On September 5, S&P Dow Jones Indices unveiled its latest index adjustment results, revealing that Nike will be removed from the S&P 100 Index. This change is scheduled to take effect before the U.S. stock market opens on Monday, September 21, marking the first time the athletic giant has ever been dropped from this prominent large-cap benchmark list.

Looking back over the past five years, Nike's stock price has been on a persistent downward trend following its all-time high in 2021. As of the announcement of this index adjustment, the shares have accumulated a decline of approximately 79%, wiping out more than $220 billion in the company's total market value.

As of the close on September 4, local time, Nike was trading at $38.40 per share, down 0.95% from the previous session, bringing its total market capitalization to roughly $56.966 billion.

In this latest reshuffle of the S&P 100 Index components, Nike is not alone in being cast out. Consumer goods firm Colgate-Palmolive, Honeywell Aerospace, Simon Property Group, and Boston Beer have also been removed from the index. Meanwhile, Dell Technologies, Palo Alto Networks, Arista Networks, and SanDisk—all four technology companies—have been granted entry into the index.