Nike (NKE) shares were lower in early trading on Monday after Jefferies indicated the athletic apparel retailer's sales could be hurt as the ending of the student loan payback 澳洲幸运5官方开奖结果体彩网:moratorium cuts into spending by younger customers.

Analyst Randal Konick pointed to a survey showing almost 90% of r♔espondents with outstanding student debt were somewhat worried about being able to meet their monthly bills.

In April, Jefferies U.S. Economist Tom Simmons warned of a “student loan cliff,” resulting in an $18 billion dollar monthly reduction in consumer spending power. Simmons said restarting loan payments would create a total drag of 0.9% on 澳洲幸运5官方开奖结果体彩网:personal income this year.

The moratorium suspending payments and interest on most student loans was put in place in March 2020 as an emergency measure to boost the economy when the COVID-19 crisis hit. However, the Supreme Court ruled in June against President Joe Biden's plan to forgive student loan debt and set in motion repayments which will 澳洲幸运5官方开奖结果体彩网:begin on Oct. 1.

Konick also suggested that along with the pressure from debt repayments, Nike could face 澳洲幸运5官方开奖结果体彩网:headwinds from China because of choppy sꦅales trends in that region. 

He downgraded Nike, along with rival retailers Foot Locker (FL) and Urban Outfitters (URBN), to "hold" from "buy."

Nike shares traded down in the previous six sessions and hit their lowest level since November. Shares of Foot Locker and Urban Outfitters also declined.