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Stocks post third straight week of losses as Brent crude surges above $100

Stocks wiped out early gains to close lower amid the ongoing war in Iran.

Tasha Matsumoto

Stocks erased morning gains as the S&P 500, Nasdaq 100, and Russell 2000 closed lower, as did all of the Magnificent 7 companies. Brent crude oil futures surged above $100 again as war rhetoric escalated.

Utilities was the best-performing sector, while info tech was the worst.

Bitcoin hit its highest level in a week, breaking above $73,000 on Friday morning and continuing to show resilience amid geopolitical tensions that are reigniting inflation and growth fears. Ethereum climbed to its highest level in over a month, briefly touching $2,200 on Friday, before giving up some gains.

Stocks that moved higher:

Stocks that moved lower:

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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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