Tiger Woods and Nike are parting ways

TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Monday, January 8th.

Full Video Transcript Below:

I’m J.D. Durkin, reporting from the New York Stock Exchange. Stocks were in the green to close out today’s session. The Dow closed up over 200 points, the Nasdaq closed up over 2 percent, and the S&P closed 1.4 percent higher.

Investors are looking ahead to comments from Fed officials later this week, which will give Wall Street greater clarity on the path forward for interest rates. Markets are also anticipating two key inflation reports – Consumer Price Index on Thursday and Producer Prices on Friday. Both will be closely watched as the Fed attempts to bring inflation back down to 2 percent.

In other news, one of the biggest relationships in sports is over. After 27 years, Tiger Woods and Nike are officially going their separate ways. Woods released a statement on X to thank the company, saying, “Phil Knight’s passion and vision brought this Nike and Nike Golf partnership together, and I want to personally thank him, along with the Nike employees and incredible athletes I have had the pleasure of working with along the way.” Nike responded with its own appreciative post, saying simply, “It was a hell of a round, Tiger.”

Woods’ partnership with Nike began in 1996 and, at one point, was worth as much as $20 million a year. That includes a 10-year, $200 million deal that the 15-time major champ signed in 2013. Each of those major tournament victories saw Woods wear his patented red Nike shirt on the final day of play.

48-year-old Woods has been slowed in recent years by a slew of injuries, including five back surgeries, an extensive knee injury, and a car crash in 2021.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.

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