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If you’re old enough to remember the origins of Tiger Woods, there’s nostalgic pleasure in the idea he can still dunk on Colin Montgomerie today with just as much flair as he did during the 1997 Masters in a third round that changed the course of golf history. 

Back then, it was Tiger delivering a nine-shot beatdown after Monty suggested the 21-year-old’s lack of experience in major championships might make him vulnerable on the weekend. Fast-forward 27 years and the argument has instead moved to retirement, with the always-earnest Scottish legend suggesting in an interview last week that it might be time for Woods — just 48 but lugging around a body beaten down by injury — to exit the stage rather than playing more Open Championships like the one beginning Thursday at Royal Troon. 

“As a past champion, I’m exempt ’til I’m 60. Colin’s not,” Woods said wryly when asked about Montgomerie’s comments Tuesday morning. “He’s not a past champion, so he’s not exempt so he doesn’t get the opportunity to make that decision. I do.”

It’s an incredible burn. It’s especially funny when you think about major-less Monty, 27 years later, once again taking a run at Tiger only to get a heel print on his back. Some things never change. 

Woods isn’t wrong. Even though he’s now ranked 874th in the world and hasn’t been competitive since the 2021 car accident that shattered his right leg, he has earned the right to play professional golf as long as he wants in whatever form he wants.

Even if his presence is entirely ceremonial, nobody should be trying to push the greatest player we’ve ever seen off the golf course. It’s not hurting anyone to let Woods walk around and wave to a crowd that longs to see just one shot that might give them the same feeling they had watching him in their youth.

But Montgomerie, in the full context of his comments in the London Times, isn’t wrong either. What exactly is Woods trying to accomplish out there? 

“I hope people remember Tiger as Tiger was, the passion and the charismatic aura around him,” Montgomerie said. “There is none of that now. At Pinehurst (in the recent U.S. Open) he did not seem to enjoy a single shot and you think, ‘What the hell is he doing? He’s coming to Troon and he won’t enjoy it there either.’ ‘

The interview then turns to the notion — which Woods has promoted himself — that he’ll hang it up and stop playing these majors when he feels that he can no longer compete.

“Aren’t we there?” Montgomerie said. “I’d have thought we were past there. There is a time for all sportsmen to say goodbye, but it’s very difficult to tell Tiger it’s time to go. Obviously, he still feels he can win. We are more realistic.”

There would be nothing more exciting in sports this year — maybe this entire decade — than Woods shoving it in Montgomerie’s face this week by winning the Claret Jug for a fourth time. 

But let’s be real for a second. 

Even though Woods dutifully shows up for every major he’s healthy enough to play and walks into the pre-tournament news conference and says he believes he can win, there’s no on-course evidence it’s anything but delusion. 

Woods making the cut at the 2022 Masters, a little more than a year after the accident, was a near-miracle that made everybody who loves golf feel inspired. His subsequent attempts to play the majors have, to be blunt, been uninteresting bordering on uncomfortable. 

That’s the big disconnect here.

If Woods embraced the idea that, at this point in his life, he’s primarily showing up at the majors to give back to the game and to let fans appreciate everything he’s accomplished, it would make perfect sense. That’s what Jack Nicklaus and Arnold Palmer did for years after their competitive era had expired, and every now and then they popped up on the leaderboard for a round or two and got everyone excited. 

But that expressly isn’t what Woods is doing. Moreover, it’s something he has forever said he doesn’t want to do. When asked Tuesday if his belief that he can still win has wavered at all given how far he’s been from competing for titles, Woods firmly and quickly said no. 

“I’ll play as long as I can play and feel like I can still win the event,” he said. 

Woods knows far more about his physical state, his golf game and his competition than anyone. But how do you square the circle that he’s in it to win when he doesn’t play competitive rounds outside the majors, is physically unable to practice the way he wants and struggles to finish four rounds when he does play? And we’re not just talking about struggling with the typical stuff like five-foot putts and deep rough. By Friday, after his surgically repaired back and knee and ankle have been put through the wringer, the whole thing just looks like agony. 

This year at the Masters, when he did actually make the cut after shooting a solid 73-72, he didn’t have much left for the weekend and finished 82-77.

Again, nothing wrong with that. The notion that Woods is tarnishing his legacy if he misses cuts is complete nonsense. But if the goal is truly to win another major, would he have been better served by finding an event or two where he could theoretically compete and get some useful reps, or going straight to the PGA Championship and US Open, where he had no chance from the jump?

At this point, the British Open is clearly where Woods has the best chance to do something special. The courses are easier to walk, driving distance isn’t as important and the necessity of playing different kinds of shots and trajectories benefits the more experienced and creative players. It’s not a coincidence that four men over age 40 have won the last 12 Opens, and Tom Watson almost did it in 2009 at age 59.

If there were any glimmer of Woods being able to still play good golf, it would be perfectly reasonable to think he can do what they did at Troon. But at this point, he’s trying to do it as a player who, in a sense, has already retired. 

He wouldn’t frame it that way, but he’s played nine official events since the 2021 car accident — seven of them majors. If it’s just too difficult physically for him to play any more than that, then Montgomerie is probably right on substance: We are past the point where it makes sense to frame his presence in the majors as competitive. 

Woods clearly isn’t ready to accept that. He spoke Tuesday about “busting it pretty hard in the gym” since the US Open and hitting the ball better and doing some things lately that he hasn’t been able to do all year. 

We’ll see Thursday whether it translates not just to a decent score, but something that makes us think about what’s still possible instead of just lamenting what used to be. 

It almost goes without saying that Woods can keep running this play until the end of time, and we’re always going to be here for it because he’s Tiger. But the bottom line to what Montgomerie said was that it’s hard to take Woods seriously as the competitive threat he says he wants to be when he has done so little to show that it’s true. 

Woods got off a great one-liner Tuesday to roll back the years on one of his long-running rivalries. But unless he can do something with it on the course, we might have to admit that Monty had a point. 

Follow USA TODAY Sports columnist Dan Wolken on social media @DanWolken

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At the 2024 Paris Olympics, John Roethlisberger will be charged with explaining Simone Biles’ flips, twists, turns – overall greatness – and overall performance.

His time in a NBC production truck more than two decades earlier will guide him through his analyses of complex movements, which he’ll have to relay in a way anybody can understand.

“It was a net zero as far as pay, but that was irrelevant,” the gymnastics reporter and analyst told USA TODAY Sports. “It was a great experience.”

Sitting next to a producer, Roethlisberger learned how a sports broadcast comes together behind the camera. And as the three-time Olympian’s broadcasting career has brought him in front of the camera, it’s that experience he falls back on.

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“I want people to feel the joy I feel and I want them to feel the excitement I feel,” said Roethlisberger, a four-time US national all-around champion, “especially because it’s gymnastics.”

While competing, particularly during his heyday of the 1990s, Roethlisberger critiqued analysts for what they said about his routines. Now he’s the one who hears from athletes. And it all brings him back to that production truck, where he realized live television was a lot more involved than he once assumed.  

“It’s not as back-and-white as I used to think sitting in my living room,” he said.

Who is John Roethlisberger? Meets NBC’s gymnastics reporter, scoring analyst

NBC was the first company to provide Roethlisberger with on-camera opportunities, including play-by-play, which came early – except not with the most plum assignments. But Roethlisberger, then as now, said he would have been content to call a Level 4 state meet. He said yes to every offer he could and made the most of the airtime.

“Definitely wasn’t always great, even good, sometimes,” he admits now.

He added: “(NBC) thought, ‘Well, John knows gymnastics, let’s see what he can do.’”

Roethlisberger called world championships alongside Tim Daggett and Nastia Liukin. He’s also worked for FOX, Big Ten Network, and the SEC Network under the ESPN umbrella. The NBC opportunities, he said, led directly to opening the door for him to call women’s college gymnastics on ESPN.  

Roethlisberger’s initial Olympic broadcasting experience came as a scoring analyst at previous Games, and he was a longtime asset in the production truck, said Molly Solomon, NBC Sports Olympics president and executive producer.

Now heading into Paris he could be NBC’s “breakout star” of the Olympics, Solomon said.

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When the International Gymnastics Federation abolished its “perfect 10” scoring system, the audience had a tough time following along.

“John has this unique ability to explain it to the layman, also make a lot of analogies to other sports, and he’s so gregarious and fun,” Solomon told USA TODAY Sports.  

It wasn’t until the Tokyo Games three years ago he made his on-air Olympic debut, and he did so from Stamford, Connecticut, as the network partially broadcasted those Olympics remotely due to the COVID-19 pandemic. Even under those circumstances, headed to the studio in the middle of the night, he cherished it.

“That’s just who I am,” Roethlisberger said. “I go into this with the attitude, ‘I got to have fun.’”

How John Roethlisberger explains gymnastics’ scoring system

In Paris, as a reporter and analyst for both the men’s and women’s competitions, he’ll be in a slightly different role – trying to put into words what just occurred on the mat or beam or bars and what the score on the screen means.

The purpose of his professional role in Paris is also the “bane of (his) existence.” The scoring is too complicated to follow and it’s not only a disservice to fans, Roethlisberger said, but to the athletes. For Roethlisberger, the complexity of the scoring on the international stage is what negatively affects gymnastics’ popularity most.

Simplicity is his friend. Whittling down the events to fundamentals helps. Going down the “rabbit hole” of technicalities won’t work on the Olympics stage.

“You can do an hourlong show on judges’ scoring and leave the viewer more confused than they were before,” Roethlisberger said.  

When Biles landed her triple-double during her floor routine at trials in June, Roethlisberger made a quick note of the complexity with judges’ lingo – once – by saying, “That’s a ‘J,’” referring to the level of difficulty.

His message? “No one’s ever done a ‘J.’ It’s (worth) one point,” Roethlisberger said. “It’s a fine line.”

John Roethlisberger wants viewers to have a fun ride during Olympics

Roethlisberger will have the play-by-play call for the rhythmic gymnastics competition. Every producer Roethlisberger has worked with hears the same pitch, though: That he’s down to call other sports. Baseball, softball or soccer – the sports his sons (ages 6, 9, 11) play – are his preferences.

“I think those would be a good stepping stone,” said Roethlisberger, aware a faster-paced sport like basketball or hockey may not fit his style.

The University of Minnesota graduate strives for relatability to the point he wants people watching at home to say: “I could do that.” He believes sports don’t carry the same weight as other issues in the world. But Roethlisberger knows what it means as a three-time Olympian who never made the podium.

“I can count all the medals I won on zero hands,” he said.

Roethlisberger appreciates the heartbreak while not enjoying it. He’s a lover of sports drama. And sometimes he’ll even surprise himself with what clears his mental filter and makes it to the microphone.

“It’s all genuine and passionate,” Roethlisberger said.

Roethlisberger knows his style won’t be for everybody. Within broadcasting, Roethlisberger has admired the way his play-by-play partner on Olympic gymnastics can segue in and out of breaks while directing traffic. He respects the versatility of Joe Buck and is a fan of Tony Romo’s “regular guy” attitude. But there aren’t any broadcasting icons he holds dear. 

“I kind of want to be myself. I want people to tune in and – not everyone’s going to love me, but I want them to love me for who I am. I want them to say, ‘No one’s quite like John. He didn’t get it all right. But he’s entertaining and he’s his own person.’

“It’s like gymnastics. You’re never perfect. You try to improve. And I hope as we go into Paris, that people tune into gymnastics and go, ‘Man, that was a fun ride.’”

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The Dow Jones Industrial Average advanced to new highs on Tuesday, as the bull market broadened out beyond technology names on hopes of forthcoming interest rate cuts.

The Dow surged by 742.76 points, or 1.85%, to close at 40,954.48. The 30-stock index hit an all-time high and closed at a record, in addition to notching its best session since June 2023. The small cap-focused Russell 2000 rose more than 3% for its fifth straight day of gains.

The S&P 500 added 0.64%, closing at 5,667.20. The Nasdaq Composite ended the day higher by just 0.2% at 18,509.34, lagging as technology names largely sat out of Tuesday’s rally.

Industrial bellwether Caterpillar climbed more than 4%, making it the second-biggest gainer in the Dow behind UnitedHealth. The insurer advanced 6.5% on the back of better-than-expected second-quarter results.

Financials — another trailing bull market group — gained after earnings from Bank of America and Morgan Stanley came in ahead of analyst forecasts. Bank of America jumped more than 5%, while Morgan Stanley added nearly 1%.

The rotation from megacap technology shares into small-cap and cyclical stocks began a week ago when June’s consumer price index showed the lowest inflation in three years. The reading was seen as a sign that inflation was nearing the Federal Reserve’s 2% target, and the central bank might be able to lower interest rates.

Traders now see 100% odds the Fed will lower rates in September, according to the CME FedWatch tool. A rate cut is seen as boosting small caps and industrials more reliant on borrowing costs than cash-rich, megacap technology stocks that have been riding a wave of optimism around artificial intelligence.

In the last one week alone, the Russell 2000 has soared more than 11%, while the blue-chip Dow has gained more than 4%. The Nasdaq is up just 0.4% over the same period.

Notably, AI darling Nvidia and Google parent Alphabet dropped more than 1% each on Tuesday. This extended their losses over the past week as the rest of the market has taken off.

“There’s a lot of momentum behind this rotation trade from big-cap tech into small caps and into the average stock,” said Ross Mayfield, investment strategist at Baird. “It’s a rotation, but it’s much more about the upside in the more cyclical sectors in the market than a referendum on AI’s long-term potential.”

Retail sales data out Tuesday further validated investors’ belief that the Fed had achieved a so-called soft landing with the economy. June sales were unchanged, versus expectations for a decline. Excluding autos, Junes sales rose 0.4%, a larger gain than the 0.1% consensus forecast collected by Dow Jones.

This data “should be positive for markets,” said Quincy Krosby, chief global strategist at LPL Financial. “Investors prefer the launch of a Fed easing cycle to begin with a still solid economic backdrop.”

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General Motors’ goal of being capable of producing 1 million all-electric vehicles in North America by the end of 2025 in heavily in doubt, following comments Monday by CEO Mary Barra.

The production capacity target for next year was one of the last EV targets the automaker hadn’t lowered or withdrawn as demand for EVs has not materialized as quickly as many companies such as GM previously expected.

“We won’t get to a million just because the market is not developing, but it will get there,” Barra said Monday at a virtual CNBC CEO Council event. “We’re going to be guided by the customer.”

For more than two years, GM has said it would have production capacity of 1 million in EVs in each China and North America by 2025. Even after it changed or withdrew several EV targets and product plans in the last year, the company continued to say it would install the North American capacity for EVs.

A GM spokesman said the company’s target was about the production capacity, while the question was regarding actually producing 1 million EVs in 2025. Barra did not specifcally address whether it was production or production capacity that she was referring to.

The spokesman later said the company would no longer reiterate the EV production capacity plans for 2025. The company has continually said its EV plans will be flexible to meet demand.

More details about the automaker’s EV plans could come when GM reports second-quarter results on July 23.

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Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits 2% to cut interest rates.

Speaking at the Economic Club of Washington D.C., Powell referenced the idea that central bank policy works with “long and variable lags” to explain why the Fed wouldn’t wait for its target to be hit.

“The implication of that is that if you wait until inflation gets all the way down to 2%, you’ve probably waited too long, because the tightening that you’re doing, or the level of tightness that you have, is still having effects which will probably drive inflation below 2%,” Powell said.

Instead, the Fed is looking for “greater confidence” that inflation will return to the 2% level, Powell said.

“What increases that confidence in that is more good inflation data, and lately here we have been getting some of that,” he said.

Powell also said he thinks a “hard landing” for the U.S. economy was not “a likely scenario.”

Monday was Powell’s first public speaking appearance since the Consumer Price Index report for June showed cooling inflation, with prices actually falling month over month.

Powell said at the beginning of his appearance that he was not intending to make any signals about when the Fed might start to cut interest rates. The central bank’s next policy meeting is at the end of July.

Powell made the remarks as part of a discussion with David Rubenstein, chairman of the Economic Club of Washington, D.C., and co-founder of The Carlyle Group, where the Fed chair previously worked.

The target range for the federal funds rate is currently 5.25% to 5.50%. That is up from a range of 0% to 0.25% during the Covid-19 pandemic, and a range of 1.50%-1.75% before that health crisis.

The federal funds rate influences, directly or indirectly, the cost of money throughout the economy, such as mortgage rates.

“People I don’t know will always say, ‘hey, cut rates.’ Somebody said that in the elevator this morning,” Powell said jokingly.

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Shares in gun manufacturers jumped Monday in the wake of the assassination attempt on former President Donald Trump.

Smith & Wesson Brands closed up 11%, while Sturm, Ruger & Co. rose 5%. Both firms make pistols, revolvers, hunting rifles and semiautomatic rifles like the one used in the shooting at a Trump rally in Pennsylvania on Saturday. Officials have not yet released information about who manufactured the gun.

In recent years, arms companies’ shares have tended to see short-term increases in the wake of political and legal decisions seen as potentially leading to increased risk of domestic turbulence or which could be interpreted as heralding potential crackdowns on firearms ownership that would lead people to stockpile them.

But Steve Sosnick, chief strategist at Interactive Brokers financial group, said such stock moves are more often than not simply knee-jerk reactions by traders to current events and do not necessarily signal that more sales will occur.

‘The question is does their stock rally persist, or does it fade,’ Sosnick said. ‘We don’t know the lasting effect and won’t really know until they make some sort of public comment or report their quarterly earnings.’

The arms companies are still ultimately evaluated on their overall financial performances and have accordingly had diverging outcomes in recent years. Smith & Wesson’s share price has about doubled since December 2022, while Ruger shares are down 10% over the same period.

Gun sales for Ruger and Smith Wesson surged during the pandemic but have generally declined as the economy reopened.

‘It’s hard to escape [financial] fundamentals over the longer term,’ Sosnick said. ‘So if there’s a perception that the weekend’s events could spur firearms sales, that’ll be borne out over time. We’ll know the answer when these companies report next.’

Shares in Trump Media & Technology Group also soared Monday. Trading in its stock has also been headline-driven and remains highly volatile. Trump is the largest shareholder in Truth Social’s parent company.

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Amazon Prime Day, the 48-hour discount blitz that kicks off Tuesday, is a “major” cause of worker injuries, according to the preliminary results of a Senate probe.

The Senate’s Health, Education, Labor and Pensions (HELP) Committee on Tuesday released the interim results of a yearlong investigation into Amazon’s warehouse working conditions just as the company holds its annual Prime Day deals event.

Amazon provided the committee with internal data from Prime Day 2019 that showed its total injury rate, including those the company is not required to disclose to the Occupational Safety and Health Administration, was “just under” 45 injuries per 100 workers, which amounts to “nearly half of the company’s warehouse workers,” the report states.

“Amazon continues to treat its workers as disposable and with complete contempt for their safety and wellbeing,” Sen. Bernie Sanders, a Vermont independent who chairs the HELP committee, said in a statement. “That is unacceptable and that has got to change.”

According to the report, the internal data provided by Amazon shows that its warehouses have been understaffed during Prime Day and the holiday shopping seasons, “endangering workers who have to manage increased volume without increased support,” according to the report. The report cites an internal Amazon document, titled “2021 Prime Day Lessons Learned,” which states Amazon “met only 71.2 percent of its hiring target,” between May and June of 2021, ending the week of that year’s Prime Day event.

Amazon spokesperson Kelly Nantel said the report ignores the progress Amazon has made.

“It draws sweeping and inaccurate conclusions based on unverified anecdotes, and it misrepresents documents that are several years old and contained factual errors and faulty analysis,” Nantel said. “For example, one of the false claims in the report implies that we’re not adequately staffed for busy shopping periods.” Nantel added that, since 2019, Amazon has reduced its incident rate for anything requiring more than basic first aid by 28% in the U.S. and lost time incident rate, which includes more significant injuries requiring an employee to miss at least one day of work, by 75%.

Amazon has faced scrutiny in recent years over its workplace injury record and its treatment of warehouse and delivery workers. It’s been cited by federal regulators for safety violations. OSHA and the U.S. Attorney’s Office are investigating conditions at several warehouses, while the U.S. Department of Justice is examining whether Amazon underreports injuries. 

The company said in March that its injury rates have improved, and it announced plans to invest more than $750 million in safety initiatives this year. It has also appealed a string of citations issued by OSHA around safety hazards and violations.

Amazon has said it’s begun to automate some tasks and is also rolling out more robotic systems in warehouse facilities that the company says can improve safety, although that prospect has been debated.

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Traders are now 100% certain the Federal Reserve will cut interest rates by September.

There are now 93.3% odds that the Fed’s target range for the federal funds rate, its key rate, will be lowered by a quarter percentage point to 5% to 5.25% in September from the current 5.25% to 5.50%, according to the CME FedWatch tool. And there are 6.7% odds that the rate will be a half percentage point lower in September, accounting for some traders believing the central bank will cut at its meeting at the end of July and again in September, says the tool. Taken together, you get the 100% odds.

The catalyst for the change in odds was the consumer price index update for June announced last week, which showed a 0.1% decrease from the prior month. That put the annual inflation rate at 3%, the lowest in three years. Odds that rates would be cut in September were about 70% a month ago.

The CME FedWatch Tool computes the probabilities based on trading in fed funds futures contracts at the exchange, where traders are placing their bets on the level of the effective fed funds rate in 30-day increments. Simply put, this is a reflection of where traders are putting their money. Actual real-life probability of rates remaining where they are today in September are not zero percent, but what this means is that no traders out there are willing to put actual money on the line to bet on that.

Fed Chairman Jerome Powell’s recent hints have also cemented traders’ belief that the central bank will act by September. On Monday, Powell said the Fed wouldn’t wait for inflation to get all the way to its 2% target rate before it began cutting, because of the lag effects of tightening.

The Fed is looking for “greater confidence” that inflation will return to the 2% level, he said.

“What increases that confidence in that is more good inflation data, and lately here we have been getting some of that,” added Powell.

The Fed next decides on interest rates on July 31 and again on Sept 18. It doesn’t meet on rates in August.

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Zyn users, rejoice: Production is about to ramp up in the U.S.

Philip Morris International (PMI), Zyn’s parent company, announced Tuesday it would invest $600 million to build a new production facility in Aurora, Colorado, dedicated to manufacturing the popular nicotine pouches.

The move comes as Zyn has been subject to nationwide shortages as a result of its runaway success.

“PMI and its U.S. affiliates are accelerating their mission to move adults who smoke away from cigarettes in the U.S. by investing in new U.S. manufacturing capacity to meet the increasing demand for nicotine options that are scientifically substantiated as better alternatives,” said PMI Americas President and U.S. CEO Stacey Kennedy in a statement.

“We believe Colorado is likeminded in its commitment to innovation, economic opportunity and public health, and we’re eager to work with the state and its talented workforce as we expand our U.S. manufacturing presence.” 

The facility will be constructed over the course of two years, creating 500 direct jobs that pay an average annual salary of $90,000, with ongoing annual economic impact of $550 million and an additional 1,000 indirect jobs. PMI also estimates 1,000 construction jobs will be created as the factory is stood up.

Tuesday’s announcement comes on top of a previously stated plan to increase Zyn production at an existing facility in Kentucky to provide more immediate relief to address the shortage.

Amid its widespread adoption, Zyn has also begun to face questions about its safety. PMI has said its products have been scientifically supported as better alternatives to traditional cigarette use. The FDA’s official stance is that nicotine is addictive and can lead to continued use of tobacco, and that any tobacco or tobacco-alternative products like Zyn are illegal to sell to users under the age of 21.

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The Dow Jones Industrial Average advanced on Monday as investors bet the unsuccessful assassination attempt on former President Donald Trump will lead to big gains for the Republican presidential candidate and the GOP at the polls in November.

Friendlier fiscal policies ahead were seen as further spurring a broadening out of the bull market that started to take shape last week. Small-cap shares and banks climbed on Monday.

The blue-chip Dow jumped 210.82 points, or 0.53%, to 40,211.72. The S&P 500 added 0.28% to 5,631.22. Both touched new intraday highs in the session, while the former also saw a record close. The Nasdaq Composite rose 0.4% to 18,472.57.

“The good news is that former President Trump was not injured more than the ear, that he was not killed,” said Sam Stovall, chief investment strategist at CFRA Research, on CNBC’s “Worldwide Exchange.” “As a result, I think the market will continue on its momentum ways.”

The Republican National Convention commenced Monday in Milwaukee, Wisconsin, with Trump leading President Joe Biden in national polls.

Humana and UnitedHealth Group each rose in the session. The insurers could benefit from fewer cost pressures coming from a Republican administration.

The Russell 2000 gained 1.8%, touching its highest level since 2022 and recording a fourth straight positive day. Goldman Sachs said a second Trump term could help small caps outperform, citing their strong record after his victory in 2016.

Goldman Sachs shares added 2.6% after posting earnings that exceeded analysts’ expectations. The SPDR S&P Bank ETF (KBE) and SPDR S&P Regional Banking ETF (KRE) both added more than 2%.

Goldman is one of the more than 40 S&P 500 companies reporting second-quarter earnings this week as the new season ramps up. This list also includes household names such as Bank of America, United Airlines and Netflix.

Beyond earnings, investors parsed comments from Federal Reserve Chair Jerome Powell, who said the central bank wouldn’t wait until inflation was at its goal of 2% before lowering interest rates. He also said a hard landing scenario was unlikely for the economy.

“We are getting very close to the point of the Fed … seeing the data that they need to see to be comfortable cutting rates,” said Bill Merz, head of capital market research at U.S. Bank Asset Management. “That’s what is the first and foremost thing in the psyche of the market.”

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