Nike (NKE) shares took a severe hit, plunging 7.95% in a 24-hour period, as the broader market reels from the impact of newly announced tariffs. The sportswear giant's stock decline comes amidst a wider market selloff, with futures pointing to another day of significant losses across major indices.

The sharp decline in Nike's stock price can be attributed to the escalating trade tensions following President Trump's announcement of a blanket 10% tariff on all goods entering the U.S., with even higher "reciprocal" tariffs set to take effect on April 9. As a global brand with extensive international supply chains and markets, Nike is particularly vulnerable to trade disruptions and increased costs associated with tariffs.

While specific news about Nike is limited, the overall market sentiment is extremely negative. Billionaire investor Bill Ackman has warned of an "economic nuclear winter" if the tariff situation is not resolved quickly, urging a 90-day timeout on the new trade measures. This gloomy outlook is likely contributing to the selloff in Nike's shares, as investors brace for potential impacts on the company's profitability and global operations.