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Why Nike Stock Was Climbing on Tuesday

TheMotleyFool

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Shares of Nike (NYSE: NKE) were up 2.7% as of 12:09 p.m. ET on Tuesday, following the latest report from the U.S. Bureau of Labor Statistics that showed cooling inflation in October.

Rising inflation and interest rates have weighed on Nike and other apparel stocks this year. Nike stock is currently down 35% year to date, but a lower rate of inflation could be a catalyst to watch in 2023.

U.S. producer prices rose 8% over the last 12 months through October, which was lower than the 8.3% analysts expected. It's also lower than the 8.5% increase through September.

Source Fool.com

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