Nike NYSE:NKE shares came under pressure after executives gave investors a cautious outlook, warning that consumer anxiety remains elevated and could continue weighing on the company's slow turnaround. Outgoing CFO Matt Friend said Nike does not expect the environment to improve meaningfully over the next six months, adding that customers are under pressure globally, with sportswear feeling a larger impact.

The company also signaled that the coming quarter could slow compared with the current period, partly because of wholesale shipment timing in North America. That cautious commentary overshadowed better-than-expected sales and profit, while Nike's stock was already down 36% this year through Tuesday's close, keeping investors focused on whether CEO Elliott Hill's nearly two-year turnaround can start producing stronger results.

The pressure appears especially visible in Greater China, where sales were down 12% from a year earlier, and at Converse, where fourth-quarter revenue plunged 32%. Nike is now pushing a comprehensive reset in China and leaning harder into sport-focused categories such as basketball and running, while investors may look to its Nov. 16 and 17 investor event for clearer evidence that the recovery is gaining traction.