Nike loses its spot in the S&P 100 after an 18-year streak as shares crater nearly 80% from their peak

Nike used to be a trendsetter. Today, it's praying for a turnaround.​

This once unquestioned "blue-chip" sportswear brand has steadily become one of the market's biggest losers. Since hitting its peak of about $179 per share in 2021 , Nike's shares fell nearly 80% to a fresh 52-week low of $36.85 this year. Translated into market cap, that's a loss of over $200 billion .​

Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one

Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here's what it is and 3 simple steps to fix it ASAP

The tax breaks in Trump's 'big beautiful bill' expire after 2028. Here are 4 moves to make before the window closes

This fall is so bad that S&P Global is now dropping Nike from its most prestigious roster. After an 18-year streak, S&P Dow Jones Indices says Nike will no longer be in the S&P 100, which tracks the leading 100 companies in the U.S. The removal will take effect on Sept. 21.

In a sign of the times, S&P Down Jones Indices is now welcoming businesses tied to the AI boom to replace former blue-chip names. As companies like Nike, Colgate-Palmolive, Honeywell Aerospace and Simon Property Group get the boot, red-hot tech stocks like SanDisk, Palo Alto Networks, Dell Technologies and Arista Networks will join the S&P 100.

Although this recent rejection highlights the magnitude of Nike's decline, the Beaverton-based brand will still be part of the S&P 500.​

Moneywise reached out to Nike for comment on this news, but we didn't hear back by the time of publication.​

At Nike's multinational scale, it's tough to pinpoint just one reason for its underperformance over recent years. However, Nike's 2026 fourth-quarter earnings report sheds light on where the company is hurting most.​

One of Nike's biggest failures in recent years has been its bet that direct-to-consumer sales would outperform traditional wholesale. In fiscal year 2026, revenue from the Nike Direct division was noticeably weak, down 8% on a currency-neutral basis. The biggest loser in this division was Nike Brand Digital, which fell 12%. Nike-owned stores also weren't so hot with a 4% dip.​

Data compiled by Statista shows how Nike's DTC revenues have been trending in the wrong direction, falling from a peak of about $21 billion in 2024 to $17.7 billion in 2026.​

Another area that's been concerning is weaker-than-expected international sales, particularly in China. Excluding currency changes, total sales in China were down 13% year over year for fiscal year 2026.​