Austria's Valentin Bontus wins gold in men's kitesurfing to conclude Olympic sailing in Marseille

MARSEILLE, France (AP) — Valentin Bontus of Austria took gold after winning two finals races Friday in men’s kitesurfing, the new, fastest sport at the Summer Olympics, whose medals bring to a close sailing competitions in Marseille.

Toni Vodisek of Slovenia got silver while 17-year-old Max Maeder of Singapore won bronze — his country's first medal in sailing — in finals that had been repeatedly postponed because the breeze was too light.

Vodisek, Maeder, Bontus and Riccardo Pianosi of Italy all entered the finals races originally scheduled for Thursday.

“I am extremely stoked I’m sharing the racecourse with these three legends," Bontus said.

When asked how he managed to beat Maeder, who entered the Games ranked first in the world, as well as Vodisek, who dominated the regattas in Marseille, Bontus grinned widely and responded: “I really don't know.”

In kitesurfing finals, the gold goes to whomever scoops up three wins first — Vodisek, ranked first, only needed one win, but Bontus won the first final race late Thursday afternoon. Since no race can start later than 5:37 p.m., the next competition was pushed back to Friday.

During the first final race on Friday afternoon, Bontus kept an early lead and sped through the finish line, setting himself up to starting the next final race with two wins like Vodisek. He then flew through the last race for the medal.

Vodisek said stress and nerves got to him Friday, but he was looking ahead to a rematch in Los Angeles in four years — as was Maeder.

“I’m putting a smile on now. Not because I have to, but because of the way I feel,” Maeder said. “I hope everyone back at home is happy. I’m overwhelmed by the support. It’s absolutely phenomenal.”

A few dozen cheering fans lined the beach under the hot sun on this extra day of the sailing competitions. The kiters said they were excited for how this Olympic debut is creating new fans worldwide for the sport they love — and that Bantus called “a bit more chill” version of sailing.

“I heard from friends, ‘Wow, I actually watched this,’” Vodisek said. “It's a massive step.”

It took more than a dozen years to bring kites into Olympic sailing, said Mirco Babini, president of the International Kiteboarding Association. As the course representative for this event in Marseille, he dealt with what he called “the extreme difficulty of looking and almost inventing the wind” so that races could be held.

“It's been a challenge to keep emotions under control,” he said Friday evening while celebrating the successful wrap of the event.

Kitesurfing has a more complicated scoring system than other sailing classes. The races are much shorter, too — less than 10 minutes usually, foiling at speeds of up to 80 kilometers per hour (50 mph) — eclipsing even the sprints of track cyclists — while harnessed to kites as large as 23 square meters.

The first kitesurfing Olympic gold medal ever was awarded to Ellie Aldridge of Britain on Thursday.

Fickle winds and high temperatures in Marseille have wreaked havoc with the program and tested athletes’ endurance ever since the regattas for the first of the 10 sailing events started on July 28.

Some champions reconfirmed their dominance, while others endured heartbreaking losses in the changing, unpredictable conditions at these 2024 Olympics.

Overall in these races, the Netherlands won the most medals, with two golds and two bronzes. Italy and Austria also had two golds.

AP Summer Olympics: https://apnews.com/hub/2024-paris-olympic-games

Max Maeder, of Singapore, is consoled by his coach after winning the bronze medal, at the end of competition in the men's kite final race, Friday, Aug. 9, 2024, during the 2024 Summer Olympics in Marseille, France. (AP Photo/Jacquelyn Martin)

Toni Vodisek, of Slovenia, center left, with silver, Valentin Bontus, of Austria, with gold, and Max Maeder, of Singapore, with bronze, attend the Olympic medal ceremony for the men's kite, Friday, Aug. 9, 2024, during the 2024 Summer Olympics in Marseille, France. (AP Photo/Jacquelyn Martin)

Max Maeder, of Singapore, is consoled by his coach after winning the bronze medal at the end of the competition in the final race of men's kite, Friday, Aug. 9, 2024, during the 2024 Summer Olympics in Marseille, France. (AP Photo/Jacquelyn Martin)

Toni Vodisek, of Slovenia, left, with silver, an enthusiastic Valentin Bontus, of Austria, with gold, and Max Maeder, of Singapore, with bronze, hold up their medals during the Olympic medal ceremony for the men's kite, Friday, Aug. 9, 2024, during the 2024 Summer Olympics in Marseille, France. (AP Photo/Jacquelyn Martin)

Valentin Bontus, of Austria, screams with joy after winning the gold, during a men's kite final race, Friday, Aug. 9, 2024, during the 2024 Summer Olympics in Marseille, France. (AP Photo/Jacquelyn Martin)

Valentin Bontus of Austria dances during a delay before the men's kite semifinal race during the 2024 Summer Olympics, Thursday, Aug. 8, 2024, in Marseille, France. (AP Photo/Daniel Cole)

Valentin Bontus of Austria competes in the men's kite semifinal race during the 2024 Summer Olympics, Thursday, Aug. 8, 2024, in Marseille, France. (AP Photo/Jacquelyn Martin)

Valentin Bontus of Austria looks on after finishing the men's kite semifinal race during the 2024 Summer Olympics, Thursday, Aug. 8, 2024, in Marseille, France. (AP Photo/Jacquelyn Martin)

Valentin Bontus of Austria celebrates after the men's kite semifinal race during the 2024 Summer Olympics, Thursday, Aug. 8, 2024, in Marseille, France. (AP Photo/Carolyn Kaster)

Valentin Bontus of Austria competes in the men's kite semifinal race during the 2024 Summer Olympics, Thursday, Aug. 8, 2024, in Marseille, France. (AP Photo/Carolyn Kaster)

Valentin Bontus of Austria celebrates after the men's kite semifinal race during the 2024 Summer Olympics, Thursday, Aug. 8, 2024, in Marseille, France. (AP Photo/Carolyn Kaster)

Valentin Bontus of Austria celebrates after the men's kite semifinal race during the 2024 Summer Olympics, Thursday, Aug. 8, 2024, in Marseille, France. (AP Photo/Carolyn Kaster)

NEW YORK (AP) — U.S. stock indexes are holding near their records Wednesday ahead of an announcement in the afternoon that’s expected to kick off a series of cuts to interest rates meant to prevent a recession.

The S&P 500 was virtually unchanged in early trading and sitting 0.6% below its all-time high set in July. The Dow Jones Industrial Average was edging down 48 points, or 0.1%, but still flirting with another record after setting its latest on Monday. The Nasdaq composite was basically flat, as of 9:35 a.m. Eastern time.

Intuitive Machines soared 57% after NASA awarded it with a contract worth up to $4.82 billion for communication and navigation services the space agency will use to establish a long-term presence on the moon.

General Mills slipped 0.2% even though the maker of Cheerios and Annie’s mac and cheese reported profit and revenue for the latest quarter that was above expectations. Analysts at Citi said investors may have been looking for an even better performance following seemingly encouraging commentary by the company at an earlier investor conference.

The main event for financial markets, though, is still to come. When the Federal Reserve closes its latest policy meeting Wednesday afternoon, the widespread expectation is that it will announce the first cut to its main interest rate in more than four years.

It would be a momentous event, closing the door on a run where the Fed jacked its federal funds rate to a two-decade high in hopes of slowing the economy enough to stifle the worst inflation in generations. Now that inflation has eased back significantly from its peak two summers ago, the Fed has said it can turn more of its attention toward protecting the job market and overall economy, which have already begun slowing under the weight of higher rates.

The only question is how much the Fed will cut rates by to do so, which can prove to be a tricky balance. Lowering rates would ease the brakes off the economy by making it easier for U.S. businesses and households to borrow. But it could also offer more fuel for inflation.

Making things more complicated, some critics say the Federal Reserve is moving too late to protect the economy and may have missed the window to prevent a recession. Others, meanwhile, are saying it will need to be careful about cutting rates too much because of the possibility that inflation remains stubbornly higher than it has in recent decades.

For now, the bet on Wall Street is that the Federal Reserve will deliver a larger-than-usual cut to interest rates Wednesday afternoon. Traders are pricing in a roughly 60% probability that it will bypass the traditional-sized move of a quarter of a percentage point and jump directly to a half point, according to data from CME Group.

Treasury yields have been sinking since the spring on excitement about coming cuts to interest rates, but they firmed a bit Wednesday amid the debate about how big the afternoon’s move will be.

The 10-year Treasury yield rose to 3.67% from 3.65% late Tuesday. The two-year yield, which more closely follows expectations for Fed action, rose to 3.62% from 3.60%.

In stock markets abroad, indexes were mixed in Europe after finishing higher in much of Asia.

The Bank of Japan and the Bank of England are also holding monetary policy meetings later this week. Neither central bank is expected to move on rates, though the language of what the officials say could be an indicator of later moves and still influence markets.

AP Business Writers Yuri Kageyama and Matt Ott contributed.

A bus passes the Wall St. subway station on Wednesday, Sept. 18, 2024, in New York. (AP Photo/Peter Morgan)

The New York Stock Exchange, with a banner for American Eagle Outfitters, is shown on Tuesday, Sept. 17, 2024, in New York. (AP Photo/Peter Morgan)

A person stands near an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

People stand near an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person rides a bicycle in front of an electronic stock board showing Japan's Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)