Palantir Technologies, Dell Technologies, and Erie Indemnity Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600

Rhea-AI Impact

(Neutral)

Rhea-AI Sentiment

(Very Positive)

Rhea-AI Summary

S&P Dow Jones Indices will implement index changes effective prior to trading on September 23, 2024 as part of its quarterly rebalance. Palantir (PLTR), Dell (DELL) and Erie Indemnity (ERIE) join the S&P 500; multiple companies move among the S&P 500, MidCap 400 and SmallCap 600.

The table lists additions and deletions by index and GICS sector, including Fabrinet (FN) moving into the S&P MidCap 400 and being removed from the S&P SmallCap 600.

AI-generated analysis. Not financial advice.

Positive

Palantir (PLTR) added to S&P 500 effective 23-Sep-2024
Dell (DELL) added to S&P 500 effective 23-Sep-2024
Fabrinet (FN) promoted to S&P MidCap 400, effective 23-Sep-2024

Negative

Fabrinet (FN) removed from S&P SmallCap 600, effective 23-Sep-2024
American Airlines (AAL) exited S&P 500, moved to S&P MidCap 400

Key Figures

Effective date: 23-Sep-24 Publication date: 06-Sep-2024 Indices impacted: S&P 500, S&P MidCap 400, S&P SmallCap 600 +3 more

6 metrics

Effective date 23-Sep-24 Date DBI is deleted from S&P SmallCap 600

Publication date 06-Sep-2024 Index changes announcement date

Indices impacted S&P 500, S&P MidCap 400, S&P SmallCap 600 Families adjusted in this rebalance

DBI 52-week range $2.175–$8.7508 Price range prior to index removal news

DBI vs 52-week high -22.75% Position relative to 52-week high before news

Market cap $336,689,301 DBI size at time of announcement

Market Reality Check

Price: $8.21 Vol: Volume 554,890 is below t...

low vol

$8.21 Last Close

Volume Volume 554,890 is below the 20-day average of 816,587, suggesting no unusual trading activity before this index change. low

Technical Price $6.76 is trading above the 200-day MA $4.98, indicating DBI was in a recovering/uptrend phase prior to the index removal news.

Peers on Argus

DBI gained 1.81% while key peers showed mixed moves: RCKY -1.74%, FOSL +1.17%, W...

DBI gained 1.81% while key peers showed mixed moves: RCKY -1.74%, FOSL +1.17%, WEYS +0.44%, VRA +0.26%, FORD +4.23%. With no peers in the momentum scanner, this points to stock-specific dynamics rather than a coordinated sector move.

Historical Context

5 past events · Latest: Mar 26 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 26	FY 2025 earnings	Positive	+4.0%	Full-year 2025 results with stronger margins but a reported net loss.
Mar 12	Earnings date set	Neutral	-1.9%	Announcement of Q4 and FY 2025 earnings release and conference call timing.
Feb 11	CFO appointment	Positive	-0.3%	Appointment of experienced retail executive Sheamus Toal as CFO.
Dec 09	Q3 2025 earnings	Positive	+48.5%	Q3 2025 earnings with EPS growth and gross margin expansion despite lower sales.
Nov 18	Earnings date set	Neutral	-4.1%	Scheduling of Q3 2025 earnings release and investor conference call.

Pattern Detected

Earnings reports have previously triggered sizable positive moves for DBI, while routine announcements like earnings dates or leadership changes have seen smaller, mixed reactions.

Recent Company History

Recent DBI news centered on earnings and corporate updates. The Dec 9, 2025 Q3 2025 results, featuring higher EPS and improved gross margin, saw a strong +48.45% reaction. The Mar 26, 2026 FY 2025 results, with margin gains but a net loss, drew a more modest +4.05% move. Earnings date notices in Nov 2025 and Mar 2026 produced small negative reactions. Against this backdrop, today’s index removal centers on DBI’s market-cap classification rather than fundamentals or guidance.

Market Pulse Summary

This announcement repositions Designer Brands (DBI) out of the S&P SmallCap 600 effective 23-Sep-24,...

Analysis

This announcement repositions Designer Brands (DBI) out of the S&P SmallCap 600 effective 23-Sep-24, reflecting index classification rather than a new view on earnings or guidance. Before the change, DBI traded at $6.76, above its $4.98 200-day moving average but about 22.75% below its 52-week high. Historically, DBI’s larger moves followed earnings updates, so upcoming financial results and any strategy shifts remain key metrics to watch.

Key Terms

s&p 500, s&p midcap 400, s&p smallcap 600, gics sector, +1 more

5 terms

s&p 500 financial

"Palantir Technologies, Dell Technologies, and Erie Indemnity Set to Join S&P 500"

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 midcap 400 financial

"others to join the S&P MidCap 400 and S&P SmallCap 600 indices effective prior"

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

"others to join the S&P MidCap 400 and S&P SmallCap 600 indices effective prior"

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

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.

index-based financial

"global resource for essential index-based concepts, data and research"

Something described as "index-based" is tied to a market index — a broad list of stocks or bonds that represents a segment of the market — so its performance follows that index’s movements. For investors this matters because index-based funds or contracts offer an easy, low-cost way to get the same mix and risk exposure as the index, like buying a pre-mixed basket instead of choosing each ingredient, though returns can differ slightly due to fees or tracking differences.

AI-generated analysis. Not financial advice.

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09/06/2024 - 06:43 PM

NEW YORK, Sept. 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, September 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. 

Palantir Technologies Inc. (NYSE: PLTR), Dell Technologies Inc. (NYSE: DELL), and S&P MidCap 400 constituent Erie Indemnity Co. (NASD:ERIE) will replace American Airlines Group Inc. (NASD:AAL), Etsy Inc. (NASD:ETSY) and Bio-Rad Laboratories Inc. (NYSE:BIO) in the S&P 500, respectively. American Airline Group will replace TEGNA Inc. (NYSE: TGNA) in the S&P MidCap 400, and TEGNA will replace Designer Brands Inc. (NYSE: DBI) in the S&P SmallCap 600. Etsy will replace Haverty Furniture Companies Inc. (NYSE: HVT) in the S&P SmallCap 600. Bio-Rad Laboratories will replace Erie Indemnity in the S&P MidCap 400.
CNH Industrial NV (NYSE: CNH), Western Alliance Bancorp (NYSE: WAL), Parsons Corp. (NYSE: PSN), Hamilton Lane Inc. (NASD: HLNE), Viper Energy Inc. (NASD: VNOM) and S&P SmallCap 600 constituent Fabrinet (NYSE: FN) will replace MP Materials Corp. (NYSE: MP), Progyny Inc. (NASD: PGNY), Adient plc (NYSE: ADNT), Wolfspeed Inc. (NYSE: WOLF), Helen of Troy Ltd (NASD: HELE) and Ziff Davis Inc. (NASD: ZD) in the S&P MidCap 400 respectively. MP Materials, Progyny, Adient, Wolfspeed, Helen of Troy, and Ziff Davis will replace Calavo Growers Inc. (NASD: CVGW), Enhabit Inc. (NYSE: EHAB), Mercer International Inc. (NASD: MERC), Compass Minerals International Inc. (NYSE:CMP), 3D Systems Corp. (NYSE: DDD), and Fabrinet in the S&P SmallCap 600 respectively.
Zurn Elkay Water Solutions Corp. (NYSE: ZWS), Clear Secure Inc. (NYSE: YOU), TG Therapeutics Inc. (NASD: TGTX), Inspire Medical Systems Inc. (NYSE: INSP), CSW Industrials Inc. (NASD: CSWI), ADMA Biologics Inc. (NASD: ADMA), and Impinj Inc. (NASD:PI) will replace Community Healthcare Trust Inc. (NYSE: CHCT), Varex Imaging Corp. (NASD: VREX), Dine Brands Global Inc. (NYSE: DIN), Nu Skin Enterprises Inc. (NYSE: NUS), AMC Networks Inc. (NASD: AMCX), Olympic Steel Inc.(NASD: ZEUS) and B. Riley Financial Inc. (NASD: RILY) 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
23-Sep-24	S&P 500	Addition	Palantir Technologies	PLTR	Information Technology
23-Sep-24	S&P 500	Addition	Dell Technologies	DELL	Information Technology
23-Sep-24	S&P 500	Addition	Erie Indemnity	ERIE	Financials
23-Sep-24	S&P 500	Deletion	American Airlines Group	AAL	Industrials
23-Sep-24	S&P 500	Deletion	Etsy	ETSY	Consumer Discretionary
23-Sep-24	S&P 500	Deletion	Bio-Rad Laboratories	BIO	Health Care
23-Sep-24	S&P MidCap 400	Addition	Bio-Rad Laboratories	BIO	Health Care
23-Sep-24	S&P MidCap 400	Addition	CNH Industrial	CNH	Industrials
23-Sep-24	S&P MidCap 400	Addition	Western Alliance Bancorp	WAL	Financials
23-Sep-24	S&P MidCap 400	Addition	Parsons	PSN	Industrials
23-Sep-24	S&P MidCap 400	Addition	Hamilton Lane	HLNE	Financials
23-Sep-24	S&P MidCap 400	Addition	Viper Energy	VNOM	Energy
23-Sep-24	S&P MidCap 400	Addition	Fabrinet	FN	Information Technology
23-Sep-24	S&P MidCap 400	Addition	American Airlines Group	AAL	Industrials
23-Sep-24	S&P MidCap 400	Deletion	Erie Indemnity	ERIE	Financials
23-Sep-24	S&P MidCap 400	Deletion	MP Materials	MP	Materials
23-Sep-24	S&P MidCap 400	Deletion	Progyny	PGNY	Health Care
23-Sep-24	S&P MidCap 400	Deletion	Adient	ADNT	Consumer Discretionary
23-Sep-24	S&P MidCap 400	Deletion	Wolfspeed	WOLF	Information Technology
23-Sep-24	S&P MidCap 400	Deletion	Helen of Troy	HELE	Consumer Discretionary
23-Sep-24	S&P MidCap 400	Deletion	Ziff Davis	ZD	Communication Services
23-Sep-24	S&P MidCap 400	Deletion	TEGNA	TGNA	Communication Services
23-Sep-24	S&P SmallCap 600	Addition	TEGNA	TGNA	Communication Services
23-Sep-24	S&P SmallCap 600	Addition	Etsy	ETSY	Consumer Discretionary
23-Sep-24	S&P SmallCap 600	Addition	Ziff Davis	ZD	Communication Services
23-Sep-24	S&P SmallCap 600	Addition	MP Materials	MP	Materials
23-Sep-24	S&P SmallCap 600	Addition	Progyny	PGNY	Health Care
23-Sep-24	S&P SmallCap 600	Addition	Adient	ADNT	Consumer Discretionary
23-Sep-24	S&P SmallCap 600	Addition	Wolfspeed	WOLF	Information Technology
23-Sep-24	S&P SmallCap 600	Addition	Helen of Troy	HELE	Consumer Discretionary
23-Sep-24	S&P SmallCap 600	Addition	Zurn Elkay Water Solutions	ZWS	Industrials
23-Sep-24	S&P SmallCap 600	Addition	Clear Secure	YOU	Information Technology
23-Sep-24	S&P SmallCap 600	Addition	TG Therapeutics	TGTX	Health Care
23-Sep-24	S&P SmallCap 600	Addition	Inspire Medical Systems	INSP	Health Care
23-Sep-24	S&P SmallCap 600	Addition	CSW Industrials	CSWI	Industrials
23-Sep-24	S&P SmallCap 600	Addition	ADMA Biologics	ADMA	Health Care
23-Sep-24	S&P SmallCap 600	Addition	Impinj	PI	Information Technology
23-Sep-24	S&P SmallCap 600	Deletion	Designer Brands	DBI	Consumer Discretionary
23-Sep-24	S&P SmallCap 600	Deletion	Haverty Furniture	HVT	Consumer Discretionary
23-Sep-24	S&P SmallCap 600	Deletion	Fabrinet	FN	Information Technology
23-Sep-24	S&P SmallCap 600	Deletion	Calavo Growers	CVGW	Consumer Staples
23-Sep-24	S&P SmallCap 600	Deletion	Enhabit	EHAB	Health Care
23-Sep-24	S&P SmallCap 600	Deletion	Mercer Intl	MERC	Materials
23-Sep-24	S&P SmallCap 600	Deletion	Compass Minerals Intl	CMP	Materials
23-Sep-24	S&P SmallCap 600	Deletion	3D Systems	DDD	Industrials
23-Sep-24	S&P SmallCap 600	Deletion	Community Healthcare Trust	CHCT	Real Estate
23-Sep-24	S&P SmallCap 600	Deletion	Varex Imaging	VREX	Health Care
23-Sep-24	S&P SmallCap 600	Deletion	Dine Brands Global	DIN	Consumer Discretionary
23-Sep-24	S&P SmallCap 600	Deletion	NU Skin Enterprises	NUS	Consumer Staples
23-Sep-24	S&P SmallCap 600	Deletion	AMC Networks	AMCX	Communication Services
23-Sep-24	S&P SmallCap 600	Deletion	Olympic Steel	ZEUS	Materials
23-Sep-24	S&P SmallCap 600	Deletion	B. Riley Financial	RILY	Financials

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

View original content:https://www.prnewswire.com/news-releases/palantir-technologies-dell-technologies-and-erie-indemnity-set-to-join-sp-500-others-to-join-sp-midcap-400-and-sp-smallcap-600-302241046.html

SOURCE S&P Dow Jones Indices

FAQ

Why is Fabrinet (FN) being moved from the S&P SmallCap 600 to the S&P MidCap 400 on September 23, 2024?

FN is being reclassified because it is more representative of the mid-cap market segment. According to S&P Dow Jones Indices, quarterly rebalances shift companies into indices that better match their market capitalization profiles.

What does Palantir's (PLTR) addition to the S&P 500 on September 23, 2024 mean for shareholders?

PLTR's S&P 500 inclusion typically increases passive fund demand and visibility among large-cap investors. According to S&P Dow Jones Indices, additions align companies with the large-cap index and may attract index-tracking flows.

How will Dell (DELL) joining the S&P 500 on September 23, 2024 affect its stock liquidity and ETF eligibility?

DELL's S&P 500 entry often boosts liquidity and makes it eligible for large-cap ETFs that track the index. According to S&P Dow Jones Indices, index additions can raise trading volume from passive strategies and institutional investors.

Which companies are being removed from the S&P 500 on September 23, 2024 and where are they going?

American Airlines (AAL), Etsy (ETSY) and Bio-Rad (BIO) are removed from the S&P 500 on 23-Sep-2024. According to S&P Dow Jones Indices, AAL moves to the MidCap 400; ETSY and BIO move to other capitalization-appropriate indices.

Will Fabrinet's (FN) removal from the S&P SmallCap 600 on September 23, 2024 cause dilution or corporate action?

Index reclassification itself does not change share count or cause dilution. According to S&P Dow Jones Indices, the change only alters index membership and may affect passive flows and relative demand for FN shares.