Nike leaves S&P 100 as four tech stocks move in

S&P Dow Jones Indices removes Nike from the S&P 100 on September 21. Dell Technologies, Palo Alto Networks, Arista Networks and SanDisk enter the index from the wider S&P 500. Nike keeps its S&P 500 membership. Honeywell Aerospace, Simon Property Group and Colgate-Palmolive also leave on the same date. Every replacement comes from the information technology sector. Funds that track the S&P 100 must buy the newcomers and sell the companies leaving. SanDisk shares jumped after the changes were announced. Bloom Energy, Illumina and Everpure join the S&P 500 on the same morning. Nike closed at $38.40 on Friday. That was its weakest level in 12 years. Nike has lost about half its value in a year. Nike has lost roughly 76% over five years. Nike is worth close to $57 billion today. Nike was worth about $264 billion at the end of 2021. The S&P 100 gained 83% over those same 5 years. Arista Networks sells switches that connect artificial intelligence data centers. SanDisk makes flash memory after being spun out of Western Digital last year. Palo Alto Networks chief executive Nikesh Arora argued that artificial intelligence spending requires a new security stack. Strategy launched $250 Bitcoin Jordans last week. Buyers cannot pay for the shoes in crypto.