🧵 1. Nike's stock falls for record 10th day as Foot Locker woes and China slowdown impact shares amid declining consumer spending in footwear sector. $NKE #business
🧵 1. Nike's stock falls for record 10th day as Foot Locker woes and China slowdown impact shares amid declining consumer spending in footwear sector. $NKE #business
🧵 2. The 10-day losing streak marks the longest in Nike's history since going public in 1980, putting pressure on the company ahead of its upcoming earnings report.
🧵 3. Consumer spending shift towards services and experiences, coupled with caution over upcoming student loan payments, has impacted Nike's footwear business.
🧵 4. Slow activewear sales from department stores and Nike's key partners like Foot Locker contribute to the downward trend in Nike's stock.
🧵 5. Foot Locker reports declining sales and reduces outlook due to slowdown in consumer spending, especially among lower-income customers.
🧵 Read more at: https://www.cnbc.com/2023/08/23/why-is-nikes-stock-down-foot-locker-woes-china-slowdown-hit-shares.html
There isn't a Michael Jordan out there anytime soon.
True
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