But Nike shares are running higher today. After jumping nearly 9% Friday morning, as of 10:35 a.m. ET, the stock was still trading higher by 5.8%. That's because investors hope the stock's long-lasting slump is coming to an end with a CEO replacement.

Shares of Nike Inc. Cl B NKE inched 0.32% higher to $80.90 Wednesday, on what proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX falling 0.29% to 5,618.26 and Dow Jones Industrial Average DJIA falling 0.

Key Takeaways Nike shares surged in extended trading Thursday after the global shoe and athletic apparel company named Elliott Hill its CEO, replacing John Donahoe.Hill will return to Nike after retiring in 2020,

U.S. stocks drifted around their all-time highs, as a record-setting week for Wall Street closed on a quieter note.

Asian stocks have surged, with Japan’s Nikkei 225 index leading gains after Wall Street romped to records following the Federal Reserve’s big cut to interest rates