Nike ($NKE) will be removed from the S&P 100 later this month after roughly 18 years in the index, marking another setback for the sportswear giant following a prolonged decline in its shares. The change will take effect before trading opens on September 21 as part of S&P Dow Jones Indices’ quarterly rebalancing.
Nike shares have fallen roughly 78% from their November 2021 all-time high, recently trading near levels last seen more than a decade ago. The decline has reflected weaker earnings, pressure on margins and cash flow, strategic missteps in distribution, and intensifying competition across the global sportswear market.
Palo Alto Networks ($PANW) will replace Nike in the S&P 100. Despite its removal from the blue-chip index, Nike will remain a constituent of the S&P 500, meaning funds tracking the broader benchmark will continue to hold the stock.
