Why Nike Shares Are Trading Lower Today

Shares of several retail and apparel companies, including Nike Inc NKE, are trading lower amid continued COVID-19 omicron variant concerns, which have prompted travel restrictions in some nations and added to lockdown fears. Omicron concerns have also caused uncertainty amid the holiday shopping season.

The COVID-19 omicron variant has now been detected in at least 45 U.S. states and nearly 80% of ICU beds are full across the country.

The U.S. is now reportedly averaging about 130,000 new COVID-19 cases each day, representing about a 10% increase compared to last week.

Health officials have warned that the surge in COVID-19 cases could continue as people begin traveling for the holidays due to the omicron variant's heightened transmissibility.

See Also: Why Novavax Shares Are Trading Higher Today

Nike is the largest athletic footwear and apparel brand in the world. It designs, develops and markets athletic apparel, footwear, equipment and accessories.

NKE Price Action: Nike has traded as high as $179.10 and as low as $125.44 over a 52-week period.

The stock was down 3.09% at $156.39 at time of publication.

Photo: Justcreativestock from Pixabay.