Donovan, 66, made the announcement May 31 on the Channel 3 news show “Front Row.”

“There is a story to the new look and hairstyle that I’m sporting here tonight,” Donovan said. “And I think tonight we’re going to take a couple of moments here to tell you the story behind the story behind the look. So we’ll start this way. It was about a year and a half ago that I noticed that something was amiss with my health.

“And if you’ve known me and if you’ve followed me through the years here at Channel 3 and with the Cleveland Browns, you know that I’ve had a long battle with leukemia to the point where I had a bone marrow transplant about 11 and a half years ago. Well, my concerns were confirmed, and by that I mean it was told to me that I had had a relapse of leukemia.

“So for the last year and a half, I have been getting treatment for that with various forms of chemotherapy — some with intravenous and others with oral chemo drugs. And for the most part, those worked pretty well. But things change and things have changed for me in my case. And so we’re going to have to go with a different treatment plan, a more aggressive treatment plan, which has already started. And I’m underway with that.

“That’s the badge of honor that you get in chemotherapy. You begin to lose your hair. So I’m underway with that. This is going to be kind of a long and winding road through this treatment plan because it is going to be pretty aggressive. But the goal is to get better, to get healthy, to move on. I know the deal. I’ve done it before and I plan to do it once again.”

Donovan thanked his wife, Cheryl, and his daughter, Megan, for their support. He thanked his colleagues at Channel 3, the Browns, and viewers plus listeners for their support and prayers, as well. He said he plans to continue working when his health allows.

“Now, as far as my availability through all of this, I will be here at Channel 3 and on the radio as much as I can be,” he said. “But there are going to be periods of time where I might not be with you. That might be for a day, it might be for a longer period of time. We’ll just have to see how the treatment plan goes and see how I react to it all this,”

The Browns issued a statement of support after Donovan went public with his condition.

“Our thoughts and the thoughts of the entire organization are with Jim and his family right now in this difficult time,” the statement from team owners Dee and Jimmy Haslam said. “There is no better representative of the Cleveland Browns. He is as tough as they come and proved as much in his previous battle.

“We’re all behind Jim and will do everything we can to support him. We look forward to him winning this fight, being around the team and continuing to call our games during the season.”

Jeff Phelps from WKRK-FM 92.3 The Fan filled in for Donovan in the past when health issues made Donovan unable to do Browns play-by-play.

The Lake County Captains, for an obvious reason, demonstrated a literary bent May 31 by staging a promotion tied to the 204th birthday of the celebrated poet and essayist.

As for the game between the Captains and Quad Cities  River Bandits, it was less than poetic if you were a fan rooting for the home team.

The visitors from Iowa used extra-base muscle to post an 11-7 victory on a gorgeous late-spring evening at Classic Auto Group Park.

Quad Cities shortstop Jake Pineda set the tone in the top of the first inning with a leadoff double off Lake County starter and eventual loser Reid Johnston (4-2, 4.37 ERA).

PHOTOS: Captains vs. Quad Cities, May 31, 2023

Pineda scored the game's first run on an RBI single by Javier Vaz. Two stolen bases by Vaz and an RBI single by Gavin Cross made it 2-0.

The Captains briefly moved ahead in the bottom of the second inning, 3-2, on a fielder's choice RBI by Nate Furman and two-run single by Yordis Valdes.

Johnston gave up a solo home run to Cayden Wallace in the top of third inning that pulled the River Bandits even at 3-3.

Quad Cities again got down to business against Johnston in the top of the fourth inning, getting two baserunners aboard with one out to force Lake County manager Omir Santos to summon reliever Juan Zapata.

Vaz jumped on the first pitch he saw from Zapata and lined a home run to right field to put the River Bandits in front, 6-3.

After the Captains inched closer on an RBI fly out by Will Bartlett in the bottom of the sixth inning, the River Bandits responded again in the top of the seventh on a two-run double by Herard Gonzalez.

Lake County catcher Joe Donovan put a buzz in the ballpark with a tape-measure, two-run home run in the bottom of the eighth inning that drew the Captains within shouting distance at 8-6.

The buzz was short-lived as the River Bandits answered with three runs in the top of the ninth inning. Two of the tallies came courtesy of a home run by Cross.

Lake County has dropped five of its last six games.

River Bandits at Captains

When: 7 p.m., June 1

Where: Classic Auto Group Park

Records: River Bandits 25-22, Captains 23-24

Pitchers: River Bandits — Adrian Alcantara (0-0, 0.00 ERA); Captains — Will Dion (2-0, 2.28)

Joe Talarico of Cleveland aced the 125-yard seventh hole at Manakiki Golf Course using a pitching wedge.

Matt Kalady aced the 182-yard 15th hole at  Manakiki Golf Course using a 7-iron.

DUBLIN — The Memorial has a loaded field, just like always, and that much was evident by pockets of crowds spread around Muirfield Village for the pro-am May 31.

Also playing May 31 were Masters champion Jon Rahm, Scottie Scheffler, Rory McIlroy and 38 of the top 50 players in the world.

The spectators were equally interested in seeing Steph Curry and Peyton Manning from the sports world, actors and entertainers like Josh Duhamel and Kelley James. Also playing without social media fanfare were a dozen or so members of Augusta National.

The Larry O’Brien Trophy even made an appearance as the NBA Finals are set to begin.

This is a big time of the year for golf, too. Not that the tournament Jack Nicklaus built needed much of an upgrade, but the Memorial is now an elevated event with a $20 million purse. It falls two weeks before the U.S. Open in Los Angeles, followed by another $20 million event.

It’s a lot of golf, and such is the future for the PGA Tour as it tries to modernize in response to the challenge of Saudi-funded LIV Golf.

Andy Pazder, the chief tournament and competition officer for the PGA Tour, said May 31 they are working on a 2024 schedule that would put more of the $20 million elevated tournaments together — that would include majors and The Players Championship — to create a better flow for top players and to make sure other tournaments are stuck among the big ones.

“We know our players would prefer to play consecutive weeks with designated events,” he said. “They don’t like one on, one off, one on, one off.”

What that means is that the Memorial, typically played after Memorial Day and two weeks before the U.S. Open, is likely to move next year to the week before the U.S. Open.

Nicklaus likes his spot on the schedule, though he was willing to see how it shakes out.

“The tour usually figures out the best way to get something done and goes about trying not to hurt anybody,” Nicklaus said.

Nicklaus also is involved in the Honda Classic, which followed two $20 million events this year and had two other elevated events right after it. Hardly anyone of note played this year.

“I know that one of the things they’re concerned about is the tournaments in between elevated events and the major championships and how are they going to fare,” he said. “So we’ll see.”

As for the players, most of them at the Memorial were at the PGA Championship at Oak Hill two weeks ago. And then the U.S. Open is two weeks away.

Is that too much around the majors?

Phil Mickelson, a player and pitchman for LIV Golf, recently tweeted that “Love LIV or hate it, it’s the best way/Tour to be your best in the majors. Enough events to keep you sharp, fresh and ready, yet not be worn down from too many tournaments or obligations.

Rahm wasn’t buying it.

“Listen, Phil is a friend of mine, but what else is he going to say? He’s obviously going to advocate for his side and that’s perfectly fine,” Rahm said.

Rahm said his schedule has not changed much — he is on pace to play roughly the same number of events this year as he did in 2022.

“There’s been so many different ways of tackling major tournament golf,” Rahm said. “Phil himself used to always play the week before. Tiger and Jack didn’t play the week before. So who says one way is better than the other?”

For now, they will have their hands full on a Muirfield Village course that is likely to be fast and firm. Thunderstorms are as common as buckeye milkshakes, yet this week has a forecast of hot, dry weather through Sunday.

Nicklaus has made a few changes to his course, as always, with length added to the par-3 16th and par-4 17th. The 120-man field has seven of the top 10 in the world — missing are Max Homa (sister’s wedding), Cameron Smith (LIV Golf) and Will Zalatoris (season-ending back surgery).

Billy Horschel is the defending champion and doesn’t necessary feel like one this week. He has been mired in a slump, winless since a year ago at the Memorial.

“The season’s been pretty bad, pretty abysmal, to tell you the truth,” Horschel said.

Scheffler is No. 1 in the world, though Rahm can catch up with at least a runner-up finish, depending on what Scheffler does.

McIlroy has a busier stretch than most. Along with the Memorial, he is the defending champion next week at the RBC Canadian Open.

“I would love to be able to put my name on the trophy and walk up that hill and get that handshake from Jack. That would be pretty nice to do,” McIlroy said. “Excited to get on a nice little run of golf here coming up over the next few weeks.”

DENVER — They were No. 8 seeds. They barely got into the playoffs after up-and-down regular seasons. They had to face the No. 1 overall seeds in Round 1 of the postseason. They had to win Game 7s in Boston just to keep their seasons alive. They are Eastern Conference champions. They are each four wins from a championship.

This is the story of the Miami Heat and the Florida Panthers.

And it could have an ending like none other.

There’s never been a season where one city — or one metro area, in this case — has gotten to celebrate both winning both the NBA title and the NHL’s Stanley Cup. There have been nine previous tries; in two cases there’s been an NHL title and no NBA crown, in three cases there’s been an NBA title and no NHL crown, and in the four other cases both teams have lost.

South Florida has a chance to change that. Larry, meet Stanley. Stanley, meet Larry.

“That would be insane. … If that would ever happen, that would truly be unbelievable,” said Florida star Matthew Tkachuk, who had three game-winning goals for the Panthers in their East finals win over Carolina. “It’s just great how both fan bases have been able to root together.”

It’ll continue to be that way. The NBA Finals start in Denver on June 1 with the Heat taking on the Nuggets; the Stanley Cup Final starts in Las Vegas on June 3 with the Vegas Golden Knights taking on the Panthers.

There could be as many as 14 championship-series games involving the Heat and Panthers in a span of 19 days. Starting June 1, there will be eight games in a span of 10 days — no game for either sport on June 2, no game for either sport on June 6, and four games in a four-night span in South Florida starting June 7. And there’s never two games on the same night, either.

“I know it’s fun to watch,” Panthers coach Paul Maurice said. “I’m not sure what they’re doing, but it’s 5-on-5, right? I get that. There’s a connection now between the two teams through sports fans down here. So, there’s hockey fans that are probably like me, but now they’re dialed into that because it’s just a great story. And it’s fun to be a part of it.”

PANTHERS ROAD

Got into playoffs as second wild-card from Eastern Conference. Beat Boston 4-3 in Round 1 (winning a Game 7 in Boston), beat Toronto 4-1 in Round 2, beat Carolina 4-0 in East finals.

HEAT ROAD

Got into playoffs after winning second play-in game. Beat Milwaukee 4-1 in Round 1, beat New York 4-2 in Round 2, beat Boston 4-3 in East finals (winning a Game 7 in Boston).

PAST INSTANCES OF TWO FINALISTS

1957: Boston Celtics win NBA Finals, Boston Bruins lose Stanley Cup Final.

1958: Celtics and Bruins both lose.

1972: New York Knicks lose NBA Finals, New York Rangers lose Stanley Cup Final.

1974: Celtics win, Bruins lose.

1980: Philadelphia 76ers lose NBA Finals, Philadelphia Flyers lose Stanley Cup Final.

1992: Chicago Bulls win NBA Finals, Chicago Blackhawks lose Stanley Cup Final.

1994: Knicks lose, Rangers win.

2003: New Jersey Nets lose NBA Finals, New Jersey Devils win Stanley Cup Final.

2016: Golden State Warriors lose NBA Finals, San Jose Sharks lose Stanley Cup Final.

DENVER — Nikola Jokic wasn’t supposed to be here. Neither was Jimmy Butler, for that matter.

Jokic was drafted behind 40 other players in 2014. Butler was drafted behind 29 others in 2011. Jokic grew up in Serbia, not even thinking about the NBA. Butler didn’t have the easiest upbringing in Texas, then went the junior college route at the start of his journey toward the pros.

Yet here they are in the NBA Finals.

One of them will become a champion for the first time, with Jokic leading the Denver Nuggets and Butler leading the Miami Heat in a matchup that starts June 1 in Denver, with the Nuggets heavily favored to win it all.

“This is going to be the hardest game of our life, and we know that,” Jokic said. “We are prepared for that. We are prepared for that. So, I think there is no favorite. Definitely, I think we are not favorites in this series. I think they’re not either. I think it’s just the finals.”

The Nuggets — in the finals for the first time — had by far the easier road to the title round. They climbed atop the Western Conference standings in mid-December and never fell from that perch, then lived up to that No. 1 seed by going 12-3 in the West playoffs.

Miami — a seven-time finalist now, seeking a fourth title — had about the rockiest path to the Rocky Mountains that a team could have. The Heat had to rally in a play-in elimination game just to make the playoffs, knocked out No. 1 overall seed Milwaukee in Round 1, rival New York in Round 2 and then just had to go win a Game 7 in Boston, after nearly wasting a 3-0 lead, to vanquish last season’s loss to the Celtics in the East finals.

“This is a special group,” Heat coach Erik Spoelstra said. “This group has been able to overcome a lot of different things, handle a lot of adversity, setbacks, things that have not gone the way we wanted them to go. And instead of having that collapse our spirit, it allowed us to develop some fortitude and grit collectively, and give us something to rally around, which was each other.”

At 44-38 this season, Miami would tie the worst regular-season record ever by an NBA champion. The Washington Bullets had that record and won the 1978 title. There were 10 teams that finished this season with better records than Miami — nine of them are no longer playing — and 589 teams in NBA history that had better regular seasons than the 2022-23 Heat yet still didn’t win a title.

They are improbable finalists. Their leader took an improbable path, too. But after stints with Chicago, Philadelphia and Minnesota didn’t always go as planned, Butler is now in the finals with Miami for a second time in four years.

“I would like to say that I’m never rattled. I’m very calm,” Butler said. “I’m very consistent in everything that I do, whether it’s before the game, after the game, during the game, and I think when my guys look at me like that, they follow suit in every single way. I love that about them because they’re never shook. No matter what.”

It’s not about Jokic vs. Butler; both have big-time players around them as well, namely Jamal Murray for Denver and Bam Adebayo for Miami. Jokic and Butler are the two leading scorers left in these playoffs; Jokic is averaging 29.9 points, 13.3 rebounds and 10.3 assists, while Butler is averaging 28.5 per game — including a playoff-high 56 to help oust the Bucks.

Jokic is a two-time MVP, was in the conversation for a third in a row this year, has seen about every defense imaginable and rarely blinks at any of them. Play off him, he’ll shoot and score. Play tight, he’ll set up someone for an easier shot. He’s as close to fundamental perfection as there might be in the league right now. Not bad for a guy who got drafted while the broadcast was airing a Taco Bell commercial — true story — and never thought he’d make the NBA when he arrived in the U.S.

“With Nikola, it’s never about looking backward. It’s always about looking forward and challenging himself to become the best player that he can be,” Nuggets coach Michael Malone said. “Early on, being the best player he could be was not necessarily about a skill set. It was about maturing, growing up, handling adversity, dealing with the referees, getting into the best shape of his life, losing weight. I think once that all happened, that kind of coincided with our rise.”

The team that plays at the highest altitude in the NBA — 5,280 feet above sea level — has risen to its highest level yet. Jokic is four wins from his first ring. Butler is four wins from the ring he has been talking about getting all year, even when Miami’s record didn’t exactly suggest the Heat would be here.

But here they are. The West finals MVP in Jokic. The East finals MVP in Butler. The prize they want most is just four wins away.

“In a lot of ways, what they have done is unprecedented,” Miami forward Kevin Love said. “Obviously, they operate in different ways to get the job done. But still, all things considered, I think they’re two very underappreciated stars and superstars in this league.”

HEAT AT NUGGETS

What: NBA Finals, Game 1

When: 8:30 p.m., June 1

Where: Ball Arena

TV: WEWS

BALTIMORE — What a rare sight it was, watching the Guardians smashing home runs, spraying hits all over the ballpark and repeatedly touching down on home plate.

Josh Naylor homered, had a career-high four hits and drove in six runs to highlight an uncommon power display by Cleveland in a 12-8 victory over the Baltimore Orioles on May 31.

Josh Bell and Gabriel Arias also went deep for the Guardians, who had gone 264 consecutive plate appearances without a long ball before Naylor connected in the fourth inning. Cleveland notched season highs in runs and hits (17) while scoring in double figures for the first time in a nine-inning game.

“It’s nice to see these guys score runs and get some hits,” manager Terry Francona said. “You can pat guys on the back and say, ‘Hey, nice swing,’ but now, having something to show for it, hopefully it keeps them going because they’ve been frustrated. I’m frustrated with them. But I’m happy for them today.”

Naylor doubled in the third inning, hit a two-run homer in the fourth, added a three-run double in the fifth and tacked on an RBI single in the seventh.

“Everyone did their part today,” Naylor said. “We had runners get on base, and I think that each runner that gets on base feeds confidence into the next guy. We played a complete game of baseball today.”

Steven Kwan had three hits and scored three runs for the Guardians, who took two of three from Baltimore to win successive series for the first time since the start of the season. Prior to coming to Baltimore, Cleveland captured a three-game series against St. Louis.

“Two great teams. It’s huge,” said starter Shane Bieber, who lasted only four innings. “A lot of different individuals stepped up.”

Anthony Santander homered for Baltimore and Aaron Hicks had two hits and scored twice in his Orioles debut before leaving with muscle cramps. But Baltimore blew leads of 4-1 and 7-6 while dropping a second straight series for the first time in 2023.

Baltimore used seven pitchers, opening with Keegan Akin and shifting to Austin Voth. Each of the first five gave up at least one run.”

“It was good to see our offense fight back, but kind of an off day for the pitchers,” Voth said.

Cleveland trailed 5-3 in the fourth inning before Naylor connected off Cionel Pérez, and Bell followed with another long ball.

Santander’s two-run drive in the bottom half put the Orioles up 7-6 before the Guardians took control with a five-run fifth. After Cleveland loaded the bases against Mychal Givens (0-1), Naylor doubled in three runs and Arias homered to make it 11-7.

Xzavion Curry (2-0), the second of seven Guardians pitchers, pitched the fifth inning and got the win.

José Ramírez hit two doubles to move into a tie for fifth place with Ken Keltner for most extra-base hits by a Cleveland player (538).

TRAINER’S ROOM

Guardians >> RH Triston McKenzie (shoulder) threw 85 pitches for Triple-A Columbus in what might be his final rehab outing while on the 60-day injured list. McKenzie pitched three innings May 29 before rain stopped play, and he rounded out the night by throwing in the bullpen. Now it’s up to the team to decide if the 25-year-old is ready to make his 2023 debut.

UP NEXT

Guardians >> RH Tanner Bibee (1-1, 2.88 ERA) starts June 1 in the opener of a four-game road series against AL Central rival Minnesota.

THE SCORE

Guardians 12, Orioles 8

Up next: Cleveland travels to Minnesota for four games beginning June 1.

The Browns signed Goodwin, 32, as a free agent in mid-April because the offense lacked a wide receiver that could streak past defenders to catch deep passes from Deshaun Watson. His speed was on full display during a padless OTA session May 31.

Goodwin set the national high school record for the long jump in 2009 when he leaped 26 feet, 10 inches as part of the Rowlett (Texas) team while participating in the USA Track and Field Championships in Eugene, Oregon. The record still belongs to him. Goodwin started running when he was seven years old and hasn’t stopped.

Deshaun Watson goes deep to Marquise Goodwin during spring practice Wednesday in Berea. #Browns pic.twitter.com/4USvwuUEU7

— Jeff Schudel (@jsproinsider) May 31, 2023

“I have a sister (Deja) who has never walked a day in her life,” Goodwin said after practice. “She was born with cerebral palsy. I am 10 months older than she is and that’s my motivation. I’d be doing her a disservice if I were to not go and maximize my sport ability.

“If I’m not out-running and if I’m not out-jumping, if I’m not out catching footballs and I’m just sitting around being lazy or complaining, then I’m doing her a disservice.”

Goodwin said he grew up in an impoverished neighborhood in Texas. He began racing people for money — some were adults — when he was seven years old. He began playing organized sports when he was nine. He told of a life-changing experience when he was in middle school.

Marquise Goodwin says #Browns gifted quarterback Deshaun Watson has “God’s arm.” He attributes his own speed to aging “like fine wine.” pic.twitter.com/4Bh9rjB82h

— Jeff Schudel (@jsproinsider) May 31, 2023

“I woke up in the middle of the night, probably 3:30, 4 in the morning and I just hear somebody in the room and I go around the corner,” Goodwin said, “I’m listening and my sister’s like, ‘God, just please, please.’ And I just hear her saying, ‘Please, please.’ I’m like, ‘What?’ She’s like, ‘Please, just let me feel what it feels like to walk. I just want my feet to touch the ground.’

“You hear that, you ain’t going to be motivated? Come on.

“When I got drafted by the Bills, my third year, she came and lived with me. So did my brother (Rickey). My brother helped take care of her and one day I picked her up and I was showing her a picture on my phone. I’m like, ‘Who is this?’ She was like, ‘That’s mama.’ And I’m like, ‘No, who is this?’

“It was a picture of her. She didn’t know. And I’m like, ‘How do you not know who this is?’ And she’s like, ‘I don’t know.’ So she was like, ‘I don’t see myself.’ She doesn’t see herself in the mirror. She can’t walk. I bought a big mirror, put it up and I picked her up and I’m just weeping. I’m bawling because my sister is, at the time, like 25 and had never seen herself in the mirror.”

Players are not in pads during OTAs and quarterbacks are not throwing in the face of a pass rush. Myles Garrett doesn’t even bother showing up to these volunteer sessions. Still, Godwin opened eyes early in the May 31 session when he ran past the secondary and hauled in a pass from Watson that covered 50 or 60 yards. Toward the end of practice he made a fingertip catch near the back of the end zone. An official on the spot might have called it incomplete because it was debatable whether he got both feet down in the end zone with a firm grasp of the ball. But when asked about the play during his interview, Goodwin smiled and raised his arms to indicate touchdown.

“I think about Marquise Goodwin finally getting around Deshaun and running some routes — there are some guys that you really have to rhythm up,” head coach Kevin Stefaski said. “You have to understand how those guys run their routes. Quarterbacks have to understand how they come in and out of breaks. So all of the work that we’re doing, I believe it all adds up.”

Goodwin, 5-foot-9, 180 pounds, played four seasons with the Bills, three with the 49ers, one with the Bears and one with the Seahawks. He has 187 career catches for 3,023 yards and 18 touchdowns.

NEW YORK — Wall Street slipped as stocks slumped worldwide Wednesday on worries about the strength of the global economy and inflation.

The S&P 500 fell 25.69, or 0.6%, to 4,179.83. The Dow Jones Industrial Average dropped 134.51, or 0.4%, to 32,908.27, and the Nasdaq composite lost 82.14, or 0.6%, to 12,935.29.

Stock markets in Asia fell even more following discouraging data on manufacturing from China. The world’s second-largest economy has not been rebounding as strongly as many investors had hoped. That raises worries when economies around the world are contending with still-high inflation and much higher interest rates than a year earlier.

Wall Street has been able to weather such concerns pretty well recently, largely because of gains for a handful of tech companies and others getting swept up in the buzz around AI. The S&P 500 managed to close out May with a modest gain.

But some of the air seeped out of those big winners on Wednesday. Nvidia, whose chips are helping to power the surge into AI, dropped 5.7% for its first fall since it gave a monster forecast last week for upcoming sales.

Worries are also rising for the larger U.S. economy, which has slowed under the weight of much higher interest rates. The Federal Reserve has raised rates at a furious pace since early last year in hopes of getting inflation under control. But high rates work by hurting the economy and hitting prices for investments.

“We see this as a race for weakness between inflation and economic activity,” said Tony Roth, chief investment officer at Wilmington Trust.

Either inflation needs to break lower to return to the Fed’s target, which would allow it to go easier on interest rates, or the economy will fall into recession. Roth said both the economy and inflation have remained strong for longer than he expected: “It’s a very slow race to the bottom.”

A report released Wednesday morning bolstered expectations for the Federal Reserve to hike rates at least one more time. It showed employers advertised more job openings than expected, the latest signal of a job market that’s remained remarkably resilient.

While that’s good news for workers and for the economy, it also gives the Fed more leeway to keep rates high. A strong job market could keep upward pressure on workers’ wages, which Wall Street fears could keep inflation high.

“The increase in job openings is the worst news the Fed could have because that just puts more pressure on wages,” Roth said.

But stocks pared their losses in the afternoon after a Fed official hinted the central bank may hold rates steady at its next meeting in two weeks.

“Indeed, skipping a rate hike at a coming meeting would allow the Committee to see more data before making decisions about the extent of additional policy firming,” Fed Gov. Philip Jefferson said in a speech. But he said the Fed could still raise rates again at a later meeting.

Other, smaller portions of the economy have shown much more pain in the face of higher rates. A report on Wednesday morning suggested manufacturing in the Chicago region is contracting by much more than economists feared. .

The U.S. banking system has also come under pressure. The Fed-driven surge in rates means customers are pulling their deposits in hopes of making more in interest at money-market funds. Higher rates have also knocked down the values for bonds and other investments banks made when rates were low.

Bubbling behind all these worries is a still simmering drama in Washington about a potential default on the U.S. government’s debt.

President Joe Biden and House Speaker Kevin McCarthy are trying to wrangle enough votes to pass a deal to allow the U.S. government to borrow more money. Without it, the U.S. government could run out of cash to pay its bills as soon as Monday.

On Wall Street, Advance Auto Parts plunged 35 after it reported much weaker profit for the latest quarter than analysts expected. The retailer also said it expects pressures to continue through 2023, and it cut its full-year financial forecast and reduced its dividend.

Hewlett Packard Enterprise tumbled 7.1% after it reported weaker revenue for the latest quarter than expected.

Ford Motor fell 4.7% after CEO Jim Farley told the Bernstein Decisions Conference that electric cars will cost more to make than gas-powered vehicles until at least 2030.

In stock markets abroad, indexes tumbled 1.9% in Hong Kong, 1.5% in France and 1.5% in Germany.

In the bond market, the yield on the 10-year Treasury fell to 3.62% from 3.70% late Tuesday. It helps set rates for mortgages and other important loans that influence the housing and other markets.

The two-year yield, which moves more on expectations for Fed action, fell to 4.39% from 4.46%.

—

AP Business Writers Joe McDonald, Matt Ott and Tom Krisher contributed.