Shares of several companies in the retail & apparel sector, including Nike Inc (NYSE:NKE), are trading higher amid overall market strength as traders assess Fed policy outlook, rising Treasury yields and quarterly earnings reports.
Nike has otherwise experienced weakness in 2022 amid continued concerns over Fed tapering in order to combat inflation. Nike shares are lower by 17.19% on a year-to-date basis.
Investors continue to assess upcoming corporate earnings in April while a new 2-year high of 2.930% for the U.S. 10-Year Treasury Tuesday has otherwise not impacted the broader market for the session. In general, when interest rates rise, the value of future cash flows is reduced for stocks, which in turn lower the value of the stock.
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According to data from Benzinga Pro, Nike is trading higher by 3.60% at $136.37.
