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Nike stocks tumble in wake of election

Introduction

Nike stock dropped on Wednesday, the day after the election of President Donald Trump, as investors were left disappointed.

Shares of the company fell 3.7% after the company reported a loss for the fiscal first quarter of 2021.

The company posted a loss of $965 million, or 10 cents per share, for the nine-month period ended June 30.

Nike stock has dropped more than 20% since the election, which many investors have blamed on Trump’s policies.

Trump was elected to a third term as president on November 9.

He has vowed to roll back regulations and restore American manufacturing, though he has said he would be willing to meet with China and other countries to work out a trade deal.

The president-elect also has vowed that he will repeal President Barack Obama’s Affordable Care Act, the signature healthcare reform legislation of the Obama administration, which Trump says will “never be repealed.”

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