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The streak is coming to an end.

Jacksonville Jaguars quarterback Trevor Lawrence will miss the first NFL game of his career Sunday. The team ruled him out with a sprained AC joint in his shoulder.

C.J. Beathard is expected to start at QB for Jacksonville against the Carolina Panthers in Week 17.

Lawrence hurt his throwing shoulder in a 30-12 loss to the Tampa Bay Buccaneers last week. His streak of 49 consecutive starts was tied with Patrick Mahomes for the second-longest active streak among NFL quarterbacks.

You’d have to go back to Lawrence’s high school days to find a game that the quarterback missed due to injury.

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And despite battling through a high ankle sprain and clearing concussion protocol before Week 16, Lawrence still suited up for the Jaguars against the Buccaneers on Sunday.

Trevor Lawrence injury MRI results

According to NFL Media’s Ian Rapoport, MRI results revealed that Lawrence has a sprained shoulder. Rapoport said the injury isn’t believed to be ‘major.’

Despite the Week 16 loss, Jacksonville’s 8-7 record is still good enough to lead the AFC South. The Indianapolis Colts and Houston Texans, who are getting back quarterback C.J. Stroud from a concussion, also have 8-7 records.

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INDIANAPOLIS — Colts receiver Michael Pittman Jr. has cleared concussion protocol for a second week in a row.

This time, he hopes to actually play on Sunday.

The Colts’ leading wide receiver passed the five steps of the concussion protocol and is set to play against the Las Vegas Raiders. It’s the same place he was in a week ago ahead of a game against the Atlanta Falcons.

But he arrived that Saturday on the team plane to Atlanta and felt symptoms again from the vicious hit he took from Pittsburgh Steelers safety Damontae Kazee the week before, and the Colts held him out of a 29-10 defeat.

‘It just happened on Saturday, so I’m not sure if it was from the travel or not,’ Pittman said. ‘… It was super tough because I have my goals and our team goals. But it was actually my wife who pointed out that I hadn’t been acting normal yet. I just thought about it and I was like, ‘You know, you’re right.”

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Pittman, who leads the Colts with 99 catches and 1,062 receiving yards, will not have a status for this Sunday’s game against the Raiders when the team’s report is out Friday. The Colts will rule out running back Zack Moss, who was not able to work back from the forearm injury he suffered against the Steelers. Cornerback Kenny Moore II is questionable with a back injury after participating fully the rest of the week.

Indianapolis should also return right tackle Braden Smith, who has missed the past four games with a knee injury. He practiced in full for both sessions this week.

But Pittman’s return is the biggest one of them all. The passing game froze without him in Atlanta, as wide receivers combined for just 79 yards, with 38 coming from the outside receiver spots.

‘A lot of those key situations, those third downs when we’re saying, ‘We just need a play. We need a play,” wide receivers coach Reggie Wayne said. ‘Normally, we’d be like, ‘Pitt will get us a play some kind of way.’ And when you don’t have Pitt, you’re looking around like, ‘All right, which one of these guys can give us a play?”

The Colts are relatively healthy heading into a critical home game against a Raiders team that is also fighting for a playoff spot. At 8-7, the Colts have a lane to either a wildcard spot or the AFC South title, which is currently up for grabs between Indianapolis, Jacksonville and Houston.

That bill of health includes returning Smith, who has missed seven games this season with hip, wrist and knee issues. He’ll be in a critical spot of protecting against Maxx Crosby, who has 13.5 sacks this season.

‘It sucks having to watch. I’ve watched a lot of games this year from the sidelines. It’s been frustrating,’ Smith said. ‘… You’ve just got to never take anything for granted and savor every moment.’

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Texas point guard Rori Harmon suffered a season-ending knee injury Wednesday night, the school announced on Friday.

In what was described as a non-contact injury, Harmon tore the anterior cruciate ligament in her right knee during the team’s shootaround ahead of the 97-52 win over Jackson State. A 5-foot-6 junior, Harmon is regarded as one of the best players in college basketball.

‘I’m grateful for the support of my teammates and coaching staff during this difficult time,’ Harmon said in a statement. ‘I also want to thank our medical staff at Texas for taking care of me. I’m heartbroken that I won’t be able to play with my teammates this season, but I’m going to support them and be the best teammate I can be. We have big goals for this season and those are not going to change. We are going to come into the gym every day and work hard to achieve those goals. We have the best fans and will play hard for them and for each other.’ 

Rori Harmon was one of the nation’s top players this season

This season, Harmon distributed 7.8 assists per game. That ranks second nationally behind Colorado State senior McKenna Hofschild’s average of 8.5. Harmon’s 6.64 assists-to-turnover ratio leads all Division I basketball players by a healthy margin.

Harmon had also developed into a scoring threat for the Longhorns. At 14.1 points per game, she is UT’s second-leading scorer. She shot 52.3% from the field over the 12 games that she appeared in after entering this year with a career shooting percentage of 38.2.

Additionally, Harmon is the Big 12’s reigning defensive player of the year.

‘We are heartbroken for Rori and our thoughts and prayers are with her and her family during this difficult time,’ Texas coach Vic Schaefer said. ‘She has worked so hard to become in my opinion the best guard in the country, an All American. It is difficult to see a young person go through this. It is truly devastating. My heart is crushed for her. But this I know about Rori, she will attack this like she does every practice, every game and she will be back to her old self in no time. I know she will continue to be a great teammate and she will help her team in the coming months of the season.’

It couldn’t have come at a worse time, as Big 12 play begins

The Longhorns will need to shift around their starting lineup with Harmon out. Texas fans can now expect to see either Madison Booker or Shaylee Gonzales running the offense.

Booker is listed as a 6-foot-1 forward on the Texas roster, but the versatile freshman has been also used as Harmon’s backup this season. Against Jackson State on Wednesday, Booker distributed nine assists while only committing one turnover.

‘(Booker is) probably the second-best passer on our team behind Rori,’ Schaefer told reporters in October.

A sixth-year senior guard, Gonzales was UT’s primary point guard while Harmon missed five games last season with a toe injury. Freshman Gisella Maul is another option at the position.

Ranked No. 7 in the USA TODAY Sports Coaches Poll, Texas is 13-0 with an average margin of victory of 38.6 points. The Longhorns are scheduled to host No. 11 Baylor on Saturday afternoon.

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LOS ANGELES — One of the more unique pregame rituals in college football is coming to the Rose Bowl on Monday.

About two hours before kickoff of the Michigan-Alabama game in the College Football Playoff semifinals, Michigan quarterback J.J. McCarthy will meditate – in full view of anyone in the stadium.

With his back resting against one of the goalposts, McCarthy sits cross-legged with his eyes closed while wearing headphones.

“It just starts off my with Pranayama,’ McCarthy told reporters Friday.

Pranayama? That, McCarthy explained, is, “breathing exercises and calming frequency in my headphones that just kind of dials in my physiology and kind of get my mind to a state where it’s kind of like white noise.’’

Before dealing with Alabama’s defense, which uses terms like “Joyless Murderball’’ and “DOA” (Dead On Arrival) to describe its style of play, McCarthy will try to quiet his mind. This involves the sound emitted through his headphones McCarthy said he can’t describe.

You’ve just got to experience it for yourself,’ he said. “… It’s like – you can just look up 963 hertz frequency on YouTube and you’ll see it for yourself.’’

How did J.J. McCarthy’s meditation ritual begin?

McCarthy, a junior, said he started a similar mediation routine during his senior year at high school. But the ritual he uses now was inspired last year by Michigan’s punter, Brad Robbins, Cincinnati Bengals.

“He did it, and I was just like, hey, that’s pretty cool, pretty neat,’ McCarthy said, “and I could see the effect it could have on the world seeing people meditate, especially football players.’’

This season McCarthy helped lead the Wolverines to an 13-0 record and the No. 1 seed in the CFP while throwing for 2,630 yards and 19 touchdowns on 231-of-287 passing for a 74.2 completion rate with four interceptions. But it was clear Friday he is focused on more than his throwing mechanics and X’s and O’s before he hits the field.

A reporter asked about McCarthy about the quarterback’s mind and his effort to slow things down while processing situations on the field.

“Been really good, at an all-time high I would say,’’ he said. “Staying in the moment, focusing on getting better every day and inspiring my teammates to do the same.’

McCarthy’s clear mind

It’s fair to wonder if McCarthy’s meditation will make a difference in the CFP semifinals.

Michigan has lost in the semifinals each of the past two years during its only appearances in the CFP. Alabama, by contrast, is 6-1 in the CFP semifinals.

Then there’s McCarthy’s role.

A year ago, in a 51-45 loss to Texas Christian in the CFP semifinals, McCarthy threw for 343 yards and two touchdowns on 20-of-34 passing. But he also threw two interceptions, both of which were returned for touchdowns.

McCarthy suggested his uneven performance led to the pregame meditation after an offseason during which he focused on getting ‘locked in on all the little details and that doesn’t happen again.’’

“I feel like last year I got caught up in the noise and all the emotions of it,’’ he said, “and I’m just trying to stay simple, trying to focus on dominating meetings, dominating practice and just being around my guys and enjoying every moment because this only comes around once for us and just appreciating every moment.’’

Regardless of how McCarthy and Michigan fare against Alabama, the quarterback is apparently losing no sleep over the loss to TCU.

‘Really well, yeah, fantastic,” he said when asked about his sleep.

This post appeared first on USA TODAY

Al Michaels wants you to know something. He’s happy. He feels good and he’s not going anywhere, anytime soon.

Two weeks ago the New York Post first reported that NBC was removing Michaels from its NFL playoff coverage. In his first public comments since that happened, Michaels told USA TODAY Sports he plans to finish his Amazon contract, which has one more year remaining on it. Perhaps most importantly, Michaels made it clear how much he still loves doing his job.

‘I feel good,’ Michaels said. ‘I feel healthy. I feel fine. I told Amazon that I’d do three years and next year will be three, and I’m definitely doing it. We’ll see after that.’

‘I still love this job. I still get a charge out of going into a stadium and watching the best in the world do what they do. I’m still really happy so that’s the big thing.’

Michaels was named into an emeritus role at NBC after departing last year following the end of his contract. Michaels, 79, then joined Amazon Prime, but he was scheduled to return to NBC to do one of the network’s two Wild Card games. Then NBC decided Michaels wasn’t doing the playoff games. It was fairly disgraceful treatment of a broadcasting legend.

NFL STATS CENTRAL: The latest NFL scores, schedules, odds, stats and more.

Michaels declined to comment on NBC’s move.

NFL broadcast teams: Meet all the announcers for Week 17 of the 2023 regular season

‘Amazon has been really great to me and I’m appreciative that I’ve been a part of helping them grow their NFL presence,’ Michaels said.

Michaels has actually been a miracle for Amazon Prime. He meshes well with analyst Kirk Herbstreit who isn’t flashy but his straightforward bluntness with little bombast is refreshing.

‘Kirk has been wonderful to work with,’ said Michaels.

Herbstreit earlier this month defended Michaels from criticism that some of his broadcasts lacked energy.

‘He hears the noise. I don’t think he’s like, ‘I’ll show them. I’m going to really bring it this week.’ He’s definitely not doing that,’ Herbstreit said. ‘He has more of an ‘F you’ attitude about it than ‘I’m going to show them.’ He thinks it’s a bunch of bullsh–. I think it’s a bunch of bullsh–. And I think it’s just a narrative that social media’s kind of running with.’

The broadcast itself makes good use of technological gizmos like the way during Thursday night’s game between the Browns and Jets it highlighted potential blitzing players pre-snap.

Also, Michaels’ trademark cornball humor is still intact. During Thursday night’s game, and after hearing fans making banging noises, Michaels said: ‘ “Somebody’s pounding on that trash can. The Astros must be in town.”

He was of course referring to the Houston Astros’ sign-stealing enterprise from their 2017 season.

After a few seconds, Michaels added: ‘I’m sorry. Don’t rip me.’

I won’t. It was funny.

Overall, Amazon’s broadcast is smart and fun. In fact, it might be the best NFL broadcast going. A big reason why is Michaels.

I’ve been somewhat alone with this but as I’ve stated before, Michaels is still the best at what he does. This is my hill. I will be deceased on it.

One of the more important things to me about Michaels was hearing him talk about happiness. Sometimes we see broadcasters the way we see players. They are just there. We get lost in their voices or the errors they make. We judge their knowledge and energy. We don’t care how they feel.

But I actually do care what’s happening with Michaels. He’s been a credit to the broadcasting profession. He’s sharp at near 80. I’m not trying to make Michaels out to be like he stormed Normandy but in the same way Michaels said he likes to watch the best, so do broadcast nerds like me. Many of us still want to see Michaels do his job. Because, well, he’s still the best.

Michaels is still fighting the great fight and doing it at a high level.

So what’s next for Michaels?

‘I’m going to keep doing the job I love,’ he said.

Good.

This post appeared first on USA TODAY

Gil de Ferran, the 2003 Indianapolis 500 champion, has died. McLaren’s Formula One team, where the racing legend was presently working in an advisory role, confirmed the news.

De Ferran was 56. The French-born Brazilian won the 2000 and 2001 Championship Auto Racing Teams (CART) titles, as well as the 1992 British Formula Three championship. After finishing runner-up to his Penske teammate and fellow countryman Helio Castroneves in the 2001 Indianapolis 500, de Ferran hoisted the Borg-Warner Trophy in 2003 in what would be his final start in the Greatest Spectacle in Racing.

‘Gil defined class as a driver and as a gentleman. As an IndyCar champion and an Indianapolis 500 winner, Gil accomplished so much during his career, both on and off the track,’ Roger Penske said in a statement Friday night. “Gil was beloved by so many. He was a great friend to the Team Penske and IndyCar family, as well as the entire international motorsports community. Gil’s passing is a terrible loss, and he will be deeply missed.”

In 2000 while racing at the California Speedway, de Ferran set both the track record and closed course record for fastest lap at 241.428 mph. It marked the fastest closed-circuit qualifying lap speed ever recorded.

De Ferran opted to retire from the pinnacle of American open-wheel racing at just 35 years old at the end of the 2003 Indy Racing League season, a campaign in which he won the finale at Texas Motor Speedway and took runner-up in the championship to Scott Dixon.

The French-born Brazilian would return to the cockpit in 2008 for a pair of campaigns in the American Le Mans series while racing for his eponymous de Ferran Motorsports team. He and teammate Simon Pagenaud would go on to win five of 10 races in 2009 and take runner-up in the championship.

Out of the cockpit, de Ferran worked as the sporting director for BAR-Honda in F1 from 2005-07 before launching his ALMS team as a driver-owner. After retiring from the cockpit for a final time, he took de Ferran Motorsport to IndyCar, merging with Luczo Dragon Racing (a team launched by Roger Penske’s son Jay Penske and Steve Luczo) for the start of the 2010 campaign. De Ferran Dragon Racing would run a full-season entry for Brazilian Raphael Matos, along with a couple races for Davey Hamilton. Matos finished 14th in points in a season that began with a fourth-place finish in Sao Paulo.

The team rebranded in 2012 as Dragon Racing after a split with de Ferran’s program.

Since, the racing legend had served as McLaren F1’s sporting director from 2018-21 and had since returned earlier this year as an advisor.

On Friday night, the team said it was ‘shocked and deeply saddened’ to learn of de Ferran’s death.

‘We send our deepest condolences to Gil de Ferran’s family, friends and loved ones,’ McLaren Racing stated on X. ‘Gil was an important and integral part of our Racing team. He was a formidable force on and off track and made a lasting impact on everyone racing and working alongside him. He will be missed by everyone at McLaren Racing.’

De Ferran is survived by his wife, Angela, and the pair’s children, Anna and Luke.

This post appeared first on USA TODAY

Republican presidential candidate Vivek Ramaswamy revealed during a campaign stop Friday that his ‘ideal’ pick for vice president would be someone like Elon Musk. 

‘I’m looking for people who are executives,’ Ramaswamy said after a voter in Corydon, Iowa, asked if he would be able to find enough cabinet picks who agree ‘with you that won’t cut your legs off.’ 

‘Not in the pool of Washington, D.C.,’ the 38-year-old presidential candidate answered. ‘If you’re looking outside the pool, there’s 300 million mostly good people in this country … So, a lot of them are going to be outsiders. I mean, an ideal vice president would be someone like an Elon Musk. Now, he wasn’t born in the country, so he can’t, you know, but that’s the mold.’ 

Musk would be unable to run for the vice presidency or presidency because he isn’t a natural-born citizen of the U.S. Musk was born in South Africa. 

Ramaswamy has previously said he would consider Musk as an adviser in the White House. 

Earlier at Friday’s town hall, Ramaswamy said he had learned from former President Trump that it’s important to surround oneself with some outsiders in the White House. 

‘It helps to have somebody who has complete and total disregard for the norms of Washington, D.C.,’ he said. ‘Let’s take a jackhammer to it. It’s all fake. Most of it’s made up.’

At the end of October, Ramaswamy revealed that Musk, who is the CEO of Telsa, SpaceX and owns X, formerly Twitter, had attended one of his fundraisers in Northern California. 

‘He showed up late at night and we had a conversation,’ he confirmed to Reuters at the time.’

Ramaswamy added, ‘He and I are increasingly alone in this world as being free speech absolutists and that I think is different from a lot of people in both parties. I think that’s something he and I see eye to eye on.’ 

Ramaswamy’s stop in Corydon was one of several campaign stops in Iowa on Friday, including Chariton and Indianola. 

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It was the announcement Senate Democrats were dreading.

When it came, it appeared to strike a major blow to their hopes of holding their razor-thin Senate majority in the 2024 elections.

‘I have made one of the toughest decisions of my life and decided that I will not be running for re-election to the United States Senate,’ Democratic Sen. Joe Manchin of West Virginia announced in November.

Manchin, a moderate Democrat and former governor, won over 60% of the vote in his 2012 re-election, but his margin of victory fell to just three points in 2018.

The consensus was that Manchin was the only Democrat who could win in West Virginia next year after his state shifted dramatically to the right over the past decade. Former President Donald Trump carried West Virginia by nearly 40 points in the 2020 election.

Democrats control the U.S. Senate with a 51-49 majority, but Republicans are looking at a favorable Senate map in 2024, with Democrats defending 23 of the 34 seats up for grabs. Three of those seats are in red states that Trump carried in 2020 — West Virginia, Montana and Ohio.

Five other blue-held seats are in key swing states narrowly carried by President Biden in 2020 — Arizona, Michigan, Nevada, Pennsylvania and Wisconsin.

‘Democrats have multiple pathways to protect and strengthen our Senate majority and are in a strong position to achieve this goal,’ Democratic Senatorial Campaign Committee spokesman David Bergstein argued in a statement after Manchin’s announcement.

‘In addition to defending our battle-tested incumbents, we’ve already expanded the battleground map to Texas and Florida,’ Bergstein added, pointing to what he called ‘unpopular Republican incumbents.’

Texas and Florida, where respective incumbent Sens. Ted Cruz and Rick Scott are seeking re-election, appear to be the only potentially competitive GOP-held seats up for grabs next year. 

Here’s a look at the five seats most likely to flip in 2024.

West Virginia

With Manchin not seeking re-election, National Republican Senatorial Committee (NRSC) chairman Sen. Steve Daines said, ‘We like our odds in West Virginia.’

Right now, the main action is in the Republican Senate primary, where popular Democrat-turned-Republican Gov. Jim Justice has the backing of the NRSC and Trump.

Justice has raised more money than his main rival, conservative Rep. Alex Mooney, who enjoys the support of the fiscally-conservative Club for Growth.

The first Democrat to jump into the race following Manchin’s departure is 32-year-old Zachary Shrewsbury, a native West Virginian and Marine Corps veteran.

Montana

Democrats breathed a sigh of relief when Sen. Jon Tester of Montana announced earlier this year that he would seek re-election in 2024 in a state that Trump carried by 16 points three years ago. The Democratic incumbent has hauled in a formidable $15 million in fundraising so far this year.

Tim Sheehy, a former Navy SEAL and Purple Heart recipient who notched more than 200 missions in the wars in Iraq and Afghanistan and elsewhere around the globe, launched a Republican Senate bid in late June.

Sheehy, the CEO of Bridger Aerospace, a Montana-based aerial firefighting and wildfire surveillance services company, enjoys the NRSC’s backing.

Rep. Matt Rosendale, a hard-right congressman, is seriously mulling a bid. Rosendale narrowly lost to Tester in the 2018 Senate election.

Ohio

Longtime Democratic Sen. Sherrod Brown is the only member of his party to win a non-judicial, statewide election in Ohio in the past decade. As Brown runs in 2024 for a fourth six-year term representing Ohio, he will be heavily targeted by Republicans in a state that was once a premier general election battleground but has shifted red over the past six years.

Trump carried Ohio by eight points in his 2016 presidential election victory and his 2020 re-election defeat. Last year, Trump’s handpicked Senate candidate in Ohio — Sen. JD Vance — topped longtime Democratic Rep. Tim Ryan by six points despite Ryan running what political experts considered a nearly flawless campaign.

Brown, who has served as a congressman, state lawmaker and Ohio secretary of state during his nearly half-century career in elective politics, is well known across the Buckeye State. The senator, known as a champion for populist causes, raked in $3.6 million in contributions during the first three months of this year.

Two Republicans who ran unsuccessfully for the 2022 GOP Senate nomination in Ohio are already in the race to oust Brown.

State Sen. Matt Dolan, a former top county prosecutor and Ohio assistant attorney general, launched his campaign in January. Dolan, whose family owns Major League Baseball’s Cleveland Guardians, shelled out millions of his own money to run ads for his 2022 Senate bid. 

He surged near the end of the primary race, finishing third in a crowded field of Republican contenders, winning nearly a quarter of the vote.

In April, Bernie Moreno, a successful Cleveland-based businessman and luxury auto dealership giant, declared his candidacy. Moreno, an immigrant who arrived in the U.S. legally from Colombia with his family as a 5-year-old boy, also shelled out millions of his own money to run TV commercials to try and boost his first Senate bid.

But he suspended his campaign in February 2022 after requesting and holding a private meeting with Trump.

In July, Ohio Secretary of State Frank LaRose joined the race, launching a much-anticipated Senate campaign.

Arizona

With Democrat-turned-independent Sen. Kyrsten Sinema appearing to gear up for a re-election campaign — even though she hasn’t officially announced a campaign — the Senate race in battleground Arizona could be the most complicated of the 2024 cycle.

Democratic Rep. Ruben Gallego is already running on the left and has raised more money than Sinema, although the incumbent enjoys a healthy cash-on-hand advantage.

Pinal County Sheriff Mark Lamb recently became the first major GOP contender to launch a campaign.

But 2022 GOP gubernatorial nominee Kari Lake instantly became the Republican front-runner when she jumped into the race in October. Lake, a former TV news anchor and strong Trump ally, narrowly lost last year’s election for governor but refused to concede.

Pennsylvania 

The Keystone State, which is a perennial general election battleground, will likely live up to its reputation once again in 2024 as it holds what will arguably be one of the most competitive and expensive Senate races in the country.

Democratic Sen. Bob Casey, who served a decade as the state’s auditor general and then treasurer before first winning election to the Senate in 2006, is seeking a fourth six-year term in office.

Casey, who is not expected to face any serious Democratic primary challenge, is the son of a popular former governor.

Republicans appear united behind Dave McCormick, who is making his second straight Senate run.

McCormick, a former hedge fund executive, West Point graduate, Gulf War combat veteran and Treasury Department official in former President George W. Bush’s administration, was endorsed by the Pennsylvania GOP in late September, soon after he entered the race.

McCormick had been courted by national and state Republicans to run, and his candidacy gives the GOP a high-profile candidate with the ability to finance his own race that’s expected to be one of the most expensive in the country.

The Pennsylvania GOP’s endorsement will likely help McCormick avoid a crowded and combustible battle for the 2024 GOP Senate nomination like the one he faced last year. McCormick ended up losing the nomination by a razor-thin margin to celebrity doctor and cardiac surgeon Mehmet Oz, who secured a primary victory thanks to a late endorsement from Trump. Oz ended up losing the general election to Democrat John Fetterman.

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Happy New Year!

Throughout 2024, I’ll be commenting on various sectors, industry groups, and individual stocks that flash breakouts and relative strength, but what about stocks that are just beginning to strengthen? There are many individual stocks that set 52-week and all-time highs as we ended 2023, but these are two that struggled in 2023 and now appear to be headed for a much stronger year:

3M Company (MMM):

It certainly appears as though a lengthy downtrend in MMM has reversed:

Breaking the absolute price downtrend is our first clue that things could be much different in 2024 for MMM. Also, note that the weekly PPO has turned positive for the first time since Q3 2021. The next confirming signal would be a clear reversal to the upside in the relative performance of MMM vs. the benchmark S&P 500. In the bottom panel above, you can see that MMM is challenging that relative downtrend line as we open 2024.

Finally, MMM has a dividend yield of 5.47%, potentially setting up as a nice investment for those with more of an income mentality, as opposed to capital appreciation. Perhaps MMM will provide nice capital appreciation in 2024 as a kicker.

Citigroup, Inc. (C):

C broke a similar downtrend during Q4 2023, after trending lower with most banks. Inverted yield curves historically impact banks the strongest as they squeeze banks’ net interest margins, which is a key driver in bank earnings. The stock market looks ahead, however, and I believe the expectation of multiple rate cuts in the fed funds rate is helping to drive current outperformance of banks. It’s quite likely to continue in 2024. On the C chart, you can see the reversal in its downtrend rather clearly:

In addition to the more favorable price chart, C also boasts a strong 4.04% dividend yield, providing another solid income option for that style of investor. Any additional capital appreciation would be icing on the cake.

On Monday, I will provide a technology company that appears poised for a very strong 2024. There will likely be a couple triggers to watch for to confirm a strong year ahead, but the recent absolute and relative price strength, along with an excellent AD line is providing early bullish signals. If you’d like to see this chart, I’ll send it to your email address Monday morning. Register HERE for our FREE EB Digest newsletter.

Also, next Saturday, January 6th is our annual MarketVision virtual conference. Grayson Roze, StockCharts.com’s Director of Operations, will join me for “MarketVision 2024: Beyond The Fed”, where I’ll provide my 2024 stock market forecast and S&P 500 target. It was one year ago that I accurately forecast that the S&P 500 would reach 4700 by the end of 2023. There weren’t many bulls to be found a year ago, but as it turned out, the bullish side was the right side as the S&P 500 gained 24% to finish the year at 4769.83. I thought we’d see roughly 23%. 1% off, not bad. For more information and to register for this year’s event, CLICK HERE.

Happy New Year and happy trading!

Tom

The story goes that baby boomers are going to give tens of trillions of dollars to their heirs over the next few decades.

The “generational wealth transfer” has become a media fascination, both for its eye-popping size and because it might help younger generations as they face doubts about their financial security.

That shift is already in the works, and will continue for a couple of decades. According to wealth management firm Cerulli Associates, some $53 trillion will be passed down from boomers to their Gen X, millennial and Gen Z heirs, as well as to charities. That includes both gifts during their lifetimes and inheritances afterward.

But the overwhelming cost of health care for older people means most people in those later generations won’t inherit much, even if their elders seem well-off today.

The bulk of the trillions will go from one group of already wealthy people to another. Cerulli estimated that 68% of the wealth transferred between 2020 and 2045 — which includes boomers as well as older generations — will come from U.S. households with at least $1 million in investable assets. And only 6.9% of households have that kind of wealth to begin with, Cerulli added.

That might be obvious, but the notion still raises the prospect of large numbers of people getting a life-changing amount of money, a last gift from a parent or grandparent that meaningfully alters their circumstances.

Collectively, baby boomers benefited a great deal from America’s economic growth over the second half of the 20th century. The economy boomed in their childhoods as the U.S. became a superpower, and as adults, they had an easier time buying low-cost housing than their children or grandchildren would. Those who bought homes benefited as those properties increased in value. They’ve had the most time to benefit from the U.S. stock market, which has soared roughly 4,000% since 1969.

Members of the Gen X and millennial cohorts have had to contend with headwinds on multiple fronts. Among them, the explosion in student debt, the rising cost of living, the dot-com bust, the Great Recession, the long but sluggish boom of the 2010s and the Covid-19 pandemic, at more vulnerable stages of their lives and careers.

So those younger generations might feel they could use a leg up. According to a 2023 survey by the Transamerica Center for Retirement Studies, Gen-Xers reported having a median of $82,000 in retirement savings, while millennials reported $49,000 in savings. Even with many working years ahead of them, some have doubts about their ability to retire with financial security.

According to Fidelity’s annual retiree health care cost estimate, a single 65-year-old could need about $157,500 after taxes to cover their health care expenses in retirement, and a couple could need $315,000.

“It’s kind of a wild card as to what the health care expenses are going to be like and it can balloon in the final years of life,” said Greg McBride, chief financial analyst for Bankrate.

Boomers have almost all reached retirement age — though it’s noteworthy that they, too, have concerns about their financial fates. The Transamerica survey found the median baby boomer household reported about $289,000 in retirement savings, short of what Fidelity says a person reaching retirement in 2023 needs.

“A lot of Gen Xers may not get the inheritance they’re expecting to get because their parents encountered ballooning expenses in the later years of life,” McBride said.

The eye-popping figures surrounding the wealth transfer often obscure the reality that health care for the elderly is incredibly expensive and frequently wipes out people’s life savings.

Boomers who are concerned about their own financial fate may be more aware of that fact.

In the non-ultra-rich category, a lot of people hoping that the “wealth transfer” will leave them with a substantial inheritance might end up disappointed, because health care for older people in America is very expensive.

According to the Bureau of Labor Statistics, people under the age of 65 reported spending an average of $5,209 per year on their health care in 2022, while those over 65 reported $7,540 annually.

A study published in 2004 showed that some 60% of lifetime health care spending — a majority, for the average person — happens after age 65.

It’s an issue that becomes more severe even as retirees age: Their health care is not only more expensive, the costs increase at a faster pace than everything else does. Citing government data, the nonprofit firm KFF says that between 2000 and mid-2023, prices for health insurance, prescription drugs, medical equipment and other health care items increased 114%, while prices for consumer goods and services rose 81%.

It’s a problem that puts many older people in a financial bind. The Senior Citizens League argues that living costs for seniors have long outpaced inflation and hikes in Social Security payments, especially for people living into their 80s and beyond. Improvements in health care mean there will be more long-lived boomers than any generation before them.

But the cost of that health care means many of them will see their retirement savings go quickly if their health declines and they need long-term help.

KFF, which does research on the health care industry, says the median annual cost of a private room in a nursing home was $108,405 in 2021, while a year in an assisted living facility cost $54,000. A year’s worth of support from a home health aide costs $61,776.

Tens of millions of retirees get their health insurance through Medicare, which generally doesn’t cover long-term care facilities. It also doesn’t cover services like dental or vision care.

Many people on Medicare get additional premiums for drug coverage under Medicare Part D, Medicare Advantage coverage, or supplemental insurance. But the out-of-pocket costs can add up quickly for people who have limited incomes.

“Most people’s retirement savings just don’t cover more than a year or two in assisted living or a nursing home,” said Josh Gordon, the director of health policy for the Committee for a Responsible Federal Budget. ‘Our health care is so much more expensive than every other developed country.’

He said that in many cases, people spend essentially all of their savings and then finally end up on Medicaid. Single people generally have to be down to their last $2,000 in assets to be eligible.

For all but the very rich, “that will probably be taken up by health care costs if you include nursing home care, home and community-based services, assisted living or the more informal caring arrangements that people have,’ Gordon said. ‘Is that really a generational transfer?”

And America is getting much older. That’s going to drive up national health care spending a great deal. By 2050, there are expected to be 84 million people over 65, according to the Bureau of Labor Statistics. That’s almost 50% more seniors than there are today.

This means people caring for aging parents and relatives are going to need more help. And that help is expensive.

“Because the baby boom generation is so large and there are less kids per baby boomer than there were in the prior generation, the burden of caring for baby boomers falls on a smaller number of people,” Gordon said.

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