Nike removed from S&P 100 after 75% stock drop wipes $230 billion in market value

Nike, once one of the most dominant consumer brands on the planet, is getting booted from the S&P 100. S&P Dow Jones Indices announced the removal on September 4, with the change taking effect before market open on September 21, 2026. The move caps a brutal stretch for the sneaker titan. Nike’s stock has plummeted over 75% from its 2021 peak, currently trading around $38 to $40, a level the company hasn’t seen in roughly 12 years. The cumulative damage: approximately $230 billion in lost market capitalization. What happened to Nike Nike’s decline has been driven by multiple headwinds converging at once: stagnant revenue growth, shrinking gross margins, and persistent challenges in Greater China have all contributed to the slide. Nike isn’t being singled out in this rebalance. Honeywell Aerospace, Simon Property Group, and Colgate-Palmolive are also exiting the S&P 100. Their replacements are Dell Technologies, Palo Alto Networks, Arista Networks, and Sandisk. The index mechanics and what they mean Nike will remain in the S&P 500, which casts a much wider net across market capitalizations. But the distinction matters: the S&P 100 is heavily tracked by institution...