Nike will be removed from the S&P 100 before markets open on September 21 after an approximately 80% decline in market capitalization over five years to about $53 billion. The stock has fallen more than 43% this year to 12-year lows and recently traded near $36, leaving it as the smallest-weighted component of the 30-stock Dow Jones Industrial Average at 0.4%. Nike joined the Dow in 2013, but its shares have gained only 5% since then, while the S&P 500 has more than quadrupled. The S&P 100 removal, after 18 years in the index, has intensified speculation about a possible Dow exit. The Dow is price-weighted and has no mechanical deletion threshold; changes are made as needed by a confidential Averages Committee comprising three S&P Dow Jones Indices representatives and two from the Wall Street Journal. A Reuters analysis found that at least half of the 10 Dow changes since 2013 involved the lowest-weighted stock. Nike’s challenges include slowing sales, limited appeal beyond several key franchises, reduced innovation and competition from newer brands. CEO Elliott Hill, who returned in 2024 to lead a turnaround, said in June that Nike was navigating a more complex macro environment with greater pressure on consumer traffic and discretionary spending. Expectations for Nike’s October 1 results have weakened, with FactSet showing 26 Hold ratings, five Sell ratings and 12 Buy ratings. UBS analyst Jay Sole expects earnings and second-quarter guidance to fall below consensus, while Wall Street forecasts year-over-year revenue declines in the current quarter and the fiscal period ending in November. Nike’s 4.6% dividend yield remains the highest in the Dow.