The New York Times - USA (2020-11-15)

2 BUN THE NEW YORK TIMES, SUNDAY, NOVEMBER 15, 2020

SO FAR THIS YEAR

Stocks are up.

S&P 500 INDEX, +11.0%

Mortgage rates

are down.

BANKRATE.COM 30-YEAR

FIXED, 2.97%, –0.89 POINTS

Jobless claims

are up.

FOUR-WEEK MOVING

AVERAGE, +203.6%

A Good Shot

Markets rejoiced at the news that Pfi-

zer’s coronavirus vaccine candidate

looked extremely promising in an early

analysis of its late-stage clinical trials. If

its development continues apace, the

vaccine could be distributed to millions

of Americans as early as the end of the

year. Presumably in extra-good spirits:

Pfizer’s chief executive, Albert Bourla,

who sold $5.56 million of shares in the

company on Monday, when the vac-

cine announcement pushed up the

company’s stock price by as much as

15 percent. Sound fishy? The company

said that the sale was part of a prede-

termined plan that Mr. Bourla made in

August, which would automatically

(and conveniently) trade the stock if it

went above a certain price.

Lockdowns Loom Again

No matter what “wave” of the corona-

virus you want to call this one, it’s by

far the worst yet. To curb record-break-

ing infection rates, several major met-

ropolitan areas have reimposed restric-

tions on gatherings and businesses. In

New York, Gov. Andrew M. Cuomo

ordered gyms, bars and restaurants to

close by 10 p.m. and banned private

gatherings (even outdoors) larger than

10 people. In Chicago, the mayor is-

sued a stay-at-home advisory, and in

New Mexico and Oregon, stricter lock-

down rules have been put in place.

The latest unemployment claims were

lower than in previous weeks, but that

may not last as large-scale lockdowns

return, clobbering already fragile busi-

nesses.

Another Tit-for-Tat

On Tuesday, the European Union

made good on its threat to impose 25

percent tariffs on American goods

including frozen orange juice, ketchup,

rum and vodka, video game consoles

and exercise equipment. (All the quar-

antine essentials!) The action is in

retaliation for the Trump administra-

tion’s decision to impose levies on Eu-

ropean planes, wine, cheese and other

items last year, as part of a 16-year

trade dispute over illegal airline subsi-

dies. U.S. officials don’t seem inter-

ested in negotiating at the moment, so

the conflict probably won’t be resolved

before President-elect Joseph R. Biden

Jr. takes office in January.

What’s Up

LAST WEEK'S ESSENTIAL NEWS

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Echo Chambers

Millions of conservatives migrated to

alternative social media and websites

like Parler, Rumble and Newsmax last

week, abandoning Facebook and Twit-

ter. Their grievance: Mainstream social

media has cracked down on false and

misleading content about the election,

specifically unproven claims of voter

fraud. (On the smaller platforms, un-

substantiated conspiracy theories

spread unchecked.) In Congress, many

Republicans continue to complain that

Facebook and Twitter are biased

against conservatives. Their chief exec-

utives have volunteered to testify be-

fore a Senate panel this week (again)

about their treatment of a New York

Post article that contained unverified

reports about Mr. Biden’s son. And

Facebook announced that it would

extend its ban on political ads.

Biden’s Transition Team

As Mr. Biden and Vice President-elect

Kamala Harris prepare for Inaugura-

tion Day in January, their transition

team hints at how their administration

will operate. Unlike President Trump,

who surrounded himself with lobbyists

and business executives, Mr. Biden

and Ms. Harris are stacking their

bench with academics and policy ex-

perts, many veterans of the Obama

years. So far, representation from Wall

Street and the corporate world is

sparse, making some banks nervous.

But Mr. Biden is said to be wary of

alienating the financial industry.

Turbulence Ahead

Airlines are desperately trying to win

back customers while also keeping

them safe — basically the same thing,

one would hope. In an effort to in-

crease lagging traffic on lucrative

routes, United Airlines will begin a

program to offer rapid coronavirus

testing on flights to London from New-

ark. Delta is continuing to block middle

seats through the holidays, but other

airlines (including American and

United) have relaxed their capacity

limits. In related news, U.S. aviation

authorities could give the Boeing 737

Max clearance to fly again in the com-

ing weeks, after grounding the fleet for

over a year because of safety concerns.

CHARLOTTE COWLES

What’s Next

A PREVIEW OF THE WEEK TO COME

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WHAT ELSE?

Chances of a quick stimulus package

dimmed again last week as the White

House backed away from negotiations

and lawmakers remained as divided as

ever.

ILLUSTRATIONS BY GIACOMO BAGNARA

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