NEW YORK (AP) — New York's Sabrina Ionescu, Minnesota's Napheesa Collier and Los Angeles' Kelsey Plum were all extended franchise tags by their WNBA teams worth potentially $1.4 million as free agency opened up.
By giving the “core” designation to those players, their teams have exclusive negotiating rights which comes with a guaranteed one-year deal at the new supermax salary. That's more than five-times above the top salary they could earn in the last CBA.
Players can negotiate different terms to help their teams sign other players to fit under the new salary cap that's expected to be around $7 million.
Other players giving the “core” designation include Indiana's Kelsey Mitchell, Dallas' Arike Ogunbowale, Atlanta's Allisha Gray, Chicago's Ariel Atkins and Seattle's Ezi Magbegor.
Expansion franchises Portland and Toronto extended franchise tag offers to players. The Fire selected Bridget Carleton with the first pick in the draft last week and offered her the tag. The Tempo did the same for Marina Mabrey, who they took with the sixth pick.
The franchise tag is a way for a team to prevent a player from leaving in free agency without getting anything in return for them. The teams and players can also negotiate doing a sign-and-trade agreement for those players.
Starting in 2027, players can only be given the core designation twice and it can only be if they have less than seven years of experience in the league.
Teams were also able to send out reserved and restricted qualifying offers to players during this designation period, which began Monday. Negotiations will go from Wednesday to Friday with players able to start signing Saturday.
Training camp is scheduled to begin on April 19 with the first preseason games on April 25.
The start of free agency was delayed until this month because of a prolonged negotiation of a new collective bargaining agreement that didn't get agreed to and ratified until late March. The long form contract is still being executed by both sides.
More than 80% of the league’s veteran players are free agents this year, as players had signed deals that expired at the end of last season to capitalize on higher salaries from the new CBA.
AP WNBA: https://apnews.com/hub/wnba-basketball
FILE - Minnesota Lynx forward Napheesa Collier moves the ball during the first half of Game 2 in the first round of the WNBA basketball playoffs against the Golden State Valkyries, Wednesday, Sept. 17, 2025, in San Jose, Calif. (AP Photo/Godofredo A. Vásquez, File)
FILE - New York Liberty guard Sabrina Ionescu controls the ball against the Phoenix Mercury during the second half of Game 1 during the first round of the WNBA basketball playoffs Sept. 14, 2025, in Phoenix. (AP Photo/Darryl Webb, File)
NEW YORK (AP) — Oil prices are plunging back toward $95 per barrel, and stock markets are surging worldwide on Wednesday after President Donald Trump pulled back from his threat to force a “whole civilization” to die in the war with Iran.
The S&P 500 leaped 2.1% after Trump announced a two-week ceasefire with Iran, less than 90 minutes before a deadline Trump had set for it to open the Strait of Hormuz and allow oil tankers to exit the Persian Gulf. The Dow Jones Industrial Average was up 1,076 points, or 2.3%, as of 10:45 a.m. Eastern time, and the Nasdaq composite was 2.5% higher following even bigger gains in European and Asian stock markets.
To be sure, stock prices are still below where they were before the war. And oil prices are still significantly higher because the threat remains that the war could continue and keep oil produced in the Persian Gulf area blocked in the Middle East. Prices for both stocks and oil pared their big moves as the morning progressed, and financial markets have been prone to sudden and extreme reversals since the war began.
“There is a reason to be optimistic, but it is still too early to tell, because, as you know, after all, it is Trump,” said Takashi Hiroki, chief strategist at MONEX.
So far in the war, Trump has set several deadlines for Iran to open the Strait of Hormuz, a main thoroughfare for oil exiting the Persian Gulf to reach customers worldwide, and has threatened big repercussions if Iran doesn’t, only to delay them.
It’s similar to a year ago, when Trump threatened stiff tariffs on imports from other countries on “Liberation Day.” After a couple delays, his administration eventually negotiated lower tariffs with many countries, though they were still higher than from before his second term. That led some investors to allege Trump “always chickens out,” or “TACO,” if financial markets show enough pain.
“Is it just kicking of the can down the road, moving the goalposts, TACO Tuesday, or whatever metaphor we’d like, to only to have tempers flare and bombs drop again?” Brian Jacobsen, chief economic strategist at Annex Wealth Management, asked about the two-week ceasefire with Iran. “Who knows? But it’s good enough for now to elicit a positive response from the markets.”
The price for a barrel of benchmark U.S. crude oil plunged 15.2% to $95.79 after dropping almost to $91 earlier in the morning.
Brent crude, the international standard, tumbled 13.4% to $94.59 per barrel. It had briefly topped $119 when worries about the war with Iran were at their highest, but it's still above its roughly $70 price from before the war.
The average price for a gallon of regular gasoline has already topped $4.16 in the United States, according to AAA. That’s up from less than $3 a couple days before the war began in late February. If oil prices stay high for a long time, it would push up the price of nearly everything that’s moved by truck, plane or boat.
The next moves for oil prices will likely depend on how many oil tankers can start exiting the Strait of Hormuz and how easy their passage is. Iran said the deal would allow it to formalize its new practice of charging ships passing through the Strait of Hormuz, a crucial transit lane for oil, but the terms were not clear.
In Asia, where countries are more reliant on oil from the Middle East, South Korea’s Kospi stock index surged 6.9%. Japan’s Nikkei 225 leaped 5.4%, and Hong Kong’s Hang Seng jumped 3.1%.
European stock indexes rose nearly as much. Germany’s DAX returned 4.8%, and France’s CAC 40 rose 4.5%.
On Wall Street, companies with big fuel bills roared back to trim some of the sharp losses taken on worries about oil prices staying high.
United Airlines soared 10.1%, which could count as a decent year for the stock. It cut into its loss for the year that came into the day at 20.1%.
Delta Air Lines climbed 6.8% after it also reported a stronger profit for the latest quarter than analysts expected. CEO Ed Bastian said demand for flights remains strong, and it's making moves to make up for higher fuel bills. Delta on Tuesday became the latest airline to raise its fees for checking bags.
Cruise ship operator Carnival climbed 11.3%.
In the bond market, Treasury yields eased as hopes built that an easing of oil prices could let the Federal Reserve resume its cuts to interest rates later this year.
The yield on the 10-year Treasury fell to 4.26% from 4.33% late Tuesday. That’s a notable move for the bond market, and lower Treasury yields give a boost to prices for stocks, bonds and all kinds of other investments. The drop should help ease some of the recent rise in rates for mortgages and other loans taken out by U.S. households and businesses.
When oil prices were screaming higher because of the war, some traders were betting on the possibility that the Fed would have to raise interest rates to keep a lid on inflation. Now, they're seeing a roughly 1-in-3 chance that the Fed could resume its cuts to rates in 2026, according to data from CME Group.
AP journalists Yuri Kageyama, Matt Ott, Mayuko Ono and Jon Gambrell contributed to this report.
Currency traders work at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, April 8, 2026. (AP Photo/Ahn Young-joon)
U.S. President Donald Trump is seen on a screen as traders work at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, April 8, 2026. (AP Photo/Ahn Young-joon)
A person walks by an electronic stock board showing Japan's Nikkei index in Tokyo Wednesday, April 8, 2026. (Yuya Shino/Kyodo News via AP)
John Mauro works on the floor at the New York Stock Exchange in New York, Tuesday, April 7, 2026. (AP Photo/Seth Wenig)
Ed Curran works on the floor at the New York Stock Exchange in New York, Tuesday, April 7, 2026. (AP Photo/Seth Wenig)
