So far, 2023 has been a strong year for the broader stock market. Unfortunately, (NYSE: NKE) has not shared in that growth. The sports apparel giant's stock is down by more than 15% year to date and off by a painful 45% from its all-time high.

Nike stock has been under pressure thanks to mounting concerns that consumers are pulling back on spending, particularly on discretionary purchases like premium-priced shoes and athletic wear.

The good news is that Nike is in a league of its own, both in terms of the strength of its brand and its ability to engage directly with consumers. Here's why this blue-chip stock is worth buying now.

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Source Fool.com