Shares of Nike Inc. NKE, -6.62% dove 6.4% in morning trading, enough to pace the Dow Jones Industrial Average’s DJIA, -1.53% decliners, in the wake a disappointing earnings report from Germany-based athletic apparel and gear rival adidas AG ADDYY, -5.37% ADS, -5.49%. Nike’s stock was trading at the lowest price seen during regular-session hours since September 2020, while the Dow slumped 425 points, or 1.3%, toward the lowest close since March 2021. After falling 5.9% on Thursday amid the carnage in the broader stock market, Nike’s stock is in danger of suffering back-to-back 5%+ declines for the first time since in 22 years, when it fell 18.5% on Feb. 8 and 8.5% on Feb. 9, in 2020. The stock has tumbled 33.4% year to date, while the U.S.-listed shares of Adidas have sunk 34.7% and the Dow has dropped 10.4%.
