S&P Dow Jones Indices confirmed that Nike will be removed from the S&P 100 index before the U.S. market opens on September 21, ending the sportswear company's nearly 18-year tenure in the benchmark of the largest U.S. firms.

The change comes as part of the index provider's quarterly rebalancing. Nike's market capitalization has fallen to approximately $57 billion after its shares closed at $38.40 on September 4, a level not seen in about 12 years. The stock has declined roughly 78 percent from its November 2021 peak near $177.51, erasing more than $220 billion in market value.

Nike will continue to be included in the broader S&P 500 index. Four technology companies—Dell Technologies, Palo Alto Networks, Arista Networks, and SanDisk—will join the S&P 100, replacing Nike along with Honeywell Aerospace, Simon Property Group, and Colgate-Palmolive. The shift further increases the index's exposure to information technology sectors including AI infrastructure, semiconductors, and cybersecurity.

Nike reported fiscal 2026 revenue of $46.4 billion, essentially flat compared with the prior year and down on a currency-neutral basis. Sales in Greater China have continued to pressure results, while the company has worked to stabilize wholesale channels under Chief Executive Elliott Hill.

Nike's business struggles also come after years in which the company increasingly emphasized diversity, equity and inclusion initiatives and took public positions on social and political issues. Those policies have drawn growing scrutiny in recent years as companies across corporate America face increased questions about the costs and consequences of workplace DEI programs.

In 2024, the U.S. Equal Employment Opportunity Commission opened an investigation into Nike's DEI practices, including allegations involving the treatment of white employees and applicants. The agency sought information about Nike's workforce demographics and mentoring and development programs as part of the investigation. Nike has denied wrongdoing and said it was cooperating with the inquiry.

The EEOC later dropped a lawsuit seeking to enforce a subpoena after Nike provided the requested information, although the underlying investigation remained ongoing. The dispute placed Nike among a group of major corporations facing heightened scrutiny over DEI programs and workplace policies.

The removal highlights the market's rotation toward technology leaders amid weaker performance by some consumer discretionary names. Index-tracking funds will adjust holdings ahead of the September 21 effective date.

The S&P 100 change itself is based on the index's quarterly rebalancing methodology and market-capitalization considerations, rather than a determination about Nike's social or political policies. Still, Nike's removal comes at a time when the company is dealing with weaker financial performance, declining market value and continued scrutiny surrounding some of the corporate policies it adopted over the past several years.

Nike will remain part of the S&P 500, meaning the company is not being removed from the broader benchmark of major U.S. corporations. The S&P 100 change instead reflects Nike's reduced position among the largest companies represented in the index.