Nike Falls for Record 10th Straight Day as Foot Locker Woes, China Slowdown Hit Stock
August 25, 2023
Nike’s stock has fallen for 10 consecutive days due to a slowdown in the footwear sector and concerns about China’s economic recovery. The sneaker giant’s shares dropped about 2.7% after Foot Locker reported disappointing quarterly results and lowered its guidance. Consumer spending on clothes and shoes has been affected as people focus on services and experiences, and there are concerns about the outlook in China due to negative macroeconomic data points.
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