Nike shares slid 3.11% to $39.47 on Monday, touching a new 52-week low of $39.41 and underperforming both the Nasdaq, which rose 0.24%, and the S&P 500, which fell 0.15%. The drop was also steeper than the Consumer Discretionary sector’s 0.8% decline. The immediate pressure came after rival On Holding reported mixed second-quarter results and gave full-year 2026 sales guidance of $4.390 billion to $4.503 billion, versus market estimates of $4.490 billion. Technically, Nike remains below its key simple moving averages (average closing prices over set periods), with momentum indicators such as MACD (trend-following momentum gauge) pointing to a still-bearish setup.