Stock Market Today, Dec. 31: Nike Jumps on Major Insider Buying

Athletic footwear and apparel giant, Nike (NYSE:NKE), closed Wednesday at $63.71, up 4.12%. Trading volume reached 33.1 million shares, coming in about 88% above its three-month average of 17.6 million shares.

Wednesday’s move followed reports of sizable insider buying by top executives and directors. Investors will be watching whether these purchases signal confidence in Nike’s turnaround efforts. Nike IPO'd in 1980 and has grown 35,355% since going public.

How the markets moved today

The S&P 500 (SNPINDEX:^GSPC) fell 0.74% to 6,846, while the Nasdaq Composite (NASDAQINDEX:^IXIC) lost 0.76% to finish at 23,242. Within the athletic footwear and apparel industry, peers Adidas (OTC:ADDYY) and Puma (OTC:PUMS.Y) slipped slightly as investors weighed ongoing tariff and demand pressures.

What this means for investors

Today's gains mean Nike ends a difficult year on an upbeat note. Down almost 16% in 2025, Nike's price is up over 11% in the past five days. Reports of major insider buying boosted confidence in the popular running brand.

CEO Elliott Hill upped his stake by more than 7% in a transaction worth over $1 million, according to data from Verity. Apple (NASDAQ:AAPL) CEO Tim Cook who is a member of the Nike board disclosed buying around $3 million shares.

The purchases reflect confidence in Nike's turnaround strategy. The company's sports-first focus is beginning to reinvigorate sales, though it still has a way to go. Analyst sentiment remains mixed, though Guggenheim recently reiterated its Buy rating.

Emma Newbery has positions in Apple. The Motley Fool has positions in and recommends Apple and Nike. The Motley Fool has a disclosure policy.