Palantir, Dell to join S&P 500
By Claudia Assis
American Airlines and Etsy slide to smaller-cap indexes, making room for the two IT giants
Palantir Technologies Inc. and Dell Technologies Inc. are set to join the S&P 500 index within a couple of weeks, index provider S&P Dow Jones Indices said late Friday.
Shares of Palantir (PLTR) and Dell (DELL) rallied in the extended session Friday after the news, gaining nearly 8% and 7%, respectively. The announcement is part of several changes slated to take place on Sept. 23 as part of a scheduled index rebalancing.
Also joining the S&P 500 SPX, the benchmark U.S. large-cap index, is insurance company Erie Indemnity Co. (ERIE)
The three companies will replace American Airlines Group Inc. (AAL), Etsy Inc. (ETSY) and Bio-Rad Laboratories Inc. (BIO) in the S&P 500.
American Airlines and Bio-Rad will slide over to the S&P MidCap 400 MID while Etsy will move to the S&P SmallCap 600 SML.
"The changes ensure each index is more representative of its market-capitalization range," S&P Dow Jones Indices said.
An index rebalancing in June saw cybersecurity company CrowdStrike Holdings Inc. (CRWD), private-equity giant KKR & Co. Inc. (KKR) and web host GoDaddy Inc. (GDDY) join the S&P 500.
-Claudia Assis
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
09-06-24 1758ET
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