Nike Leaves the S&P 100 on 21 September After a…

Updated 8 September 2026. Nike leaves the S&P 100 before the open on Monday 21 September 2026. It keeps its S&P 500 seat. S&P Dow Jones Indices announced the change on 4 September. NKE last closed at $38.40 on Friday 4 September – US markets were shut on Monday 7 September for Labor Day – which is its weakest level in 12 years and within 45 cents of its 52-week low of $37.95.

Verdict: the headline sounds worse than the mechanics. The funds that are actually forced to sell track the S&P 100, and that universe is small: the largest of them, the iShares S&P 100 ETF, holds $20.45bn. S&P 500 index funds – SPY alone runs $817.3bn – do not have to sell a single Nike share, because Nike is not leaving the S&P 500.

If you are searching whether Nike is being removed from the S&P 500: it is not. Nike (NYSE: NKE) is being removed from the S&P 100, a narrower mega-cap subset, effective before the open on 21 September 2026. Its S&P 500 membership is unchanged. Those two indices are routinely confused, and the distinction is the whole story here.

S&P Dow Jones Indices announced the change on 4 September 2026, timed to coincide with the September quarterly rebalance. It ends a run in the S&P 100 that had lasted close to 18 years.

Exactly What Changes on 21 September

Three separate index actions were announced in the same release. They are easy to conflate, so here they are separated out.

S&P 100 – four out, four in. Leaving: Nike, Honeywell Aerospace, Simon Property Group and Colgate-Palmolive. Joining, all promoted from within the wider S&P 500: Dell Technologies, Palo Alto Networks, Arista Networks and SanDisk. Every one of the four additions sits in the information technology sector, which tilts the index further toward chips, cloud hardware and cybersecurity.

S&P 500 – three out, three in. Joining: Bloom Energy (industrials), Everpure (information technology) and Illumina (health care). Leaving: Molson Coors Beverage, The Trade Desk and Builders FirstSource. Nike is not on that removal list.

Nike’s own position. It moves from being a member of both the S&P 500 and the S&P 100 to being a member of the S&P 500 only.

Why the Distinction Decides the Flow

Index removal matters because passive funds are contractually obliged to match their benchmark. So the question is not “how famous is the index”, it is “how much money tracks it”.

The iShares S&P 100 ETF (OEF), the main listed vehicle for the index, reported net assets of $20.45bn as of 4 September 2026.
The SPDR S&P 500 ETF Trust (SPY) – one fund among many tracking the S&P 500 – reported assets under management of $817.3bn as of 3 September 2026.

That is a ratio of roughly 40 to 1, and it understates the gap, because SPY is only one of several very large S&P 500 trackers while OEF has no comparable peer on the S&P 100 side. The mandatory selling triggered by this announcement is therefore a small, one-off, well-telegraphed event – not the kind of forced liquidation that moves a $57bn company.

What the removal does carry is signalling weight. The S&P 100 is roughly the largest and most established names in the US market, and being demoted out of it is a public statement about where Nike now sits in that hierarchy.

The Numbers Behind the Demotion

Nike is not leaving the index because of anything the index did. It is leaving because of what the stock has done.

$38.40 – Friday 4 September close, the weakest level in 12 years.
$37.95 – 52-week low. The stock is trading within about 1.2% of it.
$76.97 – 52-week high. Nike has halved from it.
-50% over the past year; -76% over five years.
~$57bn market capitalisation now, against roughly $264bn at the end of 2021 – a drop of about $220bn in market value.
Over that same five-year stretch, the S&P 100 itself gained about 83%.

The relative number is the one that gets you removed. An index built on market capitalisation does not care why a company shrank; it re-ranks and moves on. Nike fell roughly 76% while the benchmark it belonged to rose roughly 83%, and four information-technology names grew large enough to pass it.

Where Wall Street Actually Stands

Worth stating plainly, because it cuts against the tone of the headlines: the analyst consensus sits well above the current price. This is not a bull-versus-bear table, because on the sell side there is not much of a bear left – the price has already done the work.

12-month analyst target	Level	vs $38.40 close
Low	$23.00	about -40%
Consensus (average)	$50.46	about +31%
High	$94.00	about +145%

Range and average from the 39 analysts polled by S&P Global, as compiled by stockanalysis.com. Consensus rating: Hold. A second screen covering 26 analysts put the average nearer $53.62 as of 8 September – the two differ because they poll different panels, which is a reason to read the range rather than fixate on one average.

Note the shape of that range. The low target of $23 sits about 40% below the current price, so there is a genuine downside case on the street – it is just outnumbered. The spread from $23 to $94 is unusually wide for a mega-cap consumer name, and wide dispersion is what analyst coverage looks like when a turnaround’s outcome, not its direction, is the open question.

The recent rating actions have gone one way:

JPMorgan’s Matthew Boss cut Nike to Underweight from Neutral, arguing the financial cost of the company’s own turnaround decisions will weigh on earnings through fiscal 2028.
Bank of America’s Lorraine Hutchinson moved to Neutral from Buy and cut her target to $55 from $73.

Quick Take

Nike leaves the S&P 100 on 21 September and stays in the S&P 500. The mechanical selling is limited to S&P 100 trackers – roughly $20bn of assets against $817bn in SPY alone – so this is a signal, not a flow event. The signal is real: a 76% five-year decline against an 83% index gain is what demotion measures. The next thing that can actually change the story is fiscal first-quarter results on 1 October 2026, not the rebalance itself.

What to Watch Next

1 October 2026 – Nike reports fiscal first-quarter 2027 results, at approximately 1:15 p.m. Pacific, with the conference call at 2:00 p.m. Pacific. That is the first hard data since the demotion was announced and the first test of the turnaround guidance the downgrades are built on.
21 September, the open – watch whether the index-related selling is absorbed inside the first session. A one-day move that reverses tells you the flow was priced; a sustained break of $37.95 tells you it was not.
$37.95 – the 52-week low, and the level between Nike and a fresh multi-year low.
The tech tilt – Dell, Palo Alto, Arista and SanDisk all moving up in one rebalance is the more durable story. It says the concentration at the top of the US market is still increasing, and still in one sector.

Frequently Asked Questions

Is Nike being removed from the S&P 500?

No. Nike is being removed from the S&P 100, effective before the open on 21 September 2026. It remains a member of the S&P 500. The three companies leaving the S&P 500 on the same date are Molson Coors Beverage, The Trade Desk and Builders FirstSource.

When exactly does Nike leave the S&P 100?

Before the open of trading on Monday 21 September 2026, to coincide with the September quarterly rebalance. S&P Dow Jones Indices announced it on 4 September 2026.

Which companies replace Nike in the S&P 100?

Dell Technologies, Palo Alto Networks, Arista Networks and SanDisk all move up from the wider S&P 500. All four are information technology companies. They replace Nike, Honeywell Aerospace, Simon Property Group and Colgate-Palmolive.

Will index funds have to sell Nike stock?

Only funds tracking the S&P 100. That is a comparatively small pool: the iShares S&P 100 ETF held $20.45bn in net assets as of 4 September 2026, versus $817.3bn in the SPDR S&P 500 ETF Trust alone as of 3 September. S&P 500 trackers are not required to sell anything, because Nike’s S&P 500 membership is unchanged.

Why is Nike being removed?

Market capitalisation. The S&P 100 holds the largest and most established S&P 500 constituents, and Nike’s market value has fallen from roughly $264bn at the end of 2021 to about $57bn – a decline of some $220bn – while the S&P 100 gained about 83% over the same five years. Four technology companies grew past it.

What is Nike’s stock price now, and how far has it fallen?

NKE closed at $38.40 on Friday 4 September 2026, its lowest in 12 years, against a 52-week range of $37.95 to $76.97. It is down roughly 50% over one year and roughly 76% over five.

Do analysts expect Nike to recover?

The consensus rating is Hold, and the average 12-month target of $50.46 across 39 analysts polled by S&P Global sits about 31% above the current price. But the range is very wide – $23 at the low end, $94 at the high – and the most recent moves have been downgrades, including JPMorgan to Underweight and Bank of America to Neutral with a $55 target. Analyst targets are published expectations, not outcomes.

When does Nike next report earnings?

Nike reports fiscal first-quarter 2027 results on 1 October 2026 at approximately 1:15 p.m. Pacific, with a conference call at 2:00 p.m. Pacific.