Nike told executives that it remains a member of the S&P 500 after S&P Dow Jones Indices announced the company would leave the smaller S&P 100 effective Sept. 21. The change does not affect Nike's business, strategy, operations or public listing, according to an internal memo reviewed by Bloomberg. Nike has been in the S&P 100 since the end of 2008, but its stock has fallen more than 40% in 2026 and is headed toward a fifth straight annual loss. The company's market capitalization is now roughly $55 billion to $57 billion, compared with a peak of about $264 billion to $281 billion in November 2021. Nike reported $46.4 billion in fiscal 2026 revenue, down 2% on a currency-neutral basis, and warned that sales would continue declining through the first half of fiscal 2027. Weakness in Greater China, restructuring of its distribution network and growing competition have added to the pressure. Passive funds tracking the S&P 100 will need to adjust their holdings, although Nike's position in the iShares S&P 100 ETF is about $19 million, versus more than $700 million of exposure in the Vanguard S&P 500 ETF.