Broad-based declines send US stock indexes lower

The S&P 500 slipped 0.2%, the Nasdaq 100 fell 0.3%, and the Russell 2000 tumbled 1.3% on Thursday.

It was another negative day for the S&P 500’s advance-decline line, with the number of constituents that fell outnumbering those that rose by 128.

Healthcare, industrials, and materials S&P sector ETFs all fell more than 1%; consumer discretionary was atop the sector leaderboard.

The Magnificent 7 — well, Tesla and Microsoft, in particular — helped keep the market from a worse fate. Both semiconductor and software stocks declined, with the VanEck Semiconductor ETF off 1.7% and the iShares Expanded Tech-Software ETF down 1.2%.

Brown-Forman, the maker of Jack Daniels, was the best-performing S&P 500 constituent, up double digits after posting better-than-expected profits.

GameStop and other meme stocks like AMC spiked after a somewhat juvenile and cryptic tweet from Keith Gill.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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