Nike Inc. (NYSE:NKE) shares are up on Wednesday, moving in tandem with broader market trends.

The stock is benefiting from a generally positive market environment, as the Dow Jones is up 0.62%, while the S&P 500 is down only slightly by 0.40%, indicating a mixed but somewhat supportive backdrop for Nike’s performance.

• Nike shares are climbing with conviction. What’s driving NKE stock higher?

Last week, the athletic footwear giant announced plans to cut 775 jobs at its U.S. distribution facilities as part of its ongoing automation efforts. These layoffs are in addition to the 1,000 corporate job cuts revealed last summer. The majority of the affected positions are at Nike’s major warehouses in Tennessee and Mississippi.

Nike’s Technical Indicators Show Mixed Signals

Currently, Nike is trading 0.5% below its 20-day simple moving average (SMA) and 3.5% below its 100-day SMA, reflecting some short-term weakness. Shares have decreased 17.22% over the past 12 months and are positioned closer to their 52-week lows than highs, highlighting the challenges the stock has faced.

The RSI is at 38.94, which indicates neutral territory, suggesting that the stock is neither overbought nor oversold at this time. Meanwhile, the MACD is below its signal line, indicating bearish pressure on the stock.

The combination of neutral RSI and bearish MACD suggests mixed momentum, indicating that while there may be some buying interest, underlying bearish sentiment persists.

• Key Resistance: $66.50
• Key Support: $61.50

Nike’s Earnings Outlook and Analyst Sentiment

Investors are looking ahead to the next earnings report on March 19, 2026.

• EPS Estimate: 30 cents (Down from 54 cents year-over-year)
• Revenue Estimate: $11.25 billion (Down from $11.27 billion YoY)
• Valuation: P/E of 35.6x (Indicates premium valuation)

Analyst Consensus & Recent Actions:

The stock carries a Buy Rating with an average price target of $79.70. Recent analyst moves include:

• BTIG: Buy (Maintains target to $100 on Jan. 27)
• Keybanc: Overweight (Lowers target to $75 on Jan. 22)
• Needham: Downgrade to Hold on Jan. 8

Nike’s Performance in Benzinga Edge Rankings

Below is the Benzinga Edge scorecard for Nike, highlighting its strengths and weaknesses compared to the broader market:

• Value: 56.77 — The stock is trading at a moderate valuation relative to peers.
• Quality: 17.38 — Indicates weaker performance metrics compared to the market.
• Momentum: 10.89 — Suggests the stock is underperforming the broader market.

NKE Price Action

Nike shares were up 3.71% at $63.20 at the time of publication on Wednesday, according to Benzinga Pro data.

Photo: slvn_an / Shutterstock