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Dow Down 364 Points on Losses in Nike, Intel

Market Snapshot

The Dow Jones Industrial Average plunged 364 points on Monday, weighed down by sharp declines in Nike and Intel shares.

The Nasdaq Composite fell 2.1%, while the S&P 500 dropped 1.7%.

Nike shares tumbled 10% after the sportswear giant posted weaker-than-expected quarterly earnings.

The company cited supply chain disruptions and rising costs as factors contributing to the disappointing results.

Analysts note that Nike faces increased competition from rivals such as Adidas and Lululemon.

Intel shares sank 7% after the chipmaker reported a decline in revenue and earnings for the second quarter.

The company blamed a slowdown in PC demand and a shortage of semiconductors.

Investors are concerned about Intel's ability to compete with rivals like AMD in the semiconductor industry.

The selloff in Nike and Intel dragged down the broader market, fueling fears of a correction.

Analysts warn that the ongoing conflict in Ukraine, rising inflation, and interest rate hikes are creating uncertainty in the markets.

Investors are advised to monitor economic data and market trends closely in the coming weeks.

"The decline in Nike and Intel shares is a sign of the challenges facing the broader market," said Mark Freeman, an analyst at CFRA.
"Investors are concerned about supply chain issues, rising costs, and the potential for a slowdown in economic growth," added Liz Ann Sonders, chief investment strategist at Charles Schwab.

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