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Rent up, groceries down: Inflation cooled slightly in April, but consumers still face a mixed bag

The consumer price index, the most-watched inflation measurement put out by the U.S. government, declined slightly to 3.4% on a 12-month basis in April as price growth in the economy remained elevated.

Compared with March, prices climbed 0.3%, with rent and gasoline contributing 70% of the monthly increase, according to the Bureau of Labor Statistics. That was down from the 0.4% increase seen from February to March.

Stocks responded positively to the news, with the S&P 500 hitting an all-time high and the Dow Jones and NASDAQ indexes also moving upward.

Indeed, some silver linings exist within the data that signal consumers are experiencing some relief in certain categories.

The latest data ‘means the disinflationary process is back on track,’ Adam Crisafulli, a market analyst and head of Vital Knowledge Media, said in a note to clients following Wednesday morning’s report. ‘Meanwhile, rent is still running quite hot, which means non-rent prices are easing even more than it seems on the headline.”

Among the broadest categories tracked by the consumer price index, two of the ones most acutely felt by consumers — food and energy prices — hit 2.2% and 2.6% on a 12-month basis in March, respectively.

That’s essentially in line with the Federal Reserve’s 2% goal.

Within those categories, food at home — essentially, groceries — climbed just 1.1%, while gasoline prices climbed 1.2%.

On a monthly basis, food-at-home prices declined 0.2%, and overall food-price growth was flat.

‘Food is a notable bright spot,’ Neil Dutta, head of economic research at Renaissance Macro Research, said in an interview ahead of Wednesday’s report.

In spite of those positive trends, progress in reducing overall costs has stalled. Economists generally agree it’s mostly because the cost of rent has remained elevated, though there remains disagreement about how soon slowing rent growth will start to appear in the index.

Even as the Fed and other economists have preached patience, the upshot has been an index that has remained stuck from 3% to 4%, above the Fed’s 2% target, for more than a year.

This post appeared first on NBC NEWS
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Tesla’s Chinese rival Nio launches a new brand and car that undercuts the Model Y by $4,000

Chinese electric car company Nio revealed Wednesday that the first car for its new, lower-priced brand, Onvo, will be about $4,000 cheaper than Tesla’s comparable Model Y.

Deliveries for Onvo’s first car, the L60 SUV, are set to begin in September, the company said. Pre-sales began after Wednesday’s launch event.

Nio CEO William Li said he expects Onvo to begin selling its cars overseas at some point but didn’t specify when, according to an interview with CNBC’s Eunice Yoon.

Since launching about 10 years ago, Nio has focused on the premium segment of cars, priced around 300,000 yuan (US$41,500) or higher. The company has since expanded to Europe, but its monthly deliveries in China have generally remained modest versus the competition.

Onvo’s L60 starts at 219,900 yuan (US$30,439) versus the Model Y’s 249,900 yuan (US$34,617). Elon Musk’s electric SUV has been one of the best-selling pure battery-powered electric cars in China.

Fierce competition in China’s electric car market has invited new entrants and prompted many companies to cut prices.

Smartphone company Xiaomi in late March entered the electric car market with its SU7 sedan to rival Tesla’s Model 3 with a price that was also about $4,000 cheaper.

The Model 3 has since cut its price by about $2,000 to 231,900 yuan (US$32,124), according to Tesla’s China website. Xiaomi said Wednesday it had delivered 10,000 SU7 vehicles.

BYD, which sold more cars than Elon Musk’s automaker last year when including hybrids, mostly sells cars in the range of 100,000 yuan (US$13,851) or below. BYD has started to expand into higher-price segments in the last few years.

Nio CEO Li confirmed to CNBC that the L60 is using lower-priced batteries from BYD.

Global competition from Chinese electric-vehicle makers has also prompted stiff new tariffs from the Biden administration on imports of the vehicles to the U.S. Chinese EVs will be subject to a 100% tariff, the administration announced on Tuesday.

When asked about the new levies, Li called them “completely unreasonable,” according to a CNBC translation from Mandarin to English. Li also noted the impact on consumers and climate goals.

Onvo aims to set a “new standard” for the family car, Alan Ai, president of the Nio sub-brand, said at Wednesday’s launch event in Mandarin, translated by CNBC.

The brand’s name stands for “On Voyage,” while its Chinese name “Le Dao” is meant to evoke a family having a happy time together.

Ai made many comparisons to the Model Y and other cars during his presentation.

He said the L60′s interior was more spacious than that of Tesla’s Model Y and Toyota’s Rav4. He also said Onvo’s new car had better shock absorption and cut tighter figure-eights compared with competitors.

Onvo’s advertised driving range on a single charge is at least as far as — or even further — than that of the Model Y depending on the version.

As a sub-brand, Onvo vehicles can access many of Nio’s battery swap and charging stations, Ai said.

Ai also showed videos of Onvo models using driver-assist technology to navigate through country roads and city streets.

Tesla’s driver-assist software, Full Self-Driving, isn’t available in China yet but is widely expected to be nearing Beijing’s approval for rollout.

This post appeared first on NBC NEWS
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McDonald’s $5 value meal is coming in June — and staying for just a month

McDonald’s is set to offer a $5 value meal in the U.S., but only for a limited time.

The promotion will include four items for $5 — a McChicken or McDouble, four-piece chicken nuggets, fries and a drink — and will run for roughly a month, beginning on June 25, according to a person familiar with the offering who was not authorized to speak about it publicly.

“We know how much it means to our customers when McDonald’s offers meaningful value and communicates it through national advertising. That’s been true since our very beginning and never more important than it is today,” McDonald’s said in a statement to CNBC.

CNBC last week reported the fast-food giant was working to bring a value offering to menus, with details being discussed and voted on by franchisees. An initial proposal for the meal did not clear necessary hurdles.

Coca-Cola added marketing funds to the equation to make the deal more appealing, CNBC reported Friday. In a statement on Wednesday, Coca-Cola said: “We routinely partner with our customers on marketing programs to meet consumer needs. This helps us grow our businesses together.”

Financial terms of that partnership were not disclosed.

The monthlong promotion comes at a time when restaurants are finally beginning to feel a long-anticipated consumer pullback.

McDonald’s recently reported a mixed first quarter, with U.S. same-store sales slightly missing expectations. Higher prices helped grow average checks, but some consumers pulled back as a result of the steeper costs.

“Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending, which is putting pressure on the [quick-service restaurant] industry,” CEO Chris Kempczinski said on the company’s earnings call on April 30.

He added McDonald’s has to be “laser-focused” on affordability to attract diners.

“Great value and affordability have always been a hallmark of McDonald’s brand, and all three legs of the stool are coming together to deliver that at a time when our customers really need it. This is the power and promise of the Golden Arches,” John Palmaccio, McDonald’s owner and operator and chair of the Operators National Advertising Fund, said in a statement to CNBC on the $5 promotion.

— CNBC’s Amelia Lucas contributed to this report.

This post appeared first on NBC NEWS
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Netflix ad-supported tier has 40 million monthly users, nearly double previous count

Netflix’s cheaper, ad-supported tier has amassed 40 million global monthly active users, the company said Wednesday.

That’s nearly double the 23 million figure the streaming giant shared in January.

Separately, Netflix announced it would launch its own advertising platform and no longer partner with Microsoft for that technology. The tech giant will remain a programmatic advertising partner.

Netflix introduced the ad-supported plan in November 2022 as part of a wider effort to drive revenue amid slowing subscriber growth. That strategy included last year’s password-sharing crackdown.

The company said Wednesday that 40% of all signups in countries that have the ad tier available are for that cheaper plan. Netflix now has 270 million total subscribers.

The monthly active ad-tier user figures come just a month after Netflix told investors it would no longer be providing quarterly subscriber number updates. The company said at the time that it was generating substantial profit and free cash flow and that its membership numbers were not the only factor in the company’s growth. It said the metric lost significance after it started to offer multiple price points for memberships.

The surge in ad-tier users comes as linear TV audiences shrink and traditional media companies seek to gain a foothold in the streaming realm. Netflix has established itself as the leader in the segment as many other companies struggle to make their streaming platforms profitable.

Key competitors have far fewer subscribers than Netflix does. In its first-quarter earnings report, Comcast said its streaming platform Peacock had 34 million subscribers.

This post appeared first on NBC NEWS
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Walmart says more diners are buying its groceries as fast food gets pricey

Forget the drive-thru. Walmart wants diners to find a value meal in its grocery aisles.

As fast food gets pricier, the nation’s largest grocer sees a sales opportunity.

On a call with CNBC on Thursday, Walmart Chief Financial Officer John David Rainey said some of the discounter’s sales growth in the recent quarter came from customers who turned to its grocery aisles for cheaper meals than they can get at quick-service restaurants.

“It’s roughly 4.3 times more expensive to eat out than it is to eat at home,” he said. “And that’s benefiting our business.”

As customers see some grocery items stay the same price or even become cheaper, the gap between buying menu items and cooking food at home has grown even wider, he said.

Walmart’s stock soared to an all-time high on Thursday, after it beat Wall Street’s quarterly sales and revenue expectations and said it expected its full-year results to be on the high end of, or better than, its previous forecast. Transactions in the U.S. rose 3.8%, as more customers visited its stores and website.

Walmart’s strong store traffic and quarterly results are at odds with those of restaurant companies, including McDonald’s, Starbucks and Yum Brands. Foot traffic to limited-service chains, which includes fast-food and fast-casual restaurants, fell 3.5% in the first quarter, according to Revenue Management Solutions. Restaurant executives blamed bad weather in January and February — and a consumer slowdown, particularly among lower-income diners.

Like many restaurants, McDonald’s has faced backlash to its prices. An $18 Big Mac combo sold at one of its franchised restaurants in Connecticut went viral on social media, prompting executives to defend the chain’s pricing on its conference call. The burger giant reported disappointing U.S. same-store sales growth of 2.5%, suggesting that its foot traffic fell during the quarter.

Still, McDonald’s CEO Chris Kempczinski said consumers, particularly those earning lower incomes, are hunting for deals. The chain will offer a $5 value meal starting June 25 for roughly a month.

Not all restaurants have had trouble getting diners to pay higher prices: fast-casual chains like Chipotle, Wingstop and Sweetgreen all reported strong sales in their most recent quarters.

Inflation data from the U.S. Labor Department reflects the difference between the price that customers pay for food they cook at home or pack for lunch, compared with what they pay at a coffee shop or restaurant. As of April, the price of food at home, a category that measures the total cost of food purchased at grocers or other food stores, was up 1.1% year over year. The price of food away from home rose significantly more: 4.1% year over year.

On the company’s earnings call on Thursday, Walmart U.S. CEO John Furner pointed to newer tool in Walmart’s arsenal that it can use to compete more aggressively with restaurants: its new grocery brand, Bettergoods.

The premium line includes unique flavors and merchandise tailored for more health-conscious customers or ones with a special diet, such as gluten-free or plant-based items. For example, it includes strawberries and cream-flavored Greek yogurt, curry chicken empanadas, restaurant-style chicken wings and salted caramel oat milk ice cream.

Seventy percent of the brand’s items are under $5, Furner said — a price point that may catch the eye of shoppers “trying to feed a family of four, five, [or] six.”

— CNBC’s Amelia Lucas contributed to this report.

This post appeared first on NBC NEWS
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United Airlines says FAA cleared it to start adding new aircraft, routes after safety review

United Airlines said the Federal Aviation Administration has cleared it to start adding new aircraft and routes months after the regulator stepped up its scrutiny of the carrier following several safety incidents.

“Today, we got some good news: after a careful review and discussion about the proactive safety steps United has taken to date, our FAA Certificate Management Office has allowed us to begin the process of restarting our certification activities, including new aircraft and routes, and we will continue to coordinate closely with the FAA,” United said in a note to employees Wednesday.

United said in March that the FAA had stepped up scrutiny of the airline after a spate of incidents earlier this year. That prevented it from launching new routes, including flights to Faro, Portugal, ahead of the busy summer travel season.

United said that it has more work to do, however.

“We will continue to see an FAA presence in our operation as they review our work processes, manuals and facilities,” it said in its employee memo.

United would send requests to the FAA to add aircrafts or new routes, though a spokesperson said it has yet to do so.

The FAA said later Thursday that it has not yet “approved any expansion of United Airlines’ routes or fleets.” The FAA said its review is “ongoing and safety will determine the timeline for completing it.”

A clearance from the FAA would be welcome news as United and other carriers expect a record peak season this year.

Among the safety incidents in recent months, a Japan-bound United Boeing 777 lost a tire shortly after takeoff from San Francisco in February, and a missing panel was discovered on a Boeing 737 after it landed in Oregon in March.

While the planes involved older jets, the incidents come amid heightened scrutiny of the aviation industry after a door plug blew out of a nearly new Boeing 737 Max 9 operated by Alaska Airlines earlier this year, a near catastrophe that has created a fresh crisis for the manufacturer.

This post appeared first on NBC NEWS
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Daytona International Speedway icon dies at 103

Juanita ‘Lightnin” Epton, whose name adorns the Daytona International Speedway ticket office after more than 60 years of employment, died on Thursday at the age of 103.

Epton worked the very first Daytona 500 in 1959, joining husband Joe as a NASCAR employee. Joe served as the sport’s chief of timing and scoring from 1947-1985.

“Lightnin’ Epton and her husband Joe were part of my mom and dad Bill and Anne France’s team from the early days of NASCAR,’ NASCAR CEO Jim France said via a statement on Thursday. ‘They were scoring races, selling tickets, and did every other job that needed to be done. The Eptons worked from the Carolinas, coming to Daytona Beach to help with races on the beach, and ultimately moving to Florida for the opening of Daytona International Speedway.

‘She worked alongside our family from the very first DAYTONA 500 through this year’s 66th running of the race, bringing an incredible passion for the track to the ticket office every day. Lightnin’ was beloved by our staff, fans, and drivers alike. Our family will miss Lightnin’ tremendously and our thoughts are with her family and friends as we celebrate her life.”

Epton was honored in a ceremony in August 2022 with the renaming of the ticket office.

“I just don’t know what to say,” Epton said at the time. “This place and these people mean so very much to me, I can hardly express my emotions at this honor. I truly feel so grateful to be standing here today, seeing my name become a part of this speedway. It feels so surreal.”

Her career at the Speedway included more than 150 points races and all seven generations of Cup Series cars. It dated all the way to that first 500 when grandstand capacity was 10,000 and she helped count tickets by hand in the France family kitchen.

She was the longest-tenured employee at Daytona International Speedway.

This post appeared first on USA TODAY
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PGA Championship highlights: Schauffele leads with big first round

The first round of the 2024 PGA Championship is over at Valhalla Golf Club in Louisville, Kentucky, with Xander Schauffele off to a great start as he seeks his first major championship.

Schauffele shot a 62 (nine birdies, no bogeys) on Thursday, tying a record he shares with two others for best round at a major. He holds a three-shot lead on Tony Finau, Saheeth Theegala and Mark Hubbard.

Tiger Woods teed off early in the morning and shot a 1-over.

Mark Hubbard climbs to second place

Mark Hubbard put up a fantastic ending to the day as he jumped to second place after finishing the first round at 6-under-par.

Hubbard birdied three of the last four holes, and the late push began with a 30-foot putt on the par-4 15th. He doesn’t have a PGA Tour win, but he ends the day just three shots back of the leader and he’s tied with Tony Finau and Sahith Theegala.

First round on pace to break PGA Championship history

It’s been a great day to golf at Valhalla Golf Club, so great that the tournament record is set to be broken.

With the first round nearly wrapped up, 66 golfers are under par, which would be the most in PGA Championship history. The previous record was 60 in 2006 at Medinah. 

Several players have noted the grass has been very soft and has played a factor in the low scores. A majority of the the players at the top of the leaderboard teed off in the morning.

Late golfers making some noise

Most of the crowd has left Valhalla Golf Club with the sun setting soon, but those still on the course are playing some good golf.

Mark Hubbard and Maverick McNealy are part of the third-to-last group to tee off Thursday, but they are both shooting well as they get close to wrapping up the day. Both are 4-under-par.

Scottie Scheffler wraps up first round

The top player in the world had a great first round in Louisville, finishing the day at 4-under-par and in a tie for 10th place. 

Scheffler had a perfect start to the day with an eagle on No. 1, and he’s been able to overcome a couple of bogeys to be one of several players with low scores. He’s been on fire this year with four tour wins, including the 2024 Masters, and he remains in the hunt for another major championship this weekend.

Afternoon golfers climb leaderboards

No one has been able to get near Xander Schauffele’s incredible first round, but those who teed off in the afternoon are making progress.

All eyes have been on world No. 1-ranked golfer Scottie Scheffler, and he’s played a steady first round at 4-under-par through 16. But some lesser known golfers had impressive days that were nearly free of mistakes. Tom Kim shot a 5-under-par to finish the day in a tie for fourth place, and Thomas Detry is also tied with Kim on the leaderboard.

Another hot streak for Collin Morikawa

Collin Morikawa nailed three consecutive birdies in the front nine to get him out of an early hole, and he’s done it again on the back nine to propel him near the top of the leaderboard.

Morikawa birdied Nos. 12-14 to put him at 4-under-par and is now tied for sixth. He’s knocked in some big putts during the hot streak, all of which were at least 10 feet away from the cup.

Tom Kim having mistake-free first round

Tom Kim has been impressive in his young PGA Tour career, and the 21-year-old is having another outstanding round on Thursday at 5-under-par through 13 holes.

Kim hasn’t bogeyed in the first round so far, and he has birdies in three of his last four holes. His best finish in a major came in The Open in 2023 when he finished tied for second.

Thomas Detry climbing leaderboard

Thomas Detry has played a mistake-free first round so far as he’s made five birdies and avoided any bogeys through 11 holes. His shots on the fairway have been excellent and have set him up for relatively short putts. He’s tied for fourth place alongside Rory McIlroy and Robert MacIntyre.

The Belgian golfer has never won a PGA Tour event.

Scottie Scheffler finishes front nine strong

Scottie Scheffler had a hot start to the day with an eagle on No. 1, and he’s keeping a steady pace at 3-under-par through nine.

The world No.1-ranked player looked immortal until he bogeyed on the par-4 fifth, but he regained ground with a birdie on the par-5 seventh. He had a chance to climb up the leaderboard on No. 8 with a 56-foot putt for birdie, but it fell just short of the cup. 

Xander Schauffele remains in first place after his fantastic 9-under-par day.

Collin Morikawa drills long putt to get under par

The 2020 PGA Championship winner is heating up after a slow start.

Collin Morikawa had two bogeys through five holes, but he’s found a rhythm with three consecutive birdies on Nos. 6-8. He capped off an impressive streak with a 41-foot putt on the par-3 eighth to secure the birdie and put him at 1-under-par for the first time on Thursday.

Jon Rahm struggling early

Jon Rahm had an odd beginning of the week at the PGA Championship with his press conference, and things aren’t looking good on the course either.

Rahm has quickly fallen into a hole with bogeys on three of his first five holes, including three in a row on Nos. 4-6. The Spaniard hasn’t been able to get close on the green and his putter hasn’t done him any favors either. Rahm is 4-over-par through six.

Scottie Scheffler cruising in solid start

Scottie Scheffler is showing early why he is the world No. 1-ranked player.

After his incredible eagle on No. 1, the 2024 Masters champion is in a groove after he picked up a birdie on the par-4 fourth hole to put him at 3-under-par and already launching himself into the top 10 of the leaderboard. Scheffler had great second shot on No. 4 to set up the birdie to put himself 13 feet away from the hole. It was a breeze with the putter, having no problem sinking the putt.

Rory McIlroy, Tony Finau, others within striking distance

For the first round of a major championship, scores have been rather low for those players who teed off early at Valhalla. A brief fog delay caused tee times to be pushed back slightly, and the moist early conditions allowed many golfers to rack up the birdies.

In addition to Xander Schauffele’s 9-under 62, fellow Americans Tony Finau and Sahith Theegala shot 65s to finish their opening rounds just three shots off the pace.

Other excellent early rounds included 5-under 66s from Northern Ireland’s Rory McIlroy and Scotland’s Robert MacIntyre. Among a group at 4-under 67 were Americans Ben Kohles, Brooks Koepka and Taylor Moore.

Scottie Scheffler tees off at PGA Championship, follows with epic shot

Masters champion Scottie Scheffler has a tough act to follow as he tees off at the second major championship of the golf season.

But after one hole, he appears to be up for the challenge.

Chasing Xander Schauffele’s course record 62, the world’s No. 1-ranked player safely launched his tee shot down the right side of the fairway on No. 1 … and hit his approach shot into the hole for an eagle, from 167 yards out.

On ESPN’s broadcast of the tournament, anchor Jim Nantz succinctly said, ‘Hello dad’ as the ball took one hop into the cup.

Scheffler is playing in his first tournament since his wife Meredith gave birth to their son Bennett earlier this month.

Brooks Koepka soars on No. 7

The first eagle of the 106th PGA Championship belongs to defending champion Brooks Koepka.

Going for the green in two on the 590-yard par-5 seventh hole, Koepka hit his second shot from 211 yards out to within three feet of the hole. He converted the eagle putt to get him to 3-under for the tournament, then followed it up with a birdie to get to 4-under with one hole left to play.

Koepka has won five major titles in his career, including three wins in this event. He previously won the PGA Championship in 2018 and 2019 in addition to last year.

Shortly after Koepka’s eagle on No. 7, Bryson DeChambeau got one of his own on the same hole by holing out a 51-yard shot from the fairway.

Tiger finishes Round 1 at 1-over

Tiger Woods sits 10 shots off the pace at Valhalla after shooting an opening round of 1-over par.

On the same course where he won the 2000 PGA Championship (in a playoff over Bob May), Woods finished with back-to-back bogeys on holes 8 and 9 for a 72.

It was an up-and-down round of three birdies and four bogeys for Woods, who’s seeking to tie the record of five PGA titles held by Jack Nicklaus and Walter Hagen.

Cam Smith gets his feet wet

Australian Cam Smith found himself in an interesting situation during his opening round that may seem quite familiar to many weekend duffers.

Tied for sixth at 3-under par, Smith’s wayward drive on the par-5 seventh left him just to the right of the fairway landing area. The problem was, his ball was in the hazard and sitting in some shallow water.

Smith declined to take a drop and chose to play it out of the hazard … but not before taking off his shoes and socks to take his stance.

The Australian was able to make solid contact and get the ball back in play safely. His approach shot from 243 yards found the right rough, but he chipped it to within seven feet and sunk the putt for an unconventional par.

Xander Schauffele ties history with 62

Xander Schauffele has set a blistering pace at the 2024 PGA Championship, shooting a major championship record-tying 62 in his opening round to lead the tournament by three shots over Tony Finau.

Starting his round on the back nine, Schauffele – currently No. 3 in the World Golf Rankings – collected nine birdies without a bogey to get to 9 under par.

Finishing up with a two-putt par on the 415-yard, par-4 ninth hole at Valhalla Country Club, Schauffele’s 62 tied the record he shares with Rickie Fowler (2023 U.S. Open) and Branden Grace (2017 British Open) for the lowest round ever in a men’s major championship.

Tiger adds another birdie

Tiger Woods is back into red figures after notching his second birdie on the front nine at the par-5 seventh. (He began his round on hole No. 10.)

After a 300-yard drive into the landing area surrounded front and back by water, Woods found a fairway bunker on his second shot, but hit his approach shot to 13 1/2 feet and nailed the putt for birdie to get to 1-under for his round with two holes to play.

The birdie put Woods in a tie for 20th place.

Schauffele on record-setting pace

Continuing his early assault on Valhalla, Xander Schauffele has jumped out to a big lead with two holes to play in his opening round. With a two-putt birdie on the Par-5 seventh hole, Schauffele moved to an astounding 9 under par.

It was his fourth birdie on the front nine – after starting with five birdies on the back nine. If he birdies one of his two remaining holes and gets to 10-under, he would find himself in uncharted territory.

No player has ever shot 61 in any round of any major championship.

Schauffele leads Tony Finau and Robert MacIntyre by four shots.

Tiger back to even after birdie

Tiger Woods finally took advantage of a Par 3 on No. 3, using an iron to get within 5 feet of the cup and easily tap in for birdie. But no one has been able to stop Xander Schauffele (-7), who added another birdie at No. 4 and has a two-shot lead over Tony Finau, after he birdied 18 to close out his front nine.

Xander Schauffele moves to 6-under

Another hole and another birdie for Schauffele. He made good on the par 4, No. 2, while Rory Mcllroy hit the pin on the first hole of the back nine and tapped in for an easy birdie putt. McIlroy sits at 2-under, four shots off the lead.

Rory McIlroy struggling at end of front nine

Rory McIlroy showed a bit of frustration after his long putt for par on 17 went wide and settled for a bogey. He is 1-under and seeking his first major in 10 years, while Viktor Hovland’s struggles on 17 also led to a bogey, and he is at 2-under. Three Americans are on top of the leaderboard, led by Xander Schauffele (-5), Tony Finau, who missed a birdie chance at 16, and Doug Ghim, who are one shot back.

Tiger finishes up and down front nine, Schauffele increases lead

Tiger Woods had one birdie and two bogeys in an uneven first nine holes and finds himself at 1-over after he settled for par on the Par 5 18th. Xander Schauffele is the leader at 5-under at the start of the back nine after another birdie on the 18th. Tony Finau is off to a torrid start as well and is one shot back after three straight birdies on 13, 14 and 15.

Xander Schauffele surges to PGA Championship lead

Schauffele, seeking his first major victory, birdied Nos. 13, 15 and 16 to take the outright lead at 4-under through his first seven holes. Doug Ghim and Jordan Spieth, who is off to a great start with birdies on three of his first four holes to start the day, are one shot back. After a bogey on 15, Tiger Woods, who has been playing with fire with his putting all morning, is back to 1-over for the round.

Golfers struggling with Par 3s, McIlroy, Spieth joins leaders at 2-under

With golfers usually making up scores when a hole is a Par 3, the early stages of Round 1 at the PGA are proving difficult. So far, only nine birdies have been made on the four Par 3 holes that have been played (No. 3, 8, 11, 14). But there have been 20 bogeys on those holes as well. Viktor Hovland, Rory McIlroy, after his birdie on No. 13, Doug Ghim, Xander Schauffele, Robert MacIntyre, Jordan Spieth and Sahith Theegala are on top at 2-under.

Jumbled leaderboard early in first round

Through the early portion of the first round, no golfer has broken through to establish themselves as the one to beat. Doug Ghim and Xander Schauffele are the early leaders at 2-under, and there are nine golfers at 1-under, including Rory McIlroy and Luke Donald. Tiger Woods again settled for par on No. 13 and is still 1-over through three holes. Find the live updating PGA Championship leaderboard here.

Tiger off to slow start

After Tiger settled for par on his first hole, his tee shot on the par 3 No. 11 went awry, and he had to settle for a bogey. Woods sits at 1-over, and his putting will be the key moving forward to see if he can take advantage of the multiple holes set up for easy scores.

Rory McIlroy starts with birdie

Rory McIlroy knocked down a birdie putt to get his PGA Championship started with a bang. McIlroy joins Martin Kaymer, Xander Schauffele and Luke Donald – who bogeyed No. 5 – at 1-under.

PGA Championship leaderboard

As more golfers join the fray at Valhalla, Luke Donald and Doug Ghim find themselves at the top of the leaderboard at 2-under. Matt Wallace, Xander Schauffele and Adam Hadwin are in a three-way tie for third place at 1-under. Find the live updating PGA Championship leaderboard here.

Tiger Woods nets par on No. 1 at PGA Championship

Tiger Woods had about a 10-foot putt for birdie, but rolled it past the hole to the right. Woods recovered, however, and made his putt for par. Tiger joins 15 other golfers at even at Valhalla.

Luke Donald birdies No. 4 at PGA Championship

Luke Donald carded a birdie on the par-3 No. 4 hole to move to 2-under and take early sole possession of the lead at the PGA Championship. Donald’s best finish at a PGA Championship came in 2006 when he tied for third.

Rory McIlroy starts PGA Championship

Rory McIlroy, who has finished at the top of the leaderboard in his past two tournaments, is just barely off the left side of the fairway as he starts his 2024 PGA Championship.

Dustin Johnson and Justin Rose teed off alongside McIlroy. Johnson and Rose were also in the rough, but just off to the right.

Tiger Woods starts PGA Championship

Tiger Woods ripped a perfect drive down the middle of the fairway to kick off his 2024 PGA Championship.

Adam Scott and Keegan Bradley followed, with Bradley joining Woods on the fairway and Scott finding the rough.

The next group off the No. 10 tee will be Rory McIlroy, Dustin Johnson and Justin Rose at 8:25 a.m. ET.

Justin Thomas starts PGA Championship

Ludvig Aberg, Xander Schauffele and Justin Thomas are on the course after teeing off on No. 10. The group behind them is Tiger Woods, Adam Scott and Keegan Bradley, who are scheduled to tee off at 8:14 a.m. ET.

PGA Championship leaderboard

Nine golfers are through one hole, and Luke Donald leads the way at 1-under. Meanwhile, Doug Ghim, Tyler Collet, Adrian Meronk and Ben Kohles are even-steven. Find the live updating PGA Championship leaderboard here.

Luke Donald with first birdie of 2024 PGA Championship

After splitting the fairway on his drive off the tee, Luke Donald wrapped up his first hole at the PGA Championship with about a 15-foot putt to card a birdie on the par 4 No. 1 hole.

PGA Championship weather

The Louisville forecast for Round 1 – aside from foggy – says partly cloudy with a high of 83 degrees. Winds from SW at 8 mph, according to the Weather Channel.

First group off No. 10 tees off

The second group is on the course, with Doug Ghim, Tyler Collet and Adrian Meronk teeing off from the No. 10 hole.

PGA Championship underway

Michael Block, Luke Donald and Shaun Micheel have teed off from the par-4 No. 1 hole, and the 2024 PGA Championship has begun.

PGA Championship delayed due to fog

Morning starting times for the first round of the PGA Championship are being pushed back 10 minutes due to a thick fog hovering at Valhalla.

PGA Championship live stream

For cord-cutters, select focuses of the PGA will be available on CBS Sports HQ over the four-day event. Cord-cutters can also turn to Fubo, which carries CBS and ESPN.

PGA Championship live TV coverage

TV channels: ESPN, ESPN2, CBS
Live stream: ESPN+

Thursday: Noon-8 p.m., ESPN

Friday: 1-8 p.m., ESPN

Saturday: 10 a.m.-1 p.m., ESPN; 1-7 p.m., CBS

Sunday: 10 a.m.-1 p.m., ESPN; 1-7 p.m., CBS

Daily TV coverage of the 2024 PGA Championship tournament will be available on ESPN and CBS. ESPN2 will offer an alternate telecast ESPN BET at the PGA Championship from 11 a.m. – 1 p.m. followed by PGA Championship with No Laying Up from 1-3 p.m.

What time does Tiger tee off at the PGA?

Tiger Woods is set to tee off at 8:04 a.m. ET Thursday.

PGA Championship Round 1 start time

The first round of the PGA Championship starts at 7:15  a.m. ET on Thursday when Michael Block, Luke Donald and Shaun Micheel tee off.

PGA Championship tee times for Round 1

Here is every tee time and grouping for Round 1 of the PGA Championship.

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Injured Bruins star: ‘Part of playoffs is trying to hurt’ opponent

Boston Bruins captain Brad Marchand thinks Florida Panthers forward Sam Bennett ‘got away with a shot’ on the hit that injured him earlier in the second-round series, but said it’s part of the game.

‘People don’t want to say it but part of the playoffs is trying to hurt every player on the other team, and the more guys you take out, the more advantage your team has,’ Marchand said Thursday about the Game 3 play.

Video caught Bennett appearing to punch Marchand when the Bruins player tried to check him in the first period. Bennett, a skilled, hard-hitting player, told TNT that he was bracing himself and not trying to punch his opponent.

Marchand played for the rest of that period and the second one but sat out the third period and Games 4 and 5 with an upper-body injury.

‘Every time you step on the ice, someone’s trying to hurt someone,’ Marchand said, adding, ‘That’s part of the benefit of having a physical group. That’s why you see teams go the distance with big D corps and physical teams and it’s why you rarely see teams that are small and skilled go far because they get hurt.’

Marchand has had his share of questionable plays in the playoffs, and Toronto Maple Leafs coach Sheldon Keefe recently called him ‘elite’ at getting away with penalties.

‘It sucks to be on the other side of it, but that stuff happens,’ Marchand said.

The Bruins trail 3-2 in the series after winning Game 5 in Florida to stay alive. Game 6 is Friday in Boston. Can Marchand play?

‘Hopefully,’ he said after practice. ‘Just going through the steps. We’ll see how tomorrow goes, but hopefully.’

Bruins coach Jim Montgomery called Marchand day-to-day.

‘I will say he looked good, but he’s got boxes to check,’ he said. ‘We’ll know more tomorrow.’

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Native New Yorker, ex-Knicks player cheering on former squad

During the early 2000s, the NBA featured a stellar group of electrifying guards who won MVPs, titles and were considered the greatest performers in the sport’s history.

The list included the iconic Kobe Bryant, a premier showman − Allen Iverson, and other Hall of Famers such as Jason Kidd, Tracy McGrady, Tony Parker, Ray Allen, Steve Nash, Gary Payton and Dwyane Wade.

The first decade of the century also spotlighted Stephon Marbury, a backcourt standout and native New Yorker, who was a two-time All-Star and was twice named to the All-NBA Third Team.

Marbury posted seven consecutive seasons of 20-plus points per game, and after leaving the NBA, he became a national sports hero in China as a player and then coach.

Nowadays, Marbury, who spent parts of five seasons playing for the New York Knicks, can be found screaming his lungs out at Madison Square Garden − for the team he’s rooted for since he was a kid growing up in Coney Island.

The Knicks will play the Indiana Pacers in Game 6 on Friday with a chance to advance to the Eastern Conference Finals, where the Boston Celtics are waiting.

“Before I made it to the NBA, the Knicks were already my team,” Marbury told USA TODAY Sports. “That’s the stage that every basketball player on earth wants to play on.”

During the first two rounds of the playoffs, Marbury, who wore No. 3 during his tenure in New York, has shouted encouragement to his squad, beside another famous Knicks guard who wore the same number, John Starks.

“He’s straight NYC. I can feel his energy,” said Marbury of Starks. “To watch these guys go on a basketball court and do what they are doing. It’s phenomenal, especially being there live.”

The pair of former Knicks No. 3s has enjoyed seeing the players from their baseline seats, especially the current New York player who dons their former number – Josh Hart.

Hart made headlines for playing 39 minutes or more in four of the first five games of the Pacers series, including back-to-back games in which he logged 48 minutes.

When Hart finally exited the game, it was a big deal.

“They had breaking news – Josh Hart was subbed out of the game,” said Marbury. “That number has a lot of energy.”

Like Hart, the other two Villanova alums on the Knicks, Donte DiVincenzo and Jalen Brunson, have also excited the 47-year-old Marbury, who has received significant buzz for election to the Naismith Basketball Hall of Fame. 

“He’s a one of one,” said Marbury of Brunson, who scored 40 or more points in five of his first 11 games this postseason. “This is what he was made to do.”

Marbury envisions a new wrinkle ultimately entering Brunson’s arsenal to make him even more effective.

“You are going to start to see him dunk more, probably,” said Marbury. “But he doesn’t have to do that because he is already electrifying us.”

While heaping praise on both Hart and Brunson, Marbury, who was the 1995 Mr. New York Basketball award winner, was downright giddy when speaking about DiVincenzo.

“When you have guys like Donte, ‘The Ragu’ – coming through, the way he do,” said Marbury. “He brought a sense of urgency. He brought what Thibs (coach Tom Thibodeau) preaches every day, over and over.”

One of the few knocks on the trio, (especially Hart), as well as the rest of the team, is the high number of minutes the core players are playing. Through the first 11 games of the playoffs, three Knicks played 40-plus minutes per game.

Marbury doesn’t see that being a huge issue.“They’re conditioned from the summertime. It’s not during the season,” Marbury said. “Those three, four months, maybe five months for some guys – instead of them chilling, hanging out, going here, doing that, those guys were conditioning.”

During the past two seasons, the Knicks have turned their fortunes around, elevating from an also-ran to a team with a legitimate chance to advance deep in the playoffs. And this version of the Knicks just may be the best one in decades.

For that turnaround Marbury points squarely in the direction of the front office.

“I believe that (team president) Leon (Rose) and Wes (executive vice president and senior basketball advisor William Wesley) have (infused) new energy into the culture of basketball in New York, and they’re making people respect it,” Marbury said.

Led by the Villanova trio, Thibodeau, and an astute front office, the Knicks have provided their fans with a great deal to cheer about.

And whether their run extends to the NBA Finals, there is one fan who will ride shotgun. “I love supporting this,” Marbury said. “For me, I’m like a kid at the game.”

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