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Why Nike Stock Fell 7% Today

TheMotleyFool

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Nike (NYSE: NKE) stock took a dive today along with the broader market as fears of a second wave of coronavirus infections and negative comments from Federal Reserve Chairman Jerome Powell about the economic recovery gripped investors. As a result, the S&P 500 finished down 5.9%, while Nike lost 6.8%.

Nike was one of a number of consumer-facing brands to fall sharply today as the consumer discretionary sector is highly sensitive to progress in the economic recovery and a potential resurgence in COVID-19 infections. A number of its peers also tumbled today including Under Armour, Adidas, and Foot Locker.

Image source: Nike.

Source Fool.com

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