Stock Market Update
24-Jun-26 11:00 ET
Nike moves lower after updated guidance, CFO transition
Dow +423.50
at 52090.34,
Nasdaq +241.04
at 25849.07,
S&P +59.46
at 7424.92
[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+0.9%), and DJIA (+0.8%) are charting session highs as tech stocks stabilize after early volatility, while participation in the broader market remains strong.
The consumer discretionary sector (+2.2%) is a standout as oil prices and Treasury yields retreat this morning.
NIKE (NKE 41.53, -0.85, -2.01%) is one of just two stocks in the sector that trade lower after a handful of corporate news items. The stock is retreating even after saying Q4 results will include a tariff-refund benefit that was not contemplated in prior guidance, because the company also made clear that, excluding that one-time item, Q4 results are expected to be generally in line with its prior outlook rather than better on an underlying basis. The other headline change was a planned CFO transition, with David Denton joining on August 17 and current CFO Matthew Friend stepping down at that time, then remaining through September 4 to support the handoff, leaving investors to weigh a near-term reported earnings benefit against another leadership change during an already extended turnaround.
