Nike (NKE) has been removed from the S&P 100 index, a direct result of the continued shrinkage in its stock price and market value in recent years, but the company remains an S&P 500 constituent, and its business and listing status are unaffected. The index adjustment may bring some passive selling, but the scale is far smaller than the holdings of S&P 500-related funds, so the overall impact is limited. So far in 2026, Nike’s stock price has fallen about 40%.
Nike is about to be removed from the S&P 100 index, ending nearly 18 years as a constituent. In response to some market questions triggered by the related news, Nike’s investor relations team emphasized that the adjustment involves only the S&P 100 index, that Nike remains an S&P 500 index constituent, and that it will not affect the company’s business, strategy, operations, or listing status.
According to the quarterly adjustment results previously announced by S&P Dow Jones Indices, Nike will be formally removed from the S&P 100 index on September 21, ending nearly 18 years as a constituent since the end of 2008. Also removed alongside Nike are Honeywell Aerospace (HONA), Simon Property Group (SPG), and Colgate-Palmolive (CL). Dell Technologies (DELL), Palo Alto Networks (PANW), Arista Networks (ANET), and SanDisk (SNDK) will replace the four companies in the S&P 100 index. Nike specifically emphasized that the company remains an S&P 500 index constituent and that this index adjustment will not affect the company’s business, strategy, operations, or public listing status. Nike declined to comment further on the related reports.
Nike’s removal from the S&P 100 index is closely related to the continued shrinkage in the company’s stock price and market value in recent years. As of now, Nike’s stock price has fallen more than 40% this year and is heading toward a fifth consecutive annual decline. The company’s current market value is about $55 billion, more than 80% below its historical peak of about $281 billion set in November 2021. By contrast, both the S&P 100 index and the S&P 500 index have remained higher this year and are on track to record annual gains for a fourth consecutive year. The gap between Nike and the overall performance of large U.S. blue-chip stocks has therefore widened further.
Although being removed from the S&P 100 index does not itself change Nike’s underlying business, index adjustments usually attract close investor attention because passive funds tracking the relevant index need to adjust their holdings accordingly, which may create some stock buying and selling pressure before and after the adjustment takes effect. Data show that the iShares S&P 100 ETF, which tracks the S&P 100 index, currently manages about $20 billion in assets, of which it holds about $19 million in Nike stock. Therefore, after Nike is removed, that fund and other passive funds tracking the S&P 100 index may need to sell the related holdings.
However, compared with the scale of funds tracking the S&P 500 index, this potential selling is relatively limited. The Vanguard S&P 500 ETF, which tracks the S&P 500 index, manages more than $1 trillion in assets and currently holds more than $700 million in Nike stock. In addition, a State Street S&P 500 index fund of comparable size holds about $560 million in Nike stock, while the iShares Core S&P 500 ETF holds about $575 million. Because Nike remains in the S&P 500 index, these massive passive S&P 500 funds will not be forced to sell Nike stock because of this S&P 100 constituent adjustment.
