Shares of several companies in the retail & apparel space, including Nike Inc (NYSE:NKE), are trading lower as stocks continue to fall amid concerns over the potential economic impacts of Fed rate hikes and the Russia-Ukraine conflict. Traders also weigh recent earnings reports.
Fed policy outlook, rising Treasury yields and quarterly earnings reports have dragged markets lower in April. Last Tuesday’s session saw a 3-year high of 2.940% for the 10-year note.
The 10-year note has risen from a low of 0.5% in 2020 to nearly 3.0% in April. In general, earnings years into the future are worth less today when interest rates rise. A rise in Treasury yields also correlates to a rise in bonds, which has the effect of dissuading cash from flowing into high-growth, high price/earnings stocks.
See Also: What's Going On With Microsoft Stock Today?
According to data from Benzinga Pro, Nike is trading lower by 4.21% at $122.61. Nike has a 52-week high of $179.10 and a 52-week low of $116.75.
