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Nike, retail stocks fall amid supply chain worries

Yahoo Finance Live anchor Rachelle Akuffo breaks down the hit retail stocks are taking.

Video transcript

RACHELLE AKUFFO: All right, well, we're going to get you up to speed on what we're seeing with the retail sector as well. For that, we'll turn to the YFi Interactive. So we're going to get you over here. First, starting with-- let's get you up to speed here because we're looking at some of the sector ETFs here. We're going to get you to-- oh, wait, here we go.

All right, so as we take a look at the retail sector, we're seeing it is a mixed picture at the moment. But as Seana was mentioning there, Nike there down 12.2%. We're going to take a deeper dive here. As we look, we see Nike down 12.2%, Lulu down 5.8%. We're also seeing Adidas down about 4%.

Now, obviously, investors, when it comes to Nike, really honing in on those inventories rising 44% to $9.7 billion. In the latest quarter, we heard from Nike finance chief Matthew Friend saying we're taking decisive action to clear excess inventory, especially in apparel. We saw other sporting goods stores also showing a similar fate. We see Dick's and Foot Locker also taking a hit as well.

Now, of course, speaking of apparel, I want to also take a look at what we're seeing with Amazon and others as we look at the retail sector because they're actually faring a little bit better, though, on a bad day, though, as we can see Amazon there, some of these more aggressively priced brands that tend to fare better during an inflationary period. We see Amazon down just slightly. We see down about 0.05% on the day. But we also see Walmart taking a hit as well, about 1.2%, one of the few outliers, though, as we see Home Depot one of the few in positive territory there, up about a 1/3 of a percent.