Remco Evenepoel of Belgium becomes the first to sweep the Olympic road race and time trial

PARIS (AP) — The only things that slowed Remco Evenepoel on his way to Olympic history were a flat tire and the finish line.

The Belgian cyclist has become the first rider to sweep the road race and time trial at the Summer Games, relentlessly attacking over three climbs of Montmartre and building such a lead on the run-in to the finish at the Pont d’Iéna that Evenepoel was able to swap out bikes in the final kilometers and still begin his celebration early.

He raised his arms in triumph as he crossed the bridge over the River Seine on Saturday, stopping a foot or two past the finish line to soak in the cheers, the Eiffel Tower providing one last picturesque backdrop to the road race at the Paris Games.

“Too much drama,” Evenepoel said with a smile. “Being almost sure with four kilometers to go and then having a flat doesn't help the stress and the excitement of the moment. But it's a dream come true once again.”

Valentin Madouas, who tried to keep pace with him late in the race, held on for silver as French countryman Christophe Laporte took bronze from a group that included Matteo Jorgensen of the U.S., Ben Healy of Ireland and Marco Haller of Austria.

The two medals for France were its first in the men’s Olympic road race in 68 years.

“What they did for us,” said former pro-turned-French national team manager Thomas Voeckler, “it was magnificent.”

The longest Olympic road race in history had been a sleepy affair until a series of attacks near the end, when Evenepoel finally made his move. But it became high drama when he was passing in front of the Louvre and his tire began to go down.

The 24-year-old from Flanders threw up his hand for help, dismounted quickly and began to scream for his team to get his spare bike. It was ready in a matter of seconds, and Evenepoel was back on his way to a historic second gold medal.

“He's just a class above,” said Healy, who also tried to stick with Evenepoel before eventually fading to 10th. “When he's got legs like that, yeah, what can you do? He's a hard one to stay with when he has legs like that.”

The win capped a spectacular few weeks for Evenepoel that began with a third-place finish in the Tour de France.

“I achieved everything I wanted to achieve this month,” he said. “My season, I cannot describe it.”

The early breakaway of five riders formed quickly Saturday after the neutralized start from the Trocadéro, where fans gathered in the shadow of the Eiffel Tower to see them off. With no real threats among them, the peloton was content allowing the break to build a sizeable gap of more than 14 minutes as the riders headed off into the French countryside.

They passed the Palace of Versailles, where the Olympic equestrian competitions are taking place, and the National Velodrome of Saint-Quentin-en-Yvelines, before they began knocking off the 21 punchy climbs dotting the 273-kilometer (170-mile) route.

The narrow roads soon turned back toward the French capital, and pressure mounted to bring back the break.

What makes that endeavor complex during the Olympic road race is that, unlike most professional races, riders are not allowed to use radios. So the only way the peloton can judge how far behind they are is the updated chalkboard held aloft by the rider of a motorbike, or by dropping back to the team cars and discussing the situation with their coaches.

It was the Dutch, Danish and Belgian teams that took leadership of the peloton on the drive back to Paris.

The field came together about 70 kilometers (43 miles) from the finish when Evenepoel made the first real attack, only for the peloton to react quickly to the newly minted Olympic time trial champion. More attacks served to ramp up the tempo, and riders who were unable to keep pace were suddenly shedding off the back.

The race favorites, led by Mathieu van der Poel of the Netherlands and Belgian rival Wout van Aert, attacked on the first of the Montmartre climbs, where thousands of flag-waving fans standing shoulder-to-shoulder had waited for hours on the steps of the white stone basilica of Sacre Coeur to see what everyone expected to be the defining moment of the race.

Evenepoel gave them a show to remember.

He bridged across to the leading group with an incredible display of power, worked briefly with Madouas and then left the Frenchman behind. Evenepoel quickly opened a gap of nearly a minute by the last of the Montmartre climbs, a time buffer that ultimately came in handy when his tire began to go down right in front of the Louvre.

“I knew Montmartre wasn't the climb that really suited me. The other two bumps suited me better,” Evenepoel said. “But I just went all-in every time on the climbs and tried to keep it stable. At the end it was enough, so what can I say?”

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

Ben Healy, of Ireland, left, and Alexey Lutsenko, of Kazakhstan, ride past the Louvre museum, during a men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (AP Photo/Thibault Camus)

The pack of riders passes by the Louvre museum, during a men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (AP Photo/Thibault Camus)

Alexey Lutsenko, of Kazakhstan, leads Ben Healy, of Ireland, during the men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (Tim de Waele/Pool Photo via AP)

Cyclists ride past the Sacre Coeur basilica, during the men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (AP Photo/Vadim Ghirda)

Riders pedal past a cheering crowd, during the men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (Tim de Waele/Pool Photo via AP)

Mathieu Van Der Poel, of the Netherlands, pedals during the men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (Tim de Waele/Pool Photo via AP)

Tourists stroll around during the men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (AP Photo/Thibault Camus)

Ali Labib, of Iran, rides past the Sacre Coeur basilica, during the men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (AP Photo/Vadim Ghirda)

The pack of riders passes by the Louvre museum, during a men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (AP Photo/Thibault Camus)

Remco Evenepoel, of Belgium, celebrates winning the men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (AP Photo/Dar Yasin)

Remco Evenepoel, of Belgium, celebrates winning the men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (AP Photo/Dar Yasin)

Silver medallist Valentin Madouas, of France, left, and bronze medallist Christophe Laporte, of France, celebrate after the men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (AP Photo/Thibault Camus)

Remco Evenepoel, of Belgium, celebrates past the Eiffel Tower winning the gold medal in the men's road cycling race, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (Pawel Kopczynski/Pool Photo via AP)

Valentin Madouas, of France, celebrates clinching the silver medal after completing the men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (AP Photo/Dar Yasin)

Bronze medal's winner Christophe Laporte, of France, right, celebrates with his teammate Julian Alaphilippe, after a men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (AP Photo/Thibault Camus)

Remco Evenepoel, of Belgium, celebrates past the Eiffel Tower winning the gold medal in the men's road cycling race, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (Pawel Kopczynski/Pool Photo via AP)

Remco Evenepoel, of Belgium, celebrates winning the men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (AP Photo/Dar Yasin)

Remco Evenepoel, of Belgium, centre, poses with the gold medal of the men's road cycling event, flanked by silver medallist Valentin Madouas, of France, left, and bronze medallist Christophe Laporte, of France, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (AP Photo/Thibault Camus)

Remco Evenepoel, of Belgium, centre, poses with the gold medal of the men's road cycling event, flanked by silver medallist Valentin Madouas, of France, left, and bronze medallist Christophe Laporte, of France, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (AP Photo/Dar Yasin)

Remco Evenepoel, of Belgium, celebrates winning the men's road cycling event, at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Paris, France. (AP Photo/Dar Yasin)

NEW YORK (AP) — Wall Street is holding near its records on Wednesday after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates.

The S&P 500 was virtually flat in afternoon trading and 0.6% below its all-time high set in July. The Dow Jones Industrial Average was down 4 points, or less than 0.1%, and close to its record set on Monday. The Nasdaq composite was 0.1% higher, as of 3:05 p.m. Eastern time.

The momentous move by the Fed helps financial markets in two big ways. It eases the brakes off the economy, which has been slowing under the weight of higher rates, and it also gives a boost to prices for all kinds of investments. Besides stocks, gold and bond prices already rallied in recent months on expectations that cuts to rates were coming.

Because the cut was so well telegraphed, and markets had already moved so much in anticipation of it, Wall Street’s reactions weren’t that big on Wednesday despite the historic nature of the Fed’s action. It was the first cut to rates in more than four years, and it closed the door on a run where the Fed jacked the 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 slowing job market and overall economy.

“The time to support the labor market is when it’s strong and not when you begin to see the layoffs," Fed Chair Jerome Powell said. "That’s the situation we’re in.”

The only question is how much the Fed will ultimately 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.

The Fed released forecasts Wednesday that said its median official expects to cut the federal funds rate by another half of a percentage point through the end of the year. That could mean a traditional-sized cut of a quarter of a percentage point at each of its two remaining meetings scheduled for 2024.

After that, the median Fed official is projecting another full percentage point of cuts during 2025.

Some critics say the Federal Reserve is moving too late to protect the economy and may have missed the window to prevent a recession.

“We don’t think we’re behind,” Powell said. “We think this is timely. But I think you can take this as a sign of our commitment not to get behind," pointing to Wednesday's hefty cut of half a percentage point. Powell called it a “good strong start to this.”

Other critics, meanwhile, are saying the Fed 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.

Powell stressed repeatedly that the Fed does not feel “a rush to get this done” and will make its decisions on interest rates meeting by meeting, depending on what incoming data say.

“We’ll move as fast or as slow as we think is appropriate in real time,” he said. For now, he said, "the U.S. economy is in a good place, and our decision today is designed to keep it there.”

Treasury yields were mixed following the Fed’s move.

The 10-year Treasury yield rose to 3.70% from 3.65% late Tuesday after wavering up and down immediately after the Fed announced its decision. The two-year yield, which more closely follows expectations for Fed action, edged up to 3.61% from 3.60% but also squiggled as Powell spoke.

On Wall Street, Intuitive Machines soared 42.2% 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.

Trading in Tupperware Brands remained halted after the company filed for Chapter 11 bankruptcy protection. Its stock has been sinking, down to 51 cents, since a mini-revival early in the pandemic sent its stock above $30.

McGrath RentCorp., a company that rents and sells mobile office trailers, portable classrooms and other structures, fell 4.7% after it agreed to terminate its proposed buyout by WillScot following tough scrutiny of the deal from U.S. regulators.

In stock markets abroad, indexes were modestly lower 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.

Trader Edward Curran works on the floor of the New York Stock Exchange, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)

Specialist John O'Hara works at his post on the floor of the New York Stock Exchange, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)

Trader Leon Montana works on the floor of the New York Stock Exchange, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)

Trader Aaron Ford works on the floor of the New York Stock Exchange, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)

Trader Michael Capolino works on the floor of the New York Stock Exchange, Wednesday, Sept. 18, 2024. (AP Photo/Richard Drew)

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)