Nike Inc. (NYSE:NKE) stock fell more than 3% on Monday, hitting a fresh 52-week low of $39.41.

The Nasdaq is up 0.24% while the S&P 500 has shed 0.15%, and Nike’s drop is deeper than the Consumer Discretionary sector’s 0.8% decline.

• Nike stock is at significant support. Why did NKE hit a new low?

Rival Guidance Triggers Sell-off

The primary immediate trigger stems from premium competitor On Holding AG (NYSE:ONON) and its recent financial guidance. On Tuesday, On Holding reported mixed second-quarter financial results. The company posted quarterly earnings of 44 cents per share, beating the analyst consensus estimate of 41 cents per share, but reported sales of $1.076 billion, missing the consensus estimate of $1.110 billion.

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Revenue Outlook Pressures Sector

On Holding issued full-year 2026 sales guidance of $4.390 billion to $4.503 billion, compared to market estimates of $4.490 billion. David Allemann, founder and Co-CEO of On, said, "We are proving that a brand can achieve global scale without compromising its premium brand positioning."

Nike Stock: Critical Levels To Watch

From a trend perspective, Nike remains pinned below its major moving averages, which keeps the longer-term bias bearish until price can reclaim key trend lines. The stock is trading 5.3% below its 20-day SMA ($41.80), 7.4% below its 50-day SMA ($42.76), 9.8% below its 100-day SMA ($43.89) and 25.4% below its 200-day SMA ($53.09).

Momentum also isn’t helping yet: MACD is below its signal line and the histogram is negative, which points to upside pressure fading versus the prior upswing.

The moving-average structure reinforces that message, with the 20-day SMA below the 50-day SMA and a "death cross" (50-day below 200-day) that formed in November 2025 still in place. Traders will also note the stock is now below the prior 52-week low area ($40), which can turn into overhead supply if price tries to bounce back above it.

NKE Stock Price Activity: Nike shares were down 3.11% at $39.47 at the time of publication on Monday, according to Benzinga Pro data.

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Image via Shutterstock/ Roman Zaiets