S&P 500 and Dow fall after record highs

Keep an eye on price levels: Nike shares rise after CEO restructuring

38 minutes ago

Nike (NKE) shares rose nearly 8% in early trading Friday after the world's largest sports apparel and equipment maker announced that Elliott Hill will replace John Donahoe as CEO as part of a leadership shakeup aimed at reviving sluggish sales.

After falling to a multi-year low in June on disappointing fourth-quarter results, Nike shares hit a triple bottom, a sign of a possible turnaround.

As Friday's rally unfolds, investors should pay attention to four overhead levels on Nike's chart that are likely to attract attention.

First, it's worth watching the $85 area. Although the stock traded above that level on Friday morning, the region remains in play due to its proximity to a key multi-month trendline connecting prices around the October 2022 swing low and the August 2024 swing high.

A close above this level could result in a rally to $89, a point on the chart where investors could try to lock in profits near two notable lows formed on the chart between September 2023 and April of this year.

Further upside could fuel a rally to the $96 level, where shares could face overhead resistance near a horizontal line connecting the pre-gap low from late September 2022 to several highs and lows over the past two years.

A longer-term upside move could result in a retest of the $104 level, where the stock would likely face selling pressure near a trendline connecting a series of price points spanning between early September 2022 and February of this year.

-Timothy Smith

Stock futures barely changed after interest rate cut rally

1 hour 38 minutes ago

Futures contracts tied to the Dow Jones Industrial Average were unchanged in premarket trading on Friday.

S&P 500 futures lost about 0.1%.

The Nasdaq-100 futures also lost only 0.1 percent.