The association of European soccer leagues called for governance reform of FIFA on Wednesday, adding to the mounting pressure on president Gianni Infantino following his failed plan to sell stakes in the World Cup.
On the day that Infantino reportedly held a meeting with senior staff in Rabat, Morocco, European Leagues, which includes top competitions like the Premier League, La Liga and Serie A, described the proposal as “dangerous” and said it pointed to deeper concerns about how world soccer's governing body operates.
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FILE - FIFA President Gianni Infantino is silhouetted as he walks past the World Cup trophy after addressing the 76th FIFA Congress in Vancouver, British Columbia, Thursday, April 30, 2026. (Darryl Dyck/The Canadian Press via AP, File)
A view of building where FIFA President Gianni Infantino holds a senior leadership meeting in Sale, Morocco, Wednesday, Aug. 5, 2026. (AP Photo/Str)
A vehicle carrying FIFA President Gianni Infantino arrives for a senior leadership meeting in Sale, Morocco, Wednesday, Aug. 5, 2026. (AP Photo)
FILE - FIFA President Gianni Infantino looks on during the women's Premier League match between Al Ahli FC and Al Ittihad FC at the Al- Ahli Club stadium in Jeddah, Saudi Arabia, Thursday, Dec 14, 2023. (AP Photo/Manu Fernandez, File)
It said it raised “serious questions about FIFA’s governance, internal culture and decision-making.”
“Now more than ever, FIFA requires governance reform that ensures that all relevant stakeholders have a formal role in decisions that shape the future of our game.”
In the statement European Leagues hit out at the possibility of further expanding the World Cup to 64 teams and said “FIFA must not be allowed to continue taking unilaterally disruptive decisions.”
It said that until there was reform it would reject the “expansion or creation” of FIFA competitions.
Portugal and Real Madrid great Luis Figo also called for Infantino to step down, saying he had “debased the office.”
The latest condemnations come after a tumultuous week, which has raised questions about his presidency of FIFA ahead of elections in March.
European soccer's governing body UEFA has applied the most intense pressure by voting to boycott the World Cup if Infantino pressed ahead with the controversial plans to sell profits in its top competition through a commercial subsidiary called FIFA Forward Enterprise (FFE) that would run tournaments.
Even after Infantino's climbdown UEFA said it had lost confidence in FIFA’s leadership — possibly paving the way for a challenge to his presidency. The governing body for North and Central American and Caribbean soccer (CONCACAF) also said FIFA leadership had “stopped putting football first.”
On Tuesday top FIFA officials Arsène Wenger and secretary-general Mattias Grafström distanced themselves from the FFE plans, which emphasized divisions within the organization that were evident when Infantino's senior adviser Carlos Cordeiro resigned last week and chief operating officer Kevin Lamour said staff were “deceived” by the president's lack of openness.
Wednesday's summit in Rabat was dubbed a “crisis meeting” in media reports amid growing expectation that Infantino will be challenged in next year's election when he was aiming for to win a fourth and final term in office.
James Robson is at https://x.com/jamesalanrobson
AP soccer: https://apnews.com/hub/soccer
FILE - FIFA President Gianni Infantino is silhouetted as he walks past the World Cup trophy after addressing the 76th FIFA Congress in Vancouver, British Columbia, Thursday, April 30, 2026. (Darryl Dyck/The Canadian Press via AP, File)
A view of building where FIFA President Gianni Infantino holds a senior leadership meeting in Sale, Morocco, Wednesday, Aug. 5, 2026. (AP Photo/Str)
A vehicle carrying FIFA President Gianni Infantino arrives for a senior leadership meeting in Sale, Morocco, Wednesday, Aug. 5, 2026. (AP Photo)
FILE - FIFA President Gianni Infantino looks on during the women's Premier League match between Al Ahli FC and Al Ittihad FC at the Al- Ahli Club stadium in Jeddah, Saudi Arabia, Thursday, Dec 14, 2023. (AP Photo/Manu Fernandez, File)
NEW YORK (AP) — Stocks wavered in morning trading on Wall Street Wednesday and hovered around their records set a day earlier, while oil prices held steady.
The S&P 500 climbed 0.1%. The Dow Jones Industrial Average added 455 points, or 0.8%, as of 11:45 a.m. Eastern time. The Nasdaq composite fell 0.2%.
The S&P 500 and the Dow both set records on Tuesday, while the Nasdaq is less than 2% from its record. Every major index had been surging this week, giving August a strong start.
“The coiled spring investors have been waiting for has finally released, with the S&P 500 Index surging to record highs for the first time in two months," said Mark Hackett, chief market strategist at Nationwide, in a report.
The market has been generally rising as companies head into the closing stretch of their latest round of earnings reports with sharp overall gains. Three-quarters of the companies within the S&P 500 have reported results so far, and Wall Street expects profit growth of 50% when they are all finished.
The Walt Disney Co. rose 2.1% after easily beating Wall Street’s profit forecasts, helped by a $1 billion box office haul from “Toy Story 5” and theme park revenue.
Booking Holdings jumped 6.2% after reporting that strong travel demand drove profit and revenue growth during its most recent quarter.
Elon Musk's SpaceX fell 8.7%, despite reporting a smaller loss than Wall Street expected late Tuesday in its first quarterly report as a public company. The company did help give semiconductor giant Nvidia a 3.6% boost after announcing it would exclusively use that company’s chips for its artificial intelligence technology.
That announcement weighed on Advanced Micro Devices, which fell 6.5%. Musk had previously said that SpaceX and his electric vehicle company, Tesla, would use chips from both Advanced Micro Devices and Nvidia.
Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury remained at 4.63% from late Tuesday.
Markets in Asia rose. Benchmarks jumped more than 3% in Tokyo and Seoul as computer chipmakers and other AI-related companies climbed. European markets were mixed.
Strong corporate profits and expectations for more growth ahead have been steering stocks higher. Wall Street has also been worried about stock prices becoming unjustifiably high, especially within the technology sector and for companies focused on artificial intelligence. Profit growth, especially for some of the big chipmakers, like Nvidia, could help justify some of the big investments those companies are making in AI.
“The market appears to be moving from rewarding companies for AI spending to assessing the revenue and earnings that these investments can generate,” said Brian Therien, analyst, investment strategy, at Edward Jones, in a report.
AI-focused companies, with their big market values, have been behind many of the big market swings and most of Wall Street's gains. Nvidia's gain helped support the broader market on Wednesday, despite more stocks losing ground than gaining within the S&P 500. Micron Technology also helped support the market with a 2.8% gain.
Uncertainty about the direction of the U.S. war with Iran continues hanging over the market. President Donald Trump said a deal to reopen the Strait of Hormuz could come as early as Wednesday. But there have been many stops and starts during the five-month old conflict that has stifled the global supply of oil and rattled energy markets.
The price of Brent crude, the international standard, fell 0.4% to $79.03 a barrel. Oil prices have been swinging for months and were as high as $102 per barrel at one point during the conflict, jolting already stubbornly high inflation. Higher oil prices pushed gasoline prices higher and increased shipping costs for a wide range of products.
Inflation concerns have been hanging over markets and the Federal Reserve. The central bank has been holding its key benchmark rate steady as it monitors the costs and the impact on the economy. Wall Street expects the central bank to raise rates at least once before the end of 2026. Household spending remains resilient, despite the stress from higher costs on everything from gas to groceries.
The jobs market has been one of the stronger areas of the economy, though growth has been slowing. Wall Street will get another update on Friday with the monthly employment report for July.
Associated Press writers Elaine Kurtenbach and Mayuko Ono contributed to this report.
Specialist Dilip Patel works on the floor of the New York Stock Exchange, Thursday, July 30, 2026, in New York. (AP Photo/Yuki Iwamura)
Currency traders work 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, Aug. 5, 2026. (AP Photo/Ahn Young-joon)
A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), SK Hynix and Samsung Electronics Co. stock price at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, Aug. 5, 2026. (AP Photo/Ahn Young-joon)
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, Aug. 5, 2026. (AP Photo/Ahn Young-joon)
Currency traders pass by 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, Aug. 5, 2026. (AP Photo/Ahn Young-joon)
