Jerry Jones and Roger Penske partner to give IndyCar a brand new street racing spectacle

When IndyCar approached the Dallas Cowboys about potentially hosting a street course race in Texas, Jerry Jones saw that Roger Penske was involved and had no hesitation in striking a deal.

The trust between the two businessmen goes back to Penske's successful effort to convince the NFL to hold the 2006 Super Bowl in Detroit. Penske was chairman of the host committee for a game that stood as proof the NFL could host its biggest event in cold-weather cities — a test run that helped Cowboys owner Jones and Dallas land the Super Bowl in 2011.

“Bottom line is that Roger has really been a model for me in terms of how he has taken competitive racing and nailed that into an economic scenario that works,” Jones told The Associated Press. “He is my sports man. He changed that mentality of needing (the NFL) to go where you can have sunshine and the ocean. He changed that concept and was very effective.”

The two have teamed again, along with the Texas Rangers, on a new street race that will be added to IndyCar's 2026 calendar. The IndyCar Arlington Grand Prix will run on a 2.73-mile circuit at Texas Live!, the entertainment venue adjacent to Globe Life Field and just across from AT&T Stadium.

Promotion of the event — and IndyCar — will begin immediately with Fox Sports and Sunday's NFL game between the Cowboys and the Detroit Lions. Fox Sports becomes IndyCar's new broadcast partner next season.

The course layout and other details were revealed Tuesday at a flashy event in Arlington attended by Dallas Cowboys cheerleaders, members of the The Texas Rangers Six Shooters Squad, Pro Football Hall of Fame player DeMarcus Ware, a former Cowboy, and Baseball Hall of Fame catcher Ivan “Pudge” Rodriguez, a former Ranger.

Also in attendance were three-time IndyCar champion Alex Palou and two-time Indianapolis 500 winner Josef Newgarden, who said the concept of the Arlington Grand Prix gives the series another prestigious event.

“When I was a young kid and I wanted to be a race car driver, I dreamed of winning iconic events like the Indianapolis 500. And I think the Grand Prix of Arlington will be one of those events that you want to circle that you have to win every single year,” Newgarden said. “It’s an honor for us to come race here in Arlington, to be a part of an iconic brand like the Cowboys and the Rangers.”

The Arlington sports district is just off Interstate 30, and halfway between downtown Dallas and Fort Worth, where IndyCar raced at Texas Motor Speedway from its 1997 inaugural season through 2023. Texas Motor Speedway was one of IndyCar's biggest supporters until a change in track presidency in 2021 ultimately led to the track falling off of IndyCar's schedule this season.

But the market remains very important to the series as the population of the Dallas-Fort Worth-Arlington metropolitan area was listed at 8,100,037 in 2023, according to the U.S. Census Bureau. Jones also noted that 1,000 of the Cowboys season-ticket holders come from Monterrey, Mexico, home of popular IndyCar driver Pato O'Ward.

“They'll all be here for this race and we’ll make sure they know about it,” Jones said.

Penske noted the Arlington circuit will be the longest street course on the IndyCar schedule and feature the longest straightaway at .9-mile. Speeds are expected to reach over 180 miles per hour on the 14-turn layout that features sweeping curves and technically challenging sectors.

The track will twice pass underneath circuit hospitality and suites, feature a double-sided pit lane and a horseshoe-style carousel in Turn 6.

And, having the Cowboys and Rangers as partners with IndyCar on the project, gives Penske the high-profile type of event he's trying to add to the schedule. The Indianapolis 500 remains the centerpiece, and the Grand Prix of Long Beach is a crown jewel, and Penske wants more of those must-be-there events.

“When you take the Cowboys and the Rangers and put them with our series, I think it gives us such credibility,” Penske told the AP. “I think we've stepped out of our shadow. Just standing here looking at these stadiums and what they have built here... it takes an anchor, it takes a tenant. Jerry has built a massive business here and I think our ability to be part of his team going forward, we're going to take this to the next level.”

And with that, Rangers public address announcer Chuck Morgan, who is known for his “It's Baseball Time in Texas” call, ended Tuesday's event by saying, “It's IndyCar race time in Texas.”

AP Sports Writer Stephen Hawkins contributed to this report from Arlington, Texas.

AP auto racing: https://apnews.com/hub/auto-racing

This artists rendering provided by IndyCar shows race cars passing Globe Life Field and AT&T Stadium during an IndyCar race in Arlington, Texas. (IndyCar via AP)

This artists rendering provided by IndyCar shows a race car passing stands for spectators during an IndyCar race near AT&T Stadium in Arlington, Texas. (IndyCar via AP )

IndyCar owner Roger Penske

From left, former NFL player DeMarcus Ware, IndyCar driver Josef Newgarden, former baseball player Pudge Rodriguez and IndyCar driver Alex Palou pose for a group photo during a news conference announcing the IndyCar Grand Prix of Arlington to be held in 2026 in Arlington, Texas, Tuesday, Oct. 8, 2024. (AP Photo/Jerome Miron)

Dallas Cowboys team owner Jerry Jones speaks to the media during a news conference announcing the IndyCar Grand Prix of Arlington to be held in 2026 in Arlington, Texas, Tuesday, Oct. 8, 2024. (AP Photo/Jerome Miron)

Texas Rangers chief operating officer Neil Leibman, left, IndyCar owner Roger Penske, center, and Dallas Cowboys team owner Jerry Jones look on during a news conference announcing the IndyCar Grand Prix of Arlington to be held in 2026 in Arlington, Texas, Tuesday, Oct. 8, 2024. (AP Photo/Jerome Miron)

The scene during a news conference announcing the IndyCar Grand Prix of Arlington to be held in 2026 in Arlington, Texas, Tuesday, Oct. 8, 2024. (AP Photo/Jerome Miron)

NEW YORK (AP) — U.S. stocks rebounded Tuesday after falling oil prices released some of the pressure that built up on the market.

The S&P 500 rallied 1% to claw back all of its loss from the day before. The Dow Jones Industrial Average rose 126 points, or 0.3%, and likewise neared its record set last week, while the Nasdaq composite led the way with a 1.4% rally.

Wall Street held firm even though stock markets around the world sank following scary swings in China, as euphoria about possible stimulus for the world’s second-largest economy gave way to disappointment. Stocks tumbled 9.4% in Hong Kong for their worst day since the 2008 global financial crisis.

Helping to support Wall Street was a sharp drawdown in oil prices. They gave back some of the big recent gains they made on worries that worsening tensions in the Middle East could ultimately lead to disruptions in the flow of oil.

A barrel of Brent crude, the international standard, fell 4.6% to $77.18 for its first loss in a week and a half. A barrel of benchmark U.S. crude, meanwhile, eased 4.6% to $73.57.

That also helped level off the pressure on the stock market from the bond market. Treasury yields eased a bit, a day after they shot to their highest levels since the summer.

The 10-year Treasury yield edged down to 4.02 from 4.03% late Monday. The two-year yield, which more closely tracks expectations for what the Federal Reserve will do with overnight interest rates, slipped to 3.96% from 3.99%, late Monday, though it’s still near its highest level since August.

When Treasurys are paying higher yields, investors generally become less willing to pay very high prices for stocks and other investments. And Treasury yields had been storming higher over the last week following a suite of reports showing the U.S. economy remains healthier than expected.

Such reports, including one last week showing stronger hiring by U.S. employers than forecast, raise hopes that the economy will avoid a recession. But they also force traders to ratchet back expectations for how much the Federal Reserve will cut interest rates by, now that it has widened its focus to include keeping the economy humming instead of just fighting high inflation.

Traders have abandoned expectations for the Fed to cut its main interest rate by a larger-than-usual half of a percentage point at its next meeting, for example. Instead, they’re largely betting on a traditional-sized cut of a quarter of a percentage point, according to data from CME Group. Some are even calling for the possibility the Fed could keep its main rate steady in November.

High Treasury yields put the most pressure on stocks seen as the most expensive, and that puts the spotlight on the Big Tech stocks that have led the market for most of the last few years.

On Tuesday, all of the Big Tech stocks that have collectively come to be called the “Magnificent Seven” rose. Nvidia led the way with a gain of 4% and was the strongest single force pushing upward on the S&P 500.

PepsiCo climbed 1.9% after delivering stronger profit for the latest quarter than analysts expected, though its revenue fell short.

CEO Ramon Laguarta also said the company now expects a “low single-digit” increase in an important measure of revenue for the year after it had earlier forecast growth of about 4%. U.S. consumers continue to pull back on buying snacks and drinks after years of price increases.

On the losing end of Wall Street were oil-and-gas companies, which gave back some of their big recent gains driven by the last week's jump in crude prices. Chevron fell 1.6% and was one of the main reasons the Dow lagged other indexes.

All told, the S&P 500 rose 55.19 points to 5,751.13. The Dow added 126.13 to 42,080.37, and the Nasdaq gained 259.01 to 18,182.92.

In stock markets abroad, trading in mainland China reopened following a national holiday. Before, indexes in Shanghai and Shenzhen had surged on hopes for stimulus from the government and the central bank meant to prop up the economy’s flagging growth.

On Tuesday, China’s economic planning agency outlined details of measures aimed at boosting the economy, but it refrained from major spending initiatives. That helped lead to the 9.4% drop for the Hang Seng index in Hong Kong.

In Shanghai, where the market had been closed as Hong Kong ran higher over the last week, stocks rose 4.6% following their reopening.

The disappointment in China had worldwide effects, knocking down stocks of companies in Europe, the United States and elsewhere that do lots of business in and around China. Estee Lauder fell 2.2%, for example, while Wynn Resorts lost 3.3%.

AP Business Writers Matt Ott, Elaine Kurtenbach and Zen Soo contributed.

The New York Stock Exchange, rear, is shown on Tuesday, Oct. 8, 2024, in New York. (AP Photo/Peter Morgan, File)

FILE - Signs mark the intersection of Broadway and Wall Street in the Financial District on Oct. 2, 2024, in New York. Trinity Church is in the background. (AP Photo/Peter Morgan, File)

FILE - The New York Stock Exchange is shown on Sept. 24, 2024., 2024, in New York. (AP Photo/Peter Morgan, File)

Currency traders pass by a screen showing the Korea Composite Stock Price Index (KOSPI), center left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Oct. 8, 2024. (AP Photo/Ahn Young-joon)

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Oct. 8, 2024. (AP Photo/Ahn Young-joon)

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Oct. 8, 2024. (AP Photo/Ahn Young-joon)