日报-2020-10-31&11-01(1).pdf

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1、* * * * * * * *SATURDAY/SUNDAY, OCT. 31 - NOV. 1, 2020 VOL. CCLXXVI NO. 104WSJ.comHHHH $5.00 WSJ THEWALLSTREETJOURNALWEEKEND BYJEMBARTHOLOMEW ANDDAWNLIM Stocks Decline, Ending Rocky Month October drop reflects surging viruss threat to recovery and mixed bag of tech earnings cluding a shower curtain,

2、 tote bags, towels, and everything white in her wardrobe. “I can tie-dye from morning until night,” she said. “It was out of control. I definitely fell down the rabbit hole.” Tie-dye, the counterculture emblem of the 1960s and 70s, has made a splashy comeback in 2020. Demand for dyes and Pleaseturnt

3、opageA10 When the pandemic first hit, Layla Guest imagined tie- dye as a fun project to do with her young daughter. Her 4-year-old quickly lost interest. But Ms. Guest, 38, grew obsessed. In just a few months, the Los Angeles yoga teacher has dyed hundreds of items in her apartment, in- BYSHANLI Tie

4、-Dye Fashion Makes a Groovy (and Messy) Comeback iii Fans say DIY craze is a perfect pandemic pastime; curtains, bandannas Pandemic Pressures Oil Company Results Exxon Mobil Corp. posted its third consecutive quarterly loss for the first time on re- cord Friday and disclosed that it may write down t

5、he value of natural-gas assets worth as much as $30 billion, as the coronavirus pandemic contin- ues to pressure the world s biggest oil companies. Rival Chevron Corp. on Fri- day posted a third-quarter loss of $207 million compared with profit of $2.58 billion a year BYCHRISTOPHERM.MATTHEWS ketball

6、 Association title. Major League Base- ball s season was down to four teams battling for spots in the World Series. Na- tional Football League and college football games were being played with some fans in stadiums. Some leagues bubbled. Other leagues bumbled. The bubblers cocooned themselves in pub

7、lic-health paradises with ample test- ing, best practices and strict enforcement. The bumblers continued in the real world, survived Covid-19 outbreaks and plowed ahead despite mistakes that nearly toppled them. PleaseturntopageA10 America woke on the morning of March 12 to a strange new world witho

8、ut sports. The NBA season had been suspended the night before. By the end of the day, March Mad- ness would be canceled. Every other league and the Tokyo Olympics soon followed. Peo- ple had become risks. Crowds had become threats. Sports vanished. Exactly seven months later, on the morn- ing of Oct

9、. 12, something was happening that few predicted. LeBron James and the Los An- geles Lakers were celebrating a National Bas- BYBENCOHEN ANDLOUISERADNOFSKY GAME ON Why Americans are spendingmore on videogames than ever before. B1 JULIEN DE ROSA/EPA/SHUTTERSTOCK The Fiction of American Democracy REVIE

10、W How to Buy Wine Brilliantly OFF DUTY The Dow Jones Industrial Average declined Friday, clos- ing out its worst week and month since March in the final lap of the presidential race. Volatilityreignedinthe week before the Nov. 3 contest. Investors have been spooked by a record high in coronavirus in

11、- fections in the U.S., fresh lock- downs in Europe that threaten economic growth, and a mixed bag of earnings reports from big technology companies. “Marketsareconcerned that we are replaying Febru- ary and March,” said Chris Beauchamp, chief market ana- lyst at IG Group. “It probably still isn t i

12、n that category yet, but it is heading in the wrong direction.” The Dow dropped 157.51 points, or 0.6% to 26501.60 on PleaseturntopageA2 ? Investors find few places to shelter as stocks tumble. B11 EXCHANGE cases, especially in Wisconsin. “I m not going to shut down the economy,” Mr. Biden said Frid

13、ay evening in Milwaukee, deploying one of his frequent closing arguments. “I m going to shut down the virus. At state fairgrounds in Iowa and Minnesota on Friday, Mr. PleaseturntopageA4 be spent on advertising during the campaign s final week. In Hawaii and Texas, early voting already has exceeded t

14、otal 2016 turnout. Wisconsin and Minnesota were both on the itineraries for Mr. Trump and Mr. Biden, with the president also in Michigan and the challenger in Iowa. Their Midwest tours come as the region is experi- encing a surge in coronavirus years ago. The final get-out-the-vote push ratcheted up

15、 the inten- sity of a highly unusual cam- paign in a divided nation, with massive vote-by-mail balloting raising the prospect of an ex- tended wait for results. As the race sprinted toward its conclusion Tuesday, more than 86 million ballots had al- ready been cast and more than $150 million was exp

16、ected to President Trump and Joe Biden headed into the final weekend of the presidential racechasingeachother through the most competitive states, as polls suggest the Democrat has a broader poten- tial path to victory against a Republican most pollsters and pundits underestimated four BYJOHNMCCORMI

17、CK ANDREBECCABALLHAUS Rivals Criss-Cross Key States FirstCovidSportsSeason DeliversLessonsforOthers Testing and bubbles are effective, but the financial outlook is bleak Virus Wave Tests Strained Hospitals Advances in Covid-19 treat- ment have shortened hospital stays, easing capacity strains. But d

18、octors and health-care disaster experts say the gains aren t enough to meet a sus- tained rise in hospitalizations, particularly in remote pockets ofthecountrythathave smaller hospitals and fewer medical professionals. Nationally, a spring surge of Covid-19hospitalizations peaked in mid-April and wa

19、s followed by a second wave in late July. The latest rise began in late September, data from the Covid Tracking Project show, with the number soaring 60% from the low point that month.Peoplehospitalized with Covid-19 in the U.S. and its territories reached 46,095 on Thursday, the same day the nation

20、 hit a record 88,500 newly reported infections. Treatment of the disease remains limited, and too many patients with lengthy hospital stayscanstilloverwhelm available doctors and nurses PleaseturntopageA6 BYMELANIEEVANS ANDELIZABETHFINDELL Largest o n emo n t h p erc en t aged ec l i n e si n c eMar

21、c h DowJonesI ndus t r ialAver age, mont hlymoves Source: FactSet 10 15 10 5 0 5 % JF M A M JJASO 4.6% ? Iran probed state election websites, U.S. says. A4 ? U.S. surpasses nine million confirmed cases. A6 ago. Royal Dutch Shell PLC re- ported profit of $546 million Thursday, while BP PLC had a $307

22、 million loss. The results make clear that the pandemic continues to weigh on the industry despite a modest economic recovery and rebound in demand for oil and gas. New lockdowns in Eu- rope are conjuring fears that rapidly climbing virus cases PleaseturntopageA8 ? Heard on the Street: Exxons cash b

23、leed continues. B12 ? All three major U.S. stock indexes suffered losses of more than 2% for October, their second consecutive month of declines. Volatility reigned in the week before the presidential election.A1 ? Exxon posted its third straightquarterlylossandsaid it may write down the value of na

24、tural-gas assets worth as much as $30 billion. Chev- ron also recorded a loss.A1 ? Inspire will buy Dunkin for $8.8 billion, setting up one of the largest restau- rant deals in years as some in the industry think be- yond the pandemic.B1 ? U.S. households boosted spending for a fifth consec- utive m

25、onth in September, helping the economy make up ground lost amid the im- pact of the pandemic.A2 ? Ant Group said individ- ual investors in mainland China had placed the equiv- alent of more than $2.8 tril- lion of orders for their slice of the fintech giant s IPO.B1 ? Credit Karma is in talks tosell

26、itstax-preparationbusi- nesstoSquare,aimingtohead off potential antitrust objec- tions to the portal s pending $7.1 billion sale to Intuit.B3 Whats News CONTENTS Books. C7-12 Food. D8-9 Heard on Street.B12 Markets. B11 Obituaries. A9 Opinion. A11-13 Sports. A14 Style MARIO TAMA/GETTY IMAGES; ELIZABE

27、TH CONLEY/HOUSTON CHRONICLE/ASSOCIATED PRESS Mor e t han 86 million Amer icanshadvot edast he pr es ident ial r ace movedint o it sfinal weekend. Ohio vot er s , t op, line up in Columbus . Aubr eyCalaway , bot t om left , wait sout s ide a 24-hourvot ings it e in Hous t on. I owa vot er squeue up i

28、n DesMoines . CLOCKS MOVE BACK Standard time begins at 2 a.m. Sunday. Clocks move back by one hour. Daylight- savingtime returns March 14, 2021. IowaTexas Ohio For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Repri

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30、very and what s happening to Covid, especially looking at Europe right now,” he added. Xie Yu and Joanne Chiu contributed to this article. The 10-year Treasury note ex- periencedthebiggestone- month yield increase since September 2018. Overseas, the Stoxx Europe 600 edged up 0.2% after wa- veringbet

31、weengainsand losses for much of the session. “The sentiment is just so whipsawed at the moment,” said Andy Maynard, managing director of equities sales trad- ing at China Renaissance Secu- rities, citing the uncertainty surrounding U.S. elections and rising virus infections. While the election and U

32、.S. stimulus negotiations were a focus for investors, “the bigger risk is actually on global eco- to 1538.48 on Friday, cutting its gains for the month to 2%. The prospect of a con- tested election continues to cast a shadow over the mar- ket. “There s unprecedented uncertainty around who will be el

33、ected and when we will know,” said Adam Grealish, director of investing at Bet- terment.“We reusingour election systems in ways we ve never before.” Someinvestorshave swooped in to take advantage of bargain prices. Ariel Invest- ments has been adding to posi- tions in industrials and media stocks in

34、 recent weeks, said Charles Bobrinskoy, vice chair- man at the value investment management firm. Ariel sees a major chasm between how smaller value stocks and the broader markets are priced. Many predict that additional fiscal stimulus and government spending needed to sustain the economy will creat

35、e more in- flation going forward. “Inves- tors would demand a higher yield on bonds to be compen- sated for inflationary pressures creeping up in 2021,” said Mona Mahajan, U.S. investment strategist for Allianz Global In- vestors. The yield on the 10-year Treasury note rose to 0.858% Friday, from 0.

36、834% Thursday. a year earlier. That, combined with a delay in the launch of thecompany snewsmart- phone, led to iPhone revenue falling more than analysts had expected. Shares of Facebook Inc., A Inc., Tesla Inc. and Netflix Inc. all declined more than 5%. Incontrast,sharesof Google s parent Alphabet

37、 Inc. rose$59.23,or3.8%,to $1,616.11.Thecompanyre- ported third-quarter profit that outstripped analyst estimates. Among other earnings-re- lated moves, shares of Exxon Mobil Corp. fell 35 cents, or 1.1%, to $32.62 after the energy giant reported its third consec- utive quarterly loss as the pan- de

38、mic continued to sap oil de- mand. Small stocks, which outper- formed their larger peers in October, also came under pres- sure.TheRussell2000 dropped 23.10 points, or 1.5%, round of lockdowns in the event that coronavirus cases continue to increase. U.S.householdsboosted spending in September, acco

39、rd- ing to a Commerce Department report on Friday. But even as consumers increased spending since the summer, economists expressed concerns that many remain left out of a recovery. “It would be no surprise that the beneficiaries of this strong spending are the high- income bracket households,” said

40、S 11.1% (nearly seven million hours) was devoted to child care; and 8.4% (more than five million hours) went to second jobs. Altogether, the additional labor soaked up 70.3% of the time, or more than 43 mil- lion hours each workday. The remaining 30% (around 18 million hours) was consumed by leisure

41、 activities such as exercise or watching TV. Paradoxically, even as workers reported spending more than a third of their for- mer commuting time on their primary jobs, they simultane- ously said that, overall, they worked less. They spent 36.4 hours a week working on av- erage before the pandemic, c

42、ompared with 32 hours dur- ing the pandemic. O ne explanation for the apparent contradiction is that employees might be working during their traditional commuting time but taking more breaks during the day, perhaps be- cause of responsibilities such as child care. “I think people are overly hard on

43、themselves,” said Nicholas Bloom, an econo- mist at Stanford University, who collaborated on the study with Jose Maria Bar- rero, an assistant professor of finance at Instituto Tec- nolgico Autnomo de Mx- ico, and Steven J. Davis, an economist at the University of Chicago. “They say they re not work

44、ing when they talk to their spouse or their kid by an analyst at the Federal Reserve Bank of St. Louis found something similar. Diego Mendez-Carbajo, a senior economic-education specialist, calculated how much time working from home could potentially save in three counties with large urban areas: Du

45、Page County, Ill., in the Chicago metropoli- tan area; Fairfax County, Va., a suburb of Washington, D.C.; and St. Louis County, Mo. His estimate suggested potential savings of 1 million to 1.5 million hours each week. A ttempting to assess productivity during the unusual circum- stances of a pandemi

46、c is far from ideal, but other re- search has pointed to gains when employees are allowed to work from home. In a study published in the Quarterly Journal of Eco- nomics in 2014, to which Dr. Bloom contributed, research- ers followed employees of Ctrip, a large Chinese travel agency, for nine months

47、 to see whether employees would work from home or “shirk from home.” In that experiment, 500 call-center employees were randomly assigned to work in the office, and another 500 were randomly assigned to work from home. The per- formance of those working from home increased 13%. “They were logged ont

48、o their computers longer,” Dr. Bloom said. “They processed calls quicker. Their success rates were nearly identical.” Encouraged by the results, the travel agency offered the option to work from home to all its employees and saw performance increase more than 20%. In the U.S., it isn t clear to what

49、 extent working from home will persist, but in a follow-up study, Dr. Bloom and his colleagues estimated that after the pandemic, about 20% of workdays will be spent at home, compared with 5% before the pandemic. “Will working from home stick?” he said, “Our view is yes. Not totally, but yes. Most firms want to get em- ployees back.” Even if a portion of the workforce remains remote, the option won t be available to all