FedEx Freight Holding Company Set to Join S&P 500; EPAM Systems and Dave to Join S&P SmallCap 600

Rhea-AI Summary

FedEx Freight Holding (NYSE: FDXF) will join the S&P 500, replacing EPAM Systems (NYSE: EPAM), before trading opens June 2, 2026. EPAM will move to the S&P SmallCap 600, replacing Shutterstock (NYSE: SSTK). Dave (NASD: DAVE) will join the SmallCap 600 on June 1, replacing American Woodmark (NASD: AMWD).

FedEx Corp. (NYSE: FDX) is spinning off FedEx Freight Holding, expected to complete June 1, while MasterBrand (NYSE: MBC) plans to acquire American Woodmark and Shutterstock is anticipated to be acquired.

AI-generated analysis. Not financial advice.

Positive

• FedEx Freight Holding (FDXF) added to S&P 500 on June 1, 2026
• EPAM Systems (EPAM) added to S&P SmallCap 600 on June 2, 2026
• Dave (DAVE) added to S&P SmallCap 600 on June 1, 2026
• FedEx Corp spin-off of FedEx Freight expected to complete June 1, 2026

Negative

• EPAM Systems (EPAM) removed from S&P 500 on June 2, 2026
• American Woodmark (AMWD) removed from S&P SmallCap 600 on June 1, 2026
• Shutterstock (SSTK) removed from S&P SmallCap 600 on June 2, 2026

News Market Reaction – DAVE

+4.90%

30 alerts

+4.90% News Effect

+5.9% Peak in 17 hr 8 min

+$168M Valuation Impact

$3.59B Market Cap

0.6x Rel. Volume

On the day this news was published, DAVE gained 4.90%, reflecting a moderate positive market reaction. Argus tracked a peak move of +5.9% during that session. Our momentum scanner triggered 30 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $168M to the company's valuation, bringing the market cap to $3.59B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Index inclusion date: June 1, 2026 AMWD deletion date: June 1, 2026 FDXF S&P 500 add: June 1, 2026 +5 more

8 metrics

Index inclusion date June 1, 2026 DAVE added to S&P SmallCap 600 effective prior to open

AMWD deletion date June 1, 2026 American Woodmark removed from S&P SmallCap 600

FDXF S&P 500 add June 1, 2026 FedEx Freight added to S&P 500 effective prior to open

EPAM S&P 500 delete June 2, 2026 EPAM removed from S&P 500

EPAM S&P 600 add June 2, 2026 EPAM added to S&P SmallCap 600

SSTK S&P 600 delete June 2, 2026 Shutterstock removed from S&P SmallCap 600

Price vs 52-week high -10.77% DAVE relative to 52-week high of 287.69

Price vs 52-week low 68.65% DAVE above 52-week low of 152.21

Market Reality Check

Price: $270.72 Vol: Volume 460,131 is in line...

normal vol

$270.72 Last Close

Volume Volume 460,131 is in line with the 20-day average of 462,732 (relative volume ~1.0x). normal

Technical Price 256.70 is trading above the 200-day MA at 212.18, indicating a pre-existing uptrend.

Peers on Argus

DAVE is up 2.77% with 3 peers (e.g., RNG +5.77%, NCNO +12.11%, INTA +2.51%) also...

3 Up

DAVE is up 2.77% with 3 peers (e.g., RNG +5.77%, NCNO +12.11%, INTA +2.51%) also moving up, indicating a broader sector tailwind alongside the index-addition news.

Common Catalyst Peers lack notable same-day news, suggesting sector-wide momentum rather than event-specific catalysts across the group.

Historical Context

5 past events · Latest: May 05 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
May 05	Earnings release	Positive	-6.6%	Strong Q1 2026 revenue, net income and guidance raise.
Apr 23	Conference call notice	Neutral	-2.7%	Announcement of Q1 2026 results conference call timing.
Mar 05	Convertible notes pricing	Neutral	+3.6%	Pricing of $175M 0% convertible notes due 2031 and capped calls.
Mar 03	Convertible notes proposal	Neutral	+0.9%	Proposed private offering of $150M convertible senior notes.
Mar 02	Earnings release	Positive	+4.9%	Strong Q4 and FY2025 results and raised 2026 guidance.

Pattern Detected

Strong fundamental updates have sometimes seen mixed price reactions, while capital markets actions and guidance have generally aligned with positive moves.

Recent Company History

Over the past six months, Dave reported strong fundamental growth and executed financing transactions while returning capital. On Mar 2, 2026 and May 5, 2026, earnings releases showed rapid revenue and profitability gains yet produced differing price moves. In early March, Dave announced and then priced convertible senior notes due 2031, with modestly positive reactions. The current S&P SmallCap 600 addition highlights index-recognition against this backdrop of growth, balance sheet activity, and active capital return through repurchases.

Market Pulse Summary

This announcement highlights Dave’s upcoming addition to the S&P SmallCap 600 on June 1, 2026, marki...

Analysis

This announcement highlights Dave’s upcoming addition to the S&P SmallCap 600 on June 1, 2026, marking an index-recognition milestone following a series of strong earnings and recent capital markets activity. The change coincides with broader strength among software and financial technology peers. Investors may monitor how index-related demand interacts with Dave’s growth, profitability, and financing decisions, as reflected in prior earnings and convertible note transactions, when assessing the longer-term impact of this benchmark inclusion.

Key Terms

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

3 terms

s&p 500 technical

"S&P Dow Jones Indices will make the following changes to the S&P 500, S&P SmallCap 600:"

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.

s&p smallcap 600 technical

"S&P Dow Jones Indices will make the following changes to the S&P 500, S&P SmallCap 600:"

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 technical

"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. Not financial advice.

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NEW YORK, May 27, 2026 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P 500, S&P SmallCap 600: 

• FedEx Freight Holding Company (NYSE: FDXF) will replace EPAM Systems Inc. (NYSE: EPAM) in the S&P 500, and EPAM Systems will replace Shutterstock Inc. (NYSE: SSTK) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, June 2. S&P 500 & 100 constituent FedEx Corp. (NYSE:FDX) is spinning off FedExFreight Holding in a transaction expected to be completed June 1. Post spin-off, the parent FedEx will remain in the S&P 500 and 100. EPAM Systems is more representative of the small-cap market space. Shutterstock is anticipated to be acquired in a deal that is expected to close soon.
• Dave Inc. (NASD: DAVE) will replace American Woodmark Corp. (NASD: AMWD) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, June 1. S&P SmallCap 600 constituent MasterBrand Inc. (NYSE: MBC) is acquiring American Woodmark in a deal expected to close May 29, pending final closing conditions.

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
June 1, 2026	S&P SmallCap 600	Addition	Dave	DAVE	Financials
June 1, 2026	S&P SmallCap 600	Deletion	American Woodmark	AMWD	Industrials
June 1, 2026	S&P 500	Addition	FedEx Freight	FDXF	Industrials
June 2, 2026	S&P 500	Deletion	EPAM Systems	EPAM	Information Technologies
June 2, 2026	S&P SmallCap 600	Addition	EPAM Systems	EPAM	Information Technologies
June 2, 2026	S&P SmallCap 600	Deletion	ShutterStock	SSTK	Communication Services

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.spglobal.com/spdji/en/.

FOR MORE INFORMATION:

S&P Dow Jones Indices
index_services@spglobal.com 

Media Inquiries
spdji.comms@spglobal.com 

View original content:https://www.prnewswire.com/news-releases/fedex-freight-holding-company-set-to-join-sp-500-epam-systems-and-dave-to-join-sp-smallcap-600-302783723.html

SOURCE S&P Dow Jones Indices

FAQ

When will FedEx Freight Holding (FDXF) be added to the S&P 500 index?

FedEx Freight Holding (FDXF) is scheduled to join the S&P 500 effective June 1, 2026. According to S&P Dow Jones Indices, the change follows FedEx Corp’s spin-off of FedEx Freight, expected to complete June 1, while FedEx remains in the S&P 500.

What index changes are happening to EPAM Systems (EPAM) in June 2026?

EPAM Systems (EPAM) will move from the S&P 500 to the S&P SmallCap 600 on June 2, 2026. According to S&P Dow Jones Indices, EPAM will replace Shutterstock in the SmallCap 600 and is considered more representative of the small-cap market space.

How is Dave (DAVE) being added to the S&P SmallCap 600 in June 2026?

Dave (DAVE) will be added to the S&P SmallCap 600 effective June 1, 2026. According to S&P Dow Jones Indices, Dave will replace American Woodmark, which is being acquired by MasterBrand in a deal expected to close May 29, pending final conditions.

What happens to American Woodmark (AMWD) in the S&P SmallCap 600 rebalancing?

American Woodmark (AMWD) will be removed from the S&P SmallCap 600 effective June 1, 2026. According to S&P Dow Jones Indices, the deletion is tied to its planned acquisition by MasterBrand, with the deal expected to close May 29, subject to final conditions.

Why is Shutterstock (SSTK) leaving the S&P SmallCap 600 index?

Shutterstock (SSTK) will be deleted from the S&P SmallCap 600 on June 2, 2026. According to S&P Dow Jones Indices, Shutterstock is anticipated to be acquired soon, and its SmallCap 600 slot will be taken by EPAM Systems after its removal from the S&P 500.

Will FedEx (FDX) remain in the S&P 500 after the FedEx Freight spin-off?

FedEx (FDX) will remain a constituent of both the S&P 500 and S&P 100 after the spin-off. According to S&P Dow Jones Indices, only the new FedEx Freight Holding entity (FDXF) is being added as an additional S&P 500 member, following completion of the spin-off.