Apollo Global Management and Workday Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600

Rhea-AI Summary

Apollo Global Management (NYSE: APO) and Workday (NASD: WDAY) will be added to the S&P 500 prior to the open on December 23, 2024, replacing Qorvo (NASD: QRVO) and Amentum Holdings (NYSE: AMTM).

Several corresponding moves across the S&P MidCap 400 and S&P SmallCap 600 will occur the same day to realign constituents with their market-cap ranges.

Positive

• APO added to S&P 500 effective December 23, 2024
• WDAY added to S&P 500 effective December 23, 2024
• Multiple mid- and small-cap adjustments minimize index market-cap mismatch

Negative

• QRVO removed from S&P 500 effective December 23, 2024
• AMTM removed from S&P 500 effective December 23, 2024
• Six deletions from S&P SmallCap 600 effective December 23, 2024

Market Context

This announcement details CRI’s removal from the S&P MidCap 400 and addition to the S&P SmallCap 600...

Analysis

This announcement details CRI’s removal from the S&P MidCap 400 and addition to the S&P SmallCap 600 effective December 23, 2024, reflecting its current market-cap profile. Index changes can influence ownership as passive funds rebalance, but they do not alter underlying fundamentals. In recent months, Carter’s mixed earnings, declining EPS, and brand collaborations have all shaped sentiment. Investors may watch future sales trends, margin performance, and subsequent index reweightings to assess longer-term implications.

Key Figures

Effective date: December 23, 2024

1 metrics

Effective date December 23, 2024 Date when S&P index changes for CRI take effect

Historical Context

5 past events · Latest: Apr 13 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 13	Brand partnership	Positive	-2.5%	Two-year OshKosh partnership with Tyrese Haliburton and $150,000 foundation support.
Apr 01	Product launch	Positive	-0.5%	Limited-edition Carter’s x Umbro soccer collection for babies and kids.
Feb 27	Earnings results	Negative	-20.3%	Fiscal 2025 EPS decline despite higher sales and noted cost and tariff headwinds.
Feb 23	Earnings date set	Neutral	-0.6%	Announcement of Q4 and fiscal 2025 earnings release date and conference call.
Jan 20	Product collaboration	Positive	-3.0%	Carter’s x Once Upon a Farm apparel capsule and $20,000 Save the Children donation.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent brand and partnership news often coincided with negative price reactions, while weaker earnings metrics drew a substantially larger selloff.

Recent Company History

Over the last few months, Carter’s has focused on brand collaborations and marketing initiatives, including the Carter’s x Umbro soccer collection and a limited-edition apparel line with Once Upon a Farm, plus a two-year partnership with Tyrese Haliburton. Despite these consumer-focused launches, shares often fell following such announcements. The most material move followed Q4 and fiscal 2025 results, where net sales rose to $2.898B but GAAP EPS declined sharply, driving a -20.25% reaction. Today’s index-related news adds a structural change alongside this mixed fundamental backdrop.

Key Terms

s&p 500, s&p midcap 400, s&p smallcap 600, gics sector

4 terms

s&p 500 financial

"December 23, 2024 | S&P 500 | Addition | Apollo Global Mgt | APO"

The S&P 500 is a broad stock market index that tracks the performance of 500 large U.S. companies, weighted so bigger firms have a larger impact. Investors use it like a thermometer or benchmark to judge how the overall U.S. stock market or a portfolio is doing; movements in the index influence investor sentiment, fund performance, and many passive investment products that aim to match its returns.

View in glossary

s&p midcap 400 financial

"December 23, 2024 | S&P MidCap 400 | Addition | Comerica | CMA"

The S&P MidCap 400 is a group of 400 companies that are smaller than the big, well-known corporations but larger than tiny startups. It helps investors see how medium-sized companies are performing in the stock market, acting like a barometer for this middle-sized group of businesses.

s&p smallcap 600 financial

"December 23, 2024 | S&P SmallCap 600 | Addition | Qorvo | QRVO"

A stock market index made up of 600 small-cap U.S. companies chosen to represent the performance of smaller publicly traded firms. It matters to investors because it acts like a temperature gauge for the small-company segment of the market, serving as a benchmark for fund managers, a basis for index funds and ETFs, and a way to compare returns and risk when building a diversified portfolio.

gics sector financial

"Effective Date | Index Name | Action | Company Name | Ticker | GICS Sector"

GICS sector is one of the major industry groupings from the Global Industry Classification Standard, a system that sorts companies into consistent categories (like Technology or Health Care) based on the primary business they do. Investors use these sectors like folders in a filing cabinet to compare companies, build diversified portfolios, and track how whole parts of the market are performing rather than focusing on single stocks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Dec. 6, 2024 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI") will make the following changes to the S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective prior to the open of trading on Monday, December 23, to coincide with the quarterly rebalance. The changes ensure each index is more representative of its market capitalization range. All companies being added to the S&P 500 are more representative of the large-cap market space, all companies being added to the S&P MidCap 400 are more representative of the mid-cap market space, and all companies being added to the S&P SmallCap 600 are more representative of the small-cap market space. The companies being removed from the S&P SmallCap 600 are no longer representative of the small-cap market space. 

• Apollo Global Management Inc. (NYSE: APO) and Workday Inc. (NASD:WDAY) will replace Qorvo Inc. (NASD:QRVO) and Amentum Holdings Inc. (NYSE:AMTM) in the S&P 500, respectively. Qorvo and Amentum Holdings will replace Kelly Services Inc. (NASD:KELYA) and Service Properties Trust (NASD:SVC) in the S&P SmallCap 600, respectively.
• S&P SmallCap 600 constituents Comerica Inc. (NYSE:CMA) and Carpenter Technology Corp. (NYSE:CRS) will replace Vishay Intertechnology Inc. (NYSE:VSH) and Carters Inc. (NYSE:CRI) in the S&P MidCap 400 respectively, and Vishay Intertechnology and Carters will replace Comerica and Carpenter Technology in the S&P SmallCap 600.
• Terreno Realty Corp. (NYSE: TRNO) and Champion Homes Inc. (NYSE: SKY) will replace Hudson Pacific Properties Inc. (NYSE:HPP) and REGENXBIO Inc. (NASD:RGNX) in the S&P SmallCap 600, respectively.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date	Index Name	Action	Company Name	Ticker	GICS Sector
December 23, 2024	S&P 500	Addition	Apollo Global Mgt	APO	Financials
December 23, 2024	S&P 500	Addition	Workday	WDAY	Information Technology
December 23, 2024	S&P 500	Deletion	Qorvo	QRVO	Information Technology
December 23, 2024	S&P 500	Deletion	Amentum Holdings	AMTM	Industrials
December 23, 2024	S&P MidCap 400	Addition	Comerica	CMA	Financials
December 23, 2024	S&P MidCap 400	Addition	Carpenter Technology	CRS	Materials
December 23, 2024	S&P MidCap 400	Deletion	Vishay Intertechnology	VSH	Information Technology
December 23, 2024	S&P MidCap 400	Deletion	Carters	CRI	Consumer Discretionary
December 23, 2024	S&P SmallCap 600	Addition	Qorvo	QRVO	Information Technology
December 23, 2024	S&P SmallCap 600	Addition	Amentum Holdings	AMTM	Industrials
December 23, 2024	S&P SmallCap 600	Addition	Vishay Intertechnology	VSH	Information Technology
December 23, 2024	S&P SmallCap 600	Addition	Carters	CRI	Consumer Discretionary
December 23, 2024	S&P SmallCap 600	Addition	Terreno Realty	TRNO	Real Estate
December 23, 2024	S&P SmallCap 600	Addition	Champion Homes	SKY	Consumer Discretionary
December 23, 2024	S&P SmallCap 600	Deletion	Comerica	CMA	Financials
December 23, 2024	S&P SmallCap 600	Deletion	Carpenter Technology	CRS	Materials
December 23, 2024	S&P SmallCap 600	Deletion	Kelly Services	KELYA	Industrials
December 23, 2024	S&P SmallCap 600	Deletion	Service Properties Trust	SVC	Real Estate
December 23, 2024	S&P SmallCap 600	Deletion	Hudson Pacific Properties	HPP	Real Estate
December 23, 2024	S&P SmallCap 600	Deletion	REGENXBIO	RGNX	Health Care

For more information about S&P Dow Jones Indices, please visit www.spdji.com 

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com. 

FOR MORE INFORMATION:

S&P Dow Jones Indices
index_services@spglobal.com

Media Inquiries
spdji.comms@spglobal.com

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SOURCE S&P Dow Jones Indices

FAQ

When will Apollo (APO) join the S&P 500 and what is the effective date?

APO will join the S&P 500 prior to the open on December 23, 2024. According to S&P Dow Jones Indices, the move is timed with the quarterly rebalance to better reflect large-cap market representation.

Which companies are being removed from the S&P 500 when APO (APO) is added?

Qorvo (QRVO) and Amentum Holdings (AMTM) are being removed from the S&P 500 on December 23, 2024. According to S&P Dow Jones Indices, those deletions make room for APO and Workday.

How will Workday (WDAY) joining the S&P 500 on December 23, 2024 affect index composition?

WDAY will replace Amentum Holdings in the S&P 500 effective December 23, 2024. According to S&P Dow Jones Indices, the change shifts exposure toward information technology within the large-cap index.

Which S&P indices will Qorvo (QRVO) and Amentum (AMTM) join after S&P 500 removal?

Following removal, QRVO and AMTM will be added to the S&P SmallCap 600 on December 23, 2024. According to S&P Dow Jones Indices, this aligns those companies with the small-cap market-cap range.

What changes involve Comerica (CMA) and Carpenter Technology (CRS) on December 23, 2024?

Comerica (CMA) and Carpenter Technology (CRS) will be added to the S&P MidCap 400 effective December 23, 2024. According to S&P Dow Jones Indices, Vishay and Carters will move to the S&P SmallCap 600.

Are there other additions to the S&P SmallCap 600 on December 23, 2024 besides QRVO and AMTM?

Yes; Vishay (VSH), Carters (CRI), Terreno Realty (TRNO), and Champion Homes (SKY) are also added to the S&P SmallCap 600 on December 23, 2024. According to S&P Dow Jones Indices, multiple swaps realign companies by market-cap.