Nike Inc. shares fell more than 3% on Monday, hitting a fresh 52-week low of $39.41. The decline was sharper than the broader market move. The Nasdaq was up 0.24%, while the S&P 500 was down 0.15%. Nike stock fell more than 3% to a fresh 52-week low as On Holding’s weak sales and outlook added pressure to the sportswear sector. (REUTERS/Kylie Cooper/File Photo) (REUTERS) Nike also fell more than the Consumer Discretionary sector, which declined about 0.8%. The latest drop has put Nike stock at an important technical support level. On Holding results add pressure on Nike One of the main reasons behind the selling pressure is the latest outlook from On Holding AG, a major premium sportswear rival of Nike. On Holding reported mixed second-quarter financial results, which raised concerns about the strength of demand in the premium sportswear market. The company reported quarterly earnings of 44 cents per share, beating the analyst consensus estimate of 41 cents per share. However, its quarterly sales came in at $1.076 billion, below the analyst estimate …