Nike Axed from S&P 100 as Tech Stocks Take Over

Nike's nearly 18-year run in the S&P 100 comes to an end as it is removed from the index. The sportswear giant will be replaced by four technology stocks, all of which come from the information technology sector.

The removal is due to Nike's significant decline in market value, with its shares falling roughly 76% over five years and wiping out around $230 billion in market capitalisation since its peak. In contrast, the S&P 100 has gained about 83% over the same period.

The four new additions to the index are Dell Technologies, Palo Alto Networks, Arista Networks, and SanDisk, all of which have exposure to AI infrastructure, semiconductors, memory, or cybersecurity. The entry of SanDisk into the S&P 100 has already drawn attention, with its shares surging 11.9% on Friday.