Slight declines in Wall Street futures; Nike replaces CEO and leaps forward

After yesterday’s surge on Wall Street and breaking records, Wall Street futures are now pointing to small declines of -0.1%.

John Donahue, CEO Nike He will step down from his position next month after almost five unsuccessful years in a job that was fraught with failures that caused the sports shoe giant to lose ground in front of its competitors. Elliott Hill, who in 2020 retired as the company’s president of marketing, succeeded Donahue as president and CEO effective October 14, Nike said yesterday. Donahue will also step down from the board. this year

Donahue came to Nike in early 2020, while the corona epidemic changed shopping habits, he set out to change the way the company sold shoes. Nike cut ties with longtime retail partners like Foot Locker, DSW and Macy’s and tried to sell directly to consumers.

Nike’s focus on increasing online sales led to many structural changes that angered many employees, who felt the company’s moves eroded the culture of innovation that had set it apart from the competition. “I would say we did some things right and some things wrong,” Donahue said in an interview this spring.

While Nike’s growth has stalled, its competitors such as On and Hoka have gained market share in the running category, long considered the company’s core product. The stocks fell, and the pressure on Donahue increased. Donahue told the Wall Street Journal in April that Nike could overcome the adversity it faces. “Nike is actually at its best, like a great sports team, when our backs are against the wall,” he said.

In a statement Thursday, Knight thanked Donahue for his leadership and commitment to Nike and congratulated his replacement. “I’m beyond excited to welcome Elliott back to the team,” Knight said. “We have a lot of work to do but I’m looking forward to seeing Nike get back on track.”

In June, Nike reported a decline in sales and cut its revenue forecast. Sales grew 1% for the full year — the company’s worst results in more than two decades, excluding the first year of the pandemic and the 2008-09 financial crisis.

Donahue said in June that Nike expected its growth to be challenged as it reduced the number of releases and tried to rebuild the strength of its three core franchises: Air Force 1, Dunk and Air Jordan.

Executives said at the time that the current fiscal year would be a transition year for the company as they move forward with their comeback plan.

Donahue is expected to serve as a consultant to the company for a transition period until January 31, 2025.

“The board has concluded that it is clear that Elliott’s global expertise, leadership style and deep understanding of the industry and our partners, along with his passion for sports, our brands, our products, consumers, athletes and our employees, make him the right person to lead Nike’s next phase of growth.” , said executive chairman Mark Parker.

15:27

stock Mercedes-Benz Group Now down more than 8% after cutting its forecasts. In the company, the profit comment is explained by the slow demand in China and the trade war that are weighing on the sector. According to the company, it expects the profit before interest and taxes (EBIT) to be “significantly lower” than the previous year. Mercedes’ warning also drags other car stocks such as Volvo A andStellentis .

13:50

Negative trend in European stock markets: the DAX index falls by about 0.7%, the POTSI retreats by about 0.4% and the CAC loses its value by about 0.6%.

US government bonds are trading in a mixed trend: the 10-year bonds are up by about 2 basis points, with a yield of about 3.73%; on the other hand, the two-year bonds are down by about 2 basis points, with a yield which stands at a level of about 3.6%.

In the global forex market, the dollar continues to strengthen against the Japanese yen by about 1.1%, and its value now stands at about 144.2 yen.

12:15

The negative trend in Europe continues: the DAX index falls by about 0.9%, the FTSE retreats by about 0.8% and the KAC loses about 0.9%.

Automobile stocks lost about 3.6% of their value, with the decline being led by Mercedes after lowering its forecasts for 2024 due to weakening demand from China. the car manufacturers Volvo andStellentis also decreased by about 4.4% and about 3%, respectively.

Shares of the British fashion house barbaric also fell by about 3.6%, after the investment bank Jefferies downgraded the stock to underperform from hold and lowered its price target. This move is happening against the background of the fact that the company was officially removed from the POTSI index last Friday, due to the deterioration of its share price.

11:00

Negative trend in Europe: the DAX index falls by 0.8%, the FTSE retreats by about 0.5% and the KAC increases by about 0.6%.

In the global forex market, the dollar strengthened against the Japanese yen by about 0.7%, and its value now stands at about 143.6 yen.

10:20

A negative opening in Europe: the DAX index falls by about 0.7%, the FTSE retreats by about 0.6% and the CAC registers a decrease of about 0.4%.

Positive lock in Asia: the Nikkei rose by about 1.7%, the Shanghai Stock Exchange rose by about 0.2%, the Hang Seng jumped by about 1.2% and the Kospi advanced by about 0.5%.

8:30

Asia

Stock markets in Asia trade in a positive trend: the Nikkei index climbs by about 1.8%, the Hang Seng registers an increase of about 1.1% and the Kospi advances by about 0.7%. In contrast, the Shanghai Stock Exchange recorded a decrease of about 0.4%.

The Central Bank of Japan left the interest rate in the country unchanged, at the level of 0.25%. Also, the published consumer price index stood at 2.8% in August, in line with analysts’ expectations.

Also, contrary to expectations, China left the prime interest rates on loans from the country’s central bank unchanged. The prime interest rate on the one-year loan remained at 3.35%, while the prime interest rate on the five-year loan remained at 3.85%.

Wall Street

Trading on Wall Street closed last night (Thursday) with sharp increases, this after the Federal Bank lowered the interest rate in the US this week for the first time in more than four years. Nasdaq jumped by 2.5%, Dow Jones by 1.3% and traded at a record of 42,000 points and the S&P 500 rose 1.7%, trading above 5,700 points for the first time. The increases were mainly led by the technology stocks, including chip stocks, mainly Nvidia and-AMD in addition to other technology giants such as Tesla , Meta andGoogle .

Trading in the futures contracts on US stock market indices is conducted with slight price decreases.

US debt market

The government bonds in the US are trading in price declines: the ten-year bonds are down by about 3 basis points, with a yield at the level of 3.71%; the two-year bonds are also down by about 3 basis points, with a yield at the level of 3.57%.

The global forex market

The euro and the pound are trading stably against the dollar. The dollar weakened against the Japanese yen by about 0.2% and its value now stands at about 142.3 yen.

The crypto market

Rate increases are recorded in the crypto market. Bitcoin jumps by 3% and its price is now around $63,850; Ethereum jumps by about 5.5% and its price now stands at about $2,550.

the commodity market

Oil prices are falling slightly. American oil is down about 0.3% and the price of a barrel is about $71; Brent oil is falling at a similar rate and the price of a barrel is around $74.7.

The price of gold is rising slightly and now stands at about $2,593 per ounce.

Macro

The Central Bank of Japan left the interest rate in the country unchanged, at the level of 0.25%. Also, the published consumer price index stood at 2.8% in August, in line with analysts’ expectations.

Contrary to expectations, China left the prime interest rates on loans from the country’s central bank unchanged. The prime interest rate on the one-year loan remained at 3.35%, while the prime interest rate on the five-year loan remained at 3.85%.