Wall Street suffered significant losses with the Dow Jones Industrial Average tumbling 1,700 points, erasing its postelection rally. The Nasdaq composite also dropped sharply by 5%. Nike stock came under pressure after Truist Securities downgraded the company to "hold" from "sell," citing a stretched valuation and weak fundamentals.
Analysts pointed to pressures across Nike's portfolio including weak product launches and a deteriorating outlook in its key China market. The downgrade came alongside lowered earnings estimates for full year 2028.
Source: Hacker News · Summarized by HeadlinesBriefing