S&P Dow Jones Indices Announces Major Rebalancing of Market Benchmarks

Honeywell Aerospace takes center stage in the rebalancing, entering the S&P 500 and 100 on June 29 as it separates from Honeywell International. Following the spin-off, the parent company will rebrand as Honeywell Technologies and maintain its spot in the S&P 500. This move triggers a cascade of changes: Conagra Brands will exit the S&P 500 to join the S&P SmallCap 600, effectively replacing Grid Dynamics Holdings, which no longer fits the index’s capitalization criteria.

The S&P SmallCap 600 will also see National Health Investors replace Apollo Commercial Real Estate Finance, as the latter undergoes liquidation. Meanwhile, the S&P MidCap 400 is set for two major substitutions. Toast will join the index to replace TopBuild Corp, currently being acquired by QXO. Simultaneously, IES Holdings will take the place of Janus Henderson Group, which is nearing an acquisition by Trian Fund Management and General Catalyst Group. These shifts reflect ongoing corporate consolidation and the need for indices to maintain accurate representation of their respective market segments.