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Nike Gets Booted From the S&P 100 After a $220 Billion Fall From Grace
Eighteen years after joining Wall Street's blue-chip club, the swoosh is being swapped out in a quarterly rebalance — the exclamation point on a stock that has shed nearly 80% of its value since its 2021 peak.
Nike is being removed from the S&P 100 index before markets open on September 21, ending an 18-year run in one of Wall Street's most exclusive large-cap clubs, according to Fortune. The company will remain in the broader S&P 500.
The removal is part of S&P Dow Jones Indices' routine quarterly rebalance, which keeps the 100-stock index representative of the market-cap range of the S&P 500's largest constituents with listed options. But the timing lands as a symbolic gut-punch for a company that was once one of the most recognizable names in American business.
A Stunning Collapse
Nike shares closed at $38.40 on September 4, down roughly 78.6% from the stock's 2021 peak, when the company's market value stood near $280 billion, according to Yahoo Finance. That puts Nike's current market capitalization at roughly $57 billion — a decline of more than $220 billion in value over five years.
DOWN NEARLY 80% FROM ITS 2021 PEAK.
Analysts point to a mix of self-inflicted and structural wounds: a direct-to-consumer strategy that alienated wholesale retail partners, slower product innovation, and increasingly aggressive competition from rivals like On, Hoka and a resurgent Adidas. A Forbes analysis published days before the index announcement argued the S&P 100 exit could mark a capitulation point — the kind of embarrassing, headline-grabbing event that sometimes precedes a stock finally finding a floor.
Nike has spent the past two years trying to right the ship under new leadership, rebuilding relationships with wholesale partners like Foot Locker and leaning back into performance running and basketball product after a pivot toward lifestyle sneakers is widely seen as having backfired. Those efforts have yet to show up meaningfully in the stock price.
What's Next
Four tech-oriented companies are set to move into the S&P 100 in Nike's place, a reshuffling that underscores how far the index's center of gravity has shifted toward technology and away from legacy consumer brands. For Nike, the more immediate test is whether its next earnings report shows the wholesale and product resets finally translating into sales — or whether Wall Street's verdict, delivered emphatically this week, is one the company will be fighting for years to reverse.