The Washington Post - USA (2020-09-16)

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A20 EZ RE THEWASHINGTONPOST.WEDNESDAY,SEPTEMBER 16 , 2020


THEMARKETS

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S&P 500 IndustryGroupSnapshot

IndustryGroup

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    1. 1 % Chg% 1 Yr + 60. 1 %




Media 2. 0
Containers&Packaging 1. 9
Software 1. 9
Real Estate Mgmt&Dev 1.
Internet&Catalog Retail 1. 6
CommercialBanks - 2. 5
HouseholdDurables -1. 6
Insurance -1. 3
Distributors -1. 3
Consumer Finance -1.

$1000investedover 1Month

Britain£
0 .7 8

Bloomberg

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Futures Close 1 D%Chg
Copper 3.06 -0.
CrudeOil38.28 2.
Gold 1966.20 0.
NaturalGas 2.36 2.
OrangeJuice 1.16 -0.


Futures Close 1 D%Chg
Silver 27.46 0.
Sugar 12.71 1.
Soybean 9.92 -0.
Wheat 5.38 -1.
Corn 3.66 -0.

CurrencyExchange

2 - yrnote
Yield:
0 .14%

Bank Prime
3. 25 %

Exchange-Traded
(Ticker) 1 D%Chg
$ 440 $ 1466


Coffee(COFF.L) -2.
Copper(COPA.L) -0.
Corn (CORN.L) -0.
Cotton(COTN.L) -0.
CrudeOil(CRUD.L) 1.
Gasoline(UGAS.L) 1.
Gold (BULL.L) -0.
NaturalGas (NGAS.L) -0.
Silver(SLVR.L) -1.


Close
1 1, 190. 32
1 D%Change
0. 5 %

LIBOR3-Month
0. 24 %

ConsumerRates

1 D%Change
1. 2 %

MoneyMarketNatl
0. 23

1-YrARM
2. 98 %

GainersandLosersfromtheS&P 1500 Index
Company Close

1 D%
Chg
Oasis PetroleumInc 0.52 28.
ExterranCorp 4.81 19.
RRDonnelley&SonsCo 1.37 17.
ScientificGames 30.31 14.
Tngr Fctry Otlt Cntr 6.30 11.
Red RobinGrmt Brgrs 14.79 10.
Tupperware Brands 26.41 10.
MicroStrategyInc 155.75 9.
Cross CountryHlth 6.60 8.
ExlServiceInc 67.04 8.
Ruth'sHospt Grp 12.27 8.
Guess?Inc 13.84 7.
GulfportEnergyCorp 0.63 7.
ATN International 53.25 6.
CaesarsEntertainment 58.98 6.
DiversifiedHlthTrst 3.97 6.
AlexionPharma 115.58 6.
GenescoInc 25.54 6.
CONSOLEnergyInc 5.11 6.
CaleresInc10.48 6.

Company Close

1 D%
Chg
CenturyAluminum Co 9.33 -11.
CarnivalCorp 15.93 -10.
REXAmericanResource 59.74 -9.
AnteroMidstream 5.22 -8.
NationalBeverage 74.67 -8.
AMC NetworksInc 20.77 -7.
CitigroupInc 44.81 -6.
HealthEquity Inc 51.02 -6.
WinnebagoIndustries 50.63 -6.
Coty Inc 3.18 -6.
NOW Inc 5.52 -6.
EquitransMidstream 9.19 -5.
GenworthFinancial 3.53 -5.
Cardtronics PLC 18.72 -5.
CrckrBrrlOldCntryStr 131.21 -5.
LincolnNational 33.59 -5.
ZumiezInc 29.57 -4.
AdtalemGlobalEdu 26.15 -4.
GannettCo Inc 1.61 -4.
RoyalCaribbean Crss 67.69 -4.

5Yr CD Natl
0. 65

5 - yrnote
Yield:
0. 27 %

RATES

NASDAQCOMPOSITEINDEX

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6Mo CD Natl
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Japan ¥
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Mexico$
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New Car Loan Natl
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AsiaPacific - 14. 5 % + 14. 5 %
S&P/ASX200 INDEX 5894.83 -0.
CSI 300 INDEX 4688.48 0.
HANGSENG INDEX 24732.76 0.
NIKKEI 2252 3454.89 -0.

Europe - 19. 1 % + 19. 1 %
STXE 600 (EUR)Pr 370.96 0.
CAC 40 INDEX 5067.93 0.
DAX INDEX 13217.67 0.
FTSE 100INDEX 6105.54 1.

10 - yrnote
Yield:
0. 68 %

Close
3 ,4 0 1. 20

DowJones 30 Industrials


Company Close^1 DCh%g ChYgT%D


3M Co 166.57 -1.1 -5.
AmerExpCo 106.68 -0.6 -14.
AmgenInc248.35 0.6 3.
AppleInc115.54 0.2 56.
Boeing 163.49 -1.1 -49.
Caterpillr 148.60 -3.2 0.
Chevron 76.35 -1.2 -36.
Cisco Sys 40.60 0.6 -15.
Coca-Cola51.05 0.7 -7.
Dow Inc 51.07 2.0 -6.
GldmanSchs 198.00 -1.7 -13.
HnywllInt 168.30 -0.1 -4.
HomeDepot 285.58 1.8 30.
IBM 122.44 0.3 -8.
Intel Corp 50.00 1.2 -16.


Company Close^1 DCh%gChYgT%D

J&J 148.89 0.4 2.
JPMorgan 99.28 -3.1 -28.
McDonald's 222.37 0.8 12.
Merck&Co84.21 0.1 -7.
Microsoft 208.78 1.6 32.
NIKE Inc 119.27 0.0 17.
Prcter&Gmbl 138.63 0.0 11.
salsfrc.cm251.68 2.0 54.
TravelersCos I112.15 -2.0 -18.
UntdHlthGr 307.23 -0.4 4.
VerznComm 60.60 0.5 -1.
Visa Inc 205.39 0.2 9.
Walgreens 35.27 0.5 -40.
Walmart 137.36 0.0 15.
Walt Disney 131.24 0.0 -9.

1Yr CD Natl
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COMMODITIES EU €
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Note: Bank primeis from 10 majorbanks.FederalFundsrate is the market
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      BRAZILIBOVESPAINDEX 100297.9 00.
      S&P/TSXCOMPOSITEINDEX 16431.27 0.
      S&P/BMVIPC 36729.15 -0.




HomeEquityLoanNatl
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BrazilR$
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BYRACHELLERMAN
ANDCATZAKRZEWSKI

SenatorsgrilledaGoogleexec-
utive Tuesdayoverits dominance
in the digitaladmarket, shedding
lightonCongress’s ongoing inves-
tigationof the companyasitfaces
mounting antitrustscrutinyfrom
multiple branchesofthe govern-
ment.
Thehearing,hosted by the
SenateJudiciary subcommittee
on antitrust, camemore thana
monthafter theHouse held its
ownexhaustive hearingon po-
tential monopolypower withthe
chief executives of Google,Face-
book, Amazonand Apple.The
Senatehearingfocusedmainly on
Google’seffectoncompetitors in
the digital ad market,wherethe
companymakes the bulkof its
money. Butitalso tookdetours
intolong-runningRepublicanal-
legations of censorshipof con-
servative views at the search gi-
ant.
Sen.Mike Lee(R-Utah),the
subcommittee’s chairman,
openedthe hearing Tuesdayby
sayinghe would continue to pur-
sueissuesofperceived bias
againstconservatives but thatthe
hearingwas notfundamentally
about thoseconcerns.Butinhis
firstquestion to Google,he asked
about its allegedcensorshipof a
conservative news outlet.
“I wanttobeclearherethata
privatecompanyengaging in cen-
sorshiponits ownplatformis not
aviolationof antitrustlaws,”Lee
said.“Nevertheless,as Ipointed
out in my letter to your company
on this subject,isn’t this behavior
evidence of marketpower?In
other words, whywould anycom-
panywanttotreat its customers
likethat? Unless it wasconfident
thatits customers hadno viable
alternative.”
TheSenatepanel’s lineofques-
tioning shedssomelighton Re-
publicans’ antitrustpriorities at a
criticaljuncture for Google.The
Justice Departmentisexpected to
file an antitrustlawsuit as earlyas
this month. Agroup of state
attorneysgeneral, led by Republi-
canKenPaxton of Texas,is also
conductingaparallelinvestiga-
tion.
Googleis thefirsttarget in
what could be awatershed mo-
ment for antitrustregulation in
the country.Critics have charged

for years thatU.S.lawshavefailed
to reinin Big Tech,allowingcom-
paniestoamass ever morepower.
Threemore companieswere
questioned at the congressional
hearing in July: Facebookfor its
acquisitionofsmallercompanies,
includingInstagram;Apple for
its holdon the AppStore; and
Amazonfor thewayitcollects
data fromthird-party sellerson
its site.(Amazonchief executive
Jeff Bezosowns TheWashington
Post.)
Competitors have accused
Googleforyears of unfairlycon-
trolling too much of the market
by prioritizing its ownservices
overothers on search results pag-
es and by managing manyaspects
of the digitaladbuying anddis-
playingprocess.
Sen. Josh Hawley(R-Mo.)
grilledGoogle mergers and acqui-
sitionschiefDonaldHarrisonon
howthe companyusesinforma-
tionit collectsfromGmail, Search
andotherservicesto boostits
advertisingbusiness.
“You then use thoseadvantag-
es in the ad stack at everysingle
layer,every layer of whichyou
exercisedominance in,” Hawley
said.“That givesyouenormous
advantage.”
Harrison spentmuchof the
hearing on defense, insistingthat
Googlehas strongcompetitorsin
the ad technologyspaceandthat
thecompany’sservicesaregood
for consumers.
“Any discussionofonlinead-
vertisingwould be incomplete
without mentioningtheimpor-
tanceof advertising in support-
ingafree and openInternet,”
Harrisonsaidin his prepared
remarks.
Givingthe bestexperienceto
consumershas beenakey defense
for Googlein antitrust investiga-
tions for years.But rivals say
Googlecontrolstoo muchof the
advertisingprocessby managing
boththe infrastructurefor sellers
andmanyofthe websites where
ads are placed.
Sen. AmyKlobuchar(D-Minn.)
zeroedinonGoogle’s acquisition
of advertisingtechcompanyDou-
bleClickin 2007, as well as its
pending merger with Fitbit, a
fitness trackercompany. That
dealis still beingreviewedby
regulators.
Harrisonpledged thatthe com-
panywould not mix users’health-
careinformationwithadvertis-
ing data to showpeoplepersonal-
izedads.
“This dealis about devices,” he
said.“It is about health careand
not about ads.”
rachel.lerman@washpost.com
cat.zakrzewski@washpost.com

GOP senators take lead


at hearing aboutGoogle


Line of questioning
shedslight on party’s
antitrustpriorities

BYDAVIDJ.LYNCH

President Trump’s “America
First” policy drew strongpush-
backontwo fronts Tuesday, as the
World TradeOrganizationsided
withChinain alegalchallengeto
U.S. tariffs andCanadianthreats
of retaliation ledthe United States
to abandonplansfor afreshsetof
importtaxes.
Thepairofdevelopments—
coupled withthe release earlier
this monthof data showingthe
tradedeficitat itsworstpointin
years—reflected theincomplete
stateofthe president’spromised
globalization overhaul seven
weeksbefore he facesvoters.
Athree-member WTOpanel
struckatthe coreofTrump’s trade
war onChina,rulingthatthe tar-
iffs he imposedmore than two
yearsagoon$234 billionworth of
Chinesegoodsranafoulof U.S.
commitments underglobaltrad-
ing rules.
Therulingwillhavenoimmedi-
ateimpactonU.S.customsoffi-
cials’abilitytocollectthe levies
fromAmerican importers, but it
representsadiplomatic dentin
the president’s tradeoffensive.
Severalhourslater,the admin-
istration saidit was abandoninga
tariffonaluminumfromCanada
thatthe presidenthadimposed
justlastmonth, settlinginstead
for makingpublic its expectation
thatimports willdecline. The
move came hours before Chrystia
Freeland, Canada’sdeputyprime
minister,who had voweda“dollar
for dollar”response,was expected
to announceretaliatorytariffs on
American products.
“Both actionsreflectthe iron
lawoftrade retaliation. Whenthe
U.S. imposes importtaxeson for-
eigngoods,othercountrieswill
hit back,”said John Veroneau,a
partnerat Covington&Burling
andaformerU.S.trade negotiator
in the administration of President
GeorgeW.Bush.
That viewhas not always been
acceptedbyseniorTrumpadmin-
istrationfigures. In 2018,Peter
Navarro,oneof thepresident’s
closesttrade advisers, insisted
that U.S. tradingpartners would
not respond if thepresidentmade
their products moreexpensivefor
Americanbuyers.
“I don’t believe anycountryis
going to retaliate forthe simple
reasonthatweare the mostlucra-
tiveand biggest market in the
world,”Navarro told FoxBusiness.
“Theyknowthey’re cheatingus,
and all we’redoingisstanding up
for ourselves.”
Theadministration hadargued
beforethe WTOthatits tariffs
wereneeded to curb yearsoftrade
cheating by China.Butina66-
pagereport, thepanelrejected


thatclaim.
“The United States has not met
its burdenof demonstrating that
themeasures” are justified, the
panelconcluded.
RobertE.Lighthizer, the U.S.
trade representative, issueda
statement criticizing the decision,
sayingit showed thatthe WTO
wasunable to preventChinese
policies fromdistorting global
trade and harming the U.S. econo-
my.The president imposedthe
tariffs on Chinese goods following
an investigationby Lighthizer’s
office thatconcludedChinarou-
tinely engaged in unfairtrade
practices, including compelling
foreign firmsto transfer technol-
ogysecretsand violatingintellec-
tual property safeguards.
“Although the paneldid not dis-
putethe extensiveevidencesub-
mittedbythe UnitedStates of
intellectualpropertytheft by Chi-
na, its decisionshowsthatthe
WTOprovides no remedyfor such
misconduct. TheUnitedStates
must be allowedto defenditself
againstunfairtrade practices, and
theTrump Administrationwill
not letChinause the WTOtotake
advantageofAmericanworkers,
businesses,farmers,andranch-
ers,” Lighthizersaid.
In aseparateannouncement,
Lighthizer said theadministra-
tionwas dropping a10percent
tariffonCanadianaluminum,
whichtookeffectAug.16.
TheU.S.movefollowed consul-
tations withthe Canadian govern-
mentandcameas Canadianoffi-
cialswerepreparing to unveil re-
taliatorytariffs on U.S. goods.
Lighthizersaidthe UnitedStates

had scrapped its tariff plansbased
on “expectations” that Canadian
shipments of the industrial metal
would decline by 50 percentfrom
levelsduringthe firsthalfofthis
year,and he releasedspecific per-
missible monthlytotalsfor im-
ports in each of thenext four
months.
TheUnitedStates reservesthe
right to reimpose the importlev-
ies if importsexceed 105 percent
of those levels,thoughLighthiz-
er’s statement effectively post-
ponesany resumption of thetariff
fight untilafter the election.
Freeland bluntlydescribedthe
U.S. decision as a“unilateral”one
and reiterated thatCanada would
strikeback againstany future
threats.
“This is not anegotiated deal
betweenCanadaand theUnited
States,”she toldreporters.“We
have not agreed to anything.We
have notnegotiated an agreement
withthe United States on quotas.”
TheUnitedStates firstimposed
tariffs on imports of steel and alu-
minumin2018,citingthethreatto
national securityfromareliance
uponforeign suppliers.Thepresi-
dent exempted Canada and Mexi-
co fromthe leviesthe following
yearwhenanewNorth American
trade pactwas completed.
WhenTrumpannouncedlast
monththathewas reimposing the
aluminumtariffs,citinganimport
surge, Canadian officials saidthey
would retaliateagainst$3.6bil-
lioninU.S.goods,including bicy-
cles, washingmachinesandre-
frigerators.
Theitemswere“explicitlytar-
geted at products that werepoliti-

cally sensitive”and made in
swing-statefactories,accordingto
EricMiller, presidentofRideau
PotomacStrategyGroup, atrade
consultancy.
Theon-again,off-again nature
of the president’s tariffs has con-
founded American businesses,
leaving manyuncertainoftheir
rawmaterial costs from one
monthto the next. TheAluminum
Association,an industrygroup,
endorsedthe decision to dropthe
tariffs, whichit called“disruptive
and unnecessary.”
TheU.S.Chamber of Com-
merce, whichoften has beencriti-
calofthe administration’s tariff
diplomacy, also welcomed the
move.
“WhatAmericanmanufactur-
ers neednow is certainty that
these tariffs won’t makeanother
reappearance.Setting asidethese
threats onceandfor all willallow
Americanjob creators to focus on
economic recovery,”said Myron
Brilliant, executivevicepresident
of the U.S. Chamber.
In the caseof the China tariffs,
the WTOrulingcouldeventually
authorizeChinato imposehigher
tariffs on arangeofU.S.products.
Butthe United States caneffec-
tively stall anyfurtheraction by
appealing Tuesday’sruling.The
administrationhasblockedfor
monthsthe appointment of new
membersto the WTO’sappellate
body, leaving the organizationun-
abletofulfill its assigned roleof
adjudicating trade spats.The pan-
el acknowledged its rulingcomes
amid“unprecedentedglobaltrade
tensions.”
david.lynch@washpost.com

Twin blows for Trump trade policies


JABINBOTSFORD/THEWASHINGTONPOST
RobertE.Lighthizer, theU.S.traderepresentative,saidtheWorldTradeOrganization’s decision
showedthegroupwasunabletopreventChinesepoliciesfromdistortingglobaltrade.
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