If you’re bearish on Nike Inc (NYSE:NKE), you have plenty of reasons to justify your opinion. Recently, NKE released its earnings results for the first quarter. Although the company beat expectations, Nike stock slipped on bearish guidance. Furthermore, Amazon.com, Inc. (NASDAQ:AMZN) presents a major headwind to future gains. Finally, the NFL’s anthem protests sparked a call to boycott the league’s various sponsors and partners — and Nike is one of them.

With these setbacks, combined with severe bearishness since mid-August, Nike stock has been an investment to avoid. Year-to-date, NKE is only up a dull 2%, and, as InvestorPlace contributor Joseph Hargett reported, the company expects weak North American sales to continue throughout Q2.

Shares ended last Friday’s session down 1.5%, indicating Wall Street’s lack of confidence.

Currently, NKE stock evenly splits the major sports-apparel investments. Adidas AG (ADR) (OTCMKTS:ADDYY), whose shares are up 44% YTD, is the decisive winner in the sector. On the other hand, Under Armour Inc (NYSE:UAA) cratered 43% over the same time frame.  To summarize, it’s a classic tale of the good, the bad and the ugly.

But before you swear off Nike stock, it’s worth your time to consider what’s driving the negativity.

Litany of Headwinds Knocked Down Nike Stock

Bloomberg contributor Sarah Halzack reported that Foot Locker, Inc. (NYSE:FL) CEO Richard Johnson “said certain models of Nike’s Jordan brand were selling at slower rates than they had historically. He also said ‘the absence of sufficient depth and breadth of exciting new styles in the premium athletic channel also seems to have drawn some customers to markdown product.'”

But if NKE stock was losing dramatically in the styling department, its competitors aren’t taking advantage. ADDYY didn’t move that much after Nike’s Q1 results and guidance disclosure. UAA actually dropped some basis points before limping out the week.

Major bankruptcies, most notably Sports Authority, have heightened the perception that Amazon is a business-killer. Eerily, the price for Nike stock when Sports Authority announced its closure represents long-term technical resistance.

But even here, I think you have to be careful. Amazon is a disruptor, no doubt about it, but can it disrupt Nike stock? A recent Walker Sands Communications‘ consumer-retail report indicates that a slim majority of Americans actually prefer brick-and-mortar shopping. Obviously, if you’re buying an Apple Inc. (NASDAQ:AAPL) smart device, the “where” doesn’t matter. But something as sensitive to personal preference and fit, such as shoes and clothing, is better bought in physical stores.

And then you have the spate of national anthem protests. Angered citizens and veterans demanded boycotts against the NFL and its affiliates, which NKE is a primary one. Because of the optics, Nike the brand is in a bitterly tough position.

But will it impact Nike stock? Not in the long run. Sports viewership has been declining for a while (not just in the U.S.) and Americans are very forgiving (or forgetful) people.

NKE Stock Victimized by Poor Consumer Economy

So why is NKE stock in the position that it’s in? For that, I’m going to reference Occam’s Razor, a principle which loosely states that the simplest answer is usually the right one. The real economy just isn’t as good as advertised.

Don’t confuse my statement as acquiescence or the tired complaints of a doom-and-gloomer. Rather, just look at the facts. So far under President Trump’s administration, consumer sentiment has generally trended negatively. Demand for apparel retailers is largely flat this year. Based on the consumer price index, the apparel industry may be deflating.

Reality is catching up to Nike stock. However, its rivals can’t take advantage, which suggests this isn’t a Nike problem, but a sector problem.

In the bigger picture, though, I’m not terribly concerned about NKE stock. Sure, being a retailer for almost any industry sucks right now. But it’s not realistic to expect that Nike won’t be able to figure out its styling woes and whatever else ails the iconic brand. Furthermore, its massive financial assets give the company generous breathing room.

As of this writing, Josh Enomoto did not hold a position in any of the aforementioned securities.