Nike will be removed from the S&P 100 before the U.S. market opens on Sept. 21, ending nearly 18 years in the large-cap index while preserving its membership in the S&P 500. The demotion follows a prolonged decline that has erased more than three-quarters of Nike's stock-market value since its 2021 peak. Nike shares closed at $38.10 on Sept. 8, more than 50% below their 52-week high of $76.97, and the company is now worth roughly $57 billion compared with $264 billion in November 2021. Nike reported fiscal 2026 revenue of $46.4 billion, while Greater China sales fell 17% in the fourth quarter ended May 31. Lululemon's second-quarter revenue fell 4% to $2.42 billion, comparable sales dropped 9%, and the company cut its annual forecast as shares reached an eight-year low. New CEO Heidi O'Neill, a former Nike executive, is taking over as both brands try to restore momentum through product innovation and sharper positioning. Nike CEO Elliott Hill is refocusing the company on performance products, wholesale relationships and core sports, while Lululemon remains concentrated in premium women's activewear amid competition from Alo and Vuori. Both companies are also challenged by specialized footwear brands including Hoka, On and Salomon, as well as New Balance.