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Dow Tumbles Nearly 500 Points as Nike Guidance Spooks Investors

·3 min read
Dow Tumbles Nearly 500 Points as Nike Guidance Spooks Investors
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After all, many experts now expect some kind of recession to occur later this year or early next year, as inflation has created a problem for the Federal Reserve, which has been raising interest rates rapidly to bring down consumer prices. Typically, when the Fed becomes very hawkish it can hurt the economy because higher interest rates raise the cost of debt and slow overall economic activity. Shares of Nike (NYSE: NKE) fell roughly 7% today after the large sports and footwear apparel brand reported earnings results late yesterday.