Nike Tumbles as U.S. Stocks Open Lower

Shares of Nike slumped Wednesday on disappointing sales due in part to the strong dollar as U.S. stocks opened modestly lower.

Five minutes into trade, the Dow Jones Industrial Average was at 17,547.13, down 35.44 points (0.20 percent).

The broad-based S&P 500 dropped 4.63 (0.23 percent) to 2,045.17, while the tech-rich Nasdaq Composite Index shed 9.77 (0.20 percent) to 4,811.89.

Dow member Nike fell 4.6 percent after reporting that third-quarter sales were $8 billion, below the $8.2 billion expected by analysts. The results raised concerns about the sneaker and sports apparel giant ahead of a heavy summer season for sports that includes the 2016 Olympics.

Briefing.com analyst Patrick O'Hare said enthusiasm has also been constrained by expectations that the market is due for "a period of consolidation after such a big run" over the last six weeks or so.