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Why Footwear Stocks Nike, On Holding, Deckers, and Boot Barn Were Tumbling Today
Stocks are plunging today on President Trump's announcement of a 10% blanket tariff on global imports and higher rates on most major trading partners last night.Unsurprisingly, the news sent broad swaths of the stock market into a tailspin, and among the hardest-hit sectors was footwear and apparel. Nearly all of these products are manufactured outside the U.S., often in Asia or Latin America, and the tariffs are likely to make prices rise. This will squeeze consumers on discretionary products, putting these companies in the difficult position of trying to pass along those costs to consumers or absorbing some of them themselves, thereby cutting into their margins.On a day when the S&P 500 (SNPINDEX: ^GSPC) was down 5.1% as of 1:18 p.m. ET, footwear stocks were getting shellacked, with several down double digits. Among them were Nike (NYSE: NKE), off 12%; Deckers (NYSE: DECK), down 15.8%; On Holdings (NYSE: ONON), falling 14.9%; and Boot Barn (NYSE: BOOT), down 15.1%.Continue reading
Stocks are plunging today on President Trump's announcement of a 10% blanket tariff on global imports and higher rates on most major trading partners last night.
Unsurprisingly, the news sent broad swaths of the stock market into a tailspin, and among the hardest-hit sectors was footwear and apparel. Nearly all of these products are manufactured outside the U.S., often in Asia or Latin America, and the tariffs are likely to make prices rise. This will squeeze consumers on discretionary products, putting these companies in the difficult position of trying to pass along those costs to consumers or absorbing some of them themselves, thereby cutting into their margins.
On a day when the S&P 500 (SNPINDEX: ^GSPC) was down 5.1% as of 1:18 p.m. ET, footwear stocks were getting shellacked, with several down double digits. Among them were Nike (NYSE: NKE), off 12%; Deckers (NYSE: DECK), down 15.8%; On Holdings (NYSE: ONON), falling 14.9%; and Boot Barn (NYSE: BOOT), down 15.1%.
