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Biden exiting race but serving out term would leave Harris in dilemma: expert

As doubts grow about President Biden’s mental acuity, the spotlight turns to whether he can step down as the presidential nominee while completing his first term, and what that would mean for Vice President Kamala Harris’ political future.

‘Vice President Kamala Harris owes the American people an explanation as to why she has not been honest about President Biden’s steep decline into incapacity,’ Mike Howell, executive director of the conservative advocacy group Heritage Action, told Fox News Digital.

‘She chose politics over national security and history will judge her for that decision.’

Howell added that Democratic lawmakers are unlikely to call for Biden to retire immediately and allow Harris to take the helm, because ‘to admit that is that they’ve basically been complicit in a lie for the last three and a half years,’ referring to Biden’s declining health.

‘Him stepping down is an implicit endorsement of Kamala Harris being the nominee, because she would be the incumbent president at that point, and so I think that factors into it,’ Howell said. ‘What’s happening right now is there’s just going to be a series of rounds of people increasingly calling for it, and obviously President Biden’s trying to resist those calls as much as possible. But I think it’s unavoidable that more and more do call.’

Despite the growing chorus of concerned lawmakers calling on Biden to suspend his re-election campaign due to his poor debate performance and fading vitality, Biden has repeatedly said he is not dropping out of the race.

‘Most of the Democrats who are questioning whether or challenging President Biden should run are in either swing districts or tough re-election races of their own, or they need independent and Republican votes,’ Democratic strategist Mustafa Rashed told Fox News Digital in an interview.

‘It’s tough,’ Rashed continued. ‘The advantage that the vice president has is that she’s been adjacent to the Oval Office for the last three and a half years, which is something that no one else can say. I would also say that she’s the only person that’s been nationally, publicly and thoroughly vetted right now, like some of the other candidates have not gone through the sort of vetting process that’s required to run for national office.’

Other potential Democratic candidates who have been floated as options to replace Biden include Gov. Gavin Newsom, of California, and Gov. Gretchen Whitmer, of Michigan.

When asked at a Biden-Harris campaign event in New Hampshire this week, Newsom said Harris would likely win in a hypothetical matchup against former President Trump. 

‘I have no doubt about that. And that’s from someone that’s also known her longer than most, before we were both in politics,’ Newsom said, The Associated Press reported. ‘But I don’t expect it’s going to come to that.’

Democrats also met behind closed doors Monday as pressure mounted on Biden to drop out of the race. 

Fox News learned that multiple Democrats on House committees expressed concerns about the viability of Biden continuing to run for re-election against Trump after House Minority Leader Hakeem Jeffries, D-N.Y., held a virtual meeting with ranking Democrats on House panels Sunday afternoon.

Fox is told the consensus among most Democrats on the call who suggested Biden should abandon the race was that the party should focus on Harris as a potential successor.

Additionally, a recent CNN/SSRS poll shows Harris performing slightly better than Biden in a matchup against Trump.

House Republicans are already on the offense against Harris as a possible replacement for Biden’s candidacy should he step down from the race.

GOP lawmakers – in both safe red seats and swing districts being targeted by the left – dismissed Harris as a political threat to their chances in November, arguing she’s still tied to the same progressive Biden policies they believe are unpopular with voters.

Rep. Nick Langworthy, R-N.Y., who served as longtime chair of the New York Republican Party before coming to Congress, previously told Fox News Digital, ‘Kamala Harris is just as responsible for this administration’s failures, but she’s more incompetent.’

A swing-seat Republican who asked not to be named told Fox News Digital they were skeptical Harris would do better on the debate stage than Biden. 

‘I would say she’s the weakest part of the ticket right now, as bad as Biden is,’ that GOP lawmaker said.

Reps. Jerrold Nadler, D-N.Y., Mark Takano, D-Calif., Don Beyer, D-Va., and Adam Smith, D-Wash., reportedly expressed privately that Biden should exit the presidential race as the Democratic nominee on Sunday. Most of them also reportedly said Harris should be the nominee, two people familiar with the meeting told The Associated Press. 

Following reports on the meeting, Beyer issued a statement saying he backs the president staying in the race. 

‘I support President Biden. I support the Biden-Harris ticket, and look forward to helping defeat Donald Trump in November,’ the representative said. ‘I was proud to host an event this week in Northern Virginia with the President, and will continue doing all I can to support the Biden-Harris campaign in Virginia and across the country.’

Fox News’ Elizabeth Elkind, Greg Wehner and Chad Pergram contributed to this report.

This post appeared first on FOX NEWS
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Politics

Former Obama official defends keeping Biden on ticket: ‘Presidency is more than just one man’

Some lawmakers are making the case that the Biden presidency is a group effort in order to quell concerns over the president’s mental sharpness and health, as the party stands in disarray with some members considering strategies to dissuade President Biden from seeking re-election.

‘A presidency is more than just one man, one woman, it’s an administration,’ former Obama administration Secretary of Homeland Security Jeh Johnson said on MSNBC’s ‘Morning Joe’ last week. ‘I would take Joe Biden’s worst day at age 86, so long as he has people around him like Avril Haines, Sam Power, Gina Raimondo supporting him, over Donald Trump any day.’

The Wall Street Journal also published a report Monday that outlined how Biden’s ‘inner circle’ – made up of Democrat donors and aides – reportedly kept his signs of aging a secret. Republicans have been more openly skeptical of Biden’s closest aides around him, questioning whether Biden is really at the helm of the country’s leadership at all.

‘Donald Trump’s running on common sense, on restoring common sense versus the lunacy of the last four years in the far left and the shadow government that now is running our country with Joe Biden as its figurehead. That’s what he’s running against,’ Sen. Marco Rubio, R-Fla., said on CNN’s ‘State of the Union’ Sunday.

Sen. Tommy Tuberville, R-Ala., – a strong Trump ally – echoed Rubio’s belief that there is a ‘shadow government’ made up of tight knit Democrat strategists, aides and lawmakers helping Biden behind the scenes. 

‘We’ve all known Chuck Schumer and Nancy Pelosi and Obama’s been running the country along with [Secretary of State] Blinken and [National Security Advisor] Sullivan,’ Tuberville said on Fox News Channel’s ‘Sunday Morning Futures.’ ‘You can tell by Schumer’s actions, Pelosi’s actions, the first two years they were calling the shots.’

‘Hopefully, the people understand that they’ve had total control, not the president but Schumer and Pelosi and all the deep state,’ Tubrerville continued. ‘The deep state’s total control over this, and hopefully we can get control of it and get the Democrats out of power and get Trump and all the Republicans running this country.’

Congressional Democrats will hold caucus meetings on Tuesday regarding Biden’s re-election bid as the party becomes more concerned with the president’s ability to beat former President Trump in November. Lawmakers exiting the meetings have been tight-lipped, though at least one has said there is ‘no consensus’ regarding Biden.

For his part, Biden has repeatedly stated that he will not resign from the race. He issued a public letter to House Democrats on Monday demanding an ‘end’ to the party drama.

‘I am running. I am the leader of the Democratic Party. No one is pushing me out,’ Biden said, according to an aide who posted his comment on X, formerly Twitter, last week.

To prove he has the vitality to remain president another four years, the Biden-Harris campaign has organized a slew of nationwide campaign stops – including across swing states – for Biden to headline.

Fox News Digital reached out to the White House for comment but did not hear back by press deadline. 

Fox News Digital’s Anders Hagstrom contributed to this report. 

This post appeared first on FOX NEWS
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Stocks

Silver’s AI Boom: The Next Big Trade You Need to Know About

Over the last few years, the “AI trade” has shifted from the hottest trend to a portfolio centerpiece. The rationale for the shift is obvious: it’s hard to imagine future technology without AI.

But while the AI trade revolves around the usual suspects—semiconductors and various big tech stocks—silver is a critical yet overlooked component supplying the entire AI industry.

Silver’s Role in the AI Industry

Silver isn’t the only metal in AI tech production; its role is critical. Without it, AI—and much of electronic tech—wouldn’t exist. Its applications in thermal conductivity, semiconductor fabrication, sensors, connectors, and photovoltaic cells make silver indispensable in AI tech production.

The Silver Institute says global silver demand is set to hit around 1.2 billion ounces this year, the second-highest level ever recorded. Even with more silver being produced in response to industrial demand, analysts still believe the market will be in deficit for the fourth year in a row.

Silver’s 5-Year Seasonality Chart

Take a look at silver’s ($SILVER) five-year seasonality performance using StockCharts’ Seasonality chart tool.

CHART 1. 5-YEAR SEASONALITY CHART OF SILVER. Note the volatile performance quarter by quarter.

First, why a five-year seasonality chart? The answer is that it gives more weight to silver’s industrial demand and the AI trade starting in the year before the COVID lockdown. Still, if the market has been in a supply deficit for four years while demand keeps rising, you might wonder if the current price is somehow ‘repressed,’ setting the stage for a big surge.

Over the last four years, silver has returned, on average, 8.5% this month (average returns are at the bottom of the bar).August and September show the summer doldrums, with the latter’s figure looking quite dismal.October through December, the best months, topped even that of March through May in terms of average returns and, to some extent, higher close rates (those are the numbers above the bar).

Silver’s Macro View Shows Major Breakout

Looking back at silver’s performance over the last 16 years, the white metal is breaking out of a wide (and very ugly) four-year trading range.

CHART 2. WEEKLY CHART OF SILVER. Silver just broke out of a four-year (and very volatile) trading range.

Looking at the Chaikin Money Flow (CMF) indicator, you can see how the rallies correspond to the increased buying pressure. The current reading may not be as dramatic as the levels seen in 2010 and 2011, but this is where you make an informed guess as to whether such a move is about to start.

Silver’s price broke above the four-year resistance level at $30. However, it faces technical headwinds at approximately $36, $44, and right below $50 (the highest level reached was $49.45 in 1980 and $48.70 in 2011).

Are Big Players Scooping Up What Retail Investors Are Ditching?

Before looking at the daily chart from a tactical perspective for some potential entry points, let’s first compare the silver futures market ($SILVER) to the iShares Silver Trust ETF (SLV) and focus specifically on the different readings from the CMF, which represents buying vs selling pressure.

CHART 3. DAILY CHART COMPARISON OF SILVER FUTURES VS ISHARES SILVER TRUST ETF. Notice the difference in money flow between the two.

The price correlation between the two markets is very tight, as SLV is a commodity-backed ETF.  But look at the difference in money flow. The futures market shows a positive reading while the ETF dipped into negative territory. 

Does this represent the sentiment of different types of market participants—namely, institutional investors (or commercial traders) versus retail investors? If so, might it indicate that the bigger players are buying what the retail traders are selling to them at a possible discount? It’s something to think about.

Analyzing SLV’s Near-Term Price Action

Take a look at the daily chart of SLV below. The StockCharts Technical Rank (SCTR) score is soaring above the 90 line, indicating technical bullishness across several indicators and timeframes.

The CMF is below the zero line, indicating retail investors may be liquidating positions. However, is quiet accumulation occurring among institutional players in the futures market amid retail selling?

CHART 4. DAILY CHART OF SLV. The CMF divergence is clear, but given how it almost contradicts the reading you get with silver futures, it almost changes the story the charts tell.

 Take a look at the trendline (black) on the SLV chart. If silver’s seasonal tendency materializes, then you would expect near-term weakness. SLV’s price will likely test the trendline first (at whatever price point that will be at the moment) before testing the most recent swing low at $26.00. Should the price break below that level, you can expect support at the next major swing low at $24.00. 

If price falls below that, there is further support at consecutive swing lows, but you will want to re-examine the macro situation before taking any further action.

Add the following two charts to your StockCharts ChartLists.

The $SILVER chart shows what the silver futures (continuous contracts) price action looks like in contrast to the iShares Silver Trust ETF (SLV). The ETF is designed to track the futures, but look closely—those little technical differences might lead you to hidden market opportunities.

Closing Bell

Not many retail traders see it, but silver shines in the AI world. AI’s rise as a portfolio must-have puts a spotlight on silver’s critical role in tech production. But there’s a catch—silver supply may not be keeping up with soaring demand. While silver futures show strong buying, retail investors are ditching the SLV ETF. Big players might be scooping up what retail traders are selling, potentially setting the stage for a massive price surge later in the year.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

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Identifying Top Charts with Upside Potential in 2024

In this edition of StockCharts TV‘s The Final Bar, available to watch below, Dave begins a three-part series on selecting top charts to follow every month. In this first episode, he shares how he and Grayson Roze select the charts to include in the Top 10 lists using the StockCharts Scan Engine and chart review techniques. How can you use StockCharts tools to identify the next top performers?

See Dave and Grayson Roze’s picks for July 2024 here.

This video originally premiered on July 9, 2024. Watch on our dedicated Final Bar page on StockCharts TV!

New episodes of The Final Bar premiere every weekday afternoon. You can view all previously recorded episodes at this link.

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Stocks

Equities Set New Highs As Growth Sectors Drive Markets

Good morning and welcome to this week’s Flight Path. The week ended with all of the major asset classes painting “Go” bars. However, we saw a little uncertainty in places during trading. After a few bars of weaker aqua “Go” bars, we saw equities finish with strong blue bars at new all time highs. Treasury bond prices saw a dip into uncertainty but ended strongly. The U.S. commodities index rebounded after a “Go Fish” bar with a few strong blue bars and the dollar hung onto weaker aqua “Go” bars.

$SPY Looks Strong at the End of the Week

After a few weeks that now look like consolidation, we saw price hit new highs this week on strong blue “Go” bars. This comes after a few weaker aqua bars moved price sideways and GoNoGo Oscillator fell close to the zero level. It rallied quickly though and we are seeing strong momentum as price climbs.

Another higher weekly close tells us that the “Go” trend remains strong on the larger timeframe. We now have seen 9 consecutive strong blue “Go” bars since the period of weakness in April. GoNoGo Oscillator stays overbought for another week which tells us how enthusiastic the market is as price soars.

Treasury Rates Return to Strong “NoGo” bars

Treasury rates jumped higher earlier in the week and it was enough to make GoNoGo Trend paint an amber “Go Fish” bar. However, the “NoGo” returned as the week finished with first pink and then a strong purple bar. GoNoGo Oscillator which had broken into positive territory has quickly returned to test the zero line from above. It will be important to see if this level now offers support.

Dollar Falls from Highs on Weak Aqua “Go” Bars

The daily chart below shows that price fell sharply from the most recent high. This week saw a predominance of weaker aqua bars as the “Go” trend shows weakness. GoNoGo Oscillator has fallen to test the zero line from above and volume is heavy. We will pay close attention to the oscillator panel this week to see if the zero level offers support. If it does, we will be able to infer that the “Go” trend is still healthy.

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DP Trading Room: These Banks are Bullish Going Into Earnings

Earnings season is kicking off and Carl and Erin spotlight the banks that will be reporting on Friday. The setups aren’t good for all of these banks, but some are set up nicely going into their earnings calls. Earnings are always tricky as good earnings can still result in losses, but the technicals suggest these banks are ready to run higher.

Carl gives us his view of the market in general as well as Bitcoin, the Dollar, Gold, Yields and Bonds among others. He also leads us into the earnings discussion with a review of his SPX earnings charts. Finally, he covers the Magnificent Seven stocks.

Erin starts off her portion of the show with a review of sector rotation with special emphasis on Financials. She shows us the “under the hood” chart for Regional Banks (KRE) which isn’t set up as well as it needs to be going into earnings.

To end the show Erin looks at viewers symbol requests with an eye toward both the short and intermediate terms.

01:10 DecisionPoint Scoreboards

03:55 Market Overview

12:23 SPX Earnings Discussion

15:26 Magnificent Seven

18:07 Sector Rotation

23:47 Financials & Banks

31:05 Symbol Requests

Watch the latest episode of the DecisionPointTrading Room on DP’s YouTube channel here!

Try us out for two weeks with a trial subscription!

Use coupon code: DPTRIAL2 at checkout!

Technical Analysis is a windsock, not a crystal ball. –Carl Swenlin

(c) Copyright 2024 DecisionPoint.com

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

DecisionPoint is not a registered investment advisor. Investment and trading decisions are solely your responsibility. DecisionPoint newsletters, blogs or website materials should NOT be interpreted as a recommendation or solicitation to buy or sell any security or to take any specific action.

Helpful DecisionPoint Links:

Trend Models

Price Momentum Oscillator (PMO)

On Balance Volume

Swenlin Trading Oscillators (STO-B and STO-V)

ITBM and ITVM

SCTR Ranking

Bear Market Rules

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Sports

Durant sidelined with calf strain during Team USA’s Olympic prep

LAS VEGAS — NBA star Kevin Durant is sidelined from USA Basketball men’s senior team training camp with a strained calf.

He did not participate in practices on Saturday and Sunday, and his status for Wednesday’s exhibition game against Canada is undetermined.

“We’re just going to use an abundance of caution,” U.S. men’s basketball coach Steve Kerr said Sunday. “It’s not bad. He’s assuring me that it’s not bad. We’re just going to be really careful and take it day by day.”

The U.S. opens Group C play at the Paris Olympics on July 28, three weeks from now.

Durant, who plays for the Phoenix Suns, is USA Basketball’s all-time leading men’s scorer and is trying to become the first male basketball player to win four Olympic gold medals. He has 435 career Olympics points and is expected to move into the top 10 among all-time Olympic scorers regardless of country.

Durant averaged 27.1 points, 6.6 rebounds, 5.0 assists and 1.2 blocks and shot 52.3% from the field, 41.3% on 3-pointers and 85.6% on free throws and made his 11th All-NBA team in 2023-24.

The USA TODAY app gets you to the heart of the news — fast. Download for award-winning coverage, crosswords, audio storytelling, the eNewspaper and more.

This post appeared first on USA TODAY
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Bowman wins Chicago street race for first victory of 2024: Recap, results

Alex Bowman broke an 80-race NASCAR Cup Series winless streak on Sunday, outlasting the rain and the field to win the Grant Park 165 on the streets of downtown Chicago.

Bowman, earned his eighth career Cup Series win, holding off Tyler Reddick and Ty Gibbs in the rain-shortened race that ended with a countdown clock. When the clock hit zero, Bowman needed to maintain his lead for two laps – taking the white flag and the checkered flag – to earn his first win since March 6, 2022, at Las Vegas Motor Speedway.

The past two years have been a struggle for the 31-year-old Hendrick Motorsports driver, who suffered a concussion in September of 2022 then broke his back in April of 2023.

“Man, I broke my back, I had a brain injury, and we’ve kind of sucked ever since,” Bowman said in an interview with NBC after the race. “You kind of second guess if you are ever going to win a race again. Last one we won, we didn’t really get to celebrate.

“We’re going to drink so much damn bourbon tonight. It’s going to be a bad deal. I’m probably going to wake up naked on the bathroom floor again.”

Bowman became the 12th driver to win a race this season and most likely locks himself into the 16-driver playoff field with six regular-season races remaining.

The race was delayed for nearly two hours after Stage 1 ended as rain disrupted the race for the second consecutive year. Once the race resumed, every driver switched to wet-weather tires, but teams faced a conundrum on when to change back to primary slick tires once NASCAR instituted the countdown clock.

Christopher Bell, who led most of Stage 2 was one of numerous drivers to change tires before that stage ended, leaving him and many other race leaders in the middle of the pack. Bowman’s team, by contrast, made the decision to continue on rain tires.

As the race wound down, Bell, driving on the faster slicks, began chasing down Bowman and made it all the way to sixth in the running on Lap 55 order before contact with teammate Martin Truex Jr. in Turn 2. Carson Hocevar then slammed into Bell, and any hopes Bell had of winning his fourth race of the season came to a screeching halt. The Joe Gibbs Racing driver ended up finishing three laps down in 37th.

Read below for a full recap and all the highlights from today’s race.

The USA TODAY app gets you to the heart of the news — fast. Download for award-winning coverage, crosswords, audio storytelling, the eNewspaper and more.

NASCAR at Chicago Top 10 finishers

Here are the top 10 finishers in the Grant Park 165 on the streets of downtown Chicago:

Alex Bowman, No. 48 Chevrolet
Tyler Reddick, No. 45 Toyota, -2.863 seconds back
Ty Gibbs, No. 54 Toyota, -2.93 seconds
Joey Hand, No. 60 Ford, -8.513 seconds
Michael McDowell, No. 34 For, -8.584 seconds
Ricky Stenhouse Jr., No. 47 Chevrolet, -12.411 seconds
Todd Gilliland, No. 38 Ford, -13.212 seconds
William Bryon, No. 24 Chevrolet, -13.607 seconds
Kyle Busch, No. 8 Cheverolet, -14.757 seconds
Ryan Blaney, No. 12 Ford, -16.041 seconds

Bubba Wallace puts race winner Alex Bowman into the wall

Moments after Alex Bowman took the checkered flag to win the Grant Park 165 on the streets of Chicago and before the Hendrick Motorsports driver began celebrating, his No. 48 Chevrolet took a hit into the retaining wall courtesy of Bubba Wallace, who drove up beside and hit the race winner on the cool-down lap.

Wallace had spun earlier in the race after Bowman made contact with his No. 23 Toyota, forcing the 23XI Racing driver to pit for repairs. Wallace rallied to finish 13th, and Bowman immediately apologize as soon as his post-race interview began.

‘I want to apologize again to the 23 guys (Wallace’s team),’ Bowman said. ‘I just messed up trying to get my windshield wiper on, missed the corner and ruined their day. I hate that, and I’m still embarrased by that.’

Alex Bowman wins NASCAR race on streets of Chicago

Alex Bowman held off Tyler Reddick to win the Grant Park 165 NASCAR Cup Series race on the streets of downtown Chicago. Bowman, driving on wet-weather tires, maintained his poise as Reddick, who had changed to primary slick tires, tried to chase him down. But with the countdown clock expired, Bowman needed to just maintain his lead after the white flag flew to earn his first win of the 2024 season.

Alex Bowman leads Chicago street race with less than 5 minutes remaining

Alex Bowman passed Joey Hand on Lap 51 to assume the lead of the Grant Park 165. Bowman outbreaked Hand in Turn 5 before the Hendrick Motorsports driver surged past heading into Turn 6.

Bowman and Hand had remained on wet-weather tires while many of the drivers had changed to primary slicks. Christopher Bell, who had led most of the second stage was the first driver on slick tires on the track in ninth place.

NASCAR has instituted a countdown clock will expire at 9:20 p.m. ET (8:20 p.m. local). Once the clock expires, the white flag will wave and one lap later the checkered. If the caution flag comes out at the point, the leader of the race will be declared the winner.

Joey Hand surprise winner of Stage 2 of NASCAR Chicago race

After many of the leaders hit pit road under green before the end of the second stage to change from wet-weather tires to primary slicks, longshot Joey Hand assumed the lead and earned the first stage win of his NASCAR Cup Series career. The 45-year-old Hand held off a hard charge from Alex Bowman at the start-finish line as the stage ended.

Christopher Bell had led most of the second stage after the race resumed from a rain delay, but he was one of numerous drivers at the front of the field that changed tires. As a result, the top 10 at the end of Stage 2 were all drivers who were still racing with rain tires.

Here are the top-10 finishers of Stage 2:

Joey Hand, No. 60 Ford
Alex Bowman, No. 48 Chevrolet
Brad Keselowski, No. 6 Ford
Carson Hocevar, No. 77 Chevrolet
Martin Truex Jr., No. 19 Toyota
Noah Gragson, No. 10 Ford
Daniel Hemric, No. 31 Chevrolet
Ricky Stenhouse Jr., No. 47 Chevrolet
Harrison Burton, No. 21 Ford
Denny Hamlin, No. 11 Toyota

Bell finished the stage in 13th place, the first of the drivers who changed tires.

Kyle Larson’s race ends after hard crash into tire barrier

Kyle Larson made slight contact with the bumper of Ty Gibbs’ No. 54 Toyota then shot straight into the tire barriers in his No. 5 Chevrolet, rattling the retaining wall in Turn 6.

Larson and Gibbs were racing for second on Lap 34 of a scheduled 75 laps when his tires locked up as he grazed Gibbs’ car and shot it straight forward at high speed. Larson tried to drive his car back to pit road after a toe truck pulled the car out of the tires, but the damage was so severe he was forced to exit the car, ending his day.

Larson, the 2021 Cup Series champion, came into the race as the points leader this season.

Christopher Bell takes lead of NASCAR street race

Christopher Bell passed Ty Gibbs moments after the green flag waved for the restart of the Grant Park 165. Gibbs has fallen to second with Kyle Larson in third and Tyler Reddick in fourth early in the second stage.

NASCAR Chicago street race restarts after rain delay

The Grant Park 165 NASCAR Cup Series race has resumed with the green flag waving on Lap 30 of a scheduled 75 – though the race is likely to end sooner because of darkness.

The top five drivers at the restart:

Ty Gibbs, No. 54 Toyota
Christopher Bell, No. 20 Toyota
Kyle Larson, No. 5 Chevrolet
Zane Smith, No. 71 Chevrolet
Tyler Reddick, No. 45 Toyota

Cars back out on Chicago streets – under caution

Following a red flag that lasted 1 hour, 43 minutes, cars have returned to the downtown Chicago street course under caution on Lap 27. The race will go green with a single-file restart.

Rain returns before NASCAR Chicago race restarts

NASCAR officials had called drivers back to their cars in hopes of restarting the Grant Park 165, but moments before engines were refired, another rain cell landed in downtown Chicago and forced another delay.

The race remains red-flagged as jet dryers continue to blow rain off the streets. NASCAR has announced the race will stop at 9:20 p.m. ET (8:20 p.m. local) – regardless of how many laps have been completed – due to darkness.

Drivers getting back in their cars for Chicago street race

NASCAR officials have called drivers back to their cars in hopes of restarting the Grant Park 165 shortly. Jet dryers have been working diligently to blow standing water off the streets of downtown Chicago following a downpour.

The race was red-flagged just after Stage 2 began, on Lap 26 of a scheduled 75 laps.

NASCAR Chicago street race red-flagged

NASCAR officials brought all the cars down pit road and brought out the red flag, temporarily halting the race as the rain continued to fall in downtown Chicago.

Tracker dryers headed out on the circuit to try to blow the standing water off the streets, so the race could resume – even under the rain. Nearly every driver had already been running on wet-weather tires.

Favorite SVG out of NASCAR Chicago race after crash

Chase Briscoe lost control of his No. 14 Ford in Turn 6 , hitting defending race winner Shane van Gisbergen on Lap 25. Briscoe spun hard into the tire barrier, but SVG hit the wall hard on the right side of his No. 16 Chevrolet, bringing out the caution

Van Gisbergen, who also won Saturday’s Xfinity race, was forced to retire from the race because of excessive damage to his car.

Ty Gibbs had taken the lead from Zane Smith when Stage 2 began and held the lead when the yellow flag came out. Christopher Bell was second, Kyle Larson third, Smith fourth and Tyler Reddick fifth.

Zane Smith stays out as other drivers change to rain tires

Zane Smith, who had already been racing on rain tires, stayed out under the caution at the end of the first stage as most of the rest of the field – those on who remained on the lead lap – hit pit road to change from slick to wet tires.

The Spire Motorsports driver will lead the field to green for the start of Stage 2 in his No. 71 Chevrolet, followed by Christopher Bell, Ty Gibbs, Kyle Larson and Shane van Gisbergen.

SVG wins Stage 1 of NASCAR street race in Chicago

Defending race winner Shane van Gisbergen won the opening stage, which ended under caution as the rain began to come down harder.

Gisbergen, who also won Saturday’s NASCAR Xfinity race on the streets of Chicago, took the lead on Lap 13 and held it through the end of the 20-lap first stage. Drivers then hit pit road to change to wet-weather tires.

Here are the top 10 finishers in Stage 1:

Shane van Gisbergen, No. 16 Chevrolet
Christopher Bell, No. 20 Toyota
Ty Gibbs, No. 54 Toyota
Chase Briscoe, No. 14 Ford
Kyle Larson, No. 5 Chevrolet
Alex Bowman, No. 48 Chevrolet
Bubba Wallace, No. 23 Toyota
Todd Gilliland, No. 38 Ford
Tyler Reddick, No. 45 Toyota
Daniel Suarez, No. 99 Chevrolet

Lajoie brings out first caution in NASCAR Chicago street race

Corey Lajoie spun coming out of Turn 4, bringing out the caution on Lap 17. LaJoie, who started 20th, hit the wall with the back of his No. 7 Cheverolet and couldn’t get turned around as the field of cars approached, forcing officials to to throw the first yellow flag of the day.

NASCAR officials decided not to open pit road before the end of the 20-lap opening stage, ending it under caution. With more rain fast approaching, teams will have a chance to decide whether to switch to wet-weather tires at the stage break.

SVG takes the lead in opening stage of NASCAR Chicago street race

Defending race winner Shane van Gisbergen passed Ty Gibbs on Lap 13 of the Grant Park 165. Gibbs was forced to slow as the leaders came up on the back of the field, and SVG took advantage, moving past the Joe Gibbs Racing driver on the inside of Turns 11 and 12. There are 20 laps scheduled in the opening stage.

Ty Gibbs leading opening stage in NASCAR Chicago street race

Ty Gibbs, who started second, has led 10 lap so far in the Grant Park 165. The Joe Gibbs Racing driver surged past pole sitter Kyle Larson when the green flag dropped. Starting on primary slick tires, Gibbs has maintained the lead through the first half of the 20-lap opening stage.

Defending race winner Shane van Gisbergen has moved up to second, followed by Christopher Bell, Larson and Chase Briscoe.

NASCAR Cup race on streets of Chicago begins

The green flag has waved for the Grant Park 165 with pole sitter Kyle Larson of Hendrick Motorsports and Ty Gibbs of Joe Gibbs Racing leading the 40-car field past the start/finish line in Grant Park. Some drivers have changed to wet-weather tires, while others are driving with the primary slicks. Some of the downtown streets have puddles, while others remain mostly dry.

Ty Gibbs immediately jumped to the lead ahead of Tyler Reddick and Larson.

Cars taking one-lap inspection on streets of Chicago ahead of start

Cars have rolled out of pit road to take a one-lap inspection of the course for the Grant Park 165. Drivers are cruising down the downtown streets at pace-car speed trying to determine whether they should keep their normal slick tires or change to rain tires, which have treads.

NASCAR Chicago weather update: Light rain hits track before green flag

While you should not expect the torrential downpour that happened in 2023, the Grant Park 165 has had a run-in with Mother Nature already on Sunday.

Prior to the start of the race, the streets of Chicago were sprinkled with a little light rain. Rain is expect to fall in light sheets over the next hour. 

NASCAR designated the track as wet, and teams are prepped with rain tires in the event that wet weather does continue play into the festivities this afternoon.

Start of NASCAR Chicago race briefly delayed

A light rain has begun falling in downtown Chicago before the start of the Grant Park 165. Crew members have covered the cars on pit road to keep them from getting wet. NASCAR and Goodyear have brought rain tires to the event, so the race should be able to go green before long if the rain doesn’t become too heavy.

Engines fired for NASCAR street race in Chicago

Former Chicago Bears running back Matt Forte gave drivers the command to start engines for the Grant Park 165. The two-time NFL Pro Bowler played eight seasons in Chicago and two with the New York Jets before retiring in 2017.

Nine cars forced to rear of field for NASCAR Chicago street race

Reigning series champion Ryan Blaney is among nine drivers that will drop to the rear of the field before the green flag waves for the Grant Park 165 in Chicago. Eight of the nine needed to make repairs to their cars following Saturday’s on track-session, which NASCAR considers unapproved adjustments.

Aside from Blaney, the other drivers who made repairs are Chris Buescher, Josh Berry, Brad Keselowski, Corey LaJoie, Harrison Burton, William Byron and Erik Jones. Josh Bilicki’s car failed pre-race inspection three times, invalidating the team’s qualifying time while also resulting in a pass-through penalty down pit road at the beginning of the race.

What TV channel is the NASCAR Cup race at Chicago on?

NBC is broadcasting the Grant Park 165 and will have a pre-race show at 4 p.m. ET (3 p.m. local).

NASCAR Chicago live stream

The Grant Park 165 can be live streamed on Peacock, the NBCSports website and the NBC Sports app. The race is also available to stream on Fubo.

How many laps is the NASCAR Cup race at Chicago?

The Grant Park 165 is 75 laps around the 2.2-mile street course for a total of 165 miles. The race will feature three segments (laps per stage) − Stage 1: 20 laps; Stage 2: 25 laps; Stage 3: 30 laps.

NASCAR Chicago starting lineup

Kyle Larson is in pole position as drivers gear up for Sunday’s race. Here’s the lineup:

Kyle Larson, No. 5 Chevrolet
Ty Gibbs, No. 54 Toyota
Michael McDowell, No. 34 Ford
Tyler Reddick, No. 45 Toyota
Shane van Gisbergen, No. 16 Chevrolet
Bubba Wallace, No. 23 Toyota
Christopher Bell, No. 20 Toyota
Alex Bowman, No. 48 Chevrolet
Daniel Suarez, No. 99 Chevrolet
Brad Keselowski, No. 6 Ford
Denny Hamlin, No. 11 Toyota
John Hunter Nemechek, No. 42 Toyota
Carson Hocevar, No. 77 Chevrolet
Ross Chastain, No. 1 Chevrolet
Austin Dillon, No. 3 Chevrolet
Chris Buescher, No. 17 Ford
Ryan Blaney, No. 12 Ford
Chase Elliott, No. 9 Chevrolet
Kyle Busch, No. 8 Chevrolet
Corey LaJoie, No. 7 Chevrolet
Austin Cindric, No. 2 Ford
Chase Briscoe, No. 14 Ford
Justin Haley, No. 51 Ford
Martin Truex Jr., No. 19 Toyota
Erik Jones, No. 43 Toyota
Todd Gilliland, No. 38 Ford
William Byron, No. 24 Chevrolet
Noah Gragson, No. 10 Ford
Ryan Preece, No. 41 Ford
Zane Smith, No. 71 Chevrolet
Harrison Burton, No. 21 Ford
Joey Logano, No. 22 Ford
Ricky Stenhouse Jr., No. 47 Chevrolet
Austin Hill, No. 33 Chevrolet
Daniel Hemric, No. 31 Chevrolet
Josh Berry, No. 4 Ford
AJ Allmendinger, No. 13 Chevrolet
Joey Hand, No. 60 Ford
Josh Bilicki, No. 66 Ford (did not attempt qualifying lap)
Kaz Grala, No. 15 Ford

NASCAR Chicago weather update: Forecast for Grant Park 165

The forecast in Chicago Sunday for the Grant Park 165 is mostly favorable, though a chance of thunderstorms nonetheless looms.

The National Weather Service is projecting a 30% chance of precipitation at 3 p.m. local time, half an hour before the start of the race, with the chance of rain peaking at 4 p.m., at 31%. The NWS is also forecasting the chance of thunderstorms at that time between 30% and 50%.

As a band of storm clouds rolls through the area, traveling east, the chance for rain and thunder will gradually decrease as the afternoon wears on, with the chance of rain falling to 21% by 6 p.m.

Per the NWS, the temperature is expected to hover around the mid-to-low 80s, with a projection of 86 degrees at 3 p.m. Wind gusts of up to 17 miles per hour are expected throughout the afternoon.

What is the layout for the street course for NASCAR Cup race at Chicago?

Drivers will cruise down iconic streets like Michigan Avenue and Lake Shore Drive and past famous landmarks like Buckingham Fountain during the Grant Park 165. The 12-turn, 2.2-mile circuit will start on Columbus Avenue and wind through the downtown streets before it hits the start/finish line in front of Grant Park.

Who won the most recent NASCAR Cup race at Chicago?

How many drivers have won NASCAR Cup races in the 2024 season?

Seven races remain in the regular season, including Sunday’s race in Chicago, before the 16-driver NASCAR Cup Series playoffs begin on Sept. 11. A regular-season win virtually locks up a playoff berth, but the possibility still remains that there could be more race winners than available playoff spots since 11 drivers have a least won victory this season.

2024 winners (points in parentheses): Kyle Larson 3 (664); Denny Hamlin 3 (621); Christopher Bell 3 (576); William Byron 3 (570); Chase Elliott 1 (644); Tyler Reddick 1 (611); Ryan Blaney 1 (560); Brad Keselowski 1 (531); Joey Logano 1 (470); Daniel Suarez 1 (383); Austin Cindric 1 (367).

What time does the NASCAR Cup race at Chicago start?

The Grant Park 165 starts at 4:30 p.m. ET (3:30 p.m. local) on the streets of downtown Chicago.

This post appeared first on USA TODAY
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Business

Air travel demand is breaking records. Airline profits are not.

Record summer air travel demand isn’t translating to record U.S. airline profits. Carriers will have to answer for that disconnect when they report quarterly results this month.

Some airlines have forecast record demand, and in some cases, revenue. On Sunday, the Transportation Security Administration screened more than 3 million people, a one-day record.

But higher labor and other costs have eaten into airlines’ bottom lines. To adapt to slower demand growth and other challenges, some carriers have slowed if not halted hiring compared with hiring sprees when they rebuilt after the pandemic.

And some airlines are facing delays of new, more fuel-efficient aircraft from Airbus and Boeing at the same time that a Pratt & Whitney engine recall has grounded dozens of jets.

Yet U.S. airlines have increased capacity, flying about 6% more seats in July than they did in July 2023, according to aviation data firm OAG. The expansion is keeping airfare in check, and stocks in the sector have fallen behind the broader market.

The NYSE Arca Airline Index, which tracks 16 mostly U.S. airlines, is down almost 19% this year, while the S&P 500 has advanced more than 16%.

What the third quarter will look like for airlines is “clear as mud,” Raymond James analyst Savanthi Syth said in a note Friday, citing headwinds such as potentially weaker spending from coach-class clientele, the Paris Olympics’ impact on some Europe bookings, and possible changes in corporate travel demand.

Also, some travelers have been opting for trips in late spring and early summer, raising questions about late-summer demand.

Investors will get more insight into the traditionally slower tail end of summer and the rest of the year when airlines report quarterly results, starting with Delta Air Lines on Thursday.

Analysts consider Delta the best of the bunch, thanks in large part to the airline’s success in marketing more expensive, premium seats and its lucrative deal with American Express.

In April, Delta, the most profitable U.S. airline, forecast quarterly adjusted earnings of $2.20 to $2.50 a share for the second quarter, which would be down from the adjusted $2.68 a share it brought in a year earlier.

Delta, its rival United Airlines, which reports the following week, and Alaska Airlines are top picks for Wolfe Research airline analyst Scott Group, who said in a June 28 research note that the three have less earnings risk and better free cash flow than other carriers.

Shares of Delta and United are each up about 14% this year through July 5, the standouts in a sector that is mostly down this year. Alaska shares are down about 2%.

Airports are bustling this summer. Nearly 3 million people, setting a record, passed through U.S. airport checkpoints on June 23 alone, according to theTransportation Security Administration.

Airlines have been expanding their schedules, both domestically and internationally, pushing down fares. U.S.-Europe capacity for July is up nearly 8% from a year ago, according to consulting firm Airline/Aircraft Projects, with new routes largely targeting leisure travelers.

Fare-tracking company Hopper reported in June that summer flights between the U.S. and Europe in coach were going for $892 on average, compared with $1,065 for summer 2023.

Airfare was down nearly 6% in May from a year earlier, according to the latest U.S. inflation data.

Despite higher numbers of passengers, some carriers have admitted weaker sales than expected because of the increased flights. American Airlines on May 28 cut its second-quarter revenue and profit forecasts and announced its chief commercial officer was leaving after a sales strategy backfired.

“The domestic supply and demand imbalance has led to a weaker domestic pricing environment than we had forecast,” American Airlines CEO Robert Isom said at a Bernstein industry conference the next day. “There’s more discounting activity than we saw a year ago. Now, industry capacity is expected to come down in the second half of the year, and that should help.”

Southwest Airlines cut its second-quarter forecast in late June, citing shifting demand patterns. The Dallas-based airline is under pressure to quickly change its long-profitable business model — which has no seat assignments and one class of service — as big rivals such as United and Delta tout strong growth from premium cabins.

The airline is trying to fend off activist investor Elliott Investment Management, which disclosed a nearly $2 billion stake in the carrier in June and called for a leadership change.

“We will adapt as our customers’ needs adapt,” Southwest CEO Bob Jordan said at an industry event hosted by Politico on June 12, discussing potential new revenue initiatives.

Both American and Southwest report second-quarter results toward the end of July.

Some money-losing carriers, such as JetBlue Airways and Frontier Airlines, are already making changes.

JetBlue has been cutting unprofitable flights this year and making sure that planes outfitted with its high-end Mint business cabin, where tickets can go for more than four times a coach fare, is on the right routes.

Meanwhile Frontier Airlines and fellow discounter Spirit Airlines have done away with change fees for standard coach tickets and above, following larger, legacy carriers’ move during the pandemic. Both budget airlines announced in May that they will start offering bundled fares to include seat assignments and other add-ons that they used to charge for.

Spirit, which is struggling with the fallout from a judge’s ruling that blocked JetBlue from buying the airline, and is the most affected by the Pratt engine grounding, last week warned some 200 pilots they could be furloughed this year, according to the pilots union.

At Spirit’s annual shareholder meeting in June, CEO Ted Christie brushed off suggestions that Spirit is considering filing for Chapter 11 bankruptcy protection, with a more than $1 billion debt payment due in September 2025.

This post appeared first on NBC NEWS
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