New York, Feb 22, 2026, 13:42 EST — Market closed.
- Nike shares slipped 0.32% to end Friday at $65.40, having moved more than $5 during the session.
- Trump announced a new 15% temporary global tariff for the U.S., following the Supreme Court’s decision to overturn his previous program.
- Traders are looking to see how fast the new import tax feeds into costs—and if exemptions end up softening the blow for consumer brands.
Nike Inc shares are set to start Monday with trade policy once again front and center. U.S. President Donald Trump announced plans to hike the temporary global tariff on U.S. imports to 15% from the current 10%—pushing the levy to the ceiling permitted under Section 122 of the Trade Act of 1974. That law is rarely invoked and could end up facing new legal challenges. (Reuters)
Nike, with most of its footwear and clothing manufactured overseas, faces a tricky spot: Investors get their first shot at reacting Monday after the weekend’s developments. On Friday, Trump signed off on the Section 122 tariff set to kick in Tuesday, and he’s also directed trade probes under separate laws that could open the door to more tariffs over the next few months. (Reuters)
The White House, in a proclamation released Friday, called the move an ad valorem surcharge—a tax levied as a percentage of an import’s value—and scheduled it to start at 12:01 a.m. EST on Feb. 24, lasting 150 days. Some exceptions apply, among them certain products and items already shipped, provided they meet outlined conditions. (The White House)
Nike ended the session at $65.40 on Friday, slipping 0.32%. Shares changed hands between $63.33 and $68.49 before sliding to $65.35 after hours. (Investing.com)
Jefferies analysts called the Supreme Court’s move to strike down the old tariff authority under the International Emergency Economic Powers Act (IEEPA) “a meaningful margin tailwind” for consumer discretionary stocks—those in the business of non-essential goods and services. For Nike, they pointed out, a 7.7% tariff risk was baked into fiscal 2026 guidance. Now, with IEEPA tariffs out of the picture, that flips to a margin benefit, backing further gross margin gains into FY26, the analysts said. (Business Insider)
That’s how things stood on Friday. But with the White House shifting course once more, investors are recalculating outcomes. “The uncertainty, in his view, just gives him enormous additional leverage beyond the actual tariffs,” said Wendy Cutler, a former U.S. trade official and senior vice president at the Asia Society Policy Institute. (Reuters)
The risk isn’t just higher costs. It’s the fits and starts. Following the Supreme Court decision, relief swept through markets—a sign uncertainty had eased. “And we’re on to the next phase,” said Mike Dickson, head of research and quantitative strategies at Horizon Investments. Elsewhere, economists at Penn-Wharton Budget Model flagged the prospect that over $175 billion in U.S. tariff collections may need to be refunded, potentially creating fresh complications for companies and their suppliers. (Reuters)
Apparel stocks went their own ways Friday. Lululemon Athletica picked up roughly 2.4%. Under Armour tacked on about 5.2%, with VF Corp close behind, up around 4.5%. Nike, though, edged down 0.3%. (MarketWatch)
Next up: the Section 122 import surcharge kicks in Tuesday, Feb. 24. Whether officials carve out any exemptions or clarify enforcement could move the needle on prices and margins. Looking ahead, Nike is set to deliver earnings around March 19, per Public’s earnings calendar — that’s the company’s first shot to update guidance and tariff outlooks since all this began. (public.com)
