Jonathan Isaac has agreed to an $84 million deal that will keep him with Orlando for five more seasons, a person with knowledge of the negotiations said Tuesday.
Isaac agreed to a renegotiation of the last year of his current deal along with an extension, said the person, who spoke to The Associated Press on the condition of anonymity because the new contract cannot be finalized before the league's offseason moratorium is lifted Saturday.
ESPN first reported the agreement between Isaac and the Magic.
It's yet another success story for Isaac, whose career seemed in jeopardy a few years ago because of injuries that kept him sidelined for 2 1/2 years.
The No. 6 pick in the 2017 draft by the Magic hurt his left knee on Jan. 1, 2020, in a game at Washington. He returned and played two games in the pandemic bubble seven months later but blew out his left ACL in the second of those appearances. Isaac had other setbacks along the way in recovery — including a right hamstring injury that required surgery — and saw his 2022-23 season end early because of an adductor injury.
But this past season was a bounceback in many ways.
He averaged 6.8 points on 51% shooting, played in 58 games — 13 more than he played in the previous four seasons combined — and helped the Magic win the Southeast Division and return to the playoffs. Orlando coach Jamahl Mosley repeatedly credited Isaac for his defensive prowess.
“Elite, elite, elite defender,” Mosley said late in the season.
AP NBA: https://apnews.com/hub/NBA
FILE -Orlando Magic forward Jonathan Isaac, right, goes to the basket as he is defended by Sacramento Kings center Alex Len, middle and Sacramento Kings guard Keon Ellis, left, during the second half of an NBA basketball game, Saturday, March 23, 2024, in Orlando, Fla. Jonathan Isaac has agreed to an $84 million deal that will keep him with Orlando for five more seasons, a person with knowledge of the negotiations said Tuesday, July 2, 2024. (AP Photo/Kevin Kolczynski, File)
NEW YORK (AP) — U.S. stocks are sticking near their records following a jobs report that showed a slowdown in hiring and contained nuggets of data for both optimists and pessimists. The S&P 500 was virtually unchanged at the start of trading on Friday. The Dow Jones Industrial Average slipped 0.1%, and the Nasdaq composite rose 0.1%. Treasury yields sank following the nuanced U.S. jobs report, which reinforced belief on Wall Street that the U.S. economy’s growth is slowing and that the Federal Reserve will cut interest rates later this year. Bitcoin tumbled again, and its value against the dollar is back to where it was in February.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
(AP) — Wall Street was mixed in slow post-holiday trading ahead of the June jobs report, which could influence the Federal Reserve's next interest rate decision.
Futures for the S&P 500 inched up less than 0.1% before the bell Friday and futures for the Dow Jones Industrial Average fell less than 0.1% after the Fourth of July holiday.
The U.S. government will give its comprehensive update about how many workers employers added to their payrolls during June. Traders are watching such numbers closely in hopes that they will show the economy is slowing enough to prove that inflation is under control, but not so much that it will tip into recession.
That would raise the likelihood of the Federal Reserve cutting interest rates that it has been keeping at two-decade highs, which would alleviate pressure on the economy by making borrowing less costly.
Economists believe that employers added 190,000 jobs — a solid gain, though down from a robust 272,000 in May. Job openings have also steadily declined this year. While layoffs remain relatively low, they have risen the past month or so and the number of Americans collecting jobless benefits is at its highest level since late 2021.
The report “will play a crucial role in shaping expectations for near-term Federal Reserve rate cuts," said Anderson Alves of Activ Trades. "Markets currently anticipate a reasonable chance of two rate cuts this year, contrasting with the Fed’s median forecast of just one reduction in 2024."
Tesla picked up another 1.7% early Friday and was on track for its eighth straight winning day after reporting earlier this week that sales fell again last quarter, but not as sharply as many had believed. Its shares are up nearly 36% since June 24.
Elsewhere, shares were broadly higher in Europe after Britain’s Labour Party prevailed over the Conservatives in this week’s national election.
In London, the FTSE 100 initially climbed 0.3% before falling back to no gain. The British pound rose to $1.2786 from $1.2760 late Thursday. The euro rose to $1.0821 from $1.0812.
Britain experienced a run of turbulent years during Conservative rule that left many voters pessimistic about their country’s future. The U.K.’s exit from the European Union followed by the COVID-19 pandemic and Russia’s invasion of Ukraine battered the economy. Rising poverty and cuts to state services have led to gripes about “Broken Britain.”
Labour leader Keir Starmer faces the daunting task of reinvigorating a stagnant economy and dispirited nation.
Germany's DAX jumped 0.8% after the government agreed on a budget for 2025 and a stimulus package for Europe’s largest economy, ending a monthslong squabble that threatened to upend Chancellor Olaf Scholz’s center-left coalition.
The disagreements had fueled speculation that the already unpopular government could collapse and prompt a snap parliamentary election in which Germany could follow other European countries by swinging toward the political right.
The CAC 40 in Paris rose 0.3%.
In Asian trading, Japan’s benchmark Nikkei 225 topped 41,000 early Friday but then fell back from Thursday’s record close of 40,913.65. It shed just over 1 point to end at 40,912.37 after the government reported that consumer spending fell 1.8%, more than forecast, in May.
The dollar slipped to 160.66 Japanese yen from 161.26 yen.
Hong Kong's Hang Seng lost 1.3% to 17,799.61 and the Shanghai Composite index gave up 0.3% to 2,949.93. The Shanghai benchmark has been trading near its lowest levels since February.
The Kospi in Seoul jumped 1.3% to 2,862.23 after Samsung Electronics forecast that its operating profit in the second quarter will balloon more than 15 times from a year earlier to 10.4 trillion won ($7.52 billion).
Like Nvidia, Taiwan's TSMC, Tokyo Electron and other computer chip makers, Samsung is benefiting from a rebound in the semiconductor industry as applications using artificial intelligence take off.
Elsewhere in the region, Australia's S&P/ASX 200 slipped 0.1% to 7,822.30. Taiwan's Taiex edged 0.1% higher and the SET in Bangkok was up 0.8%.
U.S. benchmark crude oil gained a penny to $83.87 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, declined 13 cents to $87.30 per barrel.
Bitcoin tumbled again, falling another 3.8%. The cryptocurrency has already lost more than 13% of its value in the first five days of July and is at its lowest point in months.
FILE - The New York Stock Exchange is seen on Wednesday, July 3, 2024, in New York. Shares advanced Friday, July 5, 2024, in Europe after Britain's Labour Party prevailed over the Conservatives in this week's national election. (AP Photo/Peter Morgan, File)
The New York Stock Exchange is seen on Wednesday, July 3, 2024, in New York. Wall Street is leaning toward minuscule gains before the bell ahead of the Fourth of July holiday. (AP Photo/Peter Morgan)
A passerby walks past an electronic stock board showing Japan's Nikkei 225 index, right, at a securities firm Thursday, July 4, 2024 in Tokyo. Japan’s Nikkei 225 benchmark closed Thursday at a fresh record high of 40,913.65, pushing past its most recent record close set in March. (Kyodo News via AP)
FILE - A person walks past at an electronic stock board showing Japan's stock prices at a securities firm in Tokyo, June 27, 2024. Asian shares were mostly lower on Friday, July 5, after solid gains in Europe overnight, while U.S. markets were closed for the July 4th holiday. (AP Photo/Shuji Kajiyama, File)
FILE - A person walks past at an electronic stock board showing financial indexes including Japan's Nikkei 225 index, green, at a securities firm in Tokyo, June 27, 2024. Asian shares were mostly lower on Friday, July 5, after solid gains in Europe overnight, while U.S. markets were closed for the July 4th holiday. (AP Photo/Shuji Kajiyama, File)
