Why Nike Dropped 11% Thursday
Shares of NIKE, Inc. (NYSE: NKE), the largest athletic footwear and apparel brand in the world, dropped more than 11% Thursday as broader markets plunged and investors grappled with the uncertainty behind the NBA's suspended season.
Thursday brought a continuation of this week's sell-off, with the S&P 500, Dow 30, and Nasdaq all down more than 9%. It was the S&P 500's and Dow's largest percentage decline since 1987.
The market free fall happened despite The Federal Reserve announcing it would pump more than $1.5 trillion of temporary liquidity into the markets to help ease fears of a potential economic impact from the COVID-19 outbreak. But for Nike investors, there were more specific concerns.
Source Fool.com
