Nike stock closed at $38.59 on Wednesday, its lowest level in 12 years and 78.55% below its 2021 peak. The decline has put the shoemaker on pace for its worst calendar year since 1993, the year Michael Jordan first retired. Nike's monthly RSI (relative strength index, a momentum gauge) fell to 28.64, its deepest oversold reading during the decline. A Barchart post comparing the current performance with 1993 is circulating widely; that year, Nike had already fallen 40% before Jordan announced his retirement.