NewsMV
Nike (NYSE: NKE) shares climbed 5.3% as of 12:38 p.m.
ET, a move driven by a broader market shift from high-priced technology stocks to value-oriented consumer discretionary names rather than any specific company announcement.
This rotation saw peers Lululemon and Deckers gain 5.1% and 3.9%, respectively, while the Nasdaq Composite fell 0.5% and the State Street Consumer Discretionary ETF rose 1.3%.
Investors have been pulling back from tech stocks this week amid concerns regarding rising interest rates, circular financing issues, and competition from China.
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