Golden Knights promote Ryan Craig to head coach from AHL

LAS VEGAS (AP) — After having previously hired established head coaches, the Vegas Golden Knights this time stayed within the organization and promoted Ryan Craig on Wednesday from its American Hockey League affiliate in suburban Henderson.

Craig, 44, replaces John Tortorella, who was hired with eight games left in the regular season and led the Golden Knights to the Stanley Cup Final before they lost in six games to Carolina. The club announced Tuesday that Tortorella wouldn't be returning, creating immediate speculation that Craig would be promoted.

He was the Silver Knights' coach the past three seasons. Henderson went 39-21-12 this season and advanced to the second round of the Calder Cup playoffs.

Craig, who will address reporters on Thursday, has been in the Golden Knights organization all nine seasons, including the first six years with the top club. He was behind the bench when Vegas won the Stanley Cup in 2023 under Bruce Cassidy.

“He’s ready to be an NHL head coach," Golden Knights general manager Kelly McCrimmon said. "That carried the day.”

Craig takes over a team with high expectations, especially coming off a deep playoff run, and in an organization not known for its patience.

He is the fifth coach in the organization's short history and third this calendar year. Considering Craig remained in the organization through so much turnover speaks to management's belief in his abilities.

They could have handed Craig the job when Cassidy was fired, but instead chose the veteran Tortorella.

“Torts, very experienced, very comfortable in his own skin, very much was going to come in and hit the ground running,” McCrimmon said. “I don't feel it would have been fair to Ryan Craig to start his career as a (NHL) head coach in that way. The other part, Henderson was having a really good year. He was doing a great job as a coach of that team. We felt that the finish of the Henderson season is also really important for Ryan's development to coach in the American League playoffs.”

Tortorella guided Vegas from third to first in the Pacific Division and three postseason series victories that included a sweep Colorado, which had won the Presidents' Trophy.

The Golden Knights took a 2-1 lead in the final before the Hurricanes closed it out by winning three games in a row.

“He saved our season," McCrimmon said. "He turned our team around. Our players loved playing for him and it was a tremendous 30 games that he coached for our organization. John wanted to coach our team again this year. He wants to coach. We really wanted to give this opportunity to Ryan Craig.”

Forward Mitch Marner, the team's prized acquisition from Toronto last offseason, spoke after sweeping the Avalanche about going through “dark times” with the Maple Leafs.

He was asked during the exit interviews with reporters to expand on that comment.

“I've been trying to take care of mental health for probably the last five years or so," Marner said. "I'm really thankful that I had some unbelievable teammates around me in Toronto that I was able to talk to, express myself. My family, my brother, my mom, dad, my wife, there were some really dark moments there that the thought if playing hockey was really tough in a lot of ways.”

The Golden Knights acquired Marner in a sign-and-trade. He grew up in the Toronto area as a Maple Leafs fan, but often was blamed for the team's disappointing playoff results.

Marner's led all skaters in this year's playoffs with 29 points and likely would have been awarded the Conn Smythe Trophy had the Golden Knights won the Cup.

“I think it's always important to check in on your friends, your family, people around you,” Marner said. “I think it's something in this day and age now gets talked about a lot, but still gets overlooked in a lot of ways. I think a lot of us are addicted to the social media aspect of things. You see a lot of comments, a lot of things about yourself. I tried to check myself out of that in the last two or three years.”

Center William Karlsson was scheduled to undergo surgery on Wednesday for a broken wrist. He was injured in Game 5 of the Cup Final.

Defenseman Noah Hanifin played through an upper-body injury that McCrimmon said would have taken him out of the regular season for up to two months.

Defenseman Brayden McNabb wore a cage to protect his face after taking a puck in Game 2 at Carolina.

“(McNabb) had two other injuries that probably would have kept any player out of the lineup that he played through in the playoffs, which is just more testament to the warrior that he is for our organization,” McCrimmon said.

AP NHL: https://apnews.com/hub/stanley-cup and https://apnews.com/hub/nhl

Vegas Golden Knights center William Karlsson, right, celeb rates his gaol with center Brett Howden during the second period in Game 4 of the NHL hockey Stanley Cup Final series against the Carolina Hurricanes, Tuesday, June 9, 2026, in Las Vegas. (AP Photo/John Locher)

Vegas Golden Knights right wing Mitch Marner, left, celebrates his goal as Carolina Hurricanes defenseman Sean Walker, right, skates behind during the second period in Game 3 of the NHL hockey Stanley Cup Final series, Saturday, June 6, 2026, in Las Vegas. (AP Photo/John Locher)

FILE - Tampa Bay Lightning's Ryan Craig looks on during a hockey game against the Carolina Hurricanes Wednesday night Nov. 14, 2007 in Tampa, Fla. (AP Photo/Chris O'Meara, File)

Vegas Golden Knights players watch from the bench during the third period in Game 6 of the NHL hockey Stanley Cup Final series against the Carolina Hurricanes, Sunday, June 14, 2026, in Las Vegas. (AP Photo/John Locher)

NEW YORK (AP) — U.S. stocks slumped Wednesday on speculation the Federal Reserve may hike interest rates this year to keep a lid on inflation. Higher rates can tap the brakes on accelerating prices at cash registers, but they also slow the economy and hurt prices for investments.

The S&P 500 dropped 1.2% and erased an earlier, modest gain after the Fed released projections showing that nine of 18 policymakers foresee at least one increase to its main interest rate this year. The Dow Jones Industrial Average went from a gain of 280 points in the morning to a drop of 507 points, or 1%, while the Nasdaq composite sank 1.3%.

One important policymaker at the Fed did not give a forecast for where the federal funds rate may end 2026: Chairman Kevin Warsh. In his first press conference as head of the U.S. central bank, Warsh said he’s also considering a revamp of how the Fed communicates with financial markets and U.S. households and businesses.

One of his first moves was to end the inclusion of hints in Fed statements about where interest rates may be heading in the future, something called “forward guidance.”

Warsh said he wants Wall Street to react to incoming reports about inflation, the job market and other economic data based on how they should affect prices for stocks, bonds and other investments rather than how traders expect the Federal Reserve to react to them.

As part of that, Warsh said the Fed could make changes to its usual release of projections every three months showing where Fed officials foresee interest rates, the economy and inflation heading.

For now, Wall Street reacted uneasily to Fed officials’ latest set of projections, though Warsh cautioned he “didn’t hear tons of conviction” behind them. Stocks zigzagged up and down several times following the release. The Fed also announced its decision to keep the federal funds rate steady at this meeting, as it has all year so far.

In the bond market, Treasury yields climbed. The yield on the 10-year Treasury, which influences rates for mortgages and other loans going to U.S. households and businesses, rose to 4.49% from 4.43% late Tuesday. The two-year Treasury yield, which more closely tracks expectations for Fed action, jumped to 4.21% from 4.05%.

Traders upped their bets for at least one increase to the federal funds rate this year and now see an 84% probability of it, up from 59.5% a day earlier, according to data from CME Group.

High yields in bond markets worldwide caused by worries about inflation have already been threatening to slow economies and undercut prices for all kinds of investments.

In the stock market, SpaceX erased an early gain and fell 4.9% for its first loss since its ballyhooed debut on the U.S. stock market last week.

Drops of 3.8% for Microsoft, 3.5% for Amazon and 1.3% for Nvidia were three of the heaviest weights on the S&P 500.

They helped overshadow a jump of 14.8% for La-Z-Boy, which reported stronger profit and revenue for the latest quarter than analysts expected. It benefited from revenue made at newly opened stores, though Chief Financial Officer Taylor Luebke said the company continues to have “a measured view” of the broad sales environment.

All told, the S&P 500 fell 91.25 points to 7,420.10. The Dow Jones Industrial Average dropped 507.12 to 51,492.55, and the Nasdaq composite sank 354.69 to 26,021.66.

A report released Wednesday said retailers across the country saw their revenue grow at a faster pace in May than economists expected, offering hope that solid spending by consumers can support the economy. But high inflation has also made U.S. shoppers feel more discouraged about their finances.

Oil prices were steadier Wednesday following slides earlier in the week on optimism about the tentative U.S.-Iran deal to get the global flow of oil going again. Iran is set to take steps to reopen the Strait of Hormuz once the deal is signed, which would allow oil tankers to deliver crude from the Persian Gulf again and hopefully take pressure off inflation.

The price for a barrel of Brent crude oil rose 0.7% to $79.55. It’s still above its roughly $70 price from before the war, but it’s well below its $100-plus price from a few weeks ago.

In stock markets abroad, indexes were mixed across Europe and Asia.

South Korea’s Kospi jumped 1.6%, and Hong Kong’s Hang Seng fell 0.7% for two of the world’s bigger moves.

AP Business Writers Chan Ho-him, Matt Ott and Elaine Kurtenbach contributed to this report.

Federal Reserve Chair Kevin Warsh's press conference appears on a screen on the floor of the New York Stock Exchange, Wednesday, June 17, 2026. (AP Photo/Richard Drew)

Federal Reserve Chair Kevin Warsh's press conference appears on screens on the floor of the New York Stock Exchange, Wednesday, June 17, 2026. (AP Photo/Richard Drew)

Specialist Michael Pistillo, left, and trader Sean Spain work on the floor of the New York Stock Exchange, Tuesday, June 16, 2026. (AP Photo/Richard Drew)

Options trader Joseph D'Arrigo works on the floor of the New York Stock Exchange, Tuesday, June 16, 2026. (AP Photo/Richard Drew)

Employees of a securities company celebrate as Japan's benchmark Nikkei 225 topped 70,000 for the first time during trading hours in Tokyo Tuesday, June 16, 2026. A sign, left, reads " Congratulations. Nikkei index reached 70,000 yen." (Shinji Kouchi/Kyodo News via AP)

Employees of a securities company celebrate as Japan's benchmark Nikkei 225 topped 70,000 for the first time during trading hours in Tokyo Tuesday, June 16, 2026. A sign, left, reads "Congratulations. Nikkei index reached 70,000 yen." (Shinji Kouchi/Kyodo News via AP)

An electronic board, left, shows Nikkei index at a securities company in Tokyo Tuesday, June 16, 2026. (Shinji Kouchi/Kyodo News via AP)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, June 17, 2026. (AP Photo/Ahn Young-joon)

A currency trader stretches near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, June 17, 2026. (AP Photo/Ahn Young-joon)