Nike was removed from the S&P 100 on September 4, with the change taking effect before market open on September 21, 2026. The sportswear giant’s stock has plummeted over 75% from its 2021 peak, currently trading around $38 to $40, a level not seen in roughly 12 years. The company’s market capitalization has declined by approximately $230 billion. Dell Technologies, Palo Alto Networks, Arista Networks, and Sandisk are replacing Nike and the other departures in this mega-cap focused index. Nike will remain in the S&P 500, but the removal reduces its exposure to institutional funds specifically targeting mega-cap stocks.
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