Dow, S&P 500, Nasdaq Composite kick off Friday trade modestly lower after two-day rally

(Sept 24) Dow, S&P 500, Nasdaq Composite kick off Friday trade modestly lower after two-day rally. Blockchain stocks plunge in morning trading, after the PBOC says all crypto-related transactions are illegal.

Meanwhile Nike validated the fears of investors worried about the pandemic wreaking havoc with supply chains and raising costs for companies, especially multinationals. Nike shares fell nearly 6% after the sneaker giant lowered its fiscal 2022 outlook because of a prolonged production shutdown in Vietnam, labor shortages and lengthy transit times. Nike expects full-year sales to rise at a mid-single-digit pace, compared to low double-digit growth it forecast before.

The company also reported quarterly revenue that missed analysts’ expectations due to softening demand in North America as the delta variant flared up. Other apparel makers and retailers fell. Under Armour shed 2%.

Some China concepts stocks retreated in morning trading.

Airline shares, Carnival stocks rally in morning trading. Carnival announce that FQ3 GAAP net loss of $2.8B and adjusted net loss of $2B, voyages for the quarter were cash flow positive and the company expects this to continue.