Why is Dick’s Sporting Goods stock tumbling over 10% today?

Dick’s Sporting Goods stock is plunging over 10% following a Q2 miss and a reduction in annual forecasts. The company reports that weakening demand for athleticwear is driving this downward trend. These financial results signal continued pressure on Nike, as the retail slump impacts major athletic brands. Investors are reacting to the lowered outlook and the current volatility in the sporting goods market, leading to the significant tumble in the company's share price today.