Nike Lowers Q3 Revenue Outlook, Shares Drop Over 10% After Hours
Softer than feared CPI data and better than expected results out of Micron overnight had helped restore bullish sentiment recently dented by concerns with debt-fueled AI capex cycle as S&P 500 ended the day up 0.8% while Nasdaq jumped 1.4% - bolstered by Tech, Consumer Discretionary, and Internet names. Treasury yields also slipped across the curve, with fixed income traders pricing in a higher probability of a two-to-three 2026 rate cut scenario vs. the FOMC's expected one-cut outcome.The opening hour of the evening session is striking a more cautious tone however, with Dow Industrials futures slipping 0.2% and S&P 500 e-minis down a decimal, with investors reacting to disappointing quarterly update from Nike - while the company beat on earnings and revenue for Q2, its management forecast Q3 revenue oulook to be down low single digits from last year against consensus estimate of a 1% y/y increase. Shares of Nike were off by over 10% afterhours, with other athletic apparel names also down.Across commodities, growth worries are dominating again in the Energy space, with WTI Crude Oil reversing the Venezuela-blockade driven rally to retreat below $56 per barrel, while precious metals are consolidating recent gains.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -FedExup 1.4%HEICO Corporationup 1.1%ALSO HIGHER -WhiteFiberup 12.5% after signing 10-year 40 MW colocation agreement for NC-1 data center campusDOWN AFTER EARNINGS -Nikedown 10.5%; Deckersdown 2.4%, ON Holdingdown 1.6%, Dick's Sportingdown 1.7% in sympathyBlackBerry Limiteddown 6.7%KB Homedown 4.6%Scholasticdown 1.3%
