Nike's stock decline

Nike's stock fell sharply in September 2026, coinciding with the company's removal from the S&P 100 index and widespread mockery of its newly unveiled 'Specter Edition' NBA jerseys, which many fans and commentators panned as chaotic and poorly designed. OutKick commentator Craig Carton argued on air that the decline reflected years of accumulated brand missteps rather than a single event, tracing a line from Nike's 2018 Colin Kaepernick partnership and 'Dream Crazy' campaign (which replaced its long-running 'Just Do It' slogan), through its 2019 withdrawal of Betsy Ross-themed sneakers at Kaepernick's request, a 2020 'Don't Do It' campaign released amid the George Floyd protests, and its 2023 decision to feature transgender influencer Dylan Mulvaney in advertising tied to its women's sports-bra line -- a campaign historically built around 1999 Women's World Cup star Brandi Chastain.