Nike's Stock Plummets for 10th Consecutive Day Amid China Slowdown and Foot Locker Woes
Nike's stock has fallen for a record 10th consecutive day as Foot Locker's poor quarterly results and a slowdown in consumer spending, particularly in the footwear sector, continue to impact the company. The decline marks the longest losing streak in Nike's history since going public in 1980. Factors such as cautious consumer spending, a shift towards services and experiences, and concerns about the resumption of student loan payments have contributed to the decline. Additionally, slow activewear sales and China's economic slowdown are also weighing on Nike's stock. The company's upcoming earnings report will shed light on the extent of the impact on its business.