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Stocks fall in another volatile trading session as the war in Iran continues into its fourth day

Stocks pared steeper losses after President Trump said in a Truth Social post that the US Navy would escort tankers through the Strait of Hormuz.

Luke Kawa, Tasha Matsumoto

The S&P 500, Nasdaq 100, and Russell 2000 all fell, with every sector trading lower. Stocks pared steeper losses after US President Donald Trump ordered immediate action to improve the flow of oil to global markets, as the US-Iran conflict caused shipments through the Strait of Hormuz to slow to a crawl.

The upward pressure on oil prices due to the war has caused traders to reverse bets that the Federal Reserve will cut interest rates in the first half of this year. The prediction market-implied odds of a rate cut in June are now less than 40%, down from as high as 60% last week.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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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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