The S&P 500 Index has pulled back 3.4% from its highest level this year amid ongoing AI-related jitters. After peaking at 7,618 in May, the index has retreated to around 7,350. This article highlights some of the top constituent stocks to watch this week, including well-known names such as Nike (NYSE:NKE), Micron (NASDAQ:MU) and Amazon (NASDAQ:AMZN).
Nike to Publish Earnings as Its Stock Plunges
Nike will be one of the key S&P 500 Index stocks to watch this week as it publishes its earnings. These numbers come at a time when its stock has plummeted by 77% from its highest point in 2021. It has dropped to its lowest level since 2014, making it one of the top laggards.
Nike’s earnings will, therefore, provide more information on whether the management’s turnaround strategy is working. Under Elliot Hill, the company has embarked on a strategy that involves more innovation, focus on wholesale and retail partnerships, and a revamp of its marketing strategy.
Analysts are a bit pessimistic about its prospects. In a note last week, Ashley Owens said that customers were now less brand-agnostic than they were earlier, with disruptor brands continuing to gain market share. Also, there are concerns about its valuation, which trades at a premium compared to other brands.
