- Nike (NKE) collapses 8.70% today, currently quoting at $ 54.19.
- The White House today confirmed a tariff rate on Chinese import products of 145%.
Nike’s titles (NKE) marked a daily maximum at $ 57.25, finding aggressive vendors that carried the price of the share to a minimum of seven and a half years not seen since October 19, 2017 in 52.28 $. At this time, NKE operates over $ 54.19, losing 8.70%.
The White House establishes 145% tariffs to original goods from China
Based on the last executive order signed by Donald Trump, the effective tariff rate for all products imported from China is established at 145%. This increase is composed of 20% related to fentanyl and an increase to 125% in commercial rates.
In this context, Nike titles (NKE) sink 8.38% today, reaching a minimum of seven and a half years not seen since October 19, 2017 in 52.28 $ due to concerns about the increase in the cost of their products, since about 20% of their sporting articles are manufactured in China.
On the other hand, DBS Bank has adjusted the target price of NKE to 69 $ from $ 115, maintaining a purchase rating. Similarly, Stifel reduced its target price to $ 64 from $ 75, with a qualification to maintain.
Nike technical levels
NKE’s shares established a short -term resistance given by the maximum of March 24 at $ 68.89. The next key resistance is observed by 82.44 maximum of February 26. Down, the important support is found at $ 49.01, pivot point of November 2, 2016.
NKE DAILY GRAPH
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
