STOCK EXCHANGE: Wall Street looks for direction – Nike changes CEO, Trump sales restrictions lifted

Trading on the stock market in the United States began bearish on Friday after Thursday’s sharp rise.

The S&P 500, which tracks the price development of major American stocks, was 0.2 percent lower on Friday compared to Thursday’s closing reading.

Yesterday, the index broke its record reading for the 39th time this year.

The Dow Jones, which tracks thirty major companies, and the Nasdaq, which focuses on shares of technology companies, were down 0.1 percent. The indices also broke close to yesterday’s closing reading.

The market has been thinking about the Fed’s interest rate decision and future interest rate cuts this week. There were no major changes in the dollar and the US two-year government bond compared to the level at the beginning of the week.

Nike got fired from the new CEO

Known for sports equipment Niken the stock was up 7.3 percent at $86.97. The company said it will replace the CEO John Donahoen on Elliott Hill during the next month.

During Donahoe’s time, the company implemented a strategy that emphasized selling Nike products through its own stores and websites. This drew criticism from several retail partners such as Foot Lockerilta and From Macy’s.

Republican presidential candidate Donald Trump’s owned by Trump Media & Technologyn the stock was down 6.1 percent at $13.85.

The stock has been in a sharp decline since the beginning of June.

When the company went public, time limits were set for insider owners to sell their shares. These restrictions expired yesterday.

Trump has said he has no plans to sell his stake in the company.

Other insiders – such as United Atlantic Ventures and ARC Global Investments II – have not made similar statements. News agency Reuters they own 11 percent of the company.