Nike leaves S&P 100 after market value plunged to $57B
Business
Nike is leaving the S&P 100 index on September 21, ending a nearly 18-year run.
The move comes after Nike's market value crashed from $264 billion in late 2021 to just $57 billion now.
Don't worry, though; Nike is still part of the broader S&P 500.
Tech firms join S&P 100
Nike's stock hit a rough patch, dropping to a 12-year low of $38.40 and losing about $230 billion in value since its peak.
Taking Nike's place in the S&P 100 are four tech companies: Dell Technologies, Palo Alto Networks, Arista Networks, and SanDisk, showing just how much tech is dominating the market right now.