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Nike NKE stock graphic as the company exits the S&P 100 in September 2026 after a 77% plunge
Photo: FinanceFeeds

Nike Stock Falls Out of S&P 100 After 77% Plunge

Nike Investor Relations2 min read6 sources

Why is Nike being removed from the S&P 100?

Nike (NKE) is being cut from the S&P 100 effective Monday, September 21, after the stock fell 77% from its $167 peak in 2021, erasing over $200 billion in market value.

Key numbers

Stock decline from peak77%from $167.31 on Nov 5 2021 to ~$38 in early Sep 2026
Market value erased>$200Bfrom ~$264B peak (2021) to ~$53B today
Current stock price$35.82-49% over the past 52 weeks; +0.11% today
FY2026 revenue$46.4Bflat vs $46.3B in FY2025; down 2% on a currency-neutral basis
FY2026 diluted EPS$2.10-3% vs $2.16 in FY2025
S&P 100 tenure~18 yearsDecember 2008 to September 21 2026

What happened

Nike (NKE) is being cut from the S&P 100 effective Monday, September 21, after the stock fell 77% from its $167 peak in 2021, erasing over $200 billion in market value. S&P Dow Jones Indices announced the change on September 4, ending an 18-year membership that began in December 2008. Four technology companies — Dell Technologies, Palo Alto Networks, Arista Networks, and SanDisk — are taking Nike's seat, pushing the index further toward AI hardware, cloud infrastructure, and cybersecurity. Three other companies — Honeywell Aerospace, Simon Property Group, and Colgate-Palmolive — are also exiting on the same date.

Why it matters

Nike's removal from the S&P 100 is a consequence of the stock's long decline — not the cause — reflecting five years of missed innovation, falling digital sales, and deep losses in China. Funds that track the S&P 100 are required to sell Nike shares and buy the four replacements before trading opens September 21, adding short-term selling pressure to a stock already near multi-year lows. The change also puts Nike's seat in the Dow Jones Industrial Average under scrutiny, since Dow membership traditionally favors companies that carry significant market weight.

Who this affects

Marketbearish
Medium impact
Index funds must sell NKE shares before September 21.
Companybearish
High impact
Nike faces forced index selling and lower institutional visibility.
Competitorsbullish
Low impact
On Running and Adidas gain as Nike loses index-driven inflows.
Industrybearish
Medium impact
Tech names displace consumer retail in a major US index.

Nike vs Adidas, On Running, Under Armour

NikeNKE:NYSE$53.1B-40%-49%21x
AdidasADDYY:OTC$32.8B—-16%16x
On RunningONON:NYSE~$13B+~80%—22x
Under ArmourUA:NYSE$2.5B———

As of 2026-09-17

How we got here

  1. Nike joins the S&P 100, beginning an 18-year tenure.

  2. Nike stock hits all-time high of $167.31 per share.

  3. Nike reports flat FY2026 revenue of $46.4B; EPS falls 3%.

  4. S&P Dow Jones Indices announces Nike's removal from S&P 100.

  5. Nike removed; Dell, Palo Alto, Arista, SanDisk join S&P 100.

What to watch

  • Whether Nike next loses its seat in the Dow Jones Industrial Average.Q4 2026
  • Nike Q1 FY2027 earnings — first read on any revenue recovery.2026-12-01
  • Whether Dell, Palo Alto, Arista, SanDisk additions attract new index inflows.2026-09-21

Educational content only. Not investment advice.

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