis-

ciplined and flexible approachto capital allocation in the faceof market volatility,” he said.

In its December IPO, Dhah-ran-based Aramco promisedshareholders $75 billion in an-nual dividends for the nextfive years.

That pledge helped con-vince private investors to paya premium for the thin slice ofAramco shares the govern-

ment floated.Aramco shares closed up

slightly Tuesday at 34.40 riyals,or about $9.17. That is 2.40 ri-yals, or about 64 cents, aboveits December IPO price.

Aramco said its third-quar-ter capital expenditures stoodat $6.4 billion as the companycontinues to cut costs. It haspreviously said its capex forthis year is expected to be atthe lower end of a $25 billionto $30 billion range.

income of 44.2 billion Saudiriyals, equivalent to $11.79 bil-lion, down 45% compared with

ContinuedfrompageB1

AramcoTo KeepDividend

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.

52-WEEKBILLSApplications $125,651,781,100Accepted bids $39,377,361,100" noncompetitively $248,480,200" foreign noncompetitively $0Auction price (rate) 99.863500

(0.135%)Coupon equivalent 0.137%Bids at clearing yield accepted 23.86%Cusip number 9127964W6

The bills, datedNov. 5, 2020,mature onNov. 4, 2021.

from low activity levels in Mayand June.

But many drillers in WestTexas and North Dakota ex-tract natural gas as a byprod-uct of the oil they are seeking.They had produced so much ofthe excess gas that theyflooded the natural-gas mar-ket, keeping prices depressedfor years. That pressure is ex-pected to ease for gas produc-ers as oil companies limit pro-duction growth, analysts said.

If oil rebounds to roughly

at $3.0590 per million Britishthermal units.

The result is a reversal offortunes in the U.S. shalepatch, where oil companieshave long overshadowed theirgas-focused peers. The marketvalue of the six largest publicAppalachian gas companies,including EQT Corp. andRange Resources Corp., hasclimbed about 18% since thestart of 2020. That compareswith a 53% drop in the com-bined market capitalization ofthe 25 largest U.S. oil compa-nies, according to data fromS&P Global Market Intelli-gence.

“Being in natural gas, wethink, is an important thingright now,” Marathon Petro-leum Corp. Chief ExecutiveMichael Hennigan said duringthe company’s third-quarterearnings call Monday.

The Ohio-based refiner re-ported a $1 billion quarterlyloss as its fuel-making busi-ness posted a $1.6 billion lossfrom operations, comparedwith $989 million in operatingincome during the same pe-riod last year. The company’spipeline business, which in-cludes natural-gas processingand transportation, helped tooffset those losses, generating$960 million in operating in-

come, up from $919 million.U.S. shale-oil producers

likely will struggle to holdproduction flat over the nexttwo years, compared with De-cember 2020 levels, Conoco-Phillips Chief Operating Offi-cer Matt Fox said last week.The company expects U.S.shale drillers to pump 6.5 mil-lion to seven million barrels aday of oil in December, downfrom 8.2 million a year earlier.

“If you compare that to thetrajectory we were on, that’sat least four million barrels aday less than the pre-Covidtrend,” Mr. Fox told analysts,explaining that productionwould likely have been up, notdown, from a year earlierwithout the pandemic.

ConocoPhillips, one of thelargest independent U.S. oilproducers, reported a $450million loss for the third quar-ter, compared with a $3.1 bil-lion profit a year earlier.

The oil-price drop hasclouded predictions by oil-field-services companies suchas Halliburton Co. andSchlumberger Ltd. of a slowbut steady pickup in frackingactivity in U.S. oil regions, an-alysts said. Consulting firmRystad Energy said fracking inNorth America likely reached apeak in October after recovery

$40 a barrel, many larger pro-ducers should be able to holdproduction relatively steadyover the next two years whilespending less than they takein from operations, accordingto Morgan Stanley. But $30 abarrel would result in produc-tion declines and, for some,“unsustainably high leverage,”the investment bank said.

Even before the pandemic,oil and gas producers hadbeen saddled with debt run upduring the fracking boom. Forthose with weaker balancesheets, looming debt maturi-ties are particularly problem-atic, said Buddy Clark, a part-ner at the law firm Haynes &Boone LLP. That is because re-financing is likely to be expen-sive as investors continue tosteer clear of the oil patch.

Companies generally needto refinance at least a year be-fore their debt comes due, lestthey risk breaking terms ontheir debt arrangements, Mr.Clark said.

As of September, roughly$126 billion in U.S. oil- andgas-producer debt was set tomature through 2025, includ-ing about $40 billion by theend of 2022, according to anS&P Global Ratings analysis ofrated companies. That wallmight be “insurmountable” for

some companies, the firmsaid, likely resulting in highdefault levels.

At least 248 North Ameri-can producers have soughtbankruptcy protection sincethe start of 2015, including 40this year through September,according to Haynes & Boone.

Analysts and traders expectnatural-gas prices to remainaloft next year amid increasedU.S. exports of liquefied natu-ral gas and as colder weatherlifts domestic consumption offuels used in residential andcommercial heating.

Shares of EQT, the largestU.S. gas producer, have morethan tripled from their low inFebruary, though they remain86% below their 2014 high.

But even with prices above$3 per million British thermalunits, U.S. shale-gas compa-nies aren’t experiencing awindfall, said Subash Chandra,an analyst at Northland Secu-rities Inc.

“It’s going to help margins,but they’re not making a kill-ing,” Mr. Chandra said. “It’sjust $3 gas.”

Natural-gas prices averagedabout $3.31 per million Britishthermal units in the decadeended in 2019, according tothe Energy Information Ad-ministration.

A split reality is emergingfor U.S. shale drillers: Thosethat primarily pump oil arestill struggling to survive,while those that produce natu-ral gas are slowly seeing signsof recovery.

Oil-focused fracking compa-nies are under extreme finan-cial strain, as renewed con-

cerns aboutthe coronavi-rus pandemic

weigh on crude prices.But gas-focused drillers are

getting a long-awaited re-prieve. Natural-gas prices areclimbing ahead of winter andare less sensitive to lockdownsthat erode demand for trans-portation fuels.

U.S. benchmark oil pricestumbled about 11% last monthto their lowest level sinceearly June, before edging upto $37.66 a barrel on Tuesday,as some European countriesimposed new lockdowns amida resurgence in cases ofCovid-19, the illness caused bythe new coronavirus. Mean-while, U.S. benchmark natural-gas prices soared 33% lastmonth to their highest level innearly two years, before set-tling slightly lower on Tuesday

BY COLLIN EATONAND REBECCA ELLIOTT

Gas-Focused Fracking Companies Show Signs of LifeYear-to-date performance

Source: FactSet

Note: WTI crude oil settled at negative $37 abarrel on April 20.

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tion gradually, in stages of twomillion barrels of added crudea day, every six months, as-suming the worst of the pan-demic would fade before theend of this year. In the sum-mer, the group moved aheadwith the first increase in out-put. The next extra two millionbarrels a day were expected tostart flowing in January.

Last month, The Wall StreetJournal reported that SaudiArabia and other producershad started debating whetheror not to delay opening up thespigots by three months. Sucha scenario, at a minimum, isnow increasingly likely, OPECofficials said.

Amid increasingly bearish oilprospects more recently, SaudiArabia and other oil producersin the OPEC alliance are alsoconsidering new cuts as one ofseveral options to deal withlackluster demand, officials inthese countries said. Deepercurbs are “now an option,” saidone of these officials.

Saudi Arabia and otherOPEC members are consideringdeepening oil production cutsamid rising Covid-19 cases inthe West and fresh economiclockdowns in Europe that couldcurb oil demand further, ac-cording to oil officials and ad-visers in these countries.

The Organization of the Pe-troleum Exporting Countrieshad hoped to be in a positionto start turning productionback on. In April, OPEC, a 13-member cartel led by SaudiArabia, and 10 Russia-led pro-ducers, agreed to carry out re-cord production cuts of 9.7 mil-lion barrels a day. The cutbackscame after the initial flare-upof the new coronavirus closedeconomies around the world,grounded flights and publictransportation and closed of-fices and factories.

The accord called for pro-ducers to return that produc-

BY BENOIT FAUCONAND SUMMER SAID

OPECConsidersMore Cuts asDemandFlags

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the chances of a “blue wave”outcome, in which Democratswin both the White House andcontrol of Congress, Ms. Mar-celli said, because it wouldmake it more likely lawmakerswould approve a generousstimulus package to spur eco-nomic activity under the newadministration.

“A lot of people were very

fearful of a blue wave and Bi-den, pricing in what it wouldmean for taxes and regula-tions,” she said. Those fearshave receded though. “Themarket has come around quitea bit.”

If Democrats emerge as thewinners, the governmentcould spend an additional $3trillion to bolster the U.S.

MARKETS

The index climbed on eight ofthose occasions.

Equities have generally per-formed well under PresidentTrump—the S&P 500 hassurged 57% since the 2016election. But the market latelyis being buoyed partly by betsthat former Vice President JoeBiden will win the WhiteHouse and Democrats willtake control of Congress.

The stock market usuallyfeels more apprehensive aboutDemocrats than Republicans,but “this is a unique year anda unique election,” said SolitaMarcelli, the Americas chiefinvestment officer at UBSGlobal Wealth Management.

Elections and stocks dohave a relationship, though itis impossible to say defini-tively which drives the other.For election years since 1928in which the S&P 500 is posi-tive in the three months be-fore Election Day, the incum-bent party has won 87% of thetime, according to brokeragefirm BTIG.

Including Tuesday’s rally,the S&P 500 is up more than2% since Aug. 3.

The market has warmed to

economy, said Stephane Mon-ier, chief investment officer atLombard Odier. That wouldgive fresh impetus to a stock-market rally that has waned inrecent weeks.

“We’ll wait to have the firstpart of the results and addrisk to our client portfolios inthe case of a clear Democraticor Republican sweep,” saidMr. Monier. “We will stay verycautious in the case of a splitresult.”

If the Democrats emergevictorious, he said he plans tobuy emerging-market equities.If it is a Republican win, Mr.Monier plans to invest insmall and midcap stocks.

The yield on the benchmark10-year U.S. Treasury bondrose to 0.881%, its highestlevel since June 8, from0.848% Monday. Prices fallwhen yields rise.

A Biden win could mean“more fiscal stimulus, wherewe could get stronger growthoutcomes and higher infla-tion,” said Seamus Mac Go-rain, head of global rates atJ.P. Morgan Asset Manage-ment.

This would weigh on the

government-debt market,which tends to underperformin times of higher economicgrowth. “If we see a Demo-cratic sweep, [10-year Trea-sury] yields could go up to 1%or potentially higher,” he said.

The WSJ Dollar Index,which measures the greenbackagainst a basket of currencies,declined 0.7%.

Alibaba Group Holdingslumped $25.27, or 8.1% to$285.57 after the ShanghaiStock Exchange postponedtechnology startup AntGroup’s blockbuster initialpublic offering. Alibaba ownsa 33% stake in Ant.—Frances Yoon contributed

to this article.

The Dow Jones IndustrialAverage had its best day sinceJuly as tens of millions ofAmericans headed to the pollsto select the next president.

The blue-chip index rallied554.98 points, or 2.1%, to27480.03, its biggest one-daypoint and percentage gainsince July 14. The S&P 500rose 58.78 points, or 1.8%, to3369.02. The Nasdaq Compos-

ite rose 202.96points, or 1.9%,to 11160.57.

As electionresults came in Tuesday night,U.S. stock futures bouncedaround. At about 10 p.m. East-ern time, U.S. stock futureswere up 1.5%.

At midday Wednesday inTokyo, the Nikkei Stock Aver-age was up 1.4% and HongKong’s Hang Seng Index wasup 0.4%.

Stocks have typically faredwell on Election Day. The S&P500 has risen 0.9% on averageon the 10 days from 1984 to2020 that Americans went tothe polls to elect a president.

BY ANNA HIRTENSTEINAND PAUL VIGNA

Dow Rallies to Best Day Since SummerIndex performance on presidential ElectionDay

Source: Dow Jones Market DataNote: Markets were closed on Election Day prior to 1984.

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China is opening to the worldagain, but the world’s hearts andminds are closing to China. Sino-U.S. “decoupling” will be costly forthe U.S., requiring expensive invest-ments and imaginative reforms tooffset. The same is true for China—only more so. If other advancedeconomies also pull away, China’sprospects will darken sharply.

China’s economy and exportshave surged back thanks to its suc-cessful, early control of the pan-demic. But this early success con-ceals worrying structural shifts inthe global political environment.Anti-China sentiment among China’slargest trading partners is up dra-matically. A full 71% of Germans,73% of Americans and 75% of SouthKoreans surveyed by Pew Researchthis summer had a negative impres-sion of China. Foreign direct invest-ment has held up so far—but thatcould shift once the rest of theworld is back on its feet. American

companies are sharply less optimis-tic on China’s five-year outlook since2018, according to the AmericanChamber of Commerce in Shanghai.

Oxford Economics calculates thatsignificant economic decouplingwith the U.S. alone would entail aroughly 8% smaller Chinese econ-omy by 2040 than otherwise ex-pected. If other advanced economiesjoin the bandwagon, that could meana 17% smaller economy. There is lit-tle sign of such a concerted effortnow—but that might change with amore multilaterally minded WhiteHouse, or if the bilateral investmenttreaty long under negotiation be-tween Europe and China falls apart.

Beijing’s heavy-handed tactics onits periphery, especially against theUighur minority in Xinjiang, couldalso trip up potential areas of coop-eration like climate change. An Oc-tober report from S&P Global high-lighted that about a third of globalpolysilicon, used to make solar pan-

China RisksA Lonely ReturnTo Greatness

Economy, exports have surged back, but successconceals shifts in global political environment

HEARD ONTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

Anti-China sentiment among the country’s largest trading partners has risen. President Xi Jinping last month.

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Wayfair is finally proving itsbusiness case this year as customerskeep shopping for furniture andhome products from their couches.

Total revenue rose 66.5% in thethird quarter compared with a yearearlier, a slowdown compared withthe previous quarter but exceedinganalyst expectations. Wayfair is in asweet spot: Not only are furnitureand home décor a winning categoryduring the pandemic, but more peo-ple are online shopping for the firsttime. This had been a significanthurdle for sellers of large, expensiveproducts such as furniture, whichshoppers preferred to see in person.

The real surprise was on the bot-tom line: Net income was $173.2 mil-lion, marking a second consecutive

quarterly profit after straight quar-terly losses ever since its 2014 mar-ket debut. The profit figure wasmany times higher than what ana-lysts had penciled in.

Wayfair’s conservative approachto hiring seems to be paying off—operating expenses related to headcount ticked up 3.6% from a yearearlier despite the revenue surge.Advertising spending is becomingmore efficient as repeat customersaccount for a higher share of orders.

Wayfair will continue to be cau-tious with costs. It plans to keepstaffing expenses flat and says thecurrent logistics footprint is enoughto handle the demand surge, thechief executive said on Tuesdaymorning’s earnings call. Their cau-

tion seems wise. While Wayfair islikely to have a breakout year, itcould be tough to replicate such ahigh sales growth rate going for-ward. Analysts expect Wayfair toswing back to net losses in thefourth quarter, before returning toprofit by the third quarter of 2021.

While there is a lot to be excitedabout for Wayfair, its share priceseems to be pricing in the optimism.Its enterprise value is almost 53times forward earnings before inter-est, taxes, depreciation and amorti-zation, steeper than Amazon’s 27times, according to S&P Global Mar-ket Intelligence. As bright as its fu-ture looks, it has some ways to gountil it truly becomes the Amazonof furniture. —Jinjoo Lee

Wayfair quarterly net income/loss

Source: FactSetNote: Data for 4Q 2020 and after are projections

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such, efficacy won’t be declared atthe first interim analysis unless atleast 26 of the 32 Covid-19 casesare among patients who received aplacebo instead of the vaccine.Those results would suggest thatthe vaccine reduces the risk of in-fection by 77% after accounting forthe trial’s margin for error. Con-versely, the trial could be stoppedfor futility if early results are par-ticularly discouraging.

Both those scenarios are rela-tively unlikely. If the first interimanalysis doesn’t result in either ex-

treme result, the trial will con-tinue. The next analysis is slatedto take place after 62 cases, andthe trial isn’t scheduled to con-clude until there are 164 cases. Atthat threshold, success will be de-clared if the risk of infection is re-duced by about 52%. The longerthe trial takes for a conclusive re-sult, the less effective a final vac-cine is likely to be. And even if thedrug is clearly effective at the firstinterim analysis, the efficacy ratemight drop over time as the restof the trial unfolds.

Wayfair Finally Starts to Feel Comfortable

els, came from Xinjiang last year.Beijing’s new plan to offset all

this, memorialized in its obscure-sounding “dual-circulation” strat-egy, is twofold. First, it is selec-tively opening up the economy toentice foreign companies to stayput, most notably in automobilesand finance. New rules doing awaywith some joint-venture require-ments have already elicited invest-ments from companies such asTesla and JPMorgan Chase.

Second, it is marshaling enor-mous resources to unlock domesticconsumption and its own ability toproduce high-tech goods—espe-cially information technology likesemiconductors—to substitute forclosing overseas markets and re-stricted high-tech imports.

This makes a certain amount ofsense. A November 2019 Interna-tional Monetary Fund working pa-per found China’s information andcommunication technology, or ICT,sector has experienced by far thefastest productivity growth of Chi-nese high-tech industries in the pasttwo decades: Labor productivity inICT as of 2015 was roughly twice ashigh as in medicine, the secondmost productive high-tech sector.ICT products are also overrepre-sented in China’s exports, and for-eign companies are heavily invested.

But this also makes the sector

vulnerable to overseas pressure. Acoordinated effort to targetChina’s ICT exports among ad-vanced economies would be im-mensely costly for companies likeApple, but probably disastrous forChina. On the other hand, movingmore capital and labor into theICT sector, as Beijing clearly hopesto do, could raise the economy’soverall productivity if done right.

Chinese companies are amassinga formidable war chest: Listed firmsin “strategic sectors” will raiseabout 1.2 trillion yuan, equivalent to$179 billion, of new debt equity andfinance this year, according toGavekal Dragonomics. Numbers likethat should make Western andAsians competitors nervous.

Nonetheless, the question iswhether that money will be wellspent, particularly without thecompetitive discipline of exportmarkets. In the past, Chinese com-panies in industries consideredstrategic have used that label—andthe implicit or explicit state back-ing it comes with—to raise mas-sive sums and then plow them intoenormous new capacity in a raceto undercut competitors.

That pushes margins lower foreveryone, makes real investment inresearch more difficult, and oftenresults in “zombie” firms that hangaround sucking up resources long

after their useful life has endedthanks to local—or central—gov-ernment support. Recent examplesinclude steel, solar panels, electricvehicles, aluminum and robotics.And this time, Chinese companieswon’t have the option of exportingtheir way out of trouble.

Reforms of China’s bankruptcysystem in the past decade havehelped mitigate this problem, butonly partially. The pervasive distor-tions in China’s credit markets bene-fiting politically favored companiesshow little sign of disappearing. Al-lowing even more bankruptcies anda higher cost of capital for statefirms could impinge on other priori-ties—like social or financial stabilityand local government finances—thatBeijing may still be reluctant to sac-rifice upon the altar of efficiency.

Overall, Beijing’s dual-circula-tion strategy is a risky bet for acountry that has thrived on an in-tegrated global trading system.The essence of the gamble is thatChinese markets can replace for-eign ones without a gargantuanloss of efficiency—and that foreigncompanies will continue to ignorehuman-rights abuses and growinguneasiness at home in exchangefor concrete but limited marketopenings. On both counts, thatlooks like a bet that could easilygo wrong. —Nathaniel Taplin

Debt as percentage of gross domestic product,households and nonprofits serving households

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Investors Shouldn’t Bank on a VaccineSome answers are coming soon

on whether the Covid-19 vaccinesin development are safe and effec-tive. Investors shouldn’t be toohopeful for an entirely conclusiveanswer just yet, however.

Pfizer Chief Executive AlbertBourla said last week the companyhas nearly completed enrollmentfor its late-stage Covid vaccinetrial. Once there are 32 confirmedcases in the trial, an independentdata monitoring committee willconduct an interim data analysis,the first of four scheduled duringthe trial.

Those results could be availableas soon as this week. Mr. Bourlasaid once safety data are finalized,it is possible Pfizer will apply foran emergency use authorizationwith the Food and Drug Adminis-tration as early as the third weekof November, which would allowthe company to begin distributingthe vaccine. Moderna is on trackfor an interim review of its datalater this month.

Investors should keep theirhopes in check for that data read-out because the bar for the vac-cine to be declared effective isvery high at first. The drug mustshow a higher rate of efficacy atsmall sample sizes, all else equal,to be statistically significant. As

A vaccine with that lower effi-cacy profile would still be useful inthe public-health effort. After all,the seasonal flu vaccine typicallyreduces visits to a doctor by 40%to 60% in a given year.

Even once Pfizer is ready tosubmit its request for emergencyuse to regulators, the processmight take longer than investorsexpect. No one should be surprisedif the FDA convenes an advisorycommittee to review the data. Af-ter all, the Covid-19 vaccinationdevelopment timeline is farquicker than for a typical vaccine.And potential safety issues in vac-cines typically generate far moreconcern than in other drug classes,because they are intended for a farbroader population. Such a stepwould help the public gain trust inthe vaccine, but will also taketime.

As a result, Pfizer has taken aconservative approach to its vac-cine rollout timeline: While thecompany expects to have 30 mil-lion to 40 million doses manufac-tured by the end of the year, itdoesn’t include any sales in its2020 financial outlook.

Investors betting on a vaccineas a key component of a return tonormal economic activity would dowell to take a similarly conserva-tive approach. —Charley Grant

OVERHEARDDoes racing help the busi-

ness of selling cars? Ferrari’scapacity to churn out impres-sive results despite its worstperformance on the track inyears suggests the link isn’t astrong one.

The Italian auto maker hasemerged from the spring lock-downs with a slight dent tothis year’s numbers but itsprofit engine running smoothly.It said Tuesday that it soldslightly fewer vehicles in thethird quarter, but only due toproduction planning. Orders inOctober were particularlystrong, suggesting Ferrari’snoisy sports cars remain aspopular as ever among the su-perrich.

The company’s performancein the motor-racing season,which started in July after adelay due to the pandemic, isanother matter. Its team cur-rently ranks sixth in the so-called constructor standings for2020 compiled by Formula Oneon the basis of Grand Prix re-sults. It hasn’t finished a yearthat far down the leaderboardfor decades. Ferrari ChairmanJohn Elkann has talked in theItalian press of “car design mis-takes.”

A high stock-market valua-tion suggests investors see lit-tle risk of any impact on theFerrari brand from the racingteam’s woes. So why does thecompany bother with expen-sive motor sports at all?

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• SHOPPING WITH AI

An e-commerce surgeis feeding retailers aflood of data they’reusing to improve theirrecommendations forcustomers R2

• JUST IMAGINE

AWish ListWhat if AI couldhelps us dealwith annoyingco-workers?R8

• DEMENTIA CLUES

AImay be able tohelp reveal earlysigns of cognitivedecline in activitieslike typing, sleepingand speakingR7

Inside

SavingForestsSatellite imagery andAI analysis combineto help those fightingdeforestation, pestsand firesR6

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uted equally. Instead, its predictions can oftenreflect and exaggerate the effects of past dis-crimination and prejudice.In other words, the more AI focuses on get-

ting only the big picture right, the more it isprone to being less accurate when it comes tocertain segments of the population—in particu-lar women and minorities. And the impact ofthis bias can be devastating on swaths of thepopulation—for instance, denying loans tocreditworthy women much more frequentlythan denying loans to creditworthy men.In response, the AI world is making a strong

push to root out this bias. Academic research-ers have devised techniques for identifying

PleaseturntopageR4

AS ARTIFICIAL INTELLIGENCEspreads into more areas of pub-lic and private life, one thing hasbecome abundantly clear: It canbe just as biased as we are.AI systems have been shown

to be less accurate at identify-ing the faces of dark-skinned

women, to give women lower credit-card lim-its than their husbands, and to be more likelyto incorrectly predict that Black defendantswill commit future crimes than whites. Racialand gender bias has been found in job-searchads, software for predicting health risks andsearches for images of CEOs.

How could this be? How could softwaredesigned to take the bias out of decisionmaking, to be as objective as possible, pro-duce these kinds of outcomes? After all, thepurpose of artificial intelligence is to takemillions of pieces of data and from themmake predictions that are as error-free aspossible.But as AI has become more pervasive—

as companies and government agencies useAI to decide who gets loans, who needsmore health care and how to deploy policeofficers, and more—investigators have dis-covered that focusing just on making the fi-nal predictions as error-free as possible canmean that its errors aren’t always distrib-

JOURNAL REPORT

ARTIFICIAL INTELLIGENCE© 2020 Dow Jones & Company. All Rights Reserved. THEWALL STREET JOURNAL. Wednesday, November 4, 2020 | R1

HOW TO MAKE AILESS BIASED

Artificial-intelligence systems can unfairly penalize certain segments of the population.Here are some of the ways researchers and tech companies are addressing that. ByMichael Totty

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Wayfair Inc. has 37,173kinds of coffee mugsfor sale. Factor in dif-ferent colors, sizes ormaterials, and therange of options risesabove 70,000. It’s JimMiller’s job to helpshoppers find the mug

they want—along with a set of espressocups, a waffle iron or other products theydidn’t know they wanted.In the past five years, the company’s

success rate has jumped 50%, measuredby the number of clicks it takes for a cus-tomer to add an item to their carts andhow often they buy those items, amongother variables, according to Mr. Miller, theBoston-based online retailer’s chief tech-nology officer.He credits the gains to advances in

smart software. Rather than asking cus-tomers to browse through the entire cata-log of mugs, he says, algorithms, artificialintelligence and troves of data “are doingthe work behind the scenes.”Since the coronavirus outbreak, online

retailers like Wayfair, Etsy Inc. and Pinter-est Inc. are ratcheting up efforts to lever-age data from a surge in e-commerce toget better at helping customers find whatthey are looking for—even when they don’tknow what that is.To do that, these Web-only stores are

supercharging search-and-recommendationengines by feeding data into sophisticatedalgorithms, building predictive models witha level of accuracy unimaginable just afew years ago.Not all of the capabilities are new—al-

gorithms have been around for decades.But the rapid expansion of computingpower and cloud storage in recent yearshas enabled sellers to gather and crunchdata on a massive scale.Shoppers generate data on retail web-

sites every time they place an item in avirtual cart, hover over product pages, clickon product recommendations and ulti-mately make a purchase. Stores createmore-robust customer profiles by addingtheir shoppers’ ages and genders, wherethey live, the local weather or seasonalevents and holidays—and in some casesdata drawn from all over the internet bythird-party services.Two greatly improved tools that most

online retailers use to turn that data intosales are computer vision and natural-lan-guage processing, says Bob Hetu, a vicepresident and analyst in tech research firmGartner Inc.’s retail industry services unit.The former helps to index products in awebsite’s virtual catalog using visual cues,while the latter aggregates and learnsfrom words that shoppers use when de-scribing products they are looking for. Bothrely on algorithms powered by machinelearning, a subset of artificial intelligence.Where standard algorithms generate

Predictivemodelshave a levelof accuracyunimaginedjust a fewyears ago.

By using AI,retailers areleveragingdata to helpcustomers findwhat they arelooking for—even when thecustomersdon’t knowwhat that is

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JOURNAL REPORT | ARTIFICIAL INTELLIGENCE

results based on instructions forvery specific input, AI algorithms gofurther by using the results theyproduce to then fine-tune the in-structions and “learn” how to handlenew input, repeating the cycle overand over again.Gartner predicts that within the

next five years, the world’s 10 larg-est retailers will be using AI modelsas the backbone of productsearches and recommendations—and as a competitive edge.Companies keep their algorithms

a closely guarded secret. Ama-zon.com Inc.’s AI algorithms scourmillions of listings for items match-ing a buyer’s search query, weighing

more than 100 variables, such aspast purchases, age, gender, and along list of criteria known only tocompany insiders.

Computer visionOnline retailers use computer-visionmodels to automate the process ofassigning keywords, or tags, to iden-tify individual products. The systemsare designed to “see” products andlabel them with a list of attributes,such as chair, teak, Scandinavian,and so on. A decade ago, Mr. Hetusays, online product photos weremanually tagged with a handful ofdescriptive terms.The problem is two people manu-

ally tagging items can look at thesame chair, or garment, or beddingand pick out very different attributes,

these photos, known as Pins, areavailable for purchase.“The more we know about a Pin

and the objects and products inside itand their attributes, we can returnmore relevant results based onsearches,” Mr. King says, adding thatthe site has enlisted fashion industrypros who make sure clothing stylesare being correctly identified.Mr. King says precise visual-search

capabilities enable users to ask “whatmaterial is this made from” or “what isthe color scheme of this dress,” andget answers that also direct them tosimilar items for sale.Pinterest’s visual-search capabili-

ties can also identify incidental ob-jects within a photo, like a vase in thebackground of a restaurant, and makethe items searchable for users whowant to buy them, Mr. King says.

Natural-language processingThe other big AI tool that is revolu-tionizing e-commerce, advanced natu-ral-language processing, helps retail-ers hone search results byinterpreting buyers’ intentions fromthe terms and phrases they use.“There’s a paradox of choice that

really matters,” Mike Fisher, Etsy’schief technology officer, says aboutthe online marketplace’s 80 million-plus items for sale. “You don’t want itto be overwhelming,” he says.Five years ago, Mr. Fisher says,

search was purely based on keywordmatching. This means it was easy tomiss relevant merchandise when cus-tomers typed in a search query.Today, Etsy’s search engines

“learn” from a customer’s past que-ries as well as from other customers’past queries and purchases. Billionsof historical data points are consultedto make links between the termsshoppers have used and the productsthey eventually find.This relieves shoppers of the “bur-

den” of having to formulate “the ‘per-fect’ search query,” Mr. Fisher says.The tool also enables Etsy to map

out synonyms within a hierarchy ofcolors. So if a customer searches fora teal rug, say, the algorithm can findproducts matching the query, butalso options in other hues of blue,which would otherwise be burieddeeper in the catalog.Mr. Fisher says the next step will

be to train algorithms to combineproduct and search data over time todetermine a shopper’s overall taste.That requires associating an array ofelements that aren’t linked in an ob-vious way, like flannel pajamas andmidcentury décor. “The tricky part isgoing across chairs and shirts or jew-elry to detect a similar style,” he says.Taken together, natural-language

processing, computer vi-sion and vast stores ofcustomer data enableonline retailers to betterinterpret a search query,identify a more preciseset of relevant products,and pull out a smallerassortment of personal-ized choices unique toeach shopper—all just afew clicks.Many traditional

stores with a heavy on-line presence are alsolooking to AI to ratchetup search.Walmart Inc. takes

advantage of data fromits physical stores andits website to build outa robust profile of cus-tomers, says Ravi Jari-wala, a companyspokesman.“Because we have a

massive data set be-tween our online andoffline purchases, the

algorithms are incredibly well in-formed,” he says. According to Mr.Jariwala, most Walmart customerscontinue to shop in the physicalstores, but a growing number arepaying online for delivery, or orderingonline for in-store pickup. “This ishow people are shopping now andwe don’t see that changing any timesoon,” Mr. Jariwala says.“So much of our shopping has

drifted online and there’s a lack oftolerance for companies that aren’tgetting it right,” says Jon Duke, a vicepresident for retail insights at techresearch firm International Data Corp.“These tools are proving their

worth during the crisis,” he says.

Mr. Loten is a reporter for The WallStreet Journal in New York. He canbe reached atangus.loten@wsj.com.

Mr. Hetu says, “or just get it wrong.”Computer vision, also known as

object recognition, recognizes dozensof features from a product photoand compares them with similaritems in a store’s database, quicklytagging any overlapping attributes—like a Venn diagram that has furni-ture as the overall subject and black,leather and contemporary as threecircles that intersect at the center.Mr. Miller, a former vice president

of Amazon.com Inc.’s supply-chainoperations, says Wayfair trains itscomputer-vision algorithm with acombination of supplier and cus-tomer photos, and photos generatedby three-dimensional imagery of agiven piece of furniture.The algorithm captures design

features, materials, styles, color, vin-tage and a vast array of other ele-ments. It then takes that informa-tion, along with tags added byprofessional designers, and applies itto similar items in the store’s exten-sive line of products. The richer the

list of keywords tagged to a product,the more likely an algorithm is toproduce relevant search results.The model improves over time by

learning from its successes andfrom its mistakes, such as when amislabeled product is spotted andcorrected. “You’re taking a very largecatalog and parsing it and segregat-ing it into searchable terms, tomatch what you want,” Mr. Millersays. When a customer enters astore with millions of products, theyare going to need as much help asthey can get to find the right aisle,he says.Pinterest Inc., the 10-year-old so-

cial-media platform, has trained itsobject-recognition model on billionsof images saved by users fromaround the Web, says Jeremy King,the site’s senior vice president of en-gineering. Many of the objects in

BY ANGUS LOTEN

In Search of Better OnlineRecommendations

How improved AI tools and data are helping shoppers home in onwhat theywant.

Smarter Search

Source: WSJ Reporting, Kevin Hand/THE WALL STREET JOURNAL

Natural-languageprocessing interpretsa querywith greaterprecision. Forinstance, it canassociatewarm sockswithmaterials likewool even though"wool" isn't akeyword.

A shopper comesto a retailerwebsite to searchfor a product andtypes in "warmsocks."

Computer vision hastagged products inretailer's catalogwithmany attributes (farmore than humantaggers could add fiveyears ago).

Personalizationnarrows the query toreflect shopper'spreferences, based onpast shopping habitsand personal data(male, middle-aged,lives in Brooklyn, etc.)

A bettersearch result.

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THEWALL STREET JOURNAL. Wednesday, November 4, 2020 | R3

CreatingtheConnectedEnterprise

Special Advertising Feature

New technology is empowering businesses to breakdown silos and drive a better employee experience

In August 2019, a knife-wieldingassailant tore through Sydney,Australia’s city center, killing oneperson and injuring another. While

a group of bystanders was eventuallyable to subdue and restrain him untillaw enforcement arrived, police wereleft with the difficult task of combingthrough more than 14,000 video clipscaptured by phones and CCTV camerasto piece together a full accountof the attack and confirm the identity ofthe attacker.

Gordon Dunsford, chief informationand technology officerof the New South WalesPolice Force, says inthe past processingthat volume of datawould have requireda team of at least 60officers and a timeline ofone year to complete.By uploading the foot-age to a cloud-basedmachine-learning plat-form, authorities wereable to use facialrecognition software to

confirm the man’s identity in a single day.

“It’s not just about how to do thingsmore intelligently,” Dunsford notes, “butalso about how to do them at speed.”

This AI-driven police work is justone example of a broader trend.Organizations around the world areusing digital workflows, big data andAI to accelerate routine processes.Dave Wright, chief innovationofficer at ServiceNow, calls this “theconnected enterprise.”

“Think about using a rideshare app,”Wright says. “You can see the route thecar is taking, where it is on the routeand when it’s going to get to you. Nowimagine if you could take that experienceand overlay it to any business process,whether it’s a customer care issue or fixinga piece of industrial IoT equipment. If you

can actually understand where you are inthe process, you’re given an all-aroundbetter experience.”

Breaking down silosThe connected enterprise offers

a road map away from the siloedworkflows that define most businesseswhile giving employees the freedom tospend less time on mundane tasks —and more time on truly meaningful work.

Typically, business functions havetheir own silos, each with its own set ofsystems, applications and methods ofcommunication. The finance departmentmight use one system of record whilethe HR team relies on another. In reality,work is rarely limited to a single silo.Inefficiencies inevitably arise when onearmof the company needs to collaborateor communicate with another.

“Once you get visibility into what’shappening, you can start to makestrategic decisions about what youwant to do for your business,” Wrightsays. “Take a process like onboarding: Ifyou can dramatically reduce the time ittakes to get someone into a company,and then dramatically reduce theamount of time it takes them to becomeproductive, that’s a hard cost benefit foryour business.”

A frictionless experienceWork tends to happen across multiple

channels, some formal (like email andconference calls), some not (like aspontaneous conversation with co-workers). Without a single governingplatform, simple tasks can becomefrustratingly convoluted, with employeeexperience taking a hit.

“When you don’t have a clear andaccurate understanding of how yourpeople use technology in their jobs,their overall experience at work cansuffer,” says Mike Pino, partner for PwC’sWorkforce of the Future practice. A 2018

PwC study found half of workers preferdigital interactions for common HR tasks,like maintaining schedules and updatingbenefits. “A subpar employee experiencecan have a ripple effect across theorganization, shaping the customerexperience,” Pino adds.

Magellan Health found a creativesolution in VERN, a “virtual employee”powered by ServiceNow. Short for VirtualEmployee Resource Network, VERNallowsMagellan employees to resolveHRquestions quickly using self-service toolsand automated case management.Of the 700 searches that VERN fieldsdaily, 75% can be answered immediatelyusing existing content. Of the remainingcases, the majority are resolved withinthree hours.

“We need to attract people whoembrace the company’s vision andvalues,” says Pat Tourigny, senior vicepresident of HR shared services atMagellan Health. “By creating the bestpossible professional experience, wecan build our reputation as an employerof choice.”

Connecting the workplaceFrom Wright’s point of view, the value

of tools like service portals and virtualagents has already been proven incountless IT departments, which haverelied on similar technologies for years.Today, other business units are waking upto the idea that these solutions can driveefficiency across the enterprise, openingup a better way to work — one that putstechnology in service of people, ratherthan the other way around.

“We have a new generation cominginto the workplace that doesn’t acceptthe status quo. They want to usesomething that can give them a greatexperience,” Wright says. “Giving peoplethe freedom to do what they want,where they want and how they want hasa much greater benefit to a companythan just creating happier employees.”

75%of HR questionscan be answeredimmediately usingautomated andself-service tools

TheWall Street Journal news organization was not involved in the creation of this content.Wall Street Journal Custom Content is a unit ofTheWall Street Journal advertising department.

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R4 | Wednesday, November 4, 2020 THEWALL STREET JOURNAL. THEWALL STREET JOURNAL. Wednesday, November 4, 2020 | R5

Quiz

FromFrankensteinTo HAL to ‘TheTerminator’: TestYour Smarts onAI in Pop Culture

BY DANIEL AKST

Artificial intelligence has been a fea-ture of popular culture since long be-fore the term was coined in 1955.It makes an appearance in “The Il-

iad” of ancient Greece, where we meetthe robotic helpers of the god He-phaestus, as well as in the MiddleAges, when the legend of the golemas a powerful creature brought to lifeby a rabbi emerged in Jewish lore.More generally, AI has been a stapleof science fiction for something like200 years.The appeal of thinking machines,

particularly those that seem human, isunderstandable. If we could create anintelligent being, it might relieve ourloneliness, protect us from our ene-mies, cure our illnesses, comfort ourgriefs. Then again, it might just aseasily turn on us, destroy us, and takeover the world. Books, movies andother cultural representations of AIare shot through with this tension:Will the being we create be our savioror our crucifier?Test your knowledge of AI in cul-

ture by answering these questions.

1. Thanks to the sentient creature atits center, Mary Shelley’s “Fran-kenstein” (1818) is a landmark of AIliterature. But the actual title was,“Frankenstein, or…” Or what?A. the Modern PrometheusB. the Man Who Would Be GodC. How Toys Become RealD. Optimism

2. “Erewhon” (1872), a satirical sci-ence-fiction novel by SamuelButler, is one of the earliest to dealwith smart machines that can (ratherominously) make more of themselves.Which of these is believed to have in-fluenced Butler’s thinking about thissubject?A. Sigmund FreudB. Jean-Jacques RousseauC. Gottlob FregeD. Charles Darwin

3. In Fritz Lang’s silent film “Me-tropolis” (1927), the likeness of an

activist on behalf of workers is trans-ferred onto a robot in the service of anevil dictator. Name that activist/robot.A. ArtemesiaB. JoanC. MariaD. Zenobia

4. HAL is the famously malevolentcomputer in the film “2001: aSpace Odyssey” (1968). What doesthe acronym HAL stand for?A. Heuristically ProgrammedALgorithmic Computer

B. Higher Ability LanguageSynthesizer

C. HyperintelligentArtificial Logician

D. Helping All Legacy Beings

5.Which director, persistently inter-ested in artificial intelligence,made “Prometheus,” “Blade Runner”and “Alien”?A. Tony ScottB. Ridley ScottC. A.O. ScottD. Byron Scott

6.William Gibson’s landmark AInovel “Neuromancer” (1984) is

the first book of a trilogy—calledwhat?A. The Foundation TrilogyB. The Dune TrilogyC. The Sprawl TrilogyD. The AI Trilogy

7. Scarlett Johansson played Sa-mantha, the disembodied virtualassistant who becomes the object of ahuman’s affections—in which movie?A. “She”B. “Her”C. “Adaptation”D. “Lost in Translation”

Continued opposite page *

8. In the first “Terminator” film, acyborg played by ArnoldSchwarzenegger has been sentback in time—to accomplish what?A. Head off social mediaB. Kill the future mother ofa resistance leader

C. Prevent the developmentof lethal anticyborgtechnology

D. Save humankind from anuclear holocaust

9. In which of these movies doesa Turing test figure promi-nently?A. “Transcendence”B. “An Education”C. “Ex Machina”D. “The History Boys”

10.Which author, in whichwork, invented the term“robot”? Hint: the story involves(what else?) robots who come todominate the human race.A. Daniel Defoe in the satire“Atalantis Major”

B. Karel Čapek in his play“R.U.R.”

C. E.M. Forster in thestory “The Machine Stops”

D. Jules Verne in his novel “Journey to the Centerof the Earth”

Continued from opposite page

Answers1. A. The subtitle has caused somedebate among readers. Shelley’s bookis often read as a critique of scientifichubris—a reading that seems to someat variance with the idea of the scien-tist (the eponymous Frankenstein) asPrometheus. Both the scientist andhis creation have their say in1 thenovel.

2. D. “Erewhon” deals with a peoplewho, fearing a technological revolt,have banned most machines. The au-thor explores how evolution can applyto technology in a playful section ofthe novel called The Book of the Ma-chines. Butler eventually came to re-pudiate Darwin’s ideas.

3. C. The false Maria of “Metropolis,”instead of rallying the workers, in-spires them to chaos until they burnher at the stake. Restored to some-thing like its original glory thanks to a16mm print discovered in Buenos Ai-res, the movie, in the words of filmcritic Roger Ebert, “fixed for countlesslater films the image of a futuristiccity as a hell of material progress andhuman despair.”

4. A. “2001” was directed by StanleyKubrick, who co-wrote the script withArthur C. Clarke based on some of thelatter’s short stories.

5. B. The British director Ridley Scott(whose late brother Tony was a filmdirector too) is also known for thefeminist classic “Thelma and Louise.”

6. C. “Neuromancer” was Gibson’s de-but novel as well as the first book ofthe Sprawl Trilogy. The others were“Count Zero” and “Mona Lisa Over-drive.”

7. B. In the 2013 movie, directed bySpike Jonze, lonely Theodore Twom-bly (played by Joaquin Phoenix) fallsin love with Samantha, an AI assis-tant played by Johansson, in a futureLos Angeles.

8. B. Made on the cheap, this AI clas-sic has since been included in the Na-tional Film Registry, a list of moviesconsidered “culturally, historically oraesthetically significant” and desig-nated for preservation by the Libraryof Congress.

9. C. Named for mathematician AlanTuring, the test requires a computerto act so convincingly human—in livechat, for example—that a person can’ttell if it’s human or AI.

10. B. We get the word “robot” fromthe 1920 hit “R.U.R.” by Čapek, whoderived it from rabota, an Old ChurchSlavonic term for forced labor. It isrooted in the historic Central Europeansystem of serfdom. In the play, the ro-bots do all the work and eventuallyrise up to kill nearly all the humans.

Mr. Akst is a writer living in NewYork’s Hudson River Valley. He canbe reached at reports@wsj.com.

when AI makes unfair judgments, and thedesigners of AI systems are trying to im-prove their models to deliver more-equitableresults. Large tech companies have intro-duced tools to identify and remove bias aspart of their AI offerings.As the tech industry tries to make AI

fairer, though, it faces some significant ob-stacles. For one, there is little agreementabout what “fairness” exactly looks like. Dowe want an algorithm that makes loanswithout regard to race or gender? Or onethat approves loans equally for men andwomen, or whites and blacks? Or one thattakes some different approach to fairness?What’s more, making AI fairer can some-

times make it less accurate. Skeptics mightargue that this means the predictions, how-ever biased, are the correct ones. But in fact,the algorithm is already making wrong deci-sions about disadvantaged groups. Reducingthose errors—and the unfair bias—can meanaccepting a certain loss of overall statisticalaccuracy. So the argument ends up being aquestion of balance.In AI as in the rest of life, less-biased re-

sults for one group might look less fair foranother.“Algorithmic fairness just raises a lot of

these really fundamental thorny justice andfairness questions that as a society we ha-ven’t really quite figured out how to thinkabout,” says Alice Xiang, head of fairness,transparency and accountability research atthe Partnership on AI, a nonprofit that re-searches and advances responsible uses of AI.Here’s a closer look at the work being done

to reduce bias in AI—and why it’s so hard.

IDENTIFYING BIAS

Before bias can be rooted out of AI algo-rithms, it first has to be found. InternationalBusiness Machines Corp.’s AI Fairness 360and the What-if tool from Alphabet Inc.’sGoogle are some of the many open-sourcepackages that companies, researchers andthe public can use to audit their models forbiased results.One of the newest offerings is the

LinkedIn Fairness Toolkit, or LiFT, introducedin August by Microsoft Corp.’s professionalsocial-network unit. The software tests forbiases in the data used to train the AI, themodel and its performance once deployed.

FIXING THE DATA

Once bias is identified, the next step is remov-ing or reducing it. And the place to start is thedata used to develop and train the AI model.There are several ways that problems

with data can introduce bias. Certain groupscan be underrepresented, so that predictionsfor that group are less accurate. For instance,in order for a facial-recognition system toidentify a “face,” it needs to be trained on alot of photos to learn what to look for. If thetraining data contains mostly faces of whitemen and few Blacks, a Black woman re-en-tering the country might not get an accuratematch in the passport database, or a Blackman could be inaccurately matched withphotos in a criminal database. A system de-signed to distinguish the faces of pedestri-ans for an autonomous vehicle might noteven “see” a dark-skinned face at all.Gender Shades, a 2018 study of three

commercial facial-recognition systems, foundthey were much more likely to fail to recog-nize the faces of darker-skinned women thanlighter-skinned men. IBM’s Watson VisualRecognition performed the worst, with anearly 35% error rate for dark-skinnedwomen, compared with less than 1% forlight-skinned males. One reason was that da-tabases used to test the accuracy of facial-recognition systems were unrepresentative;

ContinuedfrompageR1

one common benchmark contained morethan 77% male faces and nearly 84% whiteones, according to the study, conducted byJoy Buolamwini, a researcher at the MITMedia Lab, and Timnit Gebru, currently asenior research scientist at Google.Most researchers agree that the best

way to tackle this problem is with biggerand more representative training sets. Ap-ple Inc., for instance, was able to develop amore accurate facial-recognition system forits Face ID, used to unlock iPhones, in partby training it on a data set of more thantwo billion faces, a spokeswoman says.Shortly after the Gender Shades paper,

IBM released an updated version of its vi-sual-recognition system using broader datasets for training and an improved ability torecognize images. The updated system re-duced error rates by 50%, although it wasstill far less accurate for darker-skinned fe-males than for light-skinned males.Since then, several large tech companies

have decided facial recognition carries toomany risks to support—no matter how lowthe error rate. IBM in June said it no longerintends to offer general-purpose facial-rec-ognition software. The company was con-cerned about the technology’s use by gov-ernments and police for mass surveillanceand racial profiling.“Even if there was less bias, [the tech-

nology] has ramifications, it has an impacton somebody’s life,” says Ruchir Puri, chiefscientist of IBM Research. “For us, that is

more important than saying the technol-ogy is 95% accurate.”

REWORKINGALGORITHMS

When the training data isn’t accessible orcan’t be changed, other techniques can beused to change machine-learning algo-rithms so that results are fairer.One way that bias enters into AI mod-

els is that in their quest for accuracy, themodels can base their results on factorsthat can effectively serve as proxies forrace or gender even if they aren’t explic-itly labeled in the training data.It’s well known, for instance, that in

credit scoring, ZIP Codes can serve as aproxy for race. AI, which uses millions ofcorrelations in making its predictions, canoften base decisions on all sorts of hiddenrelationships in the data. If those correla-tions lead to even a 0.1% improvement inpredictive accuracy, it will then use an in-ferred race in its risk predictions, andwon’t be “race blind.”Because past discriminatory lending

practices often unfairly denied loans tocreditworthy minority and women borrow-ers, some lenders are turning to AI to helpthem to expand loans to those groupswithout significantly increasing defaultrisk. But first the effects of the past biashave to be stripped from the algorithms.IBM’s Watson OpenScale, a tool for

managing AI systems, uses a variety oftechniques for lenders and others to cor-rect their models so they don’t produce

biased results.One of the early users of OpenScale was

a lender that wanted to make sure that itscredit-risk model didn’t unfairly deny loansto women. The model was trained on 50years of historical lending data which, re-flecting historical biases, meant that womenwere more likely than men to be consideredcredit risks even though they weren’t.Using a technique called counterfactual

modeling, the bank could flip the gender asso-ciated with possibly biased variables from “fe-male” to “male” and leave all the others un-changed. If that changed the prediction from“risk” to “no risk,” the bank could adjust theimportance of the variables or simply ignorethem to make an unbiased loan decision. Inother words, the bank could change how themodel viewed that biased data, much likeglasses can correct nearsightedness.“You’re debiasing the model by changing

its perspective on the data,” says Seth Do-brin, vice president of data and AI and chiefdata officer of IBM Cloud and CognitiveSoftware. “We’re not fixing the underlyingdata. We’re tuning the model.”Zest AI, a Los Angeles-based company

that provides AI software for lenders, uses atechnique called adversarial debiasing tomitigate biases from its credit models. It pitsa model trained on historical loan dataagainst an algorithm trained to look for bias,forcing the original model to reduce or ad-just the factors that lead to biased results.The result is a lending model that has

two goals—to make its best prediction ofcredit risk but with the restriction that theoutcome is fairer across racial groups. “It’smoving from a single objective to a dual ob-jective,” says Sean Kamkar, Zest’s head ofdata science.

Some accuracy is sacrificed in the pro-cess. In one test, an auto lender saw a 4%increase in loan approvals for Black borrow-ers, while the model showed a 0.2% declinein accuracy, in terms of likeliness to repay.“It’s staggering how cheap that trade-off is,”Mr. Kamkar says.Over time, AI experts say, the models will

become more accurate without the adjust-ments, as data from new successful loans towomen and minorities get incorporated infuture algorithms.

ADJUSTING RESULTS

When the data or the model can’t befixed, there are ways to make predictionsless biased.LinkedIn’s Recruiter tool is used by hiring

managers to identify potential job candi-dates by scouring through millions ofLinkedIn profiles. Results of a search arescored and ranked based on the sought-forqualifications of experience, location andother factors.But the rankings can reflect longstanding

racial and gender discrimination. Women areunderrepresented in science, technical andengineering jobs, and as a result might showup far down in the rankings of a traditionalcandidate search.In 2018, LinkedIn revised the Recruiter

tool to ensure that search results on eachpage reflect the gender mix of the entirepool of qualified candidates, and don’t penal-ize women for low representation in thefield. For example, LinkedIn posted a recentjob search for a senior AI software engineerthat turned up more than 500 candidates

across the U.S. Because 15% of them werewomen, four women appeared in the firstpage of 25 results.“Seeing women appear in the first few

pages can be crucial to hiring female talent,”says Megan Crane, the LinkedIn technical re-cruiter performing the search. “If they were afew pages back without this AI to bring themto the top, you might not see them or mightnot see as many of them.”Other tools give users the ability to ar-

range the output of AI models to suit theirown needs.Pinterest Inc.’s search engine is widely used

for people hunting for style and beauty ideas,but until recently users complained that it wasfrequently difficult to find beauty ideas forspecific skin colors. A search for “eye shadow”might require adding other keywords, such as“dark skin,” to see images that didn’t depictonly whites. “People shouldn’t have to workextra hard by adding additional search terms

to feel represented,” says Nadia Fawaz, Pinter-est’s technical lead for inclusive AI.Improving the search results required label-

ing a more diverse set of image data andtraining the model to distinguish skin tones inthe images. The software engineers thenadded a search feature that lets users refinetheir results by skin tones ranging from lightbeige to dark brown.After an improved version was released

this summer, Pinterest says, the model isthree times as likely to correctly identify mul-tiple skin tones in search results.

STRUGGLING WITHPERVASIVE ISSUES

Despite the progress, some problems of AIbias resist technological fixes.For instance, just as groups can be under-

represented in training data, they can also beoverrepresented. This, critics say, is a problemwith many criminal-justice AI systems such as“predictive policing” programs used to antici-pate where criminal activity might occur andprevent crime by deploying police resources topatrol those areas.Blacks are frequently overrepresented in

the arrest data used in these programs, thecritics say, because of discriminatory polic-ing practices.“If your data contains that sort of human

bias already, we shouldn’t expect an algo-rithm to somehow magically eradicate thatbias in the models that it builds,” says Mi-chael Kearns, a professor of computer andinformation science at the University ofPennsylvania and the co-author of “TheEthical Algorithm.”Then there’s the lack of agreement about

what is fair and unbiased. To many, fairnessmeans ignoring race or gender and treating ev-eryone the same. Others argue that extra pro-tections—such as affirmative action in univer-sity admissions—are needed to overcomecenturies of systemic racism and sexism.In the AI world, scientists have identified

many different ways to define and measurefairness, and AI can’t be made fair on all ofthem. For example, a “group unaware” modelwould satisfy those who believe it should beblind to race or gender, while an equal-oppor-tunity model might require taking those char-acteristics into account to produce a fair out-come. Some proposed changes could belegally questionable.Meanwhile, some people question how

much we should be relying on AI to makecritical decisions in the first place. In fact,many of the fixes require having a human inthe loop to ultimately make a decision aboutwhat’s fair. Pinterest, for instance, relied on adiverse group of designers to evaluate theperformance of its skin-tone search tool.Many technologists remain optimistic that

AI could be less biased than its makers. Theysay that AI, if done correctly, can replace theracist judge or sexist hiring manager, treat ev-eryone equitably and make decisions thatdon’t unfairly discriminate.“Even when AI is impacting our civil liber-

ties, the fact is that it’s actually better thanpeople,” says Ayanna Howard, a roboticist andchair of the School of Interactive Computing atthe Georgia Institute of Technology.AI “can even get better and better and

better and be less biased,” she says. “But wealso have to make sure that we have ourfreedom to also question its output if we dothink it’s wrong.”

Mr. Totty is a writer in San Francisco. He canbe reached at reports@wsj.com.KE

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JOURNAL REPORT | ARTIFICIAL INTELLIGENCE

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R6 | Wednesday, November 4, 2020 THEWALL STREET JOURNAL.

If a person starts abusing a robot, will other peo-ple intervene if the robot’s friends show sadness?That was the objective of a new study by re-

searchers at the Interactive Machines Group atYale University.As robots become increasingly present in public and

work spaces, in roles such as security guards and baris-tas, harm from humans is surprisingly common. Robotresearchers say photos of people punching, kicking,even beheading these machines are popular online.HitchBOT, a robot attempting a cross-country

trek from New York to California in 2015, never gotbeyond Philadelphia, where it was dismembered byan unknown assailant. (Offers to repair the droidpoured in, proving that all is not lost for humanity.)A few years later, a robot in San Francisco that hadbeen programmed to prevent homeless encamp-ments was attacked, perhaps unsurprisingly, by

homeless people themselves.“It could be that some people are

threatened by technology, but theirbehavior is also driven by curiosity,”says Marynel Vázquez, assistantprofessor of computer science atYale and co-author of the study.“They want to see what will hap-pen.” She adds: “The more we un-derstand human/robot interaction,the more we will be able to designthese machines so they can workbetter for people.”The Yale research team set up

its experiment to see if humanswould show more empathy if by-stander robots expressed sadnessover the mistreatment of their fel-low robot, Cozmo. The diminutive,commercial android is mobile, ver-bal and conveys unhappiness with adowncast and droopy facial expres-sion worthy of Pixar.In the experiment, two humans

(one of whom was secretly in-

structed ahead of time how to be-have) and three robots work on aproject together. Cozmo starts mak-ing mistakes, such as pointing to thewrong piece at the wrong time. Thehuman following instructions thenmistreats Cozmo by insulting, push-ing and shaking the machine.Nine out of 15 people strongly in-

tervened in response to the abusewhen the bystander robots ex-pressed sadness. Only three out of15 intervened when the other robotsdidn’t react. Of those that inter-vened, most admonished the at-tacker verbally, while one participantwent even further, taking the robotoff the table.The research team also noted

conditions in which humans’ patiencewas tried more sorely. In a pilot test,Cozmo made a severe mistake anddestroyed an artifact the team hadbuilt. After seeing the robot getabused, the other human mildly mis-

Expressionsof sadnessby fellowrobotsswayedpeople’sreactions.

A study looks at the conditionsunder which people will abuse robots,and when others will intervene

BY BONNIE MILLER RUBIN

The Way We Treat Robots Says a Lot About Ourselves

treated the robot. “Such a reactionshowed us there’s a threshold” regard-ing people’s willingness to defend ornot to defend the poorly performingrobot, Prof. Vázquez says.

Ms. Rubin is a writer in Chicago. Shecan be reached at reports@wsj.com. FR

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AI helps preparefor, suppress andrecover from fires.

Abeetle no larger than a grain of rice is ravag-ing European forests, infesting and killing treesfaster than they can be culled to slow the in-sects’ spread. It turns out the best way to spotthe pests, and stop them, may be from space.For years, Swedish forestry cooperative

Södra has deployed hundreds of foresters towalk the widely spaced spruce on properties ithelps manage, monitoring the trees’ bark fordrilling holes that are a telltale sign of infesta-

tion. But it can take days to assess a single 100-acre estate byfoot, and Södra oversees more than five million acres. Last year,the beetles damaged five million cubic meters of lumber, about aquarter of the season’s potential yield, says Johan Thor, an ap-plied physicist and head of data science at the cooperative.So in early 2019, Södra began working with the Dutch tech-

nology company Overstory to find the beetles from above—wayabove. By matching high-resolution satellite imagery with geo-graphic readings of sick trees as recorded by the company’s har-vesters, and integrating other satellite-derived data such asland-surface temperature, they were able to train a model toquickly and accurately locate infested areas. The complexity ofthe data—with a profusion of tree species and canopy heights—was “a sweet spot for machine learning,” says Overstory’s chiefexecutive officer, Indra den Bakker.Mr. den Bakker estimates use of the technology could improve

JOURNAL REPORT | ARTIFICIAL INTELLIGENCE

Södra’s efficiency at locating diseasedtrees by as much as 20%, helping saveits members hundreds of thousands ofcubic meters of lumber annually.It is just one example of how high-

resolution satellite imagery and artifi-cial-intelligence-driven analysis arechanging how we understand and in-teract with forests. Scientists saythese technologies on their own won’tbe decisive in preserving biodiversehabitats or forestalling climatechange—but they make possible areal-time awareness of the world’sforests that past conservationistscould have only dreamed of.

Fire preventionAs California endures the most de-structive fire season in its modernhistory, state and federal agencies areadopting similar technologies to as-sist in preparing for, suppressing andrecovering from wildfires.Forest managers say the only way for-ward is to accelerate the pace at whichareas of the state are “treated”—includ-ing through controlled burns and bythinning, mulching or removing under-brush with heavy equipment. In early

August, the federal government andthe state announced their shared com-mitment to treat at least one millionacres annually.It is arduous for crews to identifywhere the forest is dense and needsto be cleared, however, and agencieshave typically developed individualtreatment projects of smaller than5,000 acres, says Eli Ilano, forest su-pervisor for the Tahoe National Forest.The advent of Earth-observation datahas changed that by an order of mag-nitude. In 2018, the U.S. Forest Serviceand other partners initiated a projectcovering 275,000 acres of the NorthYuba watershed, relying largely on re-motely sensed data and machinelearning to create the treatmentplan—without relying on staff on theground. “Compare that to years andyears of crews and crews of peopleout trying to characterize the land-scape,” says Mr. Ilano. “It’s much faster,it’s much safer, it’s much cheaper.”

Fighting deforestationWhereas foresters in California areworking to prevent future blazes, con-servationists seeking to guard the

world’s tropical forests are tryingto hold businesses accountablefor fires in the immediate past.Much of deforestation in

these areas is driven by globalagribusinesses that source com-modities like palm oil, soy andcacao from hundreds of thou-sands of farms, some of whichraze protected forests to convertthem into cropland. Conserva-tionists have long employed sat-ellite imagery to flag incidentsof deforestation and name andshame the agribusinesses thatprofit from the destruction.Global Forest Watch, set up

by the nonprofit World Re-sources Institute in 2014, issuestens of thousands of deforesta-tion alerts every week.As the number and type of sat-

ellites have increased, Global For-est Watch’s gaze has sharpened.“What you do with that

flood of information?” asksCrystal Davis, the director ofGlobal Forest Watch. “How doyou figure out which ones mat-ter most and which ones we

should prioritize acting on first,given limited capacities?”Some big businesses are hiring pri-

vate companies to help them siftthrough the data. False positives area problem because without confi-dence in the alerts, “you end up nothaving either the right conversationwith the right supplier, or the mostmeaningful conversation that youcould be having,” says Giulia Stellari,director of global sustainable sourcingat consumer-goods giant Unilever.In March, Unilever hired Des-

cartes Labs to whittle down thedeforestation alerts it receives, witha focus on palm-oil production in In-donesia and Malaysia. Descartesused machine-learning techniquesto better distinguish between thevegetation of forests that need tobe protected and palm plantationswhere fires and replanting are anatural part of the agricultural pro-cess, says Cooper Elsworth, an ap-plied scientist at the Santa Fe, N.M.-based firm. That, he says, allowedUnilever to narrow down 40,000alerts in the first half of 2020 tojust a few hundred of particular sa-lience and importance.

New markets?Perhaps the most ambitious hopeinspired by these advancing technol-ogies is that they will allow newmarkets to emerge that price all ofthe natural benefits of the world’sforests—such as sequestering car-bon from the Earth’s atmosphereand supporting wildlife—and harnessresources to protect them.In Pennsylvania, an experiment is

under way to test that proposition.Max Lowrie, who helps his dad

and brothers manage a tree farm on145 acres, says he heard about anew kind of carbon offset last yearat a meeting of the Woodland Own-ers of Clarion-Allegheny Valley. In re-turn for forgoing a timber harvestthis year, landowners would be paidfor the carbon their forests absorb—but unlike typical offset contractsthat are only open to those withhuge holdings, landowners with asfew as 30 acres could participate,and they would be paid annually andallowed to revise their contract eachyear. Combined, the participants en-rolled 66,000 acres, and were ex-pected to sequester 100,000 metrictons of carbon-dioxide equivalent.“It makes sense: We’re doing

something good for the Earth, weshould be rewarded for our work,”says the 53-year-old Mr. Lowrie, whoreceived $3,649 in mid-October.The project hinged on a map of

the Pennsylvania forests of unprec-edented detail from SilviaTerra, aforestry-data company. Using artifi-cial intelligence to process an enor-mous amount of satellite imageryof various types and time periods,the company can estimate the sizeand the species of the trees basedon factors like when their leaves be-gin changing color in the fall.Zack Parisa, SilviaTerra’s CEO,

says landowners are typically paidfor the only dimension of their hold-ings that can be weighed and val-ued—timber—even if the same acre-age creates harder-to-measurebenefits like recharging aquifers,supporting wildlife and storing car-bon. He believes satellite data andartificial intelligence are changingthat. “Our core thesis is that ‘mea-surements make markets,’ ” he says.

Mr. Alcorn is a writer in New York.Email him at reports@wsj.com.

AI Sees the Forest and the Trees

BY TED ALCORN

Satellite-imagery analysis can help fightpests, wildfires and deforestation

Source: Södra, Overstory, Planet Labs Inc. (satellite imagery), Kevin Hand/WALL STREET JOURNAL

1 2 3 4The pests:TheEuropean spruce bark

beetle is tiny, but itsimpact on forests ismassive: The insectdamages or destroys asmuch as a quarter of thelumber on the fivemillionacres that Södramanages.

Satellite patterns: Inthe past, Södra's

forestersmonitored thetrees on foot, a time-con-suming process. Nowsatellites offer a flow ofcontemporaneous imagesof the forests. Above,healthy trees (red) andinfested trees (blue).

Data analysis:Usinggeolocation readings

frommechanical harvest-ers and other data,Overstorywas able to trainamodel to identifyinfested trees fromsatellite imagery. Above,areas themodel predictsare infested, overlaid withthe location of trees knownto be sick.

Improved detection:The data allows

Södra’s foresters tomovemore quickly to infestedareas. In preliminary trialsthe company estimates itcould increase theirefficiency by up to 20%,helping preservehundreds of thousands ofmetric tons of lumbereach year.

AI in the Sky for Protecting ForestsImproved satellite-imagery analysis is giving conservationists and companies newways tomonitor forests in near realtime. In Sweden, forestry cooperative Södra is applying this technology to pinpoint infestations of bark beetles.

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Artificial intelligence is poisedto add some juice to electric vehi-cles—by speeding up improve-ments in battery technology.Researchers are moving closer

to delivering batteries that aresafer, recharge faster and aremore sustainable than the genera-tion of lithium ion batteries now inuse. Within five years, experts say,electric vehicles, or EVs, will reachprice parity with traditional com-bustion-engine cars, thanks in partto the role AI is playing.The battery makes up 25% of

an EV’s total cost, and half of thatbattery cost is materials. Using AI,battery researchers can speed upthe exploration and testing of avast universe of new material for-mulations that could make up abattery. The result is that ad-vances in research and develop-ment are happening at a pace pre-viously unheard of. Discoveriesthat once would have taken yearsto achieve now are possible, in

some cases, in a matter of weeks.“Historically we have operated

on human intuition and experi-ence, making small changes inthings that have worked in thepast,” says George Crabtree, direc-tor of the Joint Center for EnergyStorage Research, established bythe U.S. Department of Energy atthe University of Chicago Argonnelab to accelerate battery research.“Machine learning speeds up thismaterials discovery process by or-ders of magnitude.”In particular, AI allows research-

ers to identify the sweet spot be-tween faster charging times and abattery’s expected life.“The robust charging perfor-

mance of our EVs that simultane-ously extends the life of our bat-teries would not be achievablewithout AI,” says Danielle Cory,General Motors engineering groupmanager—next generation controls.Lithium ion batteries have three

basic components, but each iscomposed of multiple materials.This creates an almost limitlessuniverse of possible replacementmaterials when scientists want totinker to improve price, safety orperformance. Before AI, a searchfor new materials was done withtraditional statistical analysis,which was limited by computing

capability and a researcher’s abilityto glean information from the data.AI, or machine learning, changes

all of that. Fast computers trainedto recognize specific patterns aresifting through vast amounts ofdata stored in the cloud, tappinginto materials databases, experi-ment results and years of scientificliterature, in a high-powered searchto identify which battery chemis-tries are likely to outperform andwhich are likely to fail.At its research lab in Almaden,

Calif., International Business Ma-chines Corp. has scientists using AIto accelerate development of a lith-ium ion battery that is fast-chargingand free of heavy metals. IBM saysit has discovered a way to use aniodine-based material that can besourced from brines found in salt-water, potentially making this bat-tery much cheaper to produce thantoday’s lithium ion formulations.One recent set of possible mate-

rials for use in the electrolyte—asubstance inside a battery that as-sists with the generation of theelectrical current—had about 20,000potential compounds. Using tradi-tional computational methods toscreen those candidates could havetaken five years. Machine learningevaluated them in nine days.

Ms. Oliver is a writer in New YorkCity. She can be reached atreports@wsj.com.

BY SUZANNE OLIVER

Electric-Car Batteries Get a BoostFrom Artificial Intelligence

Researchers can use AIto speed up developmentof batteries that aresafer and recharge faster

BY SHIRLEY S. WANG

paired individuals. The factors mostclosely associated with early dementiaincluded slower typing speed, a widervariance in wake-up times on consec-utive days, and the number of mes-sages sent and received on phonesand tablets, a sign of social engage-ment, according to Luca Foschini, co-founder and chief data scientist atSan Mateo, Calif.-based Evidation.Research has shown that speech

patterns—such as slower speech,more pauses and shorter phrases—also may have promise in identifyingpatients with mild cognitive impair-ment. In a recent study published inCurrent Alzheimer Research, nearly8,900 individuals were asked to readaloud short sentences, and machinealgorithms were able to distinguishbetween healthy individuals andthose with increasing degrees of cog-nitive impairment by processing theacoustics of speech.

Sharing the resultsMuch of this research is in the earlystages, so many questions remainunanswered. For example, is speechanalysis a better indicator of early-stage dementia than visual-informa-tion processing? Is more data alwaysbetter or is there an optimal combi-nation of information? Should humanexperts guide the formulas and tellthe machines which factors to focuson, or allow AI to search the dataand develop its own patterns?Then there is the so-called black-

box problem: Because the algorithmsthemselves are rarely shared, it isn’tclear how a decision is being made.This is particularly important in thehealth field, where for clinicians the“how” is important to trusting the in-formation, says Seyed-Mahdi Khaligh-Razavi, co-founder and chief scientificofficer of Cognetivity Neurosci-ences, a Canadian-based companythat has developed an AI-based toolthat analyzes the speed at which in-dividuals process visual informationto detect early signs of dementia.What’s more, machines learn based

on the data they’re fed, so if that datais biased—say, it comes only frompeople of only one ethnicity—it couldlead to incorrect conclusions, says Dr.Khaligh-Razavi, a neuroscientist.Another huge debate in the field

centers on whether individuals shouldbe able to get the result of such anal-yses on their own, or whether the in-formation could be given to a clinicianfirst. “There is a lot of turmoil aboutshould we give the information toconsumers,” says Evidation’s Dr. Fos-chini, adding that he is a strong be-liever that individuals should be theowners of their own data.The way the results are presented

to patients also matters. For in-stance, to reduce obsessing over thenumbers, it could be presented tothem as a trend over time, ratherthan a number that can be comparedwith a patient’s last result, Dr. Fos-chini says. “The burden of who offersinformation is to make sure it’s un-derstood by the user,” he says.

Ms. Wang is a writer in London.Email her at reports@wsj.com.

Early detection ofdementia can becrucial to treatment.

Currentcollector

ElectronsElectriccurrent

Currentcollector

Cathode(+)

Anode (-)

ElectrolyteSeparator

Anode:Stores lithium andreleases lithium ions (lithium

minus an electron)when thebattery is discharging. Theseparator allows lithium ions topass throughwhile electrons areforced to travel separatelyproducing an electric current.

AI’s help: AI enables researchersto identify synthesized organiccompounds that could boost theanode’s capacity to hold lithiumions.

AI’s help: UsingAI,researchers are developingan iodine-based alternativeto cobalt, an expensive,difficult to recycle heavymetal used inmost lithiumion batteries.

1

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HowAIHelps Build Better BatteriesWorking toward faster-charging, safer andmore powerful electric vehicles,battery researchers are using AI to speed up the search for bettermaterialsand the testing process. Below, a look at howAI could improve lithium ionbatteries.

Source: Energy.gov, WSJ reporting , Kevin Hand/THE WALL STREET JOURNAL

Cathode:When the batteryis recharged, the lithium ions

and electrons travel back to theanode by their separate paths.The electrolyte facilitates themovement of the lithium ions.

To recharge,the process isreversed

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Researchers are studying whether arti-ficial-intelligence tools that analyzethings like typing speed, sleep patternsand speech can be used to help clini-cians better identify patients withearly-stage dementia.Huge quantities of data reflecting

our ability to think and process infor-mation are now widely available,

thanks to watches and phones that track movementand heart rate, as well as tablets, computers and vir-tual assistants such as Amazon Echo that can recordthe way we type, search the internet and pay bills.Building on previous studies linking biological

markers or changes in certain behaviors to earlycognitive decline, researchers and companies arenow testing whether machine learning can beused to sift through and make better sense ofhow this complex data fits together, with thegoal being to help clinicians detect diseases suchas Alzheimer’s sooner. Dementia is one of themost significant global health concerns, with 75million people projected to be living with it by2030, up from 46.8 million in 2015, according toAlzheimer’s Disease International, an interna-tional federation of Alzheimer’s associations.Cognitive changes typically begin years before memory

lapses become apparent to individuals or their families. Earlydetection is difficult because initial changes are subtle, andthere aren’t enough dementia experts available to screen peo-ple. Yet early detection can be crucial to coming up with theright treatment plan and preserving a patient’s quality of life,says Nina Silverberg, director of the Alzheimer’s Disease Re-search Centers Program at the National Institute on Aging.Having more and different types of data, coupled with

better ways to make sense of it, means “there is definitelyan opportunity now that we just didn’t have before,” saysDr. Silverberg.

Making doctors betterMuch of the current machine-learningresearch is focused on sifting throughpatients’ electronic health records todetermine what combination of riskfactors most accurately reflects cogni-tive decline.One such study, funded by the NIA

and published this year in the Journalof the American Geriatrics Society, ex-amined electronic records of more than16,000 medical visits of 4,330 partici-pants in a Kaiser Permanente Washing-ton health system. Using a model thatidentified 31 factors associated withcognitive decline—including changes inthe way patients walk, prescription-refillpatterns that indicate they aren’t takingmedications as prescribed, and an up-

tick in emergency-careuse—researchers wereable to flag more than1,000 visits that resultedin a dementia diagnosis,including nearly 500 inwhich the patient’s cogni-tive changes previouslyhad gone undetected inthe health system. Theresearchers concludedthat if patients withscores in the top 5% of

their model were sent for additionalevaluation, an estimated one in sixwould be found to have dementia.The goal of using artificial intelli-

gence in health care isn’t to replacehumans but rather to assist doctors,says P. Murali Doraiswamy, professorand director of the Neurocognitive Dis-orders Program at Duke UniversitySchool of Medicine. Dr. Doraiswamyhas collaborated on several projects in-volving machine learning and neurode-

generative diseases, including a studyof internet-search behavior with Mi-crosoft Corp. In that study, researchersfound that machine-learning algo-rithms trained to analyze subjects’ cur-sor movements in terms of speed,changes in direction and tremors, aswell as whether the subjects repeatedsearch queries or repeatedly clicked onsearch results, could help detect Par-kinson’s disease. Preliminary analysesshowed the strategy holds promise fordetecting Alzheimer’s, as well.“Every touchpoint in this journey

can be improved with AI,” particu-larly in the first stage of screeningfor memory problems, says Dr. Do-raiswamy.In 2019, drugmaker Eli Lilly & Co.,

technology giant Apple Inc. andhealth-technology firm EvidationHealth Inc. presented data showingthat four commonly used devices—aphone, tablet, smartwatch and sleepsensor—could collect useful informa-tion over a 12-week period that, whenanalyzed by a machine-learning algo-rithm, might allow providers and care-givers to distinguish healthy peoplefrom those with mild cognitive impair-ment or early dementia. The team fo-cused on data that previous researchhas suggested are indicative of cogni-tive decline, including gross and finemotor function, circadian-rhythmshifts and language.The researchers developed “behav-

iorgrams,” depicting a day in the life ofparticipants across all the signalsacross all of the data-gathering chan-nels, and found that a machine-learn-ing algorithm could analyze the 40-plus data streams to find differencesbetween cognitively healthy and im-

JOURNAL REPORT | ARTIFICIAL INTELLIGENCE

Artificial intelligence may help cliniciansdetect declines in cognitive abilities

Finding Early Clues of Dementia

75million peoplewill be livingwith dementiaby 2030, byone estimate.

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Whether you’re sitting in an office or toilingfrom home, often the hardest part of work ishaving to deal with colleagues. Sometimes it’scollaborating with them, sometimes it’s avoid-ing them.If only AI could help.I believe that it can, if we put our minds to

it. Or somebody’s mind to it. What if the technology that’s sogood at guessing our next Amazon purchase or even figuringout what we’re going to type next in our emails could help dothe same thing in our communications with our colleagues? Itcould anticipate what we need and instantly find ways to fine-tune our interactions to make collaboration easier.Here are my nominees and my wild imaginings about what

AI could do for us.

The problem: It takes multiple meetings or dozens ofemails for you and your colleagues to reach an understandingon a key issue.The solution: the colleague translator. This AI tool willlearn the communication styles of your various colleagues bystudying their emails and text messages, and adjust their on-

usually writes or emails she usuallysends or even (once we go full BigBrother) based on things she hassaid in the vicinity of a phone or digi-tal home assistant.

The problem: Your boss or col-leagues feel annoyed when you zoneout on a call and don’t know whatthey’re talking about when they askyou a question.

The solution: the job saver. When-ever you’re on a call, this app is run-ning in the background, transcribingthe conversation and using patternrecognition to predict when the con-versation is coming around to a topicthat directly concerns you.Thirty seconds before your boss

calls your name, the job saver deliv-ers a small electric shock throughyour keyboard to get your attention,followed by a 20-second briefing thattells you what you missed while youwere playing “Words With Friends.”

The problem: Your colleagues in-terrupt you via email, messaging orphone just when you’ve finally gotteninto a good flow on your own work.

The solution: inspiration protec-tor. This app keeps a record of yourwork habits, so it knows the differ-ence between a day when you’re justknocking out emails and an afternoonwhere you’re really feeling the sparkof inspiration.When your choice of applications

or typing speed suggests that youhave entered a flow state, the inspi-ration protector turns off your incom-ing-message notifications, closes thebackground window that might pro-duce audible Facebook messagepings and maybe even flips yourphone into airplane mode. Anyonewho tries to contact you gets anauto-reply telling them that you’recurrently unavailable.

The system could also scheduleyour sweetie’s lunch break at thesame time, so you can take that re-freshing walk together.

Dr. Samuel is a technology researcherand the co-author of the forthcomingbook “Remote Inc.: How to Thrive atWork…Wherever You Are.” She can bereached at reports@wsj.com. IS

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line communication so that you’re ac-tually able to understand one another.The colleague who always sounds

angry because she writes in all caps,with no greetings or friendly asides?The colleague translator warms herup by converting her messages tosentence case and adding in a fewwords like “Hope you’re having agreat day.” Got a junior assistant whofloods you with so much backgroundinformation and flattery that youcan’t figure out what he’s trying tosay? The colleague translator parseshis emails and gives you the bullet-point, actionable version.

The problem: You’re trying to con-duct a client call, but the person atthe adjacent desk—this might beyour office-mate, your spouse oryour roommate—is on a call at thesame time, and it’s so distracting.

The solution: the call director.You give it a list of nearby colleagues(or it uses its omniscient location

TheWorkProblemsIWishAICouldSolveAmong them: Your brain is numbfrom so many video callsBY ALEXANDRA SAMUEL

JOURNAL REPORT | ARTIFICIAL INTELLIGENCE

tracking to figure thatout), and it manages yourrespective calendars andscheduling requests tominimize the occasionswhen you’re on the phoneat the same time. If youroffice-mate has an 11 a.m.call booked next Tuesday,it will suggest 10 or noonas the best times for yourown group meeting.

The problem: thedreaded “Zoom meetingfatigue.” You have somany video calls on yourcalendar that your brain(and legs) are goingnumb.

The solution: the meet-ing evader. This toolhelps you see when youcan avoid yet anothervideo call by drawing on

pre-existing information in your com-pany communications.Let’s say you’re about to set up a

video call to discuss the plan for yourquarterly sales report. Meeting evaderprompts you for a meeting agenda, soyou note that you need the latest salesfigures, highest-value leads and sales,and current concerns and sales drivers.Meeting evader then scans through

the sales team’s shared drive andSlack/Teams channels, as well as yourown email history, and compiles the in-formation you thought required ameeting. Now you have your full report,plus an extra hour back in your day!

The problem: It’s hard to come upwith great ideas when you’re workingsolo, but your colleagues are too busyto help you brainstorm.

The solution: the colleague simula-tor. You identify the colleagues you’dlike to include in your online brain-storming session, and the colleaguesimulator constructs a simulated ver-sion based on their messages, emailsand social-media presences.Need the insight of the brainy co-

worker who’s always up-to-date on thelatest industry research? Colleaguesimulator scans everything she’s reador linked to, and echoes her point ofview based on the kind of posts she

What if AI could bailyou out when youzone out?

*Source: FY20 Change Healthcare Annual Report*Source: FY20 Change Healthcare Annual Report

1 in 3U.S. patient records cross our platform*

117.2 millionclinical networktransactions*

15 billion healthcare transactions processed*

Connecting Connecting 5,000 providersproviders and

2,400 payers2,400 payers*

The Change Healthcare Platform. Our powerful platform fuels data and analytic solutions to connectpayers and providers and enable more accurate financial transactions, operational efficiencies and improvedclinical decision making. It’s how we are working to make the healthcare experience better for everyone.ChangeHealthcare.com/Transforming

Some see data.We see a healthcare systemtransforming for the better.

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