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Indianapolis Colts Owner Jim Irsay Has Died At Age 65
Photo Courtesy – Getty Images (WBAP/KLIF) – Longtime Indianapolis Colts owner and General Manager Jim Irsay has passed at the age of 65.
Irsays’ father bought the team in 1972 for $12 Million when they were playing in Baltimore. The team moved in 1984.
Irsay was the General Manager from 1982 to 1996 and became the NFL’s youngest owner at age 37 after his father died in 1997.
Irsay had several health issues over the years. In January 2024 the Colts announced Irsay was being treated for a “Severe Respiratory Illness” however Irsay posted in February that he was on the mend.
Irsay graduated from SMU in 1982 and played for the school’s football team as a walk on linebacker.
(Copyright 2025 WBAP/KLIF. All Rights Reserved)
Stock Market Tanks as Treasury Yields Spike
(WBAP/KLIF) — NEW YORK (AP) — Wall Street slumped under the weight of pressure from the bond market, where Treasury yields climbed on worries about the U.S. government’s spiraling debt and other concerns. The S&P 500 fell 1.6% Wednesday. The Dow Jones Industrial Average dropped 1.9%, and the Nasdaq composite sank 1.4%. Stocks had been drifting only modestly lower earlier in the day, after Target and other retailers gave mixed forecasts for their upcoming profits. The market then turned sharply lower after the U.S. government released the results for its latest auction of 20-year bonds. That helped send Treasury yields jumping.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
NEW YORK (AP) — Wall Street is slumping on Wednesday under the weight of pressure from the bond market, where Treasury yields climbed on worries about the U.S. government’s spiraling debt and other concerns.
The S&P 500 was down 1.5% in late trading and on track for a second drop after breaking a six-day winning streak. The Dow Jones Industrial Average was down 784 points, or 1.8%, with an hour remaining in trading, while the Nasdaq composite was down 1.3%.
Stocks had been drifting only modestly lower earlier in the day, after Target and other retailers gave mixed forecasts for their upcoming profits amid uncertainty caused by President Donald Trump’s trade war. The market then turned sharply lower after the U.S. government released the results for its latest auction of 20-year bonds.
The government regularly sells such bonds, which is how it borrows money to pay for its bills. In this auction, the U.S. government had to pay a yield as high as 5.047% to attract enough buyers to lend it a total of $16 billion over 20 years.
That helped push up yields for all kinds of other Treasurys, including the more widely followed 10-year Treasury. Its yield climbed to 4.59% from 4.48% late Tuesday and from just 4.01% early last month. That’s a notable move in the bond market.
Yields have been on the rise in part because of concerns that tax cuts currently under consideration in Washington could pile trillions of more dollars onto the U.S. government’s debt. Concerns are still brewing about how much Trump’s tariffs will push up on inflation in the United States.
Yields have also been on the rise for developed economies around the world. That’s partly because their governments are continuing to borrow more cash to pay their bills, while central banks like the Federal Reserve have cut back on their own investments in government bonds.
When the U.S. government has to pay more interest to borrow money, that can cause interest rates to rise for U.S. households and businesses too, including rates on mortgages, auto loan rates and credit cards. That in turn can slow the economy. Higher yields also often make investors feel less inclined to pay high prices for stocks and other kinds of investments.
Moody’s Ratings became the last of the three major ratings agencies late last week to downgrade the U.S. government’s credit rating on concerns that it may be heading toward an unsustainable amount of debt.
“We do not think that the downgrade matters by itself,” Bank of America strategists wrote in a BofA Global Research report, “but it has served as a wake up call for those investors who had been ignoring the ongoing fiscal discussion.”
Target sank 4.4% after the retailer reported weaker profit and revenue than analysts expected for the start of the year. The company said it felt some pain from boycotts by customers. It had scaled back many diversity, equity and inclusion initiatives early this year following criticism by the White House and conservative activists, which drew its own backlash.
Perhaps more worryingly for Wall Street, Target also cut its forecast for profit over the full year. .
Carter’s, which sells apparel for babies and young children, sank 12.2% after cutting its dividend. New CEO Doug Palladini said the company made the move in part because of investments it anticipates making in upcoming years, as well as the possibility that it “may incur significantly higher product costs as the result of the new proposed tariffs on products imported into the United States.”
A growing number of companies have recently said tariffs and uncertainty about the economy are making it difficult to guess what the upcoming year will bring. Others, including Walmart, have said they’ll have to raise prices to offset Trump’s tariffs.
U.S. stocks have recently recovered most of their steep losses from earlier in the year as Trump has delayed or rolled back many of his stiff tariffs. Investors are hopeful that Trump will lower his tariffs more permanently after reaching trade deals with other countries.
In stock markets abroad, indexes were mixed amid mostly modest movements across Europe and Asia
London’s FTSE 100 rose 0.1% after a report said inflation in the United Kingdom spiked to its highest level for more than a year in April.
Tokyo’s Nikkei 225 fell 0.6% after a report said Japan’s exports have slowed due to tariffs.
(Copyright 2025 WBAP/KLIF Newsroom News. All rights reserved. Contains material from the Associated Press.)
Fort Worth ISD Approves A Plan To Close And Consolidate Several Different Schools
(WBAP/KLIF) – FORT WORTH, TX – Last night, the Fort Worth ISD board of trustees approved a plan to close and consolidate 18 different campuses over the next five years. Like many Texas school districts, Fort Worth ISD has experienced a decline in student enrollment which is a trend that is projected to continue over the next five years. The funds saved by closing schools will be reinvested into district classrooms, and academic support programs in order to provide more opportunities for each student. The first closures will begin next month with a total of 18 campuses closing by June of 2029.
For more information parents and students can visit www.fwisd.org/about/betterspaces.
(Copyright 2025 WBAP/KLIF. All Rights Reserved)
Texas Man Is Executed 13 years To The Day Of A Store Robbery In Which He Set A Clerk On Fire
HUNTSVILLE, Texas (AP) — A Texas man has been executed 13 years to the day of a convenience store robbery in which he set a clerk on fire in a Dallas suburb. Matthew Lee Johnson received a lethal injection Tuesday evening at the state penitentiary in Huntsville. He was condemned for the May 20, 2012, attack on 76-year-old Nancy Harris, a great-grandmother who he splashed with lighter fluid before setting her on fire. Badly burned, she died days afterward. Johnson expressed remorse Tuesday evening and asked for forgiveness from relatives of the victim who watched the execution through a window. Elsewhere, an Indiana man was executed earlier Tuesday for the killing of a police officer.
(Copyright 2025 The Associated Press. All Rights Reserved.)
Trump On Capitol Hill Implores Divided Republicans To Unify Behind His Big Tax Cuts Bill
WASHINGTON (AP) — President Donald Trump has implored House Republicans on Capitol Hill to drop their fights over his big tax cuts bill. He spoke privately for at least an hour trying to unite House Republicans on the multitrillion-dollar package that is at risk of collapsing before planned votes this week. Trump was upbeat afterward, saying there was “unity.” But negotiations are slogging along. It’s not at all clear the package, with its sweeping tax breaks and cuts to Medicaid, food stamps and green energy programs, has the support needed. With all Democrats opposed, the Republicans can handle only a few defections from their slim House majority.
(Copyright 2025 The Associated Press. All Rights Reserved.)
Judge: US Officials Must Keep Control Of Migrants Sent To South Sudan In Case Removals Were Unlawful
WASHINGTON (AP) — A federal judge ruled late Tuesday that U.S. officials must retain custody and control of migrants apparently removed to South Sudan in case he orders their removals were unlawful. U.S. District Judge Brian E. Murphy in Massachusetts ordered an emergency hearing for Wednesday, after attorneys for immigrants said in court documents that up to a dozen people from several countries, including Myanmar and Vietnam, may have been sent to Africa earlier Tuesday. The Department of Homeland Security did not immediately return messages seeking comment.
(Copyright 2025 The Associated Press. All Rights Reserved.)
Rubio Defends Trump’s Foreign Policy As Democrats Press Him On Gaza Aid And White South Africans
WASHINGTON (AP) — Secretary of State Marco Rubio and Democratic senators have sparred over a wide range of the Trump administration’s foreign policies: Ukraine and Russia, the Middle East, Latin America, the slashing of the U.S. foreign assistance budget, refugee admissions and more. At a Senate Foreign Relations Committee hearing Tuesday, Rubio defended the administration’s decisions, saying “America is back.” He claimed four months of foreign policy achievements, even as many of them remain inconclusive. Among them, the resumption of nuclear talks with Iran, efforts to bring Russia and Ukraine into peace talks, and efforts to end to the war in Gaza between Israel and Hamas.
(Copyright 2025 The Associated Press. All Rights Reserved.)
Israeli Strikes Kill At Least 85 In Gaza As Israel Allows More Aid Into Palestinian Territory
DEIR AL-BALAH, Gaza Strip (AP) — Israel is pressing ahead with its new military offensive in Gaza despite mounting international criticism. The Israeli military launched airstrikes Tuesday that health officials said killed at least 85 Palestinians. Israeli officials said they also allowed in dozens more trucks carrying aid. It was not immediately clear whether the desperately needed supplies were reaching any of the over 2 million people in Gaza, which has been under an Israeli blockade for nearly three months. Experts have warned about the high risk of famine. Under pressure, Israel agreed this week to allow a minimal amount of aid into the Palestinian territory.
(Copyright 2025 The Associated Press. All Rights Reserved.)
Trump Selects Concept For $175 Billion ‘Golden Dome’ Missile Defense System
WASHINGTON (AP) — President Donald Trump has announced the concept he wants for his future Golden Dome missile defense program — a multilayered system that for the first time will put U.S. weapons in space. Speaking Tuesday in the Oval Office, Trump said the system would cost $175 billion. He expects it will be “fully operational before the end of my term,” which ends in 2029, and have the capability of intercepting missiles “even if they are launched from space.” A U.S. official familiar with the program says it’s likelier that the complex system may have some initial capability by that point. The Air Force secretary told senators Tuesday that Golden Dome overall is “still in the conceptual stage.”
(Copyright 2025 The Associated Press. All Rights Reserved.)
George Wendt, Who Played Beloved Barfly Norm On ‘Cheers’ And Found Another Home Onstage, Dies At 76
NEW YORK (AP) — George Wendt, an actor with an Everyman charm who played the affable, beer-loving barfly Norm on the hit 1980s TV comedy “Cheers,” has died. He was 76. Wendt in later life crafted a stage career that took him to Broadway in “Art,” “Hairspray” and “Elf.” Despite a long career of roles onstage and on TV, it was as gentle and henpecked Norm Peterson on “Cheers” that he was most associated, earning six straight Emmy Award nominations for best supporting actor in a comedy series from 1984-89. The series was centered on lovable losers in a Boston bar and starred Ted Danson, Shelley Long, Rhea Perlman, Kelsey Grammer, John Ratzenberger, Kirstie Alley and Woody Harrelson.
(Copyright 2025 The Associated Press. All Rights Reserved.)