Nike and This Retail Giant Will No Longer Be Part of This Prestigious S&P Index

Nike and This Retail Giant Will No Longer Be Part of This Prestigious S&P Index Nike and This Retail Giant Will No Longer Be Part of This Prestigious S&P Index · Footwear News · Courtesy of Nike Vicki M. Young Tue, September 8, 2026 at 10:00 PM GMT+9 3 min read NKE -0.95% SPG -0.98% ^GSPC -0.38% Nike's 78 percent stock decline just cost it a seat on the prestigious S&P 100 Index.

The S&P 100 is a subset of 100 mega-cap, blue chip firms that are part of the S&P 500. These 100 large-cap stocks are the largest and most established companies of the broader S&P 500. But with Nike's stock price declines, the firm's market capitalization is no longer representative of the S&P 100 range. The S&P Indices are routinely rebalanced every quarter.

Nike joined the S&P 100 in December 2008. After 18 years, Nike will be leaving the Index on Sept. 21. Also leaving the S&P 100 will be Simon Property Group, the nation's largest mall operator.

Nike's decline has been ongoing for several years, going back to the days of former chief executive officer John Donahoe pushed forth on a direct-to-consumer focus in June 2020 that saw Nike pull out of some wholesale channels. New CEO Elliott Hill, who rejoined Swoosh in October 2024, has embarked on a turnaround plan that thus far has seen much success with Nike Running. Hill was a former Nike executive who served in several leadership roles before retiring in 2020.

But the turnaround plan has taken longer than expected. Some investors don't have the patience to wait since they want a return and they don't have any runway guidance on how much longer a turnaround might take. They also want to see more growth in other components of Nike's business.

Macroeconomic challenges have been stumbling blocks that Hill has had to navigate. But he did note during a June 30 conference call that the sportswear division will be introducing more than a dozen new footwear styles in the second half of fiscal year 2027, which starts next January. And last month, Nike did introduce a new training footwear system as Hyrox soars in popularity — the Hybrid Fly and Hybrid RN, available in men's and women's — giving Swoosh athletic performance shoes to help athletes move from running to lifting and dynamic movement without sacrificing speed, stability or traction.

Simon Property Group saw much change this year. It has a new CEO, Eli Simon, following the passing of his father David in March. The mall operator has seen some darkened retail spaces as stores closed, including earlier this year from the Saks Global bankruptcy, and is in the process of repurposing the spaces, whether to new tenants, mixed use and outdoor use. Saks has since emerged from bankruptcy is has renamed itself to Exemplar Luxury Group.

Last month, Eli Simon, who is also chief operating officer, said during the company's second quarter earnings call, that Simon Property recovered 1 million square feet of space through Saks Off 5th closings. He said those locations should attract more productive retail tenants paying higher rents.

Also making a shift on Sept. 21 will be Capri Holdings, the owner of the Michael Kors and Jimmy Choo brands. Capri will exit the S&P MidCap 400 Index. It will instead join the S&P SmallCap 600 Index.

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