Global shares mostly gained on Thursday after U.S. stocks hit another all-time high. In early European trading, Germany’s DAX added 0.2% to 23,829.71. In Paris, the CAC 40 edged up 0.1% to 7,740.05. Britain’s FTSE 100 gained 0.

U.S. stocks ticked higher on Wednesday to hit another all-time high. The S&P 500 rose 0.5% and set a record for the third time in four days.

While the market cheered Nike's earnings beat, a look under the hood reveals a shocking 86% decline in quarterly net income and a 440 basis point drop in gross margin. Nike is taking a massive gamble by deliberately shrinking its classic franchises like the AF1 and Dunk, a move that cost the company ~$1 billion in revenue in Q4 alone.