Nike stock plunges 78%, exits S&P 100

Nike shares have fallen about 78 percent from their 2021 peak as the sportswear giant prepares to leave the S&P 100, marking another symbolic blow after years of underperformance.

Forbes cited weakening sales momentum, tougher competition from brands such as Hoka and On, struggles in China and missteps in Nike’s direct-to-consumer strategy.

The company will remain in the S&P 500, while management continues efforts to revive growth through new products and repaired wholesale relationships.