Rate Peak or Pause?... Nike Reports Results 10/1/26

Traders are positioning for a possible rate peak via banks, home builders, munis, and energy, even as Nike's turnaround remains unconvincing and China stays a drag.

• Rates reverse sharply: 30-year hit ~5.7% and 10-year peaked at 5.34% before falling 10+ bps, a move traders linked to blown-out French sovereign CDS spreads, not U.S. fundamentals.
• Nike misses, guides weak: Q1 revenue came in at $11.21B (first miss in two years), China sales fell further, and FY2027 guidance implies high-single-digit declines vs. 2.3% expected; shares hit a 13-year low.

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