**** SATURDAY/SUNDAY, MARCH 21 - 22, 2020 ~ VOL. CCLXXV NO. 67 WSJ.com HHHH$5.

THEWALLSTREETJOURNALWEEKEND

Cumulativechange

5

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0

JFM

Total

Note: Data are through Thursday’s close. Source: FactSet

$30 trillion %

0

5

10

15

20

25

JFM

S&P 500 market value

Peak

$28.

Thursday

$19.

agreeing to temporarily sus-

pend production in Fremont.

The decision followed

weeks—and, arguably, a ca-

reer—of defiance.

A malaria survivor who

founded SpaceX, his rocket

company, with the aim of colo-

nizing Mars because he fears

Earth could be doomed, Mr.

Musk, 48 years old, has consis-

tently played down the reac-

tion to the coronavirus out-

break as a panic. He has held

forth on Twitter with his own

sanguine takes on its epidemi-

ology and likely impact.

“My guess is that the panic

will cause more harm than the

virus, if that hasn’t happened

Please turn to page A

On Monday, as companies all

over the Bay Area rushed to

send their workers home, com-

plying with an order to shelter

in place, Tesla Inc. Chief Execu-

tive Elon Musk had a defiant

message for his 56,000 workers.

“I will personally be at

work, but that’s just me,” he

said in an email. “Totally ok if

you want to stay home for any

reason.” Tesla’s Fremont, Calif.,

factory kept humming, even as

the county sheriff’s office the

next day said publicly that

Tesla should stop production.

Thursday, under pressure

from local authorities and

some in the public, he relented,

BYTIMHIGGINS

thy. Ms. Krauss and Mr. Han-

cock will exchange vows on

Facebook’s live stream.

The Covid-19 crisis wasn’t

on anyone’s guest list, but the

wedding crasher is coming

anyway, forcing couples to re-

think their walks down the

aisle. Some brides and grooms

are searching for workarounds,

others are rescheduling, elop-

ing or giving up on elaborate

ceremonies altogether.

Governments are trying to

contain the spread of the virus

by shutting down restaurants,

ordering lockdowns and warn-

Please turn to page A

When Jess Krauss and Trent

Hancock get married this

weekend, their 115 loved ones

will gather to watch the cere-

mony despite the threat of the

coronavirus. The couple plan

to exchange rings surrounded

by rolling meadows dotted

with magnolia and hickory

trees on a North Carolina farm.

For their part, the guests

will respond with their hearts.

And their smiley faces. And

their thumbs ups. And any

other emojis they deem wor-

BYELLENGAMERMAN

ANDDEEPASEETHARAMAN

Should We Say ‘I Do’

Now or Later?

iii

Couples live-stream weddings, postpone

or cancel; ‘Dammit, we will get married!’

THE

CORONAVIRUS

PANDEMIC

Talks on economic-relief bill

focus on cash payments, A

New York City hospitals are

already strained, A

U.K. to foot the lion’s share

of firms’ salary bills, A

Communities mobilize to

help senior citizens, A

Businesses clamor to be

labeled as essential, B

Musk, Striking a Defiant Tone,

Resisted Pressure to Halt Teslas

The group encompasses many workers who

were late beneficiaries of the surge in hiring as

the labor market tightened in recent years—in-

cluding members of minority groups or people

with less education and skills—during one of

the longest and most lucrative growth phases

in U.S. history.

Malls, restaurants and hotels have closed.

Already, the number of Americans seeking un-

employment benefits—a proxy for layoffs—in-

creased last week by 70,000 from the previous

week, with states telling the Labor Department

the cause was the pandemic. Economists pre-

dict a much bigger surge when numbers are re-

leased for this week, with Goldman Sachs Eco-

nomics Research estimating roughly 2.

million new claims for jobless benefits.

Please turn to page A

As coronavirus shutdowns halt commerce

across the U.S., low-wage workers, many of

whom live paycheck to paycheck, are being

quickly stung.

The affected jobs, by their nature, often re-

quire personal contact, such as running a cash

register or cleaning hotel rooms. That substan-

tially raises the risk of infection.

Many such workers also hold positions most

vulnerable to quick job cuts and pay cuts, espe-

cially in service industries.

That includes restaurant workers, hotel

maids, dog walkers and child-care providers. In

many cases, the cuts are tied to shutdowns and

cancellations at sports stadiums, conventions,

casinos, music festivals and other gatherings.

BYERICMORATH ANDRACHELFEINTZEIG

adding to repayment woes for

companies and governments

that borrowed in dollars.

In the U.S., corporate issu-

ance has been largely off lim-

its to all but the bluest chips.

State and local governments

are facing sticker shock as

steep declines in demand for

their securities force rates

much higher in some in-

stances, while the market for

Please turn to page A

ing to 0.932%. But many trad-

ers say trading this month in

Treasurys and other debt of-

fers reason for acute concern.

In recent days, long-term

Treasury securities have suf-

fered significant price declines

alongside large stock-market

retreats, an unusual dual down-

turn that has raised alarm

among traders. A stampede

into dollars is pushing up the

U.S. currency’s value overseas,

The global scramble for

cash is putting immense pres-

sure on bond markets, raising

concern about whether they

are functioning well enough to

effectively distribute funds to

communities and businesses.

On Friday, the Dow Jones

Industrial Average dropped

913.21 points, or 4.55%, to

19173.98, putting it down 33%

for the year. Selling was

broad-based, with declines in

technology shares, financial is-

sues and health-care firms

leading the 30-stock index to

its fourth weekly decline out

of five. U.S. Treasury prices

rose Friday, with the yield on

the 10-year Treasury note fall-

ByGregory

Zuckerman,Heather

GillersandJulia-

Ambra Verlaine

Bond-Market Strain Heightens Risk

More than 1 in 5 Americans

were under orders to limit their

outside activity as the corona-

virus crisis spurred more emer-

gency measures and continued

to all but grind American life

and commerce to a halt.

The governor of Illinois late

Friday ordered residents to

stay at home, joining his coun-

terparts in California and New

York. The restrictions come as

deaths from the pneumonia-

causing pathogen have more

than quadrupled over the past

week to 249, while confirmed

infections in the nation have

grown to 19,285 from around

1,700 just a week earlier. The

majority of U.S. cases are in

three states: New York, Wash-

ington and California.

“I don’t take this action

lightly,” Illinois Gov. J.B. Pritz-

ker said Friday of his order for

residents to remain at home

and for all nonessential busi-

nesses to close by 5 p.m. Satur-

day.

Illinois had 585 confirmed

cases by Friday afternoon, com-

pared with more than 1,000 in

California and more than 7,

in New York, the hardest-hit.

There, Gov. Andrew Cuomo on

Friday told residents to stay in-

doors “to the greatest extent”

and all nonessential workforce

employees to stay home, effec-

tive Sunday evening.

Mr. Cuomo said measures

would be enforced with fines

and mandatory closures for

businesses that don’t comply.

California late Thursday had

ordered the state’s 40 million

Please turn to page A

ByJennifer Calfas,

Joe Barrett

andJim Carlton

How the Bull Run Unraveled

Low-Wage Workers Face

Brunt of Coronavirus Crisis

Double hit for service jobs: layoffs, plus high risk of contagion

The market’s plunge reflects the pace at which coronavirus

has upended life, as unruly trading is driving massive daily

swings in markets. An in-depth graphics package, A8-9.

The End of Globalization?

Don’t Count on It

REVIEW

WSJ

The Comfort of

Books Now

OFF DUTY

States Batten Down as Cases Rise

New York, California

and Illinois governors

order limits to activity

as they fight pandemic

Times Square in New York was sparse on visitors Friday as nonessential businesses were ordered to close.

MIKE SEGAR/REUTERS

The global scramblefor

cash amid the pandemic is

putting immense pressure

on bond markets, raising

concern about how well

they are functioning.A

U.S. stocks sank, cap-

ping off the worst week for

the Dow and S&P 500 since

October 2008. Both lost

more than 4% on Friday.B

From steelmakersto

arts-and-crafts retailers,

companies across the U.S.

are arguing that their oper-

ations are essential.B

An unparalleled number

of Americans filed for job-

less benefits this week as

businesses shut down.A

Airbnb is considering

raising capital from new in-

vestors as it wrestles with

losses in the outbreak.B

U.S. oil industryregulators

opened a dialogue with OPEC

in talks that could help foster

a truce between the world’s

three largest oil producers.B

Gov. Newsom droppedhis

opposition to PG&E’s bank-

ruptcy plan after concessions

from the California utility.B

The Fed expandeda lend-

ing operation that will accept

municipal debt as collateral

amid funding strains.B

What’s

News

CONTENTS

Books..................... C7-

Design & Decor.... D

Food......................... D4-

Gear & Gadgets D7-

Heard on Street...B

Markets..................... B

Obituaries............... A

Opinion.............. A13-

Sports........................ A

Style & Fashion D2-

U.S. News............. A2-

Weather................... A

World News.......... A

s2020 Dow Jones & Company, Inc.

All Rights Reserved

>

M

orethan1in5Ameri-

cans were under orders

to limit their outside activity

as the coronavirus crisis

spurred more emergency

measures and continued to

all but grind American life

and commerce to a halt.A

Negotiations onan eco-

nomic stimulus package hit

snags on how to provide as-

sistance to Americans during

the pandemic, as a target to

reach a bipartisan agree-

ment by Friday slipped.A

Several membersof Con-

gress, their spouses and in-

vestment advisers sold stock

after lawmakers attended

closed-door briefings about

the coronavirus threat.A

Italy recorded627 deaths

on Friday, the world’s high-

est death toll in a single day

from the coronavirus.A

The U.S. and Mexico

agreed to curtail travel

across their shared border in

response to the pandemic.A

Bloomberg saidhe

would transfer $18 million

from his presidential cam-

paign to the DNC.A

World-Wide

Business&Finance

NOONAN

We Need Time

To Absorb All ThisA

NOTICE TO READERS

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while reducing human con-

tact with the newspaper. A

digital version of the print

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https://www.wsj.com/itp.