Nike shares are up nearly 8% after the sneaker maker said it would replace Chief Executive John Donahoe with comp

European markets have opened lower after Asian stocks surged, as a rally driven by the Federal Reserve’s big cut to interest rates fades

Wall Street is quieter on Friday, and U.S. stocks are drifting after they leaped to records the day before during a worldwide rally. The S&P 500 was 0.1% lower in early trading but still on track for its fifth winning week in the last six.

Shares of Nike Inc. climbed 6% Friday after the sneaker and sportswear giant announced a change in CEO. But analysts say the incoming chief executive, company veteran Elliott Hill, has his work cut out.