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Barchart
Mohit Oberoi

Nike Stock Forecast: Can NKE Rebound from Its 52-Week Lows?

NIke NKE

While the S&P 500 Index ($SPX) hit a new record high yesterday after dovish testimony from Fed Chair Jerome Powell, Nike (NKE) stock fell to new 52-week lows. Nike has now lost a third of its market cap in 2024, and is among the top 10 S&P 500 losers this year.

To be fair, Nike’s underperformance is not a 2024 phenomenon; the stock has been sliding since hitting an all-time closing high of over $173 in November 2021. The stock closed in the red for both 2022 and 2023, and looks on track to do the same in 2024, as well. Here’s a look at what’s driving Nike stock lower, and whether the stock can rebound from the slump.

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