"Stocks Retreat as 10-Year Treasury Yield Spikes: Market Updates for February 16"

Nike is cutting 2% of its workforce, or 1,600 employees, as part of a $2 billion restructuring plan over the next three years, with CEO John Donahoe citing the need to free up investments in running, women’s apparel, and the Jordan brand. The stock is down 2.3% year to date, reflecting investor concerns about the company's top line growth outlook, particularly in China, where it generates 15% of its annual sales. This move comes amid underwhelming results from Burger King China and reports of China weakness from other consumer companies, indicating potential blowback on US sales.