Nike's shares tumbled over 10% after the company revised its revenue outlook for the fiscal year, anticipating just 1% growth instead of mid-single-digit growth, citing challenges in Greater China and EMEA, digital traffic softness, and a stronger U.S. dollar.

Nike's inventory units have decreased significantly, with a 10% year-over-year drop in inventory value, according to company executives.

Canadian ethics watchdog, the Canadian Ombudsperson for Responsible Enterprise (CORE), has initiated investigations into Nike Canada and Dynasty Gold following allegations of their involvement or benefit from Uyghur forced labor in their Chinese operations.

Bud Light, produced by Anheuser-Busch, is the latest company caught in America's ongoing culture wars.

Nike is feeling the pain.