Nike Removed from S&P 100 as Tech Stocks Take the Lead

Nike is being removed from the S&P 100 index after nearly 18 years. The sportswear giant will be dropped on September 21, making way for four technology stocks: Dell Technologies, Palo Alto Networks, Arista Networks, and SanDisk.

The changes are part of the quarterly index rebalancing by S&P Dow Jones Indices. Nike's fall in market value has pushed it out of the S&P 100, despite still being a member of the broader S&P 500.

SanDisk shares surged 11.9% on Friday to close at $1,740, marking its third straight session of gains. Its entry into the S&P 100 could increase institutional demand as funds tracking the index adjust their holdings.