Nike is set to lose its place in the S&P 100 after nearly 18 years, as a prolonged stock decline has erased hundreds of billions of dollars from its market value.

S&P Dow Jones Indices will remove Nike from the S&P 100 before the market opens on September 21, 2026, as part of its latest quarterly reshuffle. Nike will remain in the broader S&P 500.

Nike shares closed at $38.40 on September 4, leaving the stock down roughly 78% from its November 2021 record close of $177.51. The decline has wiped out about $230 billion in market value from the company’s peak.

The stock’s latest weakness comes after several difficult years for Nike, with the company facing slowing growth, intense competition and challenges in rebuilding demand for its products.

The S&P 100 reshuffle will also remove Honeywell Aerospace, Simon Property Group and Colgate-Palmolive. Dell Technologies, Palo Alto Networks, Arista Networks and SanDisk will join the index.