Nike is set to leave the S&P 100 after nearly 18 years in the blue-chip index, in another sign of the sportswear company's sharp decline in market value since its 2021 peak.

S&P Dow Jones Indices said Nike will be removed from the S&P 100 before markets open on September 21, 2026, as part of the index provider's quarterly rebalance. The change was highlighted by Coin Bureau, which pointed to Nike's roughly 78% decline from its 2021 peak, alongside weak sales and intensifying competition.

The removal does not mean Nike is leaving the broader S&P 500. The company will remain a constituent of that index after the September reshuffle, so index-tracking funds and passive investors tied to the S&P 500 will still hold the stock. The S&P 100, by contrast, is followed by a narrower set of products, and deletions from it typically have a more modest effect on flows than changes to the flagship index.

Nike's Market Value Has Fallen Sharply

The S&P 100 is a subset of the S&P 500 designed to track 100 major U.S. blue-chip companies across multiple industries. Its constituents can change when companies no longer meet the index's representation requirements relative to other large-cap businesses.

Nike's decline has been substantial. Shares closed at $38.40 on September 4, according to market reports, compared with a record closing price of $177.51 reached in November 2021. That represents a decline of roughly 78% and has sharply reduced the company's market capitalization.

The stock's performance has unfolded alongside broader challenges for Nike, including slower sales growth and stronger competition in the global athletic-apparel market. Rivals such as On Holding, Deckers' Hoka brand, and established players like Adidas have gained ground with consumers in recent years, pressuring Nike's share of the running and lifestyle segments. The company has also been working to rebuild momentum after changes to its product and distribution strategy, including a renewed emphasis on wholesale partnerships after a period of prioritizing direct-to-consumer sales.

The index reshuffle illustrates how quickly the composition of the largest U.S. companies can change when market valuations diverge. S&P Dow Jones Indices said the quarterly adjustments are intended to ensure the indexes remain representative of their respective market-capitalization ranges.

What Nike's S&P 100 Exit Means for Investors

Nike's removal is primarily an index-composition change rather than a change to the company's trading status. Investors will continue to trade $NKE, and its continued membership in the S&P 500 means it remains part of one of the market's principal large-cap benchmarks. Funds that specifically track the S&P 100 will adjust their holdings before the effective date, which can produce elevated trading volume in the affected stocks around the rebalance.

For broader financial markets, the development highlights the pressure facing established consumer brands as investors increasingly reward companies with stronger growth and market valuations. The S&P 100 changes also add Dell Technologies, Palo Alto Networks, Arista Networks and Sandisk — technology and infrastructure names whose inclusion reflects the sector's growing weight in U.S. large-cap indexes.

The immediate milestone is September 21, when the revised S&P 100 composition takes effect before the U.S. market opens. Investors will then assess whether Nike can stabilize its business and stock valuation enough to regain its position among the largest companies tracked by the index.