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Blue-chip consumer indices do not often shrink their rosters.
S&P Dow Jones Indices announced Friday that Nike will exit the S&P 100 before trading begins September 21, ending nearly 18 years in the index after the company's market value fell more than $220 billion from its November 2021 peak.
Shares closed Tuesday at $38.10, implying a market capitalization of roughly $56.5 billion. That compares with a peak of approximately $281 billion.
The stock sat about 79% below its November 5, 2021 intraday record of $179.10. The index removal reflects market-cap rank. But the numbers behind the demotion tell a less mechanical story.
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