All-Star Paul George set to join 76ers on a $212 million free-agent deal, AP source says

PHILADELPHIA (AP) — Paul George and the Philadelphia 76ers have agreed to a four-year, $212 million free-agent contract, a person with knowledge of the deal said early Monday.

A nine-time All-Star, George intends to sign the contract shortly after the league’s moratorium on signings is lifted on Saturday, said the person, who spoke to The Associated Press on condition of anonymity because the deal cannot be announced until that time.

With George joining 2023 NBA MVP Joel Embiid and All-Star guard Tyrese Maxey, the 76ers will boast one of the most formidable trios in the league as they try to put together a nucleus that can compete with NBA champion Boston.

Maxey is sticking around for the long haul, too — he agreed in principle to a five-year, $204 million extension with the Sixers on Monday, a person with knowledge of the deal told the AP, speaking on condition of anonymity because the deal was not yet finalized.

George picked Philadelphia after he spurned the Los Angeles Clippers and declined a player option in his contract for $48.8 million in 2024-2025, ending a five-year stretch with the team in which he averaged at least 21.5 points each season.

George has averaged 20.8 points over a 14-year career spent with Indiana, Oklahoma City and the Clippers.

The Clippers' attempt at winning it all with their Big Three of George, Kawhi Leonard and James Harden fell flat.

“Paul has informed us that he is signing his next contract with another team,” the Clippers said Sunday night in a news release.

The team added: “We negotiated for months with Paul and his representative on a contract that would make sense for both sides, and we were left far apart. The gap was significant. We understand and respect Paul’s decision to look elsewhere for his next contract.”

He looked all the way across the U.S. to Philadelphia.

The 34-year-old George joins a Sixers team that has been a perennial underachiever, even as Embiid blossomed into one of the top players in the NBA. Philadelphia has not won an NBA title since 1983 or even advanced out of the second round of the Eastern Conference since 2001.

Embiid, set to play this summer for Team USA at the Paris Olympics, fueled rumors that George was headed to Philadelphia during a TV appearance together during the NBA Finals.

“Hopefully this offseason, we find a way to get better, and you know,” Embiid said, pausing to side-eye George, “add some pieces.”

The 76ers have failed to find the right pieces to field a winner around Embiid, falling short with Ben Simmons, Jimmy Butler, Harden and the list goes on. Team president Daryl Morey had prepared for this opportunity for years, constructing a roster with essentially all expired contracts at the end of this past season. Embiid and Maxey are the lone key holdovers on a team that lost to the New York Knicks in the first round of the East playoffs.

The 76ers did strengthen their roster with the expected addition of center Andre Drummond as Morey is set to build the rest of the roster around their latest attempt at a Big Three.

George is a six-time member of the All-NBA Team. He’s a four-time member of the NBA All-Defensive Team and was the league’s most improved player in 2013. He was a finalist for both NBA MVP and Defensive Player of the Year in 2019, when he led the league with 2.21 steals per contest. George also has never played in an NBA Finals.

Much like Embiid's, George's injury history should give the 76ers reason for some concern. George played 76 games last season, the first time he played more than 56 since 2018-19.

Still, with few available options, and roughly $65 million in salary cap space, the 76ers had little choice but to chase an aging — yet still elite — star such as George.

“We’re planning on being the best team in the East next season,” Morey said during the draft.

George at least keeps them in the mix in the East.

AP NBA: https://apnews.com/hub/NBA

FILE - Philadelphia 76ers' Tyrese Maxey (0) goes up to shoot against Miami Heat's Bam Adebayo, top, during the first half of an NBA basketball game, Monday, March 18, 2024, in Philadelphia. Paul George and the Philadelphia 76ers have agreed to a four-year, $212 million free-agent deal, a person with knowledge of the deal said Monday. Maxey is sticking around for the long haul, too — agreeing in principle to a five-year, $204 million extension with the Sixers on Monday, July 1, 2024, a person with knowledge of the deal told the AP, speaking on condition of anonymity because the deal was not yet finalized. (AP Photo/Matt Rourke, File)

FILE - Philadelphia 76ers' Tyrese Maxey (0) looks to pass during the first half of Game 5 in an NBA basketball first-round playoff series against the New York Knicks, Tuesday, April 30, 2024, in New York. Paul George and the Philadelphia 76ers have agreed to a four-year, $212 million free-agent deal, a person with knowledge of the deal said Monday, July 1, 2024. Maxey is sticking around for the long haul, too — agreeing in principle to a five-year, $204 million extension with the Sixers on Monday, July 1, 2024, a person with knowledge of the deal told the AP, speaking on condition of anonymity because the deal was not yet finalized. .(AP Photo/Frank Franklin II, Filee)

FILE - Los Angeles Clippers forward Paul George (13) dunks during the first half of an NBA basketball game against the Atlanta Hawks in Los Angeles, Sunday, March 17, 2024. George will sign a four-year, $212 million contract with the Philadelphia 76ers, a person with knowledge of the move told The Associated Press early Monday, July 1, 2024. (AP Photo/Ashley Landis, FIle)

All-Star Paul George set to join 76ers on a $212 million free-agent deal, AP source says

All-Star Paul George set to join 76ers on a $212 million free-agent deal, AP source says

FILE - Los Angeles Clippers star Paul George, right, and Jerry West attend a groundbreaking ceremony of the Intuit Dome, Sept. 17, 2021, in Inglewood, Calif. The two-day NBA draft was tinged with sadness for the Clippers, who were without West in their war room. West spent the last seven years as a consultant for the team, helping recruit Kawhi Leonard and George. The Hall of Famer died June 12 at age 86. (AP Photo/Ringo H.W. Chiu, File)

TOKYO (AP) — Asian shares were mostly higher on Wednesday after Tesla shares zoomed up more than 10%, helping to drive U.S. benchmarks to new records.

Japan's benchmark Nikkei 225 rose 1.3% to finish at 40,580.76. Australia's S&P/ASX 200 gained nearly 0.3% to 7,739.90. South Korea's Kospi edged up 0.5% to 2,794.71. Hong Kong's Hang Seng added 1.1% to 17,956.55, while the Shanghai Composite index lost 0.4% to 2,982.38.

Asian investors were cheered by hopes for an interest rate cut in the U.S. But some traders were keeping to the sidelines ahead of Thursday’s Independence Day holiday in the U.S.

“On the radar is the Japan’s Nikkei, which may extend its run above the 40,000 level, with overnight strength in tech while the Japanese yen continues to trade at a 38-year low,” said Yeap Jun Rong, market analyst at IG.

In currency trading, the U.S. dollar rose to 161.80 Japanese yen from 161.44 yen. The euro cost $1.0752, little changed from $1.0743. Among Tokyo technology-related shares, Kyocera Corp. jumped 3.1% while Murata Manufacturing Co. surged 6.4%.

On Wall Street, the S&P 500 added 0.6% to 5,509.01, topping its all-time high set two weeks ago. The Dow Jones Industrial Average rose 0.4% to 39,331.85, and the Nasdaq composite added 0.8% to 18,028.76, besting its own record set a day earlier.

Tesla led the way with a 10.2% jump after the electric-vehicle maker reported a milder drop in sales for the spring than analysts expected. Modest gains for other big, influential stocks also helped lift the market, including a 1.6% climb for Apple.

Stocks got a lift from easing Treasury yields after the head of the Federal Reserve made comments that investors took as a signal for possible cuts to interest rates later this year. Fed Chair Jerome Powell gave a nod to improvements in inflation data after some disappointingly high readings early in the year.

“We just want to understand that the levels that we’re seeing are a true reading of underlying inflation,” he said during a panel discussion at the European Central Bank’s monetary policy conference in Sintra, Portugal.

Investors hope inflation will slow enough to convince the Fed to lower its main interest rate, which has been sitting at its highest level in more than two decades and pressing the brakes on the economy.

Keeping Wall Street’s gains in check was Nvidia, which has been one of this year’s brightest stars. It fell 1.3%, though it’s still up nearly 147.7% for the year so far.

Eli Lilly fell 0.8%, and U.S.-listed shares of Novo Nordisk dropped 1.7% after President Biden criticized in an opinion piece for USA Today how much the companies are charging for their drugs for weight loss and diabetes.

The week’s most anticipated economic data will arrive on Friday, when the U.S. government reports the total jobs employers added in June. Before then, the U.S. stock market will have a shortened trading day on Wednesday and Thursday's Fourth of July holiday.

Treasury yields have been feeling some upward pressure recently because of politics. Last week’s debate between President Joe Biden and former President Donald Trump pushed traders to make moves in anticipation of a possible Republican sweep in November. That included sending Treasury yields higher, in part because of the possibility for policies that would further raise the U.S. government’s debt.

The 10-year yield is still well above its 4.29% level from late Thursday, before the debate.

In commodities markets, the price of benchmark U.S. oil ended up slipping modestly after touching its highest price since April. Crude prices have largely been rising on expectations for strong demand during the summer, as well as the possibility of hurricanes damaging oil production in the Gulf of Mexico. Hurricane Beryl is roaring through the Caribbean.

U.S. benchmark crude added 33 cents to $83.14 a barrel. Brent crude, the international standard, gained 38 cents to $86.62 a barrel.

The Fearless Girl statues faces the New York Stock Exchange on July 2, 2024, in New York. Global stocks are mostly lower after benchmarks ended higher on Wall Street. (AP Photo/Peter Morgan)

A currency trader walks by the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Wednesday, July 3, 2024. Asian shares were mostly higher on Wednesday after Tesla gained more than 10%, helping to drive U.S. benchmarks to more records. (AP Photo/Lee Jin-man)

A currency trader stands by the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Wednesday, July 3, 2024. Asian shares were mostly higher on Wednesday after Tesla gained more than 10%, helping to drive U.S. benchmarks to more records. (AP Photo/Lee Jin-man)

A currency trader watches computer monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rate at a foreign exchange dealing room in Seoul, South Korea, Wednesday, July 3, 2024. Asian shares were mostly higher on Wednesday after Tesla gained more than 10%, helping to drive U.S. benchmarks to more records. (AP Photo/Lee Jin-man)

Currency traders work by the screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Wednesday, July 3, 2024. Asian shares were mostly higher on Wednesday after Tesla gained more than 10%, helping to drive U.S. benchmarks to more records. (AP Photo/Lee Jin-man)

A currency trader walks by the screen showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, Wednesday, July 3, 2024. Asian shares were mostly higher on Wednesday after Tesla gained more than 10%, helping to drive U.S. benchmarks to more records. (AP Photo/Lee Jin-man)