Nike is being dropped from the S&P 100 after its stock lost most of its value, a warning sign for investors and a rare fall for one of America's best-known brands.

• Nike leaves the index later this month alongside Honeywell Aerospace, Simon Property Group and Colgate, while Dell, Palo Alto Networks, Arista and SanDisk move in.
• The stock is down about 80% from its 2021 peak and now trades below where it was ten years ago.
• Nike squeezed its retail partners to sell directly to shoppers, and rivals like Hoka and On used that opening to take share in running shoes.
• The Jordan brand, long Nike's crown jewel, has seen sales fall for two straight years.
• Political backlash and problems with China supply chains and tariffs added to the damage.

Outlook: Nike is now treated as a turnaround bet rather than a market leader, and Lululemon's own sharp drop suggests the whole athletic apparel sector is under pressure.