Nike is exiting the S&P 100 after 18 years following a 78% market-cap decline from its $264 billion peak in 2021 to roughly $57 billion today. The company's exit, effective September 21, stems from multiyear deterioration including 2% revenue decline, a 17% sales drop in Greater China, and struggling direct-to-consumer business, though it remains in the S&P 500.