Nike, On Holding, and Deckers Outdoor Are Down Between 23% and 43%. Here's the Stock to Buy, Even if the Fed Keeps Hiking Interest Rates.

Key Points Nike’s brand durability gives it an edge as rates stay higher for longer. That said, On’s Mbappé deal shows how quickly a challenger can reshape the footwear landscape. Nike has the scale, but it can’t afford to stop evolving as consumer tastes shift. 10 stocks we like better than Nike › Investors have had a rough ride with Nike (NYSE: NKE) , On Holding (NYSE: ONON) , and Deckers Outdoor (NYSE: DECK) this year, with each stock down between about 25% and 43%. The Federal Reserve just lifted its benchmark rate at the September meeting and signaled it is prepared to stay tough on inflation, which continues to put pressure on consumer names that depend on discretionary spending.