CLEVELAND (AP) — Donovan Mitchell scored 27 points and the Cleveland Cavaliers matched the second-most wins in franchise history, defeating the New York Knicks 124-105 on Wednesday night.
Jarrett Allen added 21 points for the Cavaliers, who have 61 wins, equaling the 2009-10 squad. That was the final season in LeBron James’ first stint with the team. The franchise record is 66 wins during the 2008-09 season.
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Cleveland Cavaliers forward De'Andre Hunter (12) shoots as New York Knicks forward OG Anunoby (8) defends in the first half of an NBA basketball game Wednesday, April 2, 2025, in Cleveland. (AP Photo/Sue Ogrocki)
Cleveland Cavaliers forward Evan Mobley (4) shoots over New York Knicks center Karl-Anthony Towns (32) in the first half of an NBA basketball game Wednesday, April 2, 2025, in Cleveland. (AP Photo/Sue Ogrocki)
Cleveland Cavaliers guard Donovan Mitchell (45) shoots as New York Knicks guard Landry Shamet (44) defends in the first half of an NBA basketball game Wednesday, April 2, 2025, in Cleveland. (AP Photo/Sue Ogrocki)
Cleveland Cavaliers forward Isaac Okoro (35) dunks in front of New York Knicks guard Josh Hart (3) in the first half of an NBA basketball game Wednesday, April 2, 2025, in Cleveland. (AP Photo/Sue Ogrocki)
Cleveland Cavaliers center Jarrett Allen (31) goes up for a dunk in front of New York Knicks center Karl-Anthony Towns (32) in the first half of an NBA basketball game Wednesday, April 2, 2025, in Cleveland. (AP Photo/Sue Ogrocki)
Cleveland has a 4 1/2 game lead over Boston for the top seed in the Eastern Conference with six games remaining.
The Cavaliers trailed 60-53 at halftime before taking control in the third quarter. The game was tied at 83-all before they went on a 15-2 run over a four-minute span late in the third and early in the fourth to go on top for good.
New York's Karl-Anthony Towns had 25 points, 13 rebounds and seven turnovers after missing Tuesday's game due to knee soreness. OG Anunoby scored 23.
Knicks: New York is 8-6 without Jalen Brunson, but the star guard has been cleared to resume basketball activities and could return to the lineup for the the final week of the regular season.
Cavaliers: They have scored at least 120 points 44 times this season, a franchise record. ... Forward Dean Wade did not play due to illness.
Cleveland started its decisive run late in the third quarter with eight straight points. That included a steal and driving layup from Isaac Okoro to extend the lead to 89-83.
Allen is 31 of 34 from the field in the Cavaliers' last three home games.
Both teams are on the road. The Knicks are at Atlanta on Saturday while the Cavaliers travel to the Spurs on Thursday night.
AP NBA: https://apnews.com/hub/nba
Cleveland Cavaliers forward De'Andre Hunter (12) shoots as New York Knicks forward OG Anunoby (8) defends in the first half of an NBA basketball game Wednesday, April 2, 2025, in Cleveland. (AP Photo/Sue Ogrocki)
Cleveland Cavaliers forward Evan Mobley (4) shoots over New York Knicks center Karl-Anthony Towns (32) in the first half of an NBA basketball game Wednesday, April 2, 2025, in Cleveland. (AP Photo/Sue Ogrocki)
Cleveland Cavaliers guard Donovan Mitchell (45) shoots as New York Knicks guard Landry Shamet (44) defends in the first half of an NBA basketball game Wednesday, April 2, 2025, in Cleveland. (AP Photo/Sue Ogrocki)
Cleveland Cavaliers forward Isaac Okoro (35) dunks in front of New York Knicks guard Josh Hart (3) in the first half of an NBA basketball game Wednesday, April 2, 2025, in Cleveland. (AP Photo/Sue Ogrocki)
Cleveland Cavaliers center Jarrett Allen (31) goes up for a dunk in front of New York Knicks center Karl-Anthony Towns (32) in the first half of an NBA basketball game Wednesday, April 2, 2025, in Cleveland. (AP Photo/Sue Ogrocki)
NEW YORK (AP) — U.S. stocks on Thursday are giving back much of their historic gains from the day before as Wall Street weighs a global trade war that has cooled in temperature but is still confusing and threatening the economy.
The S&P 500 was down 4.1% in midday trading, a day after surging 9.5% following President Donald Trump’s decision to pause many of his tariffs worldwide. The Dow Jones Industrial Average was down 1,383 points, or 3.4%, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 4.8% lower.
Even a better-than-expected report on inflation Thursday morning wasn’t enough to get U.S. stocks to add to their surges from the day before. Economists said the data wasn’t very useful because it offered a view only of the past, when inflation may rise in coming months because of tariffs.
“Trump blinks,” UBS strategist Bhanu Baweja wrote in a report about the president’s decision on tariffs, “but the damage isn’t all undone.”
Trump has focused more on China, raising his tariffs on its products to well above 100%. Even if that were to get negotiated down to something like 50%, and even if only 10% tariffs remained on other countries, Baweja said the hit to the U.S. economy could still be large enough to hurt expected growth for upcoming U.S. corporate profits.
U.S. stocks accelerated their losses Thursday after the White House clarified that Chinese imports will be tariffed at 145%, not the 125% rate that Trump had written about in his posting on Truth Social Wednesday, once his previous 20% fentanyl tariffs were included.
“Everything is still very volatile, because with Donald Trump, you don’t know what to expect,” said Francis Lun, chief executive of Geo Securities. “This is really big uncertainty in the market. The threat of recession has not faded.”
China, meanwhile, has reached out to other countries around the world in hopes of forming a united front against Trump.
The stock price of Warner Brothers Discovery, the company behind “A Minecraft Movie,” dropped 13.2% for one of Wall Street's sharpest losses after China said Thursday it will “appropriately reduce the number of imported U.S. films.” The Walt Disney Co.'s stock sank 7%
A spokesperson for the China Film Administration said it is “inevitable” that Chinese audiences would find American films less palatable given the “wrong move by the U.S. to wantonly implement tariffs on China."
That was after Trump and his Treasury secretary, Scott Bessent, sent a clear message to other countries Wednesday after announcing their tariff pause: “Do not retaliate, and you will be rewarded.”
The European Union on Thursday said it will put its trade retaliation measures on hold for 90 days and leave room for a negotiated solution.
It all demonstrates why many on Wall Street are preparing for more swings to hit markets, after the S&P 500 at one point nearly dropped into a “bear market” by almost closing 20% below its record. Often, the whipsaw moves have come not just day to day but also hour to hour. The S&P 500 still remains below where it was when Trump announced his sweeping set of tariffs last week on “Liberation Day.”
One encouraging signal had been coming from the bond market, where stress seemed to be easing.
The bond market has historically played the role of enforcer against politicians and economic policies it deemed imprudent. It helped topple the United Kingdom's Liz Truss in 2022, for example, whose 49 days made her Britain’s shortest-serving prime minister. James Carville, adviser to former U.S. President Bill Clinton, also famously said he'd like to be reincarnated as the bond market because of how much power it wields.
Earlier this week, big jumps for U.S. Treasury yields had rattled the market, so much that Trump said Wednesday he had been watching how investors were “getting a little queasy.”
Several reasons could have been behind the sharp, sudden rise, including hedge funds having to sell their Treasurys in order to raise cash or investors outside the United States dumping their U.S. investments because of the trade war. Regardless of the reasons behind it, higher yields on Treasurys crank up pressure on the stock market and push rates higher for mortgages and other loans for U.S. households and businesses.
But the 10-year Treasury yield has calmed over the last day, following Trump's U-turn on tariffs, and had fallen all the way back to 4.30% shortly after the release of the U.S. inflation data. That’s after it had shot up to nearly 4.50% Wednesday morning from just 4.01% at the end of last week.
But the yield began climbing again as the morning progressed, reaching 4.37%.
In stock markets abroad, indexes rallied across Europe and Asia in their first chances to trade following Trump’s pause. Japan’s Nikkei 225 surged 9.1%, South Korea’s Kospi leaped 6.6% and Germany’s DAX returned 5.4%.
AP writers Yuri Kageyama, Matt Ott and Huizhong Wu contributed.
Trader Jonathan Mueller works on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)
Traders Bryan Masseria, left and Columb Lytle work on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)
Trader Fred Demarco, right, works on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)
Specialist Michael Gagliano works at his post on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)
A pair of traders work on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)
Trader John Bishop works on the floor of the New York Stock Exchange, Thursday, April 10, 2025. (AP Photo/Richard Drew)
People walk by the New York Stock Exchange, Thursday morning, April 10, 2025. (AP Photo/Richard Drew)
People walk by an electronic board showing Japan's Nikkei 225 index at a securities firm in Tokyo Thursday, April 10, 2025. (Kyodo News via AP)
A person walks past an electronic stock board at a securities firm in Tokyo Thursday, April 10, 2025. (Kyodo News via AP)
A currency trader walks by the screens 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, Thursday, April 10, 2025. (AP Photo/Lee Jin-man)
A currency trader watches computer monitors at a foreign exchange dealing room in Seoul, South Korea, Thursday, April 10, 2025. (AP Photo/Lee Jin-man)
A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, the foreign exchange rate between U.S. dollar and South Korean won and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a foreign exchange dealing room in Seoul, South Korea, Thursday, April 10, 2025. (AP Photo/Lee Jin-man)
A currency trader prepares to work near the screens showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, April 10, 2025. (AP Photo/Lee Jin-man)
A currency trader watches computer monitors near the screen showing the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, April 10, 2025. (AP Photo/Lee Jin-man)
President Donald Trump is displayed on a television on the floor at the New York Stock Exchange in New York, Wednesday, April 9, 2025. (AP Photo/Seth Wenig)
A traders works on the floor at the New York Stock Exchange in New York, Wednesday, April 9, 2025. (AP Photo/Seth Wenig)
