Markets
Nike Store
Nike store (Christopher Furlong/Getty Images)
TET EXPENSIVE

Nike gets stomped as new Vietnam tariffs slam the company’s sneaker-making pipeline

Nike shares have lost nearly a third of their value over the past year.

Nia Warfield
4/3/25 7:33AM

Nike’s stock took a pounding Thursday, sliding over 11% in premarket trading, after President Donald Trump announced a steep 46% tariff on imports from Vietnam — Nike’s manufacturing backbone.

The sneaker giant has spent years shifting production to Vietnam to dodge US-China trade tensions, but the new tariffs could unravel that strategy. In fiscal 2024, half of all Nike footwear and 28% of its apparel came from Vietnamese factories, by far its biggest supplier. Trump also added tariffs to major sportswear manufacturers Cambodia (49%), Bangladesh (37%), and Indonesia (32%).

The timing couldn’t be worse. Nike shares have already been limping, falling 7% last month after the company warned of slowing sales and shrinking margins before tariffs even entered the picture. Consumer fatigue and weaker spending have also weighed on its performance in the US and China, two key markets.

Analysts aren’t too optimistic: last month, UBS slashed its price target on Nike from $73 to $66, saying the company hasn’t done enough to refresh its product lineup or marketing to turn the tide. The tariff shockwave also hit the broader sneaker market, with shares of rivals Adidas, Skechers, and Puma all sliding on the announcement.

More Markets

See all Markets
markets

Rocket lab soars to new record close amid rally for retail faves

Rocket Lab ripped by roughly 10% Friday to close at a new all-time high, riding an upturn of retail enthusiasm for a coterie of tech-themed favorites, even as the broader market was more or less flat on the day.

Goldman Sachs’ basket of “retail favorites” — its heaviest weights are Reddit, AppLovin, and Tempus AI — was the second-biggest gainer among the company’s flagship US equity baskets on Friday, rising about 1.6%. The S&P was almost dead flat.

It’s not Rocket Lab’s first retail rodeo, as the money-losing company has more than doubled this year and is up nearly 700% over the last 12 months.

Oracle Wall Street Revisions

Analysts revise up anything and everything they thought about Oracle

After the company’s bombshell earnings this week, Wall Street thinks Oracle’s trajectory has changed.

markets

Six Flags pops after reiterating its guidance as theme park attendance rebounds

Six Flags shares rose more than 7% today after the company reported a rebound in attendance and early season pass sales heading into the fall. The nine-week period ended August 31 saw 17.8 million guests, up about 2% from the same stretch last year, with stronger momentum in the final four weeks. 

More importantly, Six Flags reaffirmed its full-year adjusted EBITDA guidance of $860 million to $910 million, showing confidence that its cost and operations strategy can stay strong for the duration of the year. Riding that wave, Six Flags also said early 2026 season pass unit sales are pacing ahead of last year, and average season pass prices are up about 3%.

The good vibes come despite a drop in in-park per-capita spending, especially from admissions, where promotions and changes to attendance mix (which parks or days guests visit) have weighed. Earlier this week, the amusement giant signed a new agreement that extended its position as the exclusive amusement park partner for Peanuts™ in North America through 2030.

Despite the rally, Six Flags shares are down about 52% year to date.

markets

Rivian turns red on the year, squeezed by a recall and the looming end of the EV tax credit

Shares of EV maker Rivian are down more than 5% on Friday following the company’s recall of 24,214 vehicles due to a software issue. The stock move erases Rivian’s year-to-date gain and turns the company negative on the year.

Rivian’s 2025 model year R1S and R1T are affected by the defect, which was identified after a vehicle’s hands-free highway assist software failed to identify another vehicle on the road, causing a low-speed collision. Rivian said it’s released an over-the-air update to fix the issue.

The recall marks Rivian’s fifth this year, affecting nearly 70,000 of its vehicles.

Rivian’s shares are down more than 20% from their 2025 high, which came prior to the passage of President Trump’sbig, beautiful bill.” Through the legislation, the $7,500 EV tax credit is set to expire at the end of the month.

Latest Stories

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, or Robinhood Money, LLC.