Nike Is Soaring, but This Stock Has Been the Dow's Best in 2023
September hasn't been kind to the stock market. Yet at least on the final trading day of the month, Wall Street found itself in a better mood, with major market benchmarks climbing to begin the day. Favorable news on the inflation front helped buoy investor sentiment, at least temporarily.
The Dow Jones Industrial Average (DJINDICES: ^DJI) has largely marched to its own tune lately -- it lost less ground in 2022 than other benchmark indexes, but it has also posted weaker positive returns than they have so far in 2023. On Friday, Dow component Nike (NYSE: NKE) reported favorable quarterly results that sent its stock jumping in early trading. However, Nike isn't close to being the Dow's best performer year to date. That honor belongs to Salesforce (NYSE: CRM), and the promise of artificial intelligence could keep the tech stock moving higher.
Shares of Nike were up by nearly 9% in the first half-hour of trading on Friday morning. The gains for the athletic gear giant came after it reported its fiscal 2024 first-quarter financial results, and the extent of the move higher in the stock price reflected just how low expectations for the company were.
Source Fool.com
