Nike Inc (NYSE:NKE) shares are trading lower by 6.44% to $106.14 Thursday afternoon in sympathy with the overall market.
Companies in the broader consumer discretionary sector are experiencing marked weakness after the Federal Reserve Wednesday afternoon raised its target fed funds rate by 75 basis points to a new range of between 1.5% and 1.75%, its largest interest rate hike in 28 years. The Fed's actions to cool the economy and curb inflation could drive a slowdown in economic growth, which would impact consumer spending on discretionary products.
